I tot most financial advisor would advise ppl not to owe credit cards?

Sorry rectify from unifi 800 to utility

I tot most financial advisor would advise ppl not to owe credit cards?

I tot most financial advisor would advise ppl not to owe credit cards?

still dont understand, you are age 29 only, insurance cost that much?

That's only true for
1) people who have no discipline in their shopping
2) people who have no cash to pay back
3) people who are always paying late

Few rules of using credit card
1) always make sure you have cash ready to pay back the amount charged to your credit card
2) pay in full and on time every month
3) have discipline when you are shopping

Credit card is a double edge sword. If you can fulfilled the rules to use Credir card, you will earn and banks will be your slave. Churning out cash,  air miles for you.

If not,  be prepared to be slave to the banks .

As per what Ramjade shared, like fire - if U know how to use it properly, credit cards are literally free money (cash back, 0% balance transfers for 6mths /12mths, free cash to savings a/c 0% for 15mths, points, discounts at fixed price shops/online, 20-30 days free cash flow etc.)
VS
if used stupidly, U will be burnt & cooked

BTW, just because someone works as a Financial Advisor / Planner doesn't mean the PRACTICE it in their own lives
There are several financial folks i know who are totally clueless on execution nor have the will power 

Yup. Bigger responsibility.
Medical card RM370, cover 1m and critical illness 350k
Life RM 230, 1m coverage
First of all, I dont come from a rich family. Since fresh grade earning 2k basic until today which is only 1 concept. “Bigger commitment will bring you further”

Generally you are correct at some points, but I did it on purpose to spend that much. The logic behind is, the bigger your commitment you run faster. I can use my savings to pay off all the cc commitment, but i do not want to do that. If i do so, i will be slow down by my own laziness

For instance, if you know you have 20k commitment VS 5k commitment. You will work harder on 20k because you know you cant survive if you just earn 5k alone. Its just like u running faster when there is a tiger chasing you than just normal run. You know its all about life or death.

Another example. If u have a 9-5job that pays you 10k per month, while you getting a new commitment add up RM 12k, you will even think of OT or even find another 2nd job to reach 12k rather than just waiting for the clock to tick at 5pm and ready for TGIF mood

Yup. Bigger responsibility.
Medical card RM370, cover 1m and critical illness 350k
Life RM 230, 1m coverage
First of all, I dont come from a rich family. Since fresh grade earning 2k basic until today which is only 1 concept. “Bigger commitment will bring you further”

Generally you are correct at some points, but I did it on purpose to spend that much. The logic behind is, the bigger your commitment you run faster. I can use my savings to pay off all the cc commitment, but i do not want to do that. If i do so, i will be slow down by my own laziness

For instance, if you know you have 20k commitment VS 5k commitment. You will work harder on 20k because you know you cant survive if you just earn 5k alone. Its just like u running faster when there is a tiger chasing you than just normal run. You know its all about life or death.

Another example. If u have a 9-5job that pays you 10k per month, while you getting a new commitment add up RM 12k, you will even think of OT or even find another 2nd job to reach 12k rather than just waiting for the clock to tick at 5pm and ready for TGIF mood

Yup. Bigger responsibility.
Medical card RM370, cover 1m and critical illness 350k
Life RM 230, 1m coverage
First of all, I dont come from a rich family. Since fresh grade earning 2k basic until today which is only 1 concept. “Bigger commitment will bring you further”

Generally you are correct at some points, but I did it on purpose to spend that much. The logic behind is, the bigger your commitment you run faster. I can use my savings to pay off all the cc commitment, but i do not want to do that. If i do so, i will be slow down by my own laziness

For instance, if you know you have 20k commitment VS 5k commitment. You will work harder on 20k because you know you cant survive if you just earn 5k alone. Its just like u running faster when there is a tiger chasing you than just normal run. You know its all about life or death.

Another example. If u have a 9-5job that pays you 10k per month, while you getting a new commitment add up RM 12k, you will even think of OT or even find another 2nd job to reach 12k rather than just waiting for the clock to tick at 5pm and ready for TGIF mood

Yup. Bigger responsibility.
Medical card RM370, cover 1m and critical illness 350k
Life RM 230, 1m coverage
First of all, I dont come from a rich family. Since fresh grade earning 2k basic until today which is only 1 concept. “Bigger commitment will bring you further”

Generally you are correct at some points, but I did it on purpose to spend that much. The logic behind is, the bigger your commitment you run faster. I can use my savings to pay off all the cc commitment, but i do not want to do that. If i do so, i will be slow down by my own laziness

For instance, if you know you have 20k commitment VS 5k commitment. You will work harder on 20k because you know you cant survive if you just earn 5k alone. Its just like u running faster when there is a tiger chasing you than just normal run. You know its all about life or death.

Another example. If u have a 9-5job that pays you 10k per month, while you getting a new commitment add up RM 12k, you will even think of OT or even find another 2nd job to reach 12k rather than just waiting for the clock to tick at 5pm and ready for TGIF mood

Yup. Bigger responsibility.
Medical card RM370, cover 1m and critical illness 350k
Life RM 230, 1m coverage
First of all, I dont come from a rich family. Since fresh grade earning 2k basic until today which is only 1 concept. “Bigger commitment will bring you further”

Generally you are correct at some points, but I did it on purpose to spend that much. The logic behind is, the bigger your commitment you run faster. I can use my savings to pay off all the cc commitment, but i do not want to do that. If i do so, i will be slow down by my own laziness

For instance, if you know you have 20k commitment VS 5k commitment. You will work harder on 20k because you know you cant survive if you just earn 5k alone. Its just like u running faster when there is a tiger chasing you than just normal run. You know its all about life or death.

Another example. If u have a 9-5job that pays you 10k per month, while you getting a new commitment add up RM 12k, you will even think of OT or even find another 2nd job to reach 12k rather than just waiting for the clock to tick at 5pm and ready for TGIF mood

Single, 29M, Financial Adviser

House1 2060
House2 2600 (rent out @ 1300 only)
Maintenance house1 300
Maintenance house2 300
Car1 2269
Car2 1175 (currently dad driving so he pay)
Insurance 600
Credit card 4000 (inclusive of all installment plan)
Food 2000-3000
Parents 1000
Prs 250
Entertainment 1000-2000
Utility 800
Shopping 0-3000 (depending on pay)
Petrol 600
TNG 200
Personal assistant 2000-6000 (depending on my workload)
House renovation 0-10000 (recently renovating house, dont dare to take extra loans)

Almost everyday work like dog just to cover commitment, sometimes have saving sometimes no

Below is roughly the expenses every month for the three of us (married with one newborn). Both of us are working, and we are still young (between 25 and 30). It's quite detailed because we keep track of our expenses every month for over a year already.

Rent: RM800 (single storey terrace house in Seri Kembangan; this will increase to RM900 next year)
Car Loan: RM700 (2014 Proton Preve Exec, which my wife bought before I even knew her, so don't judge me )
Eating Out: RM400 (quite low because we bring lunchbox almost everyday)
Groceries: RM400 (including non-food items like shampoo, tissue, etc.)
Petrol: RM400 (our car's average fuel efficiency is 9.3 l/100km, so this translates to roughly 2100km per month)
Toll: RM100
Clothing/Appliances/Furnitures: RM50 – RM100 (once every 2 – 3 months)
Parking: RM10 (mostly for parking in shopping malls)
Service charge: RM10 (misc charges, such as RM0.53 charged when doing instant transfer)
Giving/Gifts: RM100 – RM150 (occasional donations to charity, buying friends/relatives small gifts, etc.)
Movies: RM30 (we watch one movie every month, and we usually take advantage of promotion from CC)
TNB: RM50 – RM70
Internet: RM187 (Unifi 50mbps)
Phone bill: RM100 (Umobile P70 + Share 20)
Software subscriptions: RM37.99 (Office 365 for my whole family)
Parents: RM1,165 (We give RM250 to each parent, and help my wife's parents pay their Unifi 10mbps bill)
Siblings: RM200 (We give our non-working siblings RM50 each)
Health + Life insurance: RM484
Blow money: RM50 – RM100 (this is my wife's off-budget money)
PTPTN: RM400
Mortgage: RM450++ (partial payment for our undercon apartment)
Child: RM500 – RM700 (newborn; mostly for diapers and nursery)
IWK saving: RM8 (RM25.44 every 3 months)
Auto insurance + road tax saving: RM75 (roughly RM900 every year)
Car maintenance saving: RM170 (for minor service, major service, change battery, and change tyres)
Vacation saving: RM100 – RM150 (we go on a budget vacation every 3 – 4 months)

There are still areas for improvement which we will work on over time:

- Our health and life insurance is overpriced. I'm planning to switch to standalone health insurance + term life insurance, instead of the current whole life insurance with health insurance as riders. We can probably shave RM200 by doing so, and we will be investing the difference.
- Our car loan is quite expensive. Not much we can do but continue paying it. Still 6 years to go. After it is paid off, we will never purchase another new car. We will only purchase second hand car with cash.
- Petrol and toll can be reduced. Currently I travel 70km to and from work everyday. I probably can cut this down by renting near my workplace, or get a remote job.
- Phone bill can be reduced further by RM20 – RM30 by switching to Umobile P38/P48 + P28. Our current plan is overkill, as we usually end up using less than 50% of our quota. However, my wife requires a plan with unlimited call, so Umobile is the cheapest, hence why we're with Umobile.
- PTPTN will be paid off in 6 years. It's under my wife's name, and it's already in CCRIS because she did not pay for it before we got married. It's a good thing because that prevents her from asking me to bring her to vacation overseas.
- We are currently paying for both rent and mortgage partial payment, which sucks. Not much we can do other than suck it up until end of 2018.

Sir, you are doing well, because you manage it meticulously and put every ringgit with purpose. Right mind set to not to get into debt further, but its better if you could shed it, for example to sell your car and get a cheaper one in cash, with all the savings to repay PTPTN earlier. Once you did that, you will have better breathing space.

Everybody except wong sifu is bashing you 

I bet those who bash you have no capacity to incur the level of debt you have. Ie. the banks dare not even loan so much to them ! Yet they tell you don't do it 

It's not easy for the bank to give out loan to people. One must have that sort of income to prove to the banks first. It seems that you are doing quite well on your income side to have that sort of spending and lifestyle.

From this thread, I can see the potential of the people. Majority are very "safe" and conservative people. Some spend a lot on housing and other investment. And a minority have high "bad debt" (ie CC loan vs good debt like property loan). And you have a mix of everything all others have here 

"Safe" people are...well... safe in their life. Everything is thought out before they make their moves. They won't go bankrupt. Neither are they expected to make it big. These type of people only dare to sail in a pond

"Investment" people are heavy towards planning for the future. These people have higher risk appetite than the "safe" people. They have more potential. These type of people are willing to sail to the big rivers and calm sea

"Bad debt" people are hopeless. Their boat is leaking so they can't even sail

While I can see that you are those very few in numbers "aggressive" people. Willing to take high risk. Constantly pushing yourself. Always set very tight deadlines and milestones to yourself. If you can make it, you will make it big. Likewise, if you don't make it, then you will fall flat. A "gambling" and "trigger happy" person. You are willing to not only sail to the biggest ocean, you will set sail even if there is a storm brewing in front of you !

I am in business and know many business associates and friends. Those big bosses have more or less your sort of aggressiveness. They like to gamble. And they like to spend as well. Big cars, branded stuff, high end dining and travelling, women etc.....In a way, I see the same characteristics in you.

It's all about a person's character. I don't think even if you read those who bash you, you will change a bit. Just like bro ramjade he will not change his miser character. So, be yourself, work hard and enjoy the ups and downs in your life like a movie. I am certain your movie is much more interesting than those "safe" people's....

Actually not really. Some of us choose to be debt free. Why work for banks when you can let banks work for you?

Actually it's very easy for bank to give out money. My credit card limit was basically 10x my salary. Banks love to give out money. Why do you think they dangle ad like free holiday with personal loan?  They are encouraging people to take up loan, to go for holiday,  buy stuff with borrowed money.

Peace of mind that no one is chasing  you for money is priceless vs having to worry that someone is always after your money every month and having to look over your shoulder.

My mum says we spend around 20k per month to feed 7 people. No car loan, no house loan. Just on daily expenses

Actually not really. Some of us choose to be debt free. Why work for banks when you can let banks work for you?

Actually it's very easy for bank to give out money. My credit card limit was basically 10x my salary. Banks love to give out money. Why do you think they dangle ad like free holiday with personal loan?  They are encouraging people to take up loan, to go for holiday,  buy stuff with borrowed money.

Peace of mind that no one is chasing  you for money is priceless vs having to worry that someone is always after your money every month and having to look over your shoulder.

private school? college fees? medical bills? those are the big stuff.
i spent 50k/year on my family of 4, and spent another 50k/year on my father's medical.
medical bill is really scary.
fixed salary earner from established companies, yes.
try doing commission-heavy job with minimal salary. try freelancing. see how much bank will loan you.