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 10k/month Saving., Advice needed.

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Blackberries
post Feb 25 2018, 04:06 PM

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QUOTE(Shagadelic @ Feb 24 2018, 09:32 PM)
Hello everyone!

Gosh forgive me for neglecting this topic for awhile now. Have been more busy than usual.

A close friend of mine suggested this, but I’d thought I run this by you guys as well. She told me to take out all money in ASB 1 and 2 and stick it somewhere else. She then said to get a full loan for both the ASBs and pay it off as soon as I can.

Do you think this is smart? Where would I even put the original money in the first place? Maybe other AS funds (assuming it’s available)? As I mentioned before, I don’t want to buy another property.

Sorry again for not participating in the conversations, I do however enjoy reading the replies. God bless all of you.

Cheers!
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Brother, mind sharing a little on your background? Working in one of the big 3 consulting firms ah? tongue.gif
LoTek
post Feb 25 2018, 06:08 PM

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personally find it very funny, the amount of people who think that big savings and high income are not achievable in the 20s.
t_zon3
post Mar 4 2018, 02:48 AM

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QUOTE(Shagadelic @ Feb 24 2018, 09:32 PM)
Hello everyone!

Gosh forgive me for neglecting this topic for awhile now. Have been more busy than usual.

A close friend of mine suggested this, but I’d thought I run this by you guys as well. She told me to take out all money in ASB 1 and 2 and stick it somewhere else. She then said to get a full loan for both the ASBs and pay it off as soon as I can.

Do you think this is smart? Where would I even put the original money in the first place? Maybe other AS funds (assuming it’s available)? As I mentioned before, I don’t want to buy another property.

Sorry again for not participating in the conversations, I do however enjoy reading the replies. God bless all of you.

Cheers!
*
[B]


Actually you are already get your an answer...
POYOZER
post Mar 8 2018, 12:51 PM

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TH is the best choice after ASB & ASB2. No maximum deposit. Low risk.
crewzer
post Mar 8 2018, 10:30 PM

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Great to hear such a young age earning quite a high monthly income. Financially free. It is my goal i'm trying to achieve
Singh_Kalan
post Mar 10 2018, 12:04 PM

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QUOTE(crewzer @ Mar 8 2018, 10:30 PM)
Great to hear such a young age earning quite a high monthly income. Financially free. It is my goal i'm trying to achieve
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Do not confuse high income with financially freedom.
In fact alot of super high income ppl end up bankrupt.
Mike Tyson , Micheal Jackson are a few famous 1
Ramjade
post Mar 10 2018, 12:49 PM

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QUOTE(crewzer @ Mar 8 2018, 10:30 PM)
Great to hear such a young age earning quite a high monthly income. Financially free. It is my goal i'm trying to achieve
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High income with high spender doesn't help much. High income with high saver, now that's something.
Singh_Kalan
post Mar 10 2018, 01:56 PM

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To achieve financial freedom, you need to earn, save and invest. Barely earn (no matter what the amount) will not make you financially free. In fact you will just stuck in never ending rat race and once the inevitable happens, got retrenched, you are back to square one.

This post has been edited by Singh_Kalan: Mar 10 2018, 01:58 PM
meonkutu11
post Mar 10 2018, 02:08 PM

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I believe TS is high earners and good spenders thus have much extra money every month. If I read on his first post, he already maxed up ASB&ASB2. Not many people in that position, so kudos to you!
AccShopX
post Mar 11 2018, 12:42 AM

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10%-20% for new tech startup (local or international market), or legit-checked crypto ICOs. My point of view.
wasp81
post May 4 2019, 01:10 PM

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QUOTE(Shagadelic @ Feb 15 2018, 10:43 AM)
Hello everyone, Happy Chinese New Year!

Last month was a small milestone for me in which I was able to max out my ASB 1 and 2. Life has been good and I have been able to constantly save 10k per month for the past few years until last week when I realized I could not save in my ASB anymore. Because I know next to nothing about finance, I seek advice on these 2 matters.

Firstly it was a no brainer dumping the cash in ASB. Since it is no longer an option for me, my immediate thought is to fill up my AHB (max 500k). I believe the annual returns are about 6%. Would you guys think this is a smart move? Or would you recommend another place to put it.

Secondly, on some months I’m more blessed and have more than 10k to save. Varies between 1-5k. What I did before, was put this cash in my ‘fun’ account and splurge on shopping or holidays. I think it’s about time I start investing this. My friends have suggested Ethereum or a high risk Maybank fund. This is money I’m prepared to lose, so I would love to hear all your opinions.

A little info about myself. I’m 27, married with no kids, wife does not work. Currently paying for the house we live in (10k/month as well). Please don’t ask me to buy another property, not for now at least. Medical card and life insurance takes another 1k and the Myvi is paid off.

Best regards.
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Max wife ASB1 & 2

Then later when have kids max their asb1 & 2

Then use savings to clear debts (properties)

Next step dump into epf (5-6% per annum), can withdraw any amount once over MYR 1m

This is what I do

This post has been edited by wasp81: May 4 2019, 01:10 PM
wasp81
post May 4 2019, 05:05 PM

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QUOTE(TangkiLOL @ May 4 2019, 04:37 PM)
If epf over 1m, can withdraw any amount below 55 age?
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Yes

http://www.kwsp.gov.my/portal/ms/web/kwsp/...han-rm1-million
MUM
post May 4 2019, 05:33 PM

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QUOTE(TangkiLOL @ May 4 2019, 04:37 PM)
If epf over 1m, can withdraw any amount below 55 age?
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WITHDRAWAL AMOUNT ELIGIBILTY for savings is not less than RM1.05 million

You are eligible to withdraw not less than RM50,000.00 which will be taken from Account 2 and if it is insufficient, the balance will be taken from Account 1.
http://www.kwsp.gov.my/portal/documents/10..._July_2011_.pdf

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