There is nothing fancy about in the league that obsess with branded materials.

There are many wealthy folks whom are not into branded materials as well, they live frugal life, they spend wisely, they invest, and most importantly, they use their wealth in a good way - they donate a portion of their wealth to the needy, and to support meaningful charity cause.

Meanwhile we are living a frugal life, we shall allocate a portion of of earnings to reward ourselves too sometimes (within our means of course), most importantly is to have a concrete plan, which we are following well from time to time, we keep track from time to time, ensuring that we are well on track.

And very importantly, we must learn to allocate a portion of our income to give to others (parent, charity cause that appeals to you).
What we want in life, we must give to others first.

So lucky. Still can met those that have similar mindset.

Yup. Agree with you.

Recently went to a gathering with sec school classmates. I just randomly say we have to save at least 10% (wanted to say more but I think it's quite impossible for most) of our income since epf already helped us with 20%+. One dude just reply with "it's easier to say than done"

Well, if we spend less on the fancy milk tea and luxury hotpot then I think its possible. In fact, can save even more than 10%. (unless salary 5 to 6 figures)

We Malaysian mostly are earning a third world country income and living a first world country lifestyle.

yalah. if you don't tag along, you'll be the odd one out. not cool. when bad times come, you also the odd one out.

10% is very little. got ask why easier said than done ah? starting pay nowadays is like above 3k rite? if no house to pay, easily can save 1k. if no car to pay, 1.5k also 絕非難事

Didn't really continue the topic since he replied me with "your salary is high, that's why can save more".

But i do agree with you, if no commitment then 1.5 sure no problem. If low living cost area can save more too (but income will proportionally low too normally)

Lifestyle inflation is a big problem.
That's why I make friends with fellow workers, take a (look at their food and lodging).
You will feel so appreciative of what you have now.
Then you don't feel it's a burden to skip fast food etc

Agree with you, with proper and disciplined financial planning, we could certainly save much more than 10% of our income.

I am started to be on top of my financial situations.
And it feels great
If i get to FIRE, great
If not, i will work till 60 which is fine also

RE is just optional
If u love your job or love working in general, you can always work.
FI is wat you should focus

Very happy to see that you have started your journey towards Financial Independence.
Work on disciplining yourself to keep track and follow through your plan, wishing you achieving Financial Independence as per planned, and do share with us your experiences along the way.

10% is nothing la. I save up to 70% of my income and can FIRE before 40. Don't buy much luxury stuff, live in a modest home and a typical car, your typical lower middle income neighborhood. Even tho can afford a bentley with cash.

This post has been edited by Singh_Kalan: Sep 20 2019, 11:33 AM

Appreciate your advice.
I've just started tracking my expenses.
Learning from Lowyat on investing (ASNB, FD, Stashaway etc etc)
My target is RM20k passive income. Am at RM1,125 passive income currently
Age 34

Lucky guy haha
Married with kids?

Don't mention
We are on this journey, encouraging and supporting each other.

Meanwhile, consistent cashflow of RM1,125 passive income is considered a very good and decent beginning for you, I reckon that is rental yield?

Surely you will achieve your RM20k passive income soon.

Living a simple and frugal life is good

just remembered this post from another thread..
maybe it can provides some alignment on this frugality thing......
just turn on the volume of your speaker...

That's good.. but 20k a month hard

I feel you there mate. I once commented that we can live a very comfortable life with a monthly spending of RM2,036, and I got bombarded with tens of negative comments saying that it is impossible to even survive with that amount lol. I personally spend only RM1,800 and that amount covers for the lunch and dinner for me and my mom, eating out everyday. So I don't see why not? As Malaysians, we are lucky that there are still cheaper alternatives for eating out and eating right. We must be grateful that our rental rates are lower compared to our neighbor. So I do agree that we are able to save in excess of RM1,000 per month (for those with salary of RM3,000 and above).

The problem with us Malaysians is that we live in a denial syndrome and a very toxic society. Most Malaysians will not accept a new way of live being taught to them. Everything is impossible as if reducing their expenses will mean living in poverty. I also got tired of trying to educate these people lol. I just continue live my live comfortably while still being able to save 60% of my net salary.

P.S. I do not earn a high salary, just earning an average salary of an executive employee.

RM20k in monthly income? That is a bit far-fetched, but it's doable if you have a very profitable business. It's impossible if you are just an ordinary employee.
Assuming a yield of 6% pa, you need RM4mil of savings to achieve that.

I am the same age as you, but am just a little bit ahead of you in passive income. My own target of monthly passive income is just RM5,000. I don't dare to aim too high as I know I am unable to achieve it being just an ordinary employee earning an average income.

I completely agree with you friend. It is all about the choices that we make that will determine the amount of savings and investment that we have.
We should all learn to live life in our own terms, do not follow the herd.

In the meanwhile, care to share what are the financial vehicles that you deploy to make you the monthly passive income?

Currently my passive income are only generated through equity investing. Tried and quitted P2P after a year of trial. Have not gone into Roboadvisory or any of the fintech stuff.
I also do not dabble in property investing because many of the properties are over-priced in my opinion. Unless I get a very good deal, I might not even step into property investing because most of it is negative cashflow investment.

That is nice, equity investment is the source of wealth for many people. You learn about the Stock Market through self-learning or you attend course?
Meanwhile I do agree on your point that most of the properties nowadays are over-priced for investment purposes.