Looks good I would say. Balance in lifestyle, family and self-investing

Pretty detailed. Ha.

I guess the important thing is how many % of your monthly income is your real saving.

Aim for at least 30%, my 2 cents.

Very impressive.

In that case, % saving on yearly basis. That will give you some idea on where you are on wealth accumulation & growth.

P/S Any vacancy I can apply? Ha.

Having a kid myself, i hope you put aside some cash for her education/degree.

Myself I'm saving right now to the point when she's 18, I'll have about 1M in cash ready for her education needs. I have a feeling this will not be sufficient to cover everything and would need to be supplemented by some extra money lying around. But atleast I have a base to work with.

The savings partly comes from an insurance investment plan (a form of forced saving which literally gives crap returns), and a property allocated for this use, to be sold when the cash is needed.

That's quite a lot of holidays considering there's only 2 of you?

How do you justify yourself spending so much on holidays?

Applaud your mindset, and kudos to you and your daughter as you have already outline it to her. Well planned.

Personally my choice is that I will subsidize their whole studies, but whatever that they earn through scholarships and awards (I will pass it on to them, e.g if they have sponsored tuition fees, the money for that will be given to them - under supervision ofc but its theirs). They can use it to treat themselves (with control) or use the money to start their business whatever, its theirs. If I tell them this concept early enough, they might study even harder, given that there's monetary benefit at the end of it.

My view,
If 1M is not enough for the education cost, then might as well drop the idea.

Kids need to learn how to gather education fund themselves, it is process of growing up.
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.

I am not a fan of "using money to push the kid education" theory.
In fact, it may actually spoil the kid, especially if the kid is just ordinary or lesser than ordinary.

Nowadays, getting a ordinary degree is no longer a career path guaranteed, which in return may "trap" themselves in career path.

In fact, nowadays, many non-degree holder are thriving better than ordinary degree holders.
Kid need to go along their interest and exhibit their own strength and constant learning.

Industries are changing fast nowadays, now we are also talking about financial sector total revamp, HK already comes out with virtual banking, whereby the bank has no physical branch to serve customer anymore, but only through online channel. So previous ordinary banker also need to know how online banking works nowadays.

Those thrive or success in their career, generally are not because of their degree, but constantly learning and improve themselves instead of due to previously throwing money at ordinary education.

Just my personal opinion.

Actually none of your complaints deal with whether these kids have a degree/education.

its more a matter of attitude. Attidude does not differentiate between poor or rich. Its inherent in that person, and how his environment molds him.

There is no guarantee a poor guy with no degree is more hardworking then a rich guy with a prestigious degree. It might be the other way around.

SO pls, to compare apple to apple.

If there is 2 guy, A & B. Both are hardworking, smart, pro-active, responsible etc etc etc. All things being equal. But, one only have an SPM while the other guy is a Cambridge grad. Who do you think has a better head start and would likely be able to climb higher in life?

I actually do not understand why people tend to think.

Poor kid = Street smart, innovative, go getter, hardworking, <insert any good quality>

Rich kid = Dumb, lazy, sloth, only relying on parents etc etc

I really dont see how this kind of stereotype comes about. For all we know. the rich guy might be the one with all the good qualities while the poor kid has all the bad qualities.

I personally have some very rich friends, I'm talkign private jets kinda rich. And they are not rich lazy snobs that everyone assume them to be, but maybe people tend to have that kinda perception cause they are not close to these people... and i dont blame them cause they do not easily allow people to enter their inner circle of friends..

Have you considered that perhaps the cream of the crop didnt choose to apply for a job with you?

Anyway, it seems we have drifted quite far away form "Finance,Business,Investment" so I'll leave this as it is.

So in summary.

1. If your daughter is unable to get the funds,, then her dream of being a doctor will be crushed, despite she having the academic capability.

2. If she gets accepted to Harvard, but without a scholarship, she can forget about it and find a local Uni instead.

Well, if your choice is tough love, then so be it, to each their own.

I would liek to say i will not be subscribing to your method. If my children is in the above 2 scenario, they WILL be a doctor/harvard graduate.

ps : As to your claim of "definitely will", well... i'm glad you can definitely predict the future.

But our differing views stem form the initial fact that i am of the opinion that I've prepared a fund for my child's education if and when she needs it.

While you are of the views that if your child cannot pay for her own education, she will be thrown to the dogs and thats that.

So, if both our daughter is academically proficient enough to get accepted to Harvard, and they both managed to get scholarship, then they both end up there.

While if both of them failed ot get a scholarship (no matter the reason), only mine will manage to go cause her parents is ready to supoort her, while yours will have to find a spot in the local U.

Is this correct?

ps : Pls dont start with "poor will work harder, rich will be lazy" that is the kind of assumption with no basis whatsoever.

But our differing views stem form the initial fact that i am of the opinion that I've prepared a fund for my child's education if and when she needs it.

While you are of the views that if your child cannot pay for her own education, she will be thrown to the dogs and thats that.

So, if both our daughter is academically proficient enough to get accepted to Harvard, and they both managed to get scholarship, then they both end up there.

While if both of them failed ot get a scholarship (no matter the reason), only mine will manage to go cause her parents is ready to supoort her, while yours will have to find a spot in the local U.

Is this correct?

ps : Pls dont start with "poor will work harder, rich will be lazy" that is the kind of assumption with no basis whatsoever.

1. Again there is no basis "she has academic ability she will get the funds". Atleast you clarified no funds no education.

2. See above. Grats on your scholarship, alrdy mention 20% of those in harvard gets full scholarship, if your daughter is in the other 80%, well, local Malaysian U is quite good as well.

3. Again groundless assumption. I'm sure there are better ways to "try" to put your points across without assuming stupidity in others.

Fail to get scholarship means not good enuf?

SO I suppose more then half of all those in Harvard, Oxford, MIT, Cambridge etc etc are not good enough.

Ok, I'm sure you are the foremost authority in this subject, being a king's scholar and all. 

There's nothing wrong with your plans and actions for your daughter. Certainly nothing wrong with your opinions against those Fresh Grad you hire. There are elements of truth in this (and your opinion is formed based on what you experience). I have friends who came back from UK (some working hard, some not as hard) so it depends. There are definitely those that are incapable and lazy due to their family bg (vice versa there are those who aren't).

Pay no attention to some ppl who criticize your actions, very hypocritical and narcissistic - blowing their own horn but only empty noise comes out. 

However if whoever who wants to support their kids go ahead, everyone has their own choice. If you are incapable, don't force the issue though.

1. Ahh, the old "if I can why she cannot argument". Also, I'm sure you can show that every student who got straight A's in malaysia will get a scholarship to Harvard (or its equivalent)... right?

2. You are also the foremost authority in Harvard admission? I'm sure you can substantiate your assertion that "Every malaysian that got into Harvard had a scholarship" ... right?

3. Ah yes, when all else fails, resort to personal attacks, calling the other guy stupid is also a plus. I can see you are clearly highly educated.