There was a similar discussed topic before, but the topic is closed now.

Starting here for me and others to share their experiences and their ideas about FIRE.

I am a single mum, and my only child recently just started working. I am in my late 40s, My plan now is going to FIRE.

I am now working already since last year because of the pandemic. And I don't plan to go back to work and will be doing my leisure things and charity works.

At the moment, my banking assets is around RM5million ( half in FD, rest in UT, KLSE). I got burn in KLSE this year because of gloves, and lesson learnt. I don't have any bank loans.

What i dunno what to do in my financials, should i look for a financial planner to help me plan?

What do ppl living in FIRE do with their money?

THanks

Can. Why not? Cause you want to pay more when you are old or pay more or less fixed old premium that you pay when you are young? When you are old, how sure are you that you are able to fork out RM20k/+year? Unless you are super sure by all means get standalone card.

Another stuff is look at coverage limit and guaranteed renewal. As mentioned got standalone medical card with RM1.3m coverage but premium you pay when 70+years old is RM20k/year.

For me ILP more worth it as Rm3k+/year is likely going to be worth only RM1500/year in future.

I dont operate on instant cash availablity. Maybe, maybe not. But if you got heart attack and need urgent op, I am unlikely to come out with instant RM30-40k cash one shot.

Yes. I thought we are talking about cash Vs medical insurance. Yes standalone medical insurance will pay for the surgery.

Agreed. I can survive on RM2k alone. But not sure who's the inflation down the road going to be or how is my future wife going to be.

If you work until old that's retirement. FIRE means retire early and when you are quite healthy Vs at old age not much energy left.

I agree. That's why my buffer is RM15k paid in foreign currency. Should be doable. But downside is work for 15 years more.

I'm in my late 30s and i'm feeling the same too... not sure is this alright since long way to go before reaching old age...
I've have already tender my resignation due to heavy congestion at the highway and office politics affecting me mentally... Looking for new job nearer to my place...
Now I'm placing priority on my health...

FIRE if solo doable..

Add in kids .."habis cerita"

some more.. nowadays kids all private education. that suck out more $$$

then come the uni another round of sucking $$$..

then when they come out to work.. as parents we kesian. give downpayment for car.. downpayment for their property another round of sucking $$$$

so advise to the young.. do calculate all these into the retirement planning.

That's why need frugal wife. Rm15k should be enought with max 2 kids

Ok. Will update here.

Cause I counted standalone Vs ILP until age of 80, ILP is cheaper than standalone by around 30-40k

No that's not counted. Just pure value.
I am ok with RM1m limit but no one want to give me RM1m limit. It's either  1.3m, 1.5m or 2m.

my monthly expenses so far is only rm6k per month

When heavy rain, and u need to get down to open ur gate to park ur car then u know how important the auto gate is! I just fix one and so thankful recent rain season.

Is a need not want 

I believe it is more of a statistical fluke.

Lets say a person has 10 million ringgit networth. 99.9% chance within the 1% population size.
but if said person's family size is 5 persons, then it becomes 2 million on average. 

then again, we don't know how Knight F calculate this, but the stats is not too inconsistent with the T20-M40-B40 income stats.

Yup that's right. Ok la. My profit for past 6 months have been hovering in the range of USD300-400/week.

Of course. That's why I am planning to do part time after I serve my 90 days notice.
It's capital gain. Not dividend. Hence no tax until they decided to tax capital gains.
I am not bringing money back unless really needed. Can survive on part time.
Risk management. Don't be greedy. Cukup USD300-400/month.

don't worry... I think Ramjade is not using any local broker (i don't know any that offers such facility) to sell options.

legally no need to declare anything as long as not bring the premium back to Malaysia

T10 konon. But actually B40 only. 8k is peanut butter with roti.
All these grading by EPF is way outdated.

what to do.... i just use what is official available for us to view in terms of stats... given by dosm.

also I picked the one for whole Malaysia... KL's T10 is 11K rm pm.

that's the scary part... if the stats is true... what does it mean?
if the stats are false or outdated, it just means gov skewing the data...

I wasn't referring to a post retirement income. I was referring to the grading by EPF. which is mainly during your active working life.