Hi guys, i want to ask you, if I can settle my home and car loan by 40, then purely save money from then onward for retirement... Is it doable?

I probably have some extra money in pocket and need ideas investing. Got only rm30k to invest. Can anyone give me suggestion what kind of investment should I do?

Got few ideas

ASB
TABUNG HAJI
Resort Investment
Buy business
Stock trader full time

** Prefer to have monthly income as I’m planning to be a fulltime housewife.

Please help!

Ramjade

since you were an extreme frugal, read this and perhaps it sparks you an new perspective.

https://www.reddit.com/r/financialindepende...i_have_learned/

The old-age pension cost the govt A$44bil/yr. This is the biggest area of welfare spending for the govt. It is clearly unsustainable but no govt dares to increase the age (currently 65-67 depending on your age). There were plans to increase it to 70 but Morrison has killed it altogether. The reason why the Aussie dollar is plunging is because we are known as the 'welfare country'. For people like me, we will not be able to get the age-pension because both of us way exceed the A$800k cut-off point.

I have lived in Randwick ever since 1981. I live quite near Centennial Park which is quite a leafy area. Today is a beautiful spring day and i am going out now. I am very free these 4 mths because my wife is in Kl looking after her old-aged father and she is due back in Sydney tonight. She normally doesn't like me to go on LYN because she says i shouldn't be talking to young kids that i don't know on the net.

so now advising how to skim the government for pension?

it is not legal. How does skimming the government is legal?

By the way, how can you have additional $$ for donation? thought most of your monthly expenses is about Rm300?

Australian Taxation system cover income generated and/or assets located in elsewhere  from Aus.

You mentioned you are earning RM4k so what tax you are paying?

For the young man and woman who have set their mind on FIRE, I would like to throw you guys and girls a bigger picture :

1. Retiring early at age 40 sounds nice.

2. But if you think beyond yourself, your plan has a significant impact on the economy, society and human advancement. Sounds exaggerating ?

3. In economics, RE means a person does not contribute to the production of GDP anymore. He no longer is a net contributor to the economy

4. He is now a net consumer of scarce resources of the economy

5. An economy needs new blood to support the old and young people. That’s why countries with aging population face economic issues (eg Japan). If everybody retires at 40s, the economy will collapse. Just imagine 50% of the population are retirees, with the other 50% produce necessities for everyone else.

6. If you don’t understand in macro-economics terms, then think of it from the taxation point of view. When more people retire early, the tax revenue of a country will reduce. If a country has less income, the economy as a whole will suffer. The government cannot afford public services and the society will be in chaos

7. We all know our EPF is a quasi-ponzi scheme. If there are no new contributors, it will collapse. Remember those who retire at age 40 still have 15 years to go before they can dip into their retirement pot

8. From science progression point of view, people in the mid-40s are at their prime, most productive and most knowledgable. If all scientists have the same FIRE mindset, mankind won’t achieve what we achieved today. There will be very few inventions

9. If the seniors in work place retire early, the juniors may not be able to learn the trade in the most efficient manner.

10. RE is a selfish act. You enjoy the education provided to you for first 20 years. Bear in mind education are paid for by taxes from your predecessors who work hard. If they RE, taxes will drop, and you will not be able to enjoy the free education

11. After you graduate, you learn the skills from experienced seniors who don't retire early. You add value to yourself and progress through the corporate ladder and make more money

12. But when you reach 40 y/o, you have made enough money to retire and say bye bye

13. Instead of giving back to your country/society, you leave them and enjoy your personal lives. Younger generation will suffer

14. And when you become older and weaker 30 years later, you consume the resources and become a burden to the society.

RE at 40 years old is too early. If you have this mindset, you are a selfish person in the big picture. Work at least to the official retirement age. The country/society/younger generation needs you. Give back and contribute your part so that both the generations before and after you can enjoy the benefit you have enjoyed.

my only worry about FI/RE is that my kids may not have a good role model at home.

How do I get the kids to learn to work hard to be successful, if everyday they see their parents laze around at home with no career?

Once FIRE, there's nothing to do at home. I don't go to work anymore, so yes they will see me laze around and bum at home.

It's not a good influence to see parents doing that, they were babies & toddlers when i was working. So they will never have a memory of me working hard, just me doing nothing! 

How are u going to tackle this? One of my concern too aside on sequence risk.

I dont know, thats why im asking. Wondering if anyone has this experience

I've been reading this thread since the start with much excitement. Especially since I've followed the FI/RE sub-Reddit  for several years now but as others here have mentioned, there isn't much content there focused on the Malaysian context (or at least I've not found it yet)
However, now after 600+ posts, I'm confused on what's the current intent of this thread.

TS's original intent states :
To achieve FIRE is very simple. Spend less than you earn. But how many can do that. All want to spend. Until people understand that to achieve FIRE means to spend less, FIRE is a dream to many.

This post has been edited by Ramjade: Sep 21 2018, 10:28 PM

hmm.

for those who already fire.

what you guys do after that. for if no work like no objective in life. lol

Pretty good read with warrior, farmer and monk analogy.
- https://www.drwealth.com/are-financial-bloggers-suffering/

Choose the path that suits to your personality.

Lol ok. no im not cheating myself 
I went through many page of this thread, most comment on salary and job. but im self employed. not sure where im standing now for FI 

I have a question, lets say someone with a strong active income (example rm100k nett monthly) do they look much into passive? or they would rather spend more time increasing their active to the next level?

All this talk about being frugal. Personally I feel that not enough focus is being talked about upping ur income.

Although both of them are important. It is a balance. If u arent earning enough it doesnt matter how much % u save.

But savings are the things that allow u to invest and become financially free.

There is a fine line between being frugal and being miserly.. the former is normally a compliment

Just some examples of what i think i did that was frugal

1. Kept same car for 15years
2. Go to work by lrt
3. Electricity bill averaging rm50. Got AC but never use.
4. Water bill RM0
5. No astro for 15 years
6. Meals stick to 3 times a day. No snacks in between
7. I dont take coffee, or tea. So avoid those ‘starbucks trap’
8. Minamalist furniture

Don't confuse miserly with misery. Miserly means very very stingy until like a sickness.

I would say you did not read properly. First rule is not to accumulate any debt even credit card. For instance some credit card do have 0% interest to stretch payments for a number of months. To me that is debt which should not happen regardless of whether it is beneficial. If you read correctly , i did say my initial accumulation came from initial investment in stocks. I am no financial gurus so am in no positikn to guide anyone as you may have gathered when i say i have the minimum academic qualification. Just take my comment with a pinch of salt will do.

Yeah, I did read that you had your headstart from stock investments. So the answer to my question is that your property portfolio was bought with cash from your stock investments. That answer would be good enough. And the reason I got my credit card was for my business and my necessary expenses like petrol and groceries, which I promptly settle in full at the end of every month. I do not need to owe banks money as I provide banks with their liquidity.

Don't mind me asking, would SPDR S27 in SGX be a good substitute for SPY? Are they run by the same managers, or are they different?
I intend to invest into S27 since I have direct account opened in SGX, I do not wish to go through a nominee account to invest into SPY is US.

Why avoid SGX? And If I buy from LSE, it would also be held in a nominee account, which I am trying to avoid.