how much do you need to have to spend per month, if that condo is fully settled?
do you have other liabilities?
you have 1mil + 2 mil + 200k - 550k + 1800 pm income

It would be easier if you include your monthly expenses/spending etc.

Thank you for your reply.
Please do share on any findings if you don't mind. I would like to learn more about the strategies of my peers.
Thank you for your reply.
Indeed, RM8500 in today's dollar is considered a good life, not just decent. I am living fairly decently right now with RM1800 in monthly expenses lol.
I would be grateful if I could retire with RM5k in today's value in the next 10 years. That is good enough for me as there wouldn't be much to spend during retirement
Wow, RM3mil cash to go into FD?? Aiyoh, invest RM500k out of that amount into Maybank la, you can easily get RM2750 a month, then the rest baru go into FD
Anyhow, RM3mil in FD @ 4% will easily give you RM10k per month, you would still net about RM8500 after adding and deducting the rental/mortgage.
I don't see why you don't have enough to retire comfortably with only one son.

Private and overseas university tuition fees increase faster than inflation rate and myr forex long term down trend has yet to reverse. If you intend to send your son to overseas for university, suggest you prepare early.

Yes, thanks for the reminded, the future education inflation and forex rate that are the things keeping me awake.

Rm2.5m qualify for privilege/priority banking, could get better return than fd. It is important to have capital protected.

since you needed about 5k-1.8 (from rental) = 3.2k per month expense

you now have 1mil + 2 mil + 200k, after full payment condo mortgage 550k, still balance 2.7mil

2.7 mil x 4% FD rate = 108k pa...or 9k per month, use that to top up yr monthly expenses....

balance about 6k pm....save it in FD again...to earn extra interest for more money for future use....

well, that is just a simple examples to measure to know if you can stop work/retire early now, cause YOU like to spend more time with your son.....if that is your goal

I think the same too, but there are those who still would not believe in credit cards, probably due to their own spending habits and deficiency in self-control.
I do not spend on anything for my own satisfaction, apart from the necessary groceries. My credit cards are strictly for my own business expenses, and I do no carry forward any unpaid balance because as I have mentioned, I use credit card not because I need the cash, it is just a substitute for cash in return for some perks. Therefore, I do not see my credit card usage as 'debts' as I technically do not owe banks any money over a month.
Did you consider opening up a SSPN account for your son? That would help fund his education when he reaches the age. We are talking about a period of about 11 years, so the savings directly into the SSPN account can be quite substantial.

friendly tip, buy 1 share of SPY every month and in the future, it will be more than sufficient for your kid's education

Do sure to open a SSPN-i account as early as possible to take advantage of the income tax deduction and also maximise the compounding effect the earlier you start.
Do not have to worry as you may withdraw the cash at any time should you later decide that your son is not interested to further his studies or are interested to start a business instead. The money saved could be used to fund his business start up.

SPY is the acronym for SPDR S&P 500 ETF, one of the best performing S&P 500 index fund there is listed in the US.

It would be really nice to know how us Malaysian financial goals change by age and life stage.  It would be really nice and appreciated if you participate. I will summarize the data every time 10 people participate

Question a.  Gender
1.  Male
2.  Female

Question b.  What are your financial goals
1.  Buy a car
2.  Budget for a wedding
3.  Buy a house
4.  Plan and budget for retirement
5.  Plan and budget for child expenses
6.  Plan and budget for a child's further education
7.  Plan and budget to start a business
8.  Others (please elaborate)

Question c. What is your age group
1.  Below 25
2.  25-30
2.  36-40
3.  41-45
4.  46-50
5.  Above 50

Question d. Life stage
1.  Single/Divorced with no dependents
2.  Married without kids and don't plan to have kids
3.  Married with kids
4.  Married and planning to have kids

Answer can be like
a. 2 b. 3,5,6,8 (take care of my parents) c. 4 d. 2
Thanks.