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

was surprised that you stated about 4% of adults in Malaysia who have over RM500k networth. I thought it would be like 10-15%.

Or for themselves. 

Principal-agent problem. Not sure of local private banks, in SG Swiss private banks, at least from one client I know, the bankers keep "encouraging" you to trade in and out to collect "fees". For buy-and-hold style investment, not much fees to be collected and that is no longer the most lucrative business for them.

The lesson here is TS should read up finance books and gear up herself with financial knowledge on her own. Don't follow others blindly, even if that means your FA, always ask for second opinion. It helps too if you have banker friends (not in client-customer relationship).

Thank you everyone for your replies and suggestions.

What I really worried is our RM currency depreciation and inflation risk, so I am afraid the FD rates won't be sufficient.

What I will do now is read up and open a SG bank account, through CIMB MY and transfer my money in batches by Sunway Money.

after you had transferred to Sunway money (to protect against MYR depreciation) then do what? let it sits there?

Anyway Sunway money even though max rm30k transaction
/day is still cheap. Rm1.00/transaction and best rates in town. One month easily RM600k and only pay RM20. Very cheap in my option

RM30k x 20 days (4weeks and 5 working days).

Just an older perspective to TS - have the end-goal in mind, eg. Estate planning.

All the moving about to US / SG / etc brokerages & accounts - ensure it's worthwhile for your Will's Executor to file/execute your Will in those countries and retrieve
+
relevant Estate taxes, even if SG brokerage, it can be US Estate Laws U'll face like 45% taxed on anything above USD $60K.

Personally, i've moved my stuff back to "easier & cheaper" for my Will's Executor to perform their duties with less or no estate taxes.

Of course there will be some smarter folks saying to share userid & password with another or joint-account but.. look into the details and probabilities ya. Executability when needed +legality + impact.

Note - i'm 49 this year and based on the local brokerage charges / fees on dividends, no biggie based on the amount i'm transacting. Thus, the end-goal is more important to me for my family. When younger, yup all those cost are quite a big % impact thus worthwhile to have accounts like OptionsXpress, TDAmeritrade, etc.

No absolute right / wrong ya - just sharing what i've done & thought - different strokes for different folks & different stages of life.

We are fortunate that No Estate Tax in Malaysia yet. As an estate planner, family trust is good where u transfer all the money and properties to a trustee company b4 pass on. But really for Ultra High Influence market to build the financial wall or some other financial problems.

what are you going to do when you retire at 45?

Just to add: a lot of people dream of saving up money so they can travel the world when they retire.

Counter point: travel is tiring, and most people usually crave for familiar comforts of home after a while.

And travelling to a lot of places involve jet lag, lots of walking, and just sensory overload. Or even hiking up to not so easy to reach places.
When you're older, you have less energy and not so easy to walk that much in a day anymore.

I think it's better to stagger out your vacation plans like once a year,
Take some time off and travel a bit when you're still young and able.

great and fast way to have dementia

i also don't know what to do after retirement.
can just see myself playing games or watching netflix only...
sooner or later, i got bored again....

Retiring early is always the nice dream to have, but usually any decision we make will also lead to unexpected problems that we didn't know yet.

Who knows when we Retire, become senile, or bored to death after doing things that we want for the first several years, then later go back to work/build something cause lack progression or excitement in life.

End of the day, always be growing, learning, and building that's the most important thing IMO.

There's no blanket answer. Every person is unique as they have their own wants and also expectations.

RM5 million is not a small sum, neither is it a large one. I would suggest you engage a financial planner, a fiduciary, not a UT agent or insurance agent. Engage those which charge a fee and not through commissions to get the best advice.

Financial planning encompasses expenses, income, protection and legacy planning. Some provide tax advice and also naturalisation services. Remember that they don't provide investment advice. They're there to provide plans and based on your risk profile, possible outcomes. You make the ultimate choice. They should also not promote any particular product but can advise you on purchasing certain product types or asset classes. Run away from those who say they can give you better price from this company and that. There's always a catch.

Fees can be charged as a percentage of your assets or a fixed sum. You may consider paying a retainer too.

Don’t really need private banking. Depends on the individual needs. TS is a mum and is looking to plan for here financial future.

you mean before this my father / gandfather/ and beofore that  1970 they all meet conman?  So your few people is wrong.

human are generally wise and they learnt. Majority

those meet conman are few people. minority.

that bcs it is excluding the Net worth of their primary residents. which you very much promoted not to buy. But most 70% people buy from investment/live in/ financing it/ store thier wealth

https://www.google.com/search?q=net+worth+e...chrome&ie=UTF-8

Investors with a net worth, excluding their primary residence, of at least $1 million—either alone or together with their spouse—are "accredited investors" in the eyes of the Securities and Exchange Commission (SEC), and, therefore, permitted to invest in unregistered securities offerings.11 Feb 2021

Don't bother with bonds. Go straight for their reits.

Plus bond payout only on maturity instead 

Mostly because of commission otherwise won’t be attractive 

where you get this stat from?

You rent RM 3k a month for 420 months is outflow of 1.2M, if you pay mortgage RM 3k a month, the property price in current time most likely RM 700k, at end of 35 yrs, worse case scenario, assuming your property depreciate by 50%, you still end with RM 350k with stoppage of RM 3k monthly outflow

Owning a house for own stay is more for own security purposes. yes you can rent but it won't be fun having to pack and move every few years especially when you are 60, 70, 80 years old.