First of all...I am comparing apple to apple. They are all graduates. Regardless of which university they come from. Many come from UK universities where their parents have paid for their education in total. Many have repeated their studies after failing one year or more.

Parents drove these kids to take these degrees not because they are interested but because that is what their parents want. A child with a degree.  If my daughter wants to be a doctor and has the ability to study and get the necessary grades to achieve her dream then she will definitely find a way. But if she gets mediocre results I am not gonna spend 1 million just to put a piece of paper in her hands. That just means that is not for her. She is bound for other things in life. Simple as that.

BTW if my daughter gets accepted into Harvard, she won't need my money. She will definitely get a scholarship.

Also those who came to work for me and did not cut it, many from universities such as Manchester, Liverpool etc. The two that have stayed on permanently, one is from a local university and the other is from a twinning college. Both have one thing in common: They came from difficult family backgrounds and really wanted it.

1) As said, if the kid is indeed brilliant, no problem to spend big.
But if the kid can enroll into Harvard, it should be no problem to get some scholarship, funding required, no need to spend as big.

2) Without a degree, the kid may need to work hard and may willing to accept anything in their path, instead of mindset I have a xyz degree, I won't do this do that or tell me to do this job as degree holder, no way or too little salary as degree holder.

3) B40 may not have a degree due to no rich FAMA to support them in the first place. Even those degree holder is jobless, they won't become B40 due to rich FAMA. Nowadays you have money, you have a degree already.

4) The point is degree has nothing to do with this. We are not talking of total uneducated, we are talking using money to push the kid to get a degree instead finish school with SPM or diploma.
In fact, the jobless stat is higher with an ordinary degree than ordinary a skillman.

Fundamentally, we are not comparing total uneducated vs degree holder.
I am more towards discussion whether to support the kid to go for an ordinary degree by spending big money, or just let the kid finish their diploma or Vokansional school at cheaper version or let the kid build up their path according to their strength.

My view,
If 1M is not enough for the education cost, then might as well drop the idea. <--- so yes or no to education?

Kids need to learn how to gather education fund themselves, it is process of growing up. <--- so they cannot find funds no educaiton to them?
If the kid indeed brilliant in study, there are various scholarship and channels to fund the education nowadays, may not need as much as that.

Nowadays, getting a ordinary degree is no longer a career path guaranteed, which in return may "trap" themselves in career path. <--- so we dont need a degree?

<snip>

Eh just like not all poor kids are hardworking, not all rich kids are lazy but rich kids did not make their money. Their parents or family did. My maternal side  I have rich cousins....no private jets but they take 1st Class. My uncle probably earns RM500K a month. They are all working with my uncle in his company and have degrees from UK universities paid for by my uncle. My cousins have to work for my uncle because they can't earn as much as him and of course they need to inherit the business. Are they lazy...not more than others but they definitely don't have to work too hard for their money. Also my uncle has to constantly hire outside help including yours truly because my cousins aren't capable enough to run the company yet.

My daughter does not have that inheritance like my cousins. So she has to work hard. If she wants more then she will work hard and achieve her dreams.

1. If she has the academic ability she will get the funds. No academic ability but dream to be doctor, won't get funds from me

2. If can get into Harvard, sure will get funds (you should know this lar. I also got offer from Kings College, full ride)

3. Good luck to you lar...your son/daughter get 2 As want to be doctor and get into Harvard (which is totally impossible as to get into Harvard a perfect score is a given) then you pay lar 1 million. If fail first year because cannot pass then you pay another 1 million lor. Maybe can enter Pseudo-Harvard or Paper Mill University...then you can pay another 1 million

You also never read properly. Fail to get scholarship means not good enough lar. Haiyo....do something else lar. I still subsidise 30% mah.

1. If she has academic ability why no funds??? If she gets straight As she will get funds. I did. If get mediocre results then why I want to pay 1 million to send her overseas?

2. Sorry you don't know much about Harvard right? Every Malaysian that got into Harvard had a scholarship..

3. What to do? You only choose to read what you want and make assumptions. Sometimes we have to assume stupidity when it is staring at you in the face

Clearly you don't know anything about academic admissions. You better get to know more. If your kid scores straight As you can save your 1 million.

1&2 Seek and you shall find. Don't be lazy.

3. What to do? a degrading post deserves a degrading response.

he did say before he drove at a speed that people want to horn and punch him to save fuel and money. so go figure. his ideas are very personal as in it works for him but i think most can't really use for themselves.

Since we are talking about extreme, it is only fair we see the other side of the scale. Following is NOT even talking about those billionaire type of expenses

Let’s break it down shall we ?
Monthly expenses include living in multiple countries during the month, so multiple houses, cars, everything...
Telco expense ~RM1k
Internet ~RM1.3k
Petrol ~RM5k
Water ~RM2k
Electricity ~RM10k
Food and stuff (home) ~RM8k
Dining out ~RM10k
Plane ticket ~RM60k
Houses maintenance ~RM20k
Cars maintenance ~RM15k
Healthcare insurance company pays
Personal and wife grooming ~RM15k
Shopping (wife’s, gadgets, electrical) depending on mood ~RM30k
Hobby (golf, flying, wine, audiophile, photography, sports equipments) RM30k
Ad-hoc (buy new car, holiday house, watches, antique) etc fluctuates
No loans, so don’t have installment to pay

Source : business and investment income.
Note : above numbers are from “my friend”

he is using a kancil. however, to help you understand him a bit more, at fundsupermart threads years back, he took a bus to singapore just to get a cheaper bank account there for investment or something like that. So, he will use money when it's needed to. Also same reactions, people say why waste money take bus and time, go there to save the account fees but he feels worth it. He is pretty radical so just take his ideas as, he still lives, so it still works for him, so far.

Just sharing. Currently loaded with all the housing loan and breathless! Hope my 1st house can sell out ASAP.

House 1 = 2.4k
House 2 = 2.9k
House 1 maintenance = 250
Utilities = 120
Insurance = 250 (personal) + 200 (Child) + 200 (House MLTA insurance) + 100 (parent)
Childcare = 900
For parent = 500
Transportation fare = 500
Monthly groceries = 150
Food & Beverage (spend on weekend only, weekday covered by parent homecook) =  250
Hotlink prepaid = 35

Total = around 8.5k (FIXED)

Currently no saving, only got a fixed deposit in my bank that annually can give me extra 4k. Other expenses will shared by my wife, like baby formula milk, dryper, car petrol, so not listed in to my expenses.

Why me?

To me,  life is about TIME, MONEY, SOUL.

i dont have a car because car is a waste of time. a waste of money, and a waste of soul.

on a bus, i still can study japanese, read manga, hence 1 hour on a bus, i can still have 1 hour of life

20 minutes on a car = 20 minutes complaint about jam = 20 minutes life lost and soul lost cuz now ur more stressful.

20 minutes of bicycle is even better = 20 minutes cut from gym time = 0 minutes life lost.

for everything: calculate X minutes life lost, MYR cost, and soul cost.

life lost = time lost not doing anything that either makes money OR something you enjoy OR something with a long term goal (ie:gym, exercise, self improvement)

money lost = Ringgit cost of something

soul lost = extra stress for doing something you dont like.

kinda risky when u said no saving....
anything happen on your job or your wife...
gg

I believe "his friend" at least close to 8 figures NW or above.

Btw, we had accept the "personal finance" is vary among ppl. there are exist 7 figures folks dont have any outstanding debt. it just a matter of preference and no right or wrong. Some of them are very good in boosting their earning, some may super frugal in spending, and other excel in investment.

To me, we had to agree to disagree as everyone have different context, personal strenght and past experience which form their unique way / view on "personal finance";

It just wasting time & effort to force own beliefs onto others; similiar to you can't help someone who doesn't want to be helped.

250 is my personal medical with investment link, 200 is my child medical insurance, all separate policy, different company. Just unfortunately, due to tight budget, my wife insurance have to pay by herself, around 300.
Yea, only hit the NO SAVING period this month due to my second home start paying installment. Have been saving for my entire life (32yo now), now got around 200K sitting in FD just in case anything happen, then have to use the fund. If nothing goes wrong, still get use the 200k FD generate Rm4k++ at year end for vacation.

As for now, just pray my apartment got interest buyer lo, or someone want to rent it.

Come on guys, it really depends on your financial goal lah.

Some people accumulate wealth so that they get to live like millionaires, living in huge houses, drive expensive cars, eat at expensive restaurants.

Some other people accumulate wealth just to achieve financial independence: not having to work to live. So they accumulate wealth up to a point, stop working, and continue living the same lifestyle until the end. This can be achieved without relying on debt. In case you're not familiar with this approach, I suggest reading blog posts by a guy famous for it, Mr. Money Mustache.

There's nothing wrong with both approach. To each his own.

Exactly. The different is that for the second approach, you don't need high-risk investment. You save as much as possible and stash it in a low-risk investment. In 10-15 years you can stop working. Of course this only works if you live a cheap lifestyle. So it's up to you.