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

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

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....

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. 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

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.

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.

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

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.

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?

1. RM1895 x 12 does not equal to RM30k 

2. RM30 for car petrol ? You drive a highend PHEV don't need to pump petrol ?

3. Rental RM700 goes to bank indirectly  Can buy a low cost flat and own the unit already

Dude stop it you are embarrassing yourself. Even I ride bike to work everyday also Petrol more than rm 30 a month. Kancil RM30 u can go around 200km top. 200km divides by 20= 10 km per day. That’s assuming that your office is 5 km from where you stay. Doable yes. But is it viable? Unless you don’t go anywhere except to and from office, which is pretty lifeless I would say.

1. Difference of 24% / almost a quarter is close enough ? You think so because you know you have daddykasi. For ordinary people, without bank loans, they will never be able to buy a house

2. I will ask my youngest son to drive my spare PHEV. Only need to fill up petrol once every 6 months because his office is only 15km away. So that he can brag among his friends he only use RM20 petrol per month

3. So, bank still makes your money regardless, despite not having a bank loan
Bro, you are lucky to have a good daddy  :thumbsup:

1. Ok, now you said "no choice" to take loan liao......so, you finally agree to let banks suck your money ?

2. My son got dedication just like you. You did not factor in the cost of your kancil, so didn't he 

3. You did not budget in your unselfishness to repay your parents and relative back....Overseas holidays for 3 person cost 5 figures

Not sure how can someone be so blunt and naive. Not saying that your trick doesn’t work, but you can’t just simply force your ideology into anyone’s throat.

Borrow from relatives? That’s a big Nono to me. Have you heard of the saying when you borrow money to someone you don’t expect to get it back? There’s a reason to it, look it up.

Axia best fuel efficiency also 21km/l. Assuming that you are really extreme and you follow the fuel saving steps to the max you can hit 20 km/l. RM30 can only give you 276 km. That’s only 13 km each day for twenty days. I have never seen someone who said that his car fuel consumption is RM30/month. You are the first.

Agree on your personal loan part, everyone knows that CC debt is never good. But property loan you can never avoid it. In fact sometimes there’s good debt that you should always go for. Your method is too extreme borrowing from relatives. Then? When are you repaying then? You think they are your personal bank that don’t charge interest?

Borrowing a few 100k to buy house its like a norm to him. That's a first to me.

Maybe your family and relatives keeps money like our former PM.

Im surprised you actually owns a car, and pays for something you don't believe, insurance. Wheres the cost of maintenance road tax and insurance? I didnt know kancil is free of maintenance.

You must be those people who thinks drive slowly on a mid lane its safe.

If you walk to work you can save even more and maybe even more safer.

Easy for you to say. Suddenly got 10 relatives that will willingly borrow you 20k each. And how long does it take to repay them back? Stop living in your own fantasy.

Work place 20-30 km only spend RM30 on petrol? Pfft

Borrowing 10k from every relatives its selfish. You are taking advantage of your relatives.

If borrowing 10k its normal than walking shouldnt be deem as impractical. Since you only use rm30 worth of fuel thats 13.63 litre a month, 20km per litre thats only 272km a month / 26 days = 10km per day thats a short distance to walk.

By budgetting the car maintenance your shortfall should even be more than 24%.

Yes I know it’s kancil. And yes I know you are so extreme that you don’t even on your air conditioning. But assuming your workplace is 20km, that’s 40km two way. One month and it’s 800km. Don’t tell me RM30 you can go 800km.