Aug 24 2019, 05:26 PM
QUOTE(RigerZ @ Aug 24 2019, 02:06 PM)
I started working when I was 21 and now 26.
My first job of 4 years had performance incentives and commission. Times were good and I started 3 savings plans introduced by my insurance agent (the plans are from the insurance company itself). The plans are as follows:
After I changed jobs last year (New job dont have incentives and commission. Admittedly this was a financial mistake), I did not get the increment and bonus I expected due to "below average company performance". It looks like it may be the same next year.
Long story short, I predict my total income next year to be just barely enough to cover living costs (and I live quite minimally) and contribute to my savings plans. There may not be surplus (or very little) for emergency funds and unforseen expenses.
I have about RM50,000 in F.D and thinking of putting a portion of them in other investment options.
I am looking around for a better paying job.
In case of a serious emergency I can still withdraw from any of the above savings plans but the lost amount will have a compounded effect on the future cash-out value unless I return the money soon enough.
Hint: mum is 63y.o, dad is 68.
Would appreciate your advice and feedback on my situation.
Your scenario is exactly same as mine during my first few years in the corporate world. With very little commitment and finance knowledge, being psychoed by those agent to buy the saving plan. My first job of 4 years had performance incentives and commission. Times were good and I started 3 savings plans introduced by my insurance agent (the plans are from the insurance company itself). The plans are as follows:
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After I changed jobs last year (New job dont have incentives and commission. Admittedly this was a financial mistake), I did not get the increment and bonus I expected due to "below average company performance". It looks like it may be the same next year.
Long story short, I predict my total income next year to be just barely enough to cover living costs (and I live quite minimally) and contribute to my savings plans. There may not be surplus (or very little) for emergency funds and unforseen expenses.
I have about RM50,000 in F.D and thinking of putting a portion of them in other investment options.
I am looking around for a better paying job.
In case of a serious emergency I can still withdraw from any of the above savings plans but the lost amount will have a compounded effect on the future cash-out value unless I return the money soon enough.
Hint: mum is 63y.o, dad is 68.
Would appreciate your advice and feedback on my situation.
I think mine is from ING 12 years saving plan , forgot the name already. 12k++ annually iirc , paid until the 4th year and career hv some hiccup and forced to surrender the policy. Roughly 48k paid and when surrender i think i got back about 18k , definitely less than 50% for what i have paid.
A good lesson for the young me tht time and since never bother about any insurance investment saving plan anymore. I still maintain medical insurance thou.
If you think your income in near future unable to sustain the policy i suggest you cut it earlier to prevent more losses.
This post has been edited by Reventon: Aug 24 2019, 05:28 PM
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