May 29 2023, 09:56 PM
QUOTE(McMatt @ May 26 2023, 01:17 PM)
I like to calculate my yearly expenses, then I know how much money is needed. Monthly is not accurate due to different expenses at different times of the year. If I did a simple one like below, averagely for 2 person also need RM3k per month these days. Haven't included KTM yet 
For me and my wife, currently, I need 80k per annum, which is under RM7k a month. Coz I include expenses like medical card insurances, cost for 2 cars, and many more which I removed from above example. Even my daily meal I put RM25 each. Thus, with 80k and with a conservative 4.5% returns pa, I need assets amounting to under RM2m to generate the yearly returns in order not to touch the capital. But as me and my wife age and as inflation catch up, we will eventually start tapping into the capital which should last us till 75-80 years if we live that long
We have no children, and that helps. Or to some, the expect got children to help when golden years come.
I had to top up my allowance to my elderly mum during pandemic days when FD rates were super low. She couldn't get enough interest to cover her expenses even though she didn't need much. Now that FD naik, I am happy once again coz we got no home or car loan. Debt free is bliss.
I also hoping for jackpot, tak mali mali pun
Actually Penang not that expensive except for buying a home. Otherwise, food and normal consumables, same saje with KV, could even be cheaper. In fact, no need to pay tolls unless you going across to mainland. Here in KV, it's almost impossible to avoid tolls when going out to see friends or family or for some jalan2 during weekend. My monthly toll already close to RM150 p/m.
Me pun sharing je.
Thank you! This was really useful insight. For me and my wife, currently, I need 80k per annum, which is under RM7k a month. Coz I include expenses like medical card insurances, cost for 2 cars, and many more which I removed from above example. Even my daily meal I put RM25 each. Thus, with 80k and with a conservative 4.5% returns pa, I need assets amounting to under RM2m to generate the yearly returns in order not to touch the capital. But as me and my wife age and as inflation catch up, we will eventually start tapping into the capital which should last us till 75-80 years if we live that long
We have no children, and that helps. Or to some, the expect got children to help when golden years come.I had to top up my allowance to my elderly mum during pandemic days when FD rates were super low. She couldn't get enough interest to cover her expenses even though she didn't need much. Now that FD naik, I am happy once again coz we got no home or car loan. Debt free is bliss.
I also hoping for jackpot, tak mali mali pun
Actually Penang not that expensive except for buying a home. Otherwise, food and normal consumables, same saje with KV, could even be cheaper. In fact, no need to pay tolls unless you going across to mainland. Here in KV, it's almost impossible to avoid tolls when going out to see friends or family or for some jalan2 during weekend. My monthly toll already close to RM150 p/m.
Me pun sharing je.
My gf and I are considering a move to Penang within the next 18 months.
No debts, no loans, no car.
We're planning to achieve 10K/mo from passive income.
And fund any shortfall from inflation or otherwise from part-time active income.
I have a goal of winding down my active work life within 18 months (but can't completely switch off so will still work part-time).
She's still early in her career and willing to continue fulltime remotely until she can go part-time as well.
Our goal being to enjoy our time together while we're both healthy and active over the next 20 years versus waiting.
From past visits, Penang seems ideal and worth trying out at the very least.
Really appreciate your and the other contributors input in this thread.
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