Please bring back the topic.

so much anger.

even if you go back to expenses topic, it will inevitably be dragged towards another sub topic.

well its good money management, nothing's wrong in planning for your children's future wellbeing. there's always something to learn.

sad for your subordinates on their so-called "manager" mindset.
Very sure they are having hard time communicate with you.

Even you have 20k monthly, your style will destroy you in your near future.

1. Plenty of houses outside Klang Valley yes but what if someone is working abt KV? The traveling time and cost, is it worth it? There are still undervalued property in KV, you just have to look for it. No one is asking you to buy hot under developed project.

2. Save as much as possible, which is agree with you. 4K salary you save 2k, of course doable. But you’ll have to remember, as you grow older your lifestyle changes. At what age can you get 4K? Assuming 26 years old, 5 years that’s 31 years old. What happens then? You get a girlfriend, you plan to get married. 2k is not so simple anymore. Unless you plan to stay single, which I think you would

After that just borrow from relative? Again one of your fantasies . Every family has their own problems, dont take them as your interest free bank.

I’ve said this again and again, some of your advices are good, but most of them are just too extreme. There are many ways to do it, but don’t advocate others to follow your ways. What applies to you might not apply to others, be open minded, you’ll learn to see the world from other perspectives.

@55665566 There is a saying, if someone filled with ill will, everything he see always be negative.

@Showtime747 If possible, I'll be more interested to learn how you guide your kids managed their money during young to teen age.

Try to put a "[" and a "]" in between @Showtime747 & @55665566. The result is return78, which will alert the user that they've been tagged

Actually quite simple. Get them interested in the value of money from young. Show them how capitalism works. Tell them there is no free lunch and you have to learn how to make money the most effective and efficient way. Never go short cut or do illegal things or con people to make money

When their moral value and character is shaped since young, then it is half the battle done.

I started to tell them simple staff when they are still in primary school. Like how FD and rental works. I bring them to the banks when placing FD. Bring them to collect rent. Last time no internet banking so everything need to do it physically. When they grow older in their teens, I already teach them how banking works like borrowing loans, car and house interest. When they grow older, I teach them economics stuff like how bank negara interest rate fluctuation and govt budget affect the economy and our investment. How the world economy will affect us. And more complicated passive investment like UT, insurance, etc.

When they reach the age, I will ask them to go open a trading account. Then put in their angpow money as capital to invest. Don't be afraid to lose money, because when you lose money, you will remember the lesson for the rest of your life. Losing small money early is a good thing.

I also bring them along when I go see property. So they know the whole process of property investment too.

The key is to be patient. How to get them interested in investment. Sometimes a person is born uninterested in money and numbers. While some kids are "money face". My children also have different characters. Some very good in numbers. Some no interest at all. So you can teach them suitable investment which need less effort (like FD and UT) or those more complicated (like share market and bank products)

Financial management and investment are things schools don't teach. But they are the most important thing in our life. We can see most of the people is not well verse when it comes to financial stuff. Can see in this forum there are many young adults don't know how car interest rates works, buy maximum insurance as soon as they get the first job, and kena con by MLM or money pyramid scheme....

Hi, try browser through the previous pages before asking.
Manager should had been more aware of all the details and not bullshit or spoonfed

Hey

That's great, I always admire parents that spend time teaching their kids how the whole economic financial systems work. Guiding them without sugar coating.

I wish I had parents that provide me such valuable life lessons while I grew up, still I have no complaints. My parents just gave me ample of flexibility in how I should live and how I control my finance, which comes with lots of heavy mistakes that I slowly learn.

1. I lost all my savings in gambling worldcup when I am 18.. LOL

2. However, it's also due to parents ample of flexible in my life that I decided to try everything, starting a business when I'm at my university path, I earn alot but I SPENT all on clubs. LOL... but I learnt a valuable lessons in this, which is LEVERAGE and OPM.

3. Then with this knowledge, I started another business after my intern, which I lost all from partner took the cash flow and ran... damn

4. Still, applying the concept of leveraging and OPM, I gaze another opportunities and I never look back till to date.

Lessons
- Leverage and OPM
- Grab any opportunities that makes sense and actually EXECUTE it.
- Spend 10-20% on monthly income and diversify invest the rest
- Still, If my parents ever guide me, I might make less mistakes in life, still I treasure all the mistakes

Cheers

The common character of successful people is that they are not afraid of failure, and they always bounce back. The harder they fall, the higher they bounce. They face their problem squarely and don’t run away.

Minus income tax should be around 14k net. Unless you earn 24k for 17k net?

i think im bad at my own personal finances. didnt really track them.

What i can see is:-

1) housing loan + maintenance = 4K
2) utilities = 200
3) food and misc = 4K
4) petrol = 500
5) insurance = 500

Whatever remaining i save..

Actually how do you guys track your expenses? What tools do you use?

You can still further breakdown the misc for a better picture... There are apps to help us keep track of both our income and expenses... I paid less than RM10 to purchase the app “budget” and so far it can do the job...

someone's just obsessed about knowing others monthly expenses. the forum is obviously intended for people to discuss more on their personal finance and expenses but instead you act up like a little kid. not even the TS but make so much noise

I believed some forumers had pointed out your theory is not sustainable.

1. Like others said, if you work in KV and where do you want to buy a property? Seremban? I do not think this is practical. Can you imagine the time it takes to travel from home to work?
2. You 4k and save 2k? Are you talking about net income or gross? How about EPF payment and etc? If you were to stay away from KV, how about your toll, petrol? car maintenance? all this? You think all relatives are so financial independent and can just take out money and lend?

A will doesn't mean it will give everything away. You can spell out how much % to give to A, B and C.

This thread is about discussion monthly expenses and we should stick to the thread topic. If others wanted to discuss about will and trust then start another thread. Do not hijack others thread. Have some respect for others.

I agreed with razorknight this thread is about monthly expenses as the title said. Not about will or trust. If anyone wanted to discuss about will and trust then they should start another thread rather than hijacking others.

1. I don't work in KV but I rent outside and it cost me about RM700/month. Why do you think lots of people spend so much time travelling to work? They can't afford to stay in KL. When you can't afford, live within your means. There is no hard and fast rule die die must stay near working place. For those looking to get first house, got so many choices in Selangor, PR1MA, Selangor home etc. See whether your face or your money more important.

2. Nett income. After minus EPF + all my expenses, I got RM2-3k.My other miscellaneous expenses cost only RM300+like that. One can achieve it if
- able to pack food from house
- no need for outside fancy dining
- not into gadgets/buying expensive thing every year eg baju raya/CNY clothes/branded clothes. My shoes are all RM25-30 Bata shoes, Bundle clothes at RM1/piece (all branded and looks like new)
- nothing to buy or spend. Nothing interest me so why should I folk out money to buy things I don't need?

As mentioned, get RM10k from relatives like that. Don't la like pinjam until RM100k. Everything pinjam must pay back la. If you have 10 relatives that already RM100k. Don't tell me one can't save RM100k after working for few years. Of course saving alone not enough. The money one save must be put to work. Risk free investment in Malaysia are basically FD and amanah saham and compounding interest work wonders overtime. Shorten the amount you need to save up.

It is about monthly expenses. And I am sharing how I spend so little. Not wrong to share.

Age: 27

Status: Married with one child

House loan - $0

House Utilities - $700

2 cars - $1400 + $900 = $2300

Phone bill - $200

Daily expenses - $3,000 ($100 a day)

Weekend expenses : $500 per weekend x 4 weeks = $ 2,000

Monthly saving: min $500

Misc: $100 a week x 4 weeks : $400

This post has been edited by CommonPeople: Sep 3 2018, 05:07 PM

Like I said your thinking is not practical because you are imposing your ideas into some one else. You mentioned that you dont work in KV which you should put it in your statement to qualify so that people will know you are not working in KV . Of course if one person not working in KV, he can opt for cheaper alternative place outside of KV. By the way, you have to specific which part of Selangor, because KV cover a relatively big region of KL.Selangor as well.

Are you saying that your total monthly expenses is RM300+? Is this figures only for food? is that inclusive bills?

Against you are assuming that everyone have 10 relatives that willing to borrow Rm10K and everyone are willing to wait for 10 years to repay the RM10K.

I didn't say is wrong to share I am saying the method is not practical.

I may not be working in KV but cost of living is equivalent. One meal at economy rice stall is easily more expensive or best case scenario is same as KL standard.

RM300 is including groceries + bills + petrol + whatever you name it.

I am not imposing my ideas. My way is of extreme frugalism. See whether one can follow or not. I am showing it can be done. Not impossible.

My way is for those regular Joes working >12h/day without any additional income. When you are limited by time and resources, one need to know how to overcome it.

This post has been edited by Ramjade: Sep 3 2018, 07:02 PM