QUOTE(-CoupeFanatic- @ Jun 26 2019, 02:48 PM)
i see, i think u are looking for something like EPF, where your money is locked in for a long period, so that you won't have the money to gambling and waste it away.
EPF allows a maximum of 60k per year for contributions, better if u can max this quota first.
After maxing out your EPF, u can opt for PRS, similar to EPF in the sense that you cannot take it out before retirement, but there will be option for u to withdraw, but it's 8% fee, so not really worth it. Also, it's a mutual fund, so long term wise it will be better as compared to just put in savings or FD.
Next, you can also put into FD. take 60 months tenure, negotiate with the bank they will likely give u higher rate than usual, provided the the sum is big enough, eg. >50k and above.
i understand your situation, i have family member who are gambling addicts too, very hard to control that habit.
Regarding the EPF contribution limit of 60k per year, is it the limit of additional individual contribution notwithstanding the monthly deduction of salary to EPF? as in u voluntarily contribute an additional amount of RM60k to EPF?EPF allows a maximum of 60k per year for contributions, better if u can max this quota first.
After maxing out your EPF, u can opt for PRS, similar to EPF in the sense that you cannot take it out before retirement, but there will be option for u to withdraw, but it's 8% fee, so not really worth it. Also, it's a mutual fund, so long term wise it will be better as compared to just put in savings or FD.
Next, you can also put into FD. take 60 months tenure, negotiate with the bank they will likely give u higher rate than usual, provided the the sum is big enough, eg. >50k and above.
i understand your situation, i have family member who are gambling addicts too, very hard to control that habit.
This post has been edited by mapeyeo1: Jun 26 2019, 03:27 PM
Jun 26 2019, 03:26 PM

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