im a 21yrs old student..i've been doin sm mp3 business over da years..
had sm losses n made sm decent profit at times..
but now im hving sm financial difficulties..
im nt earning enough 2 support my expenditure..
wat i want 2 ask is..i have arnd rm1500 saving which i want 2 use 2 invest..
but hv no clue whr 2 do so..
im nt worried abt long term, at least at tis point no..wat im more concerned is short term..

i just wanna generate sm income frm da savings i hv..
i wanna try share market..but hv no clue which stock 2 buy or wat so eva...
i wud really really appriciate sm help or advice frm u guys..

thx

Get married was not a bad things. Even with ur RM 1700, u still can.

This much depend on ur lifestyle. Spend wat u affort. Of course, better dun expect to spend too much for ur wedding if ur parent was not supporting urs.

discuss and work out a budget/plan that u and ur gf agree with (may be the parents also agree with), then just do it~~

BUT, i need to tell u that, No Baby. If not, urs will be in damn trouble.

@harmeet15, why don't you start a thread?

hmm
ok boss...
i shall do tat
thx

try hv a look at mutual fund site....publuc mutual fund will be suit u i guess.....

Hi all,

Are there any ways of forced saving that can offer great returns in future? FD? Funds investments?

I'm tempted to get a car but I really need to control myself from doing so. Hope to get some advice here.

Thanks.

This post has been edited by Shinichi: Dec 21 2007, 12:28 AM

All i can think of is either u buy insurance savings plan (which sucks IMHO) or unit trust (via direct debit every month). Regarding ur car issue, how much are u planning to pay as down payment and wats the % of ur salary that goes into monthly installment?

For car, though I'm really tempted to buy it, but I want to control myself to save money for at least 3 years first before getting a car. So are there any good short term investment for let say 3 years (if exists)? I'm thinking of allocating 40% of my salary into this (rather than using the 40% for monthly car loan payment).

Hi there harmeet15. Great to see such young entrepreneur. I would like to share with my experience about the income that you would like to generate more. Basically like what bafukie suggested on unit trust fund, that will eventually doubles up the value of your savings faster than putting in FD. This mutual fund basically you have to put longer period to see the result. For instance, 3-5 years. So basically, besides banks that offer the mutual trust fund, there is others too, which i haven't stumble before but heard my friend share it with mebefore, like oversea company investing type. For me, I still have some doubts but if you stumble that, do check on it properly. Hope it is not some scam.

Hi bafukie, I personally agrees on the insurance savings plan too. Never informed on the deduction monthly payment details, and gave me wrong idea as well on getting savings from this plan. But it was a good point for own protection too...with a small and tiny amount left on investment plan. Just sharing my ideas here..cheerz pal

Hi Shinichi, saving some cash for 3 years before getting a car? Maybe in the 3 years, the momey was spend to other places...IMO, Shinichi, try to plan your financial first on the car you wish to buy, and allocate for yearly insurance and maintenance as well too. Cause every end of the year, i see many of them having headache to find cash to pay for their car insurance and sometimes car maintenance too. So beside allocating some for the car loan, do think bout the insurance and car loans too. Some idea for you, every month, save RM100 extra for example to allocate for car insurance and maintenance...Just my 2 cents PEACE and have a nice day

Ok, here I wanna share my financial management. On my monthly salary after deduction on EPF and SOSCO, here is my allocation per month..killing me softly

Family & Bill = 24.3%
PTPTN (Education loan) = 11.9% (Increment of RM50 per year)
Car loan = 16.2%
Insurance = 4.8%
Credit Card = 4.8%
Petrol + toll = 11.9%
Meal = 11.9%

Saving per month = 14.3%
Investment on mutual funds, hope to double up in next 2 year.

Investing in car was a liability to ourself. As the worth of the car that is bought can be deteriot fast. And the amount of loan spent monthly can a burden. For starters, like fresh grads, I would suggest get a car in an affordable range, unless you have family support...otherwise, a four wheels that can runs, is sufficient. Just my opinon, the money can be spend on property investment, or funds, to cash in your money faster.

Insurance or Medical Card, you can say is waste of money, but when come to a times when you needed to do a minor surgery, and the amount is too much for you, and you have to move your mutual funds to pay for the bills. So is pretty waste to use up the funds too. So depends on how you all perceive on the importants too...

Credit cards, most of us been swapping the cards like there is no limit in the bank. And we can pay the minimum amount on the credit card debt every month. This kind of attitude will eventually top up the debt to the peak. After you realize it, you have to allocate on your monthly salary to pay the bills...monthly...So is advisable that credit card is a card when you really short of cash then you use it, or use it now, then take out your money from bank/wallet, and pay it when the statement come.

I still feel pretty lil on my saving as I have much things to plan in future...getting house property, laptop, 3G mobile phones and DSLR. Much spending is cut on entertainment and foods as well. Sometimes might use up on my monthly saving allocation too. Now I'm looking on getting part times/free lance on weekends too to earn extra.

This post has been edited by viper: Dec 24 2007, 11:15 AM

viper,

Thanks for replying my post. Actually car is more like a "can have" for me. So I still prefer to use the money to invest. Now I'm still studying about investment. Maybe take me some time also.

As for which car to get, I think I'll depends on how much money I have few years later then only decide which car to get (its never too late as long as I have enough money/budget), or maybe by then I no longer fancy to get a car too. Now I'm trying hard not to be an "average" person.

My case, roughly:

Family & Bill = 15%

Car loan = 0% settled many yrs ago. Driving 6 yrs old local car.

Insurance = 5% on top of company coverage

Credit Card = 4.8%

Petrol + toll + parking = 7% Live in KL, work in KL. Pump for 2 cars. The other lucky person has free petrol

Meal = 8%

Entertainment = 5%

Savings ~60% ?? Dump all into flexi house loan. Monthly house loan interest charged to me is just 3% of monthly salary only. BLR = 5.5%


*** This does not include annual:

House - cukai pintu, tanah, tingkap, bumbung, what else they tax on house ?
= 10% of monthly

Car insurance / road tax (NCB 55%)
= 10% of monthly. Cheap car + cheap road tax
If I'm going to change a new car, it will jump up to 24%

Ad-hoc things like repair car ~rm1-2k/year.

This is based on basic salary after deduct EPF, Socso & PCB, excluding KPI/bonus.

Hi cute_boboi, suprised to see you have pretty little fixed expenses there for petrol, toll, parking and meal. I thought KL parking everywhere is slaughtering...

Well, having an average car can be sufficient enough for us to put more weight on paying for housing loan, i believe. Is true that car will always be a liability to us, and house will always a property. Cheerz

This post has been edited by viper: Dec 27 2007, 10:41 AM

viper,

You got it right. My monthly parking here (next to KLCC) just increased 50% recently But I still can afford it, it takes me 3-5 times longer to take public transport. Have to chg 2-3 buses with the new rapid-bus structure. A car/kapchai is still my best solution.

My daily route does not have toll. Each meal only cost me RM4-6 only. Only once in 2-4 weeks, I eat better food which costs RM10-30 inside KLCC.

My to and fro <25km daily RM70+ full tank can last me 10-14 days if I don't go outside Klg Valley. I do travel all over during weekends, from Kepong to Sri Kembangan/Kajang, Ampang to PJ, Shah Alam, Puchong, etc. A lot of tolls also.

Yes, I did a rough calculation, if I were to buy the new Lancer 2.0GT and I were to pay RM1.5k/mth... that's rm18k/year. Assume I trade in my old car, and top up a bit, and take 80k loan @5 yrs @3% = RM1533/mth.

18k x 5 yrs = 90k

Assume my old crikety car, I spend rm2k per year (which I think is quite a lot) on service, maintenance, tyres, etc. That's only 2k x 5 = 10k

90k-10k = 80k to reduce my housing loan in 5 yrs. That's a lot.

Or I can use 80k for other investment.

This does not count the new car depreciation, which is 5-10k/yr

But the downside is, I do not enjoy a new + comfortable car lah...

This post has been edited by cute_boboi: Dec 27 2007, 11:53 AM

Yeah, I know it's tough out there. It shouldn't have been that way if we know how it ought to be managed.

Truth is, our parents, teachers and societies either don't know or don't bother to teach us the right way to do this. And sometimes the right way isn't too obvious either.

There's a workshop designed specifically for people like you guys, who are willing to learn but don't get to learn from the true master.

It's given by this Roland Lee who has taken many people from rags to riches.

Check out the details in http://ais.net.my/investsmart

then dont buy new lancer....can try new Iswara....may be can save a little bit~

Hey fren.... I am not clear about micro managing our finance n indeed I have a lot of financial problems nowadays... can u teach me more or give me some advice about how can I start??
Thank you a lot ya!!!


Attached thumbnail(s)

Thanks for sharing

hey guys,

i need some expert advice from all the sifus here. i'm gonna get 10 grand in near future. Don't ask me where i get it but it's all my money for sure. what do you think i should do with it. for sure, i'm gonna clear off my debts. here's my plan:

3000 - cc debts (but the time i got the money it's probably less than this amount)
2000 - parents debt (borrow from them before now need to pay back )

and that left me with 5 grand. I plan to pay off my PTPTN loan which is around 4600. Actually, i wanted to buy macbook . But come to think of it, better use it for more important stuff.

so, all the sifus. what do you think i should do with the balance.

1. get macbook (i don't think you would recommend it but it is so so so tempting )
2. pay off all my ptptn loans. (my monthly payment is only 50.62. but i just hate the interest it cost me!! )
3.save for near future (asb)
4. investment? (i knew nothing about it but i'm learning and so interested. i do have trust fund account though)

i am one of those people who started late in terms of saving. in fact i have zero saving. (the cost for being so spendrift)

any advice? tq

Need a favor here, can someone send this file to me via email. RS is blocked in my office. T_T

Email jumperz [at] yahoo [dot] com

I would say depends:

1) Is the macbook related to your job, which can generate income or higher returns than the cost to purchase it ? e.g. use it to draw graphics and sell to ppl.

How many months/years to get the returns ? e.g. avg RM500 income per month from drawing graphics/design.

If yes, then go and buy. If no return, hold on and use the money for other purpose.

2) I would say the best solution for the money. Settle off all loans/credit first. Unless you have specific plans/risks which can generate a higher return over a period of fixed time.

3) Good also. Saving is a good habit. But generally, interest gained from savings are lower than country inflation

4) No comment on investment.