The worst advise is tell people to put money in banks to beat inflation.

Of course when you are given a huge sum of money and not sure what to do, putting it in bank is the best thing to do.

Cheers.

Huh?   

Inflation hits everything.

Low income u send to govt school free.

High income u send ot international school, 50k a year, ingflation 5% a year.

Inflation affects EVERYONE. Cause it lowers the value of money, u have little or more money you still get hit the same.

dont be silly.

if u earn 50k and spend liek someone who earns 5k.

then whats the point of earning 50k? abit bodo right.

or u think money in the bank can take to the grave?

Hi bro,

1. Why use your dupe account to post here ? Scared readers here trace back to your background ? 

2. If you are interested to know my background, you can just do a quick search in Property Talk, FBI, and Stock Exchange sub-section, and you will know quite a lot about me. BTW, I don't use dupe account to post like you. So, you can always read and look for consistency of what I wrote over the years. Anyway, it is substance of what I wrote that counts. Substance and knowledge is the best "testimonial". Not a dupe account

3. Do I sound like I "know all" ? If that is the impression to you, I am flattered. Because it is not my intention and I never felt so myself. But if you really feel that my comment is so impactful until you feel I "know all", I can only say thank you for the compliment 

4. If you take the time to read back, bro ramjade actually said he can buy a house in 10 years from now. His choice of funding is from his relatives. 10 relatives each loan him RM30k, and he can buy a RM300k house. And that is interest free because his clan don't charge interest for inter-family loan ! How realistic is it to have 10 relatives who can loan a person in our modern society now ? So, it is inaccurate to say he can escape bank loan. Just that his source of loan is his relatives instead of banks

5. As for his car, the case is the same. He is using a Kancil from his family. So, he has a choice not to have car loan. For many people, there is no daddykasi. And they have no choice but to get a loan to buy a car. While bro ramjade has a lot of "dedication" to be bank loan free

6. My daddy go sell "salty" duck egg since my primary school days. Does it count as "salty" ? 

Money is not yours unless you spend it. If you dont spend money then the money have NO VALUE at all.
I love it how everytime people talk about "rich" everyone wants to bring in the billionaries and use them as comparison.

So your definition of rich is Li Ka Shing and Buffett? Then everyone else is poor?

Cause pls understand there is a certain base amount you can spend before more money becomes irrelevant. So pls dont bring in Billionaires into the equation unless you want to bring the discussion to a different level.

Now, going back to spending habits, sure if you earn 50k and spend 10k, you will have more "savings". You will not be "rich". Cause if all you EVER do is spend 10k a month, regardless of how much you save its useless and pointless, you ever will spend 10k a month. How can you be "rich"?

Money in the bank that you NEVER use does not make u rich.

you been claiming.

"keep money in the bank, save, dont spend, you will be RICH".

Money in the bank can be used ot generate more money that you never use? Really? Thats a good plan?

What nonsense is that, whats the pooint of having figures printed on a piece of paper.

You feel rich? You feel good? You enjoy it? Nope... you dont enjoy it, you continue to scrounge like a pauper. Maybe after you expired your kids can finalyl take the money out and live an enjoyable life.

As for financially savvy or not, well, perhaps I'm not, but I would like to think I'm doing ok for myself. I live an enjoyable life and still managed to retain a 7 digit nett worth... not rich, but certainly not living like a "rich pauper"

1. Haha, everybody here believe you 

2. Coming from a dupe, that must be true

3. But you felt my comment, until you have to reply to me. It may not be impactful to others, but it is to you very apparently

4. So bro ramjade can choose not to have bank loan because he have access to generous relatives ? 10 of them !

5. For most KV people, if no car, you limit yourself to your job location, hence limit yourself to opportunities. Not practical

6. Come to think of it, I am very proud to have made it over the last 50+ years without daddykasi. It is definitely a higher sense of achievement compare to bro ramjade who have daddykasi but brag about how thrifty his life is

Ok, I give up trying to dispute your way of thinking, you live life the way you like.

But, pls do not leave money in the bank, thats the worse way to "grow your wealth" as you put it. Money in the bank will always lose its value over time, the bank interest will never keep up with inflation. As to where to grow your money, I'm sure you have your own ideas.

What I'm preaching is, upgrade your lifestyle as your income grows. DOnt be a penny pincher and live liek a pauper. When you have 500k cash , do you buy a 500k car? Not really... but go buy a 200k car, splurge a bit. Dont go buy a proton and think you are rich rich rich. It doesnt work that way. For all you know, you might die tmr.

Oh and wait until 70? U sure you can live until then? 

Sir, i'm aghast at your financial literacy. I thought i was pretty bad, but your ineptness put me to shame...

To think that putting your cash in FD will "grow your money and outstrip inflation" is ... wow... i dont even know what to say.

At one moment, i thought you are good with your money.

Untill i read this.

No wonder you would believe someone who drives a kancil and only uses rm30 fuel a month.

Yes, that cfkoo fella suggest to leave money in the banks. That’s why I was puzzled you share his view 

FD is the worst investment idea to grow your money

Well I am proud to be poor. Because being poor helps me teach me the value of money and have discipline over it. When you are not rich, don't act rich. When you are rich, don't act rich.

You think FD can beat inflation, really tells a lot. No further explanation needed.

You says people rush to buy car it's financing liability, how many states in Malaysia have the convenience of LRT/MRT? There are areas that public bus doesn't covered except Grab/Taxi and how much is that per trip? What about meetings on different locations at different times? At this rate people will be spending hundred per day taking public transport, is this realistic?

500k FD and people won't feel the impact of inflation? Probably they won't feel it now but as time goes by the time value of money will comes into play.

It's a different story, if you can get a few thousand of FD interest a day. I know someone who get this sort of FD interest alone, and I'm also sure they are not driving any Perodua/Proton nor living in a 1,000 sf houses. And he's still doing his business despite all the wealth.

Ramjade, you say you would spend money on overseas trip. What's the difference between buying a new car? Both also requires to spend money. You get nothing in return for the overseas trip except memories but the car can give more than that

I don't intend to pay for her full education. I will only subsidise 30%. The rest she has to earn herself either through scholarships or  jobs which is what I did when I studied. Not gonna spend 1 million on education. If she can't do well enough in her studies to make it on her own...then maybe tertiary ediucation is not for her.

Maybe not but we are not talking the cream of the crop here. We are talking about paying for a degree despite the child not being able to get his/her own scholarship.

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.

Was that directed at me? HAAHAHAHA...so I must spend 1 mil on my daughter's education so that she contributes to society.

Oh okay...sorry about that. I thought it was directed at me. Anyways I respect your approach and I just chose mine.

even if i follow all the above, i manage to save RM 2160.... this is on a 20k salary per month basis.... so if those earn 18k ma save RM 0 liao??

The suggested action including packing ur own lunch to work. i wonder who packs for lunch in this forum on a long term basis ???

RM 500 misc per month as pocket money as an adult for mamak, movies, Friday's night out, fixing & washing car where needed, toiletries is not alot also...

2k for food is for
1 time eating out on Sunday at RM120 for three heads = RM 120 x 4 =RM 480....
Remaining RM 1500 for 26 days....
say breakfast RM5 per meal per head = RM 15 and
dinner is at RM 20 per day = RM 35 per day = RM 910
Remaining RM 500 for snacks and vitamins and supplements and weekend family lunch sometimes...

Wife 2k =
petrol RM 400 for picking up kids
toll RM 100
toiletries & cosmetics n etc RM 300
mobile fon RM 100,
pocket money RM 500 for outing yum char with friends, guys go mamak, girls go yum char session, facial n saloon etc....
Remaining is to her parents contribution... i dunno how much but i know she is giving la...

A house wife with 2k a month with a car and children is not alot .... in fact is jimat kaw kaw already...

A lots suggested investment here.... with the understanding its sure win .... if lost leh?? invest more to gain back ???

What other suggestions ???