1. With credit card interest of 18%, the banks can issue cards easier. Without collateral....

2. Don't confuse credit cards with bank loans. If you think credit card is a loan, you are a dummy in personal financial management

3. Have you tried to apply for a property loan or car loan ? That is when the bank will assess your repayment ability. If your income is not high, you cannot get approval.

4. If you don't want to let bank earn your money, then don't borrow to buy car and house. In other words, forget about owning a car or house. Except you have access to FAMA bank to fund you instead

5. In reality, 99.9% of people will get loans from bank somewhere in their life time. Whether you like it or not, banks will earn your money some day. And get "hot on your heel"

6. You just started your career. When you progress in life, you will incur bank loan(s). That is when your "priceless piece of mind" comes to an end


Living in a modern society will force you to sail your boat out from the pond to the rough sea one day....

2. I see it as loan for free for 20+ days. If you don't pay up, you start paying interest ONe can earn pocket money in those free 20+ days.

3. Nope I have no need for house loan or car loan. I am using my parent's old car. Good enough to carry me from point A to B.

4. Will try to find way without taking money from banks. Hence saving myself interest charged by banks.

5. Let's see. Even if I have to take a loan, it will never be >50% of the amount.

6. Not if you save up, invest prudently, keep your wants and needs low, banks will never have to come after you. After all, why go to banks if you have sufficient cash to buy yourself a car or a house in cash? Why do you think I am saving >70% of my take home pay? I don't intend work for banks but I rather they work for me.

This post has been edited by Ramjade: Jul 13 2018, 11:47 PM

2. 20 days ? That is a really “inspiring” way to lie to yourself and believe it was a loan

3, 4. So, you are fortunate to have FAMA banks. That’s why you can say you don’t need loans from banks. I bet you will stay in your parent’s house for the rest of your life thru inheritance. So, admit it, your “piece of mind” is not from own effort. Majority of people in Malaysia will need loans to buy car and house. Are you the single kid in your family ? That would also further help to be complacent in your financial future. If already got FAMA bank, anyone can brag they don’t need loans to live in a modern society

5. Whether you take 50% or 90%, that’s still loan and bank will “always after your money every month”

6. Curious to know for the general youth like you in Malaysia, how many years they need to save to buy a house of say RM500k without the help of bank loan and FAMA bank....and what inflation rate you assume for property

Surprise no one itemised 'massage parlour" as a monthly expd

ey ey ey, bukan budaya kita

cheh cheh cheh

2. I still earn pocket money from it. Even is just 20+days. RM1 is better than no money.

3. Bro I tak ada FAMA bank. I am renting outside. Just that car was lend to me. To buy a car with cash is very easy. Just save 1-2 years of salary and one is good enough to buy it with pure cash. So what if someone is staying with parents? There's no shame in that. Cut down cost until one can save enough to buy a house. One year if one person can save RM30k, one can get a house within 10 years. Majority of people are going for exotic holidays, exotic food with zero savings in their banks. So who is to blame that they have no money to buy car with their own car with own savings? Bro not single kid. Hot other siblings.

6. For me, no need to spend so much for house. A house is just a place to sleep. No need to be big /fancy/gated. Well that's just me. Savings alone won't help. One need investment to help out. What my family do is borrow among ourself so that we don't need to pay the banks. Then pay back relative at zero interest.

You need to give up something to get something. Nothing comes free.

This post has been edited by Ramjade: Jul 14 2018, 03:29 PM

I am sorry but this is probably the worst way of getting rich (the end result that you are aiming for) because no millionaires got rich without getting loans. If banks are giving out free money I wouldn't otherwise have, why shouldn't I take it? I just need to use the money to re-invest into businesses/properties or whatever investment you are good at, ensure higher returns than bank interest rate, why not?

IT IS very possible BTW to earn more than the interest, I thought you were very good in investment as well? Let's say you earn RM5k monthly, without taking loans you would need a long time to save up enough for businesses/investments/properties. Whereas I can easily get RM500k from bank, ensure that I get higher returns than the bank interest (which is very possible). That's how people get rich, by using bank's money to get more money. Good luck catching up with the amount I can get from bank if you are just saving from your RM5k monthly salary.

That's if you can generate more money than interest. What happen if you can? A portion of your pay will be cut until your debt is settle.

Most of the people DO btw. Interest from banks aren’t always high that’s why there’s good debt and bad debts.

With your geniuses in Singapore investment should be easy for you, no? Not sure which sifu taught you to save and invest your way without taking loans to your dream: FIRE. Lol

2. That's why I always say you concentrate too much on the cost side. Spending your time and effort to make the RM1

3.1 The car you are using is FAMA's. Or like /k say.....you got daddykasi (dedication in malay if you don't get the joke )

3.2 Renting outside is letting other people earn your money already. What's the difference between bank and landlord ? You still pay money to them, one is called rent, the other called installment. It's still money from your pocket to other people's pocket

3.3 It is no shame to stay with parents. Just that you claim that you can "choose to be debt free". But your claim is only true with daddykasi. Otherwise, you need banks' help to buy car and house

3.4 One year save RM30k, give you benefit of doubt to save 50%, that is RM60k net salary. Gross will be RM68k. One month is ~RM5.7k. Fresh grad start so high ? Also, property price remain the same over 10 years ? Again, you have a car from dedication. What if a person has no dedication ?

6.1 Your RM300k house will not be near to city. Then you have to spend more on petrol, tol and maintenance. Property is cheap (or expensive) for a reason.

6.2 You can borrow from among your family with zero interest ? That is again like dedication again. How many people got so much dedication ? Seems that you have a lot of "dedication"....


Bro, I have said it before, you look at things from your "tunnel vision". Not everyone's situation is like yours, so they may not be able to do what you did. Just because you have "dedication", does not mean everyone is so lucky like you can "choose to be debt free"

People would rent to be debt free. Wow!!!!

Unless the rental you paid its deductible for tax purpose.

If you take a loan, at least part of the installment its paid towards the loan and with all the flexi loan package available you can park your money to reduce the interest paid.

Im surprised to see someone who sound so good with his investment but doesn't know how to use leverage.

I am surprised too that’s why I was throwing him questions. For someone who is so loud in investment and claims to be so good but does not know how the power of leveraging. It’s crazy. Anyway good luck to him. If he’s open enough he would read up on how leveraging can help in building one’s wealth and empire.

2. Cost is something I can control. So why try to control something which you cannot control like your income?

3.1 Nope. Don't understand.

3.2 Rent is temporarily as you won't be there a long time. Besides landlords are not blood suckers like banks. Sorry, I have a natural hated towards banks.

3.3 Like I said, one can always stay with parents or relative house until they can afford their own house. In the process no need to any banks. Entirely doable.

3.4 One year why impossible to save RM30k from salary? Save min 50%. RM48k/year salary. One year already save RM24k which is. So Jack it up to say RM2500/month = RM30k. Slightly > 50% saving rate. Not impossible. If you can't afford those RM500 house settle for RM200k house/flat. Again is just for you to stay. 2nd hand car easily can get below RM100 bro.

6.1 No money buy those PR1MA houses. No money no need to act rich to buy Rm500-700k house. Pay what you can afford.

6.2 All my relatives are doi g that. My neighbours are also doing that. So is even common.

I know about levage but not going to use it. It can magnify your profits but it can magnify your losses. What happen if economy enter recession and you get retrench? Your loan will continue to run. Banks don't give a damn or give any leeway.

As I said, if you have no debts, in a recession if you lose your job, you have one less thing to worry about. You know that there's no one coming after you for money. Which do you prefer? Constantly looking over your shoulder or sleep soundly?

I never claim to be good in investment. I merely look at ways to protect my nett worth.

RM48000 pa, one month RM4k salary.

After EPF socso = ~RM3.5k .

Save half, you have 1.75k for :

- Transport to work (assuming taking LRT to office,RM 7 per day) = RM7 x 20 = RM 140
- Insurance - RM 250
- Daily meal expenses - lunch during working days, breakfast and dinner eat at home. Breakfast drink oat, dinner mum cook. Lunch time when eat with colleagues, bring own water bottle. only pay for meal (RM7 x 20 working days = RM140)
- Telco / internet - Prepaid, reload when necessary = RM30
- PRS (for tax deduction purposes) = RM250
- Giving back to parents = RM 500

Balance Money for unexpected expenses : RM440.00

Provided with these conditions:
- no gf
- staying with family
- no study loan to pay back (PTPTN)
- No passport
- reject any invitation to birthday parties / wedding dinner / drinking session. Join only when the event held at mamak nearby ur house, walking distance.
- You didnt go out for weekend, house got astro.
- Shop for new clothes once in a year, before major festive season (CNY / RAYA)
- no car loan hence no road tax / insurance/ service & maintenance
- no house loan
- You didnt pay for utilities bill like unifi / tnb / indah water/ quit rent assessment
- you didnt shop for groceries and toiletries

2. That’s worrying if a person believe he cannot control his income. In other words, you are saying you have no control on your career path. Bro, you have serious problem with your thinking. Give it a thought before you be written off

3.1 Daddykasi = a daddy give money/stuff to his kids for free. Literal meaning. Refers to young people who got financial support to own cars, house, wedding, traveling, or lifestyle. You are bragging you don’t need loan to live in a modern society. All these are possible only because your family support you. You have a lot of dedikasi/dedication in English. Very sarcastic word

3.2 Still you are helping banks, indirectly. Your rental is paid to landlord, and banks get your money thru landlord eventually. Nobody escapes from the banks system in a modern society. Just because you cannot see it doesn’t mean you didn’t pay the bank

3.3 Again, bragging about daddykasi.

6.2 Can’t believe you actually think everybody has support from daddy and relatives to support the young ones.

Bro, the more I read your replies, the more i feel you are really immature. When are you going to be independent ? You are enjoying daddykasi and didn’t realise it. And thought that you are successful in being able to save 50% of your income. And loan free.

Read Smufts detail breakdown above. For many people, life is very tough. I hope one day you can be truly financially independent without daddykasi and bank loans. If you can survive at that time, then I give you

I think income is definitely something we can control. It is no different from expenses. Even if we decide not to venture out for other income streams and purely just getting paychecks, it is definitely still something in our control.

If we're lucky enough (and good enough), doubling income every 3 years is not impossible. Or worse case still, doubling every 5 years.

Bro, let me break down to you
RM3.5k
In my case petrol RM30/month.
Insurance Nope. Never believed in them. No point I pay them and can't claim any money back from them. Money saved for insurance I pay myself as insurance.
My lunch and dinner consist of wholemeal bread with scramble eggs/tuna+ generous helping of veges. Under groceries section. Make myself. Yes, I bring water from my house.
Telco RM30+RM45= RM75/month
PRS RM250/month
Giving back parents RM300
Groceries RM300
Rental = RM700
Spending = RM1655
CASHBACK = RM50

Savings = RM3.5k - RM1655 + RM50 = RM1895 left over.

No GF. GF is huge waste of money provided. That's why only interested I girls who can save.
Not staying with family
No study loan
Got passport but no need for overseas holiday.
Bro, I shop clothes at bundle shop. RM1/clothes all branded. All my friends thought I buy new clothes. Can't even tell the difference between new and used clothes. Buy pasar malam slippers. Clothes can last min 3 years depending on how you care for them.
People ajak you go la. Spend max also RM50. I don't drink or smoke or go to pub. Is basically poisoning your own body.
Bro never had astro since small. No need for astro in this time and day of interet.
Car I settle everything. You drive you settle everything la.
Bro I pay utilities la. My electricity is free as below RM20. Water only RM10.
Groceries and toiletries are under groceries spending.

Come on try me.

Not in my case where salary is stagnant for few years. Mine job got no overtime pay. Of course we are not talking about investment merely salary from company.

This post has been edited by Ramjade: Jul 15 2018, 12:20 PM

Riding bike to work and with no insurance. It's either your body is made of metal or there will be someone to take care of you if you are struck with bad luck.

I guess you just don't understand why people or even Companies buy insurance.

For someone who has the luck to graduate by using parents money, will not understand people who works at the age of 19 and studied part time after work.

Like someone mention before, not everyone have the luck to have everything provided and then start work with a bucket of cash from your parents hard work.

If you already have the mindset of girls = waste money, good luck to you.

Anyway on the salary, since it's stagnant for few years - would it be better to start looking for better opportunities, or to spend the money / time to up skill yourself then look for better opportunities?