ABCs of Personal Finance
Based on my income, how much should I allocate for housing?
Based on my income, how much should I allocate for housing?
Based on my income, how much should I allocate for housing?
Pearly and Thinaah of course. Their friendship, their abilities and yes, that language advantage where whoever they play against, they can speak a different language loudly and no one knows what they are saying. Versus you know lah… some language, we all understand perfectly and easily. 🙂 It was reported that as at the end of the BWF World Tour Finals, they have earned RM1.49 million in prize money.
I told him to stop joking because there’s no way he can save more money. He was a little offended. He challenged me to tell him my fuel consumption. Well, as at today, it’s 7.3 litre per 100km. That’s about 1 litre of RON95 petrol to 13.7km. His awesome car could give him nearly 20km to 1 litre. I did not bother to ask if that’s solely on highway because if it’s just highway, my Persona could also do way better than 1 to 13.7km. Anyway, he laughed at me and I laughed at him and I guess we agree to disagree.
Yes, for my first ever property, I used the amount I have in Account 2. It helped because I did not save much and thus, the money comes in handy for the downpayment of 10 percent. It was just a property of RM123,000 but at the time, I have only worked for 5 years. So, the actual amount I have in Account 2 is definitely very small. From the total, 30 percent goes into Account 2 while 70 percent goes into Account 1. That was then, now, it’s 15 percent. We also have an Account 3 which is 10 percent of our the total contribution.
Without adding the changes in 2025 and relying on just 2024, median income for a household of a T5 category starts from RM20,738 per month (image below) . In other words, this household has a yearly income of RM248,856. If this household is contributing to EPF and has an employer also contributing to the EPF for employer portion, then this household’s EPF will have accumulated the following per year.
Well, if they are able to score 10As in SPM, then the place in a local university is guaranteed. Fees would thus be very cheap and it’s covered by PTPTN which means as parents we just need to provide enough funds for rental and food. Else, fees are still really affordable as this is subsidized by the government. Total fees could be as low as below RM10,000 too.
In some countries, to join the top 1 percent group, it could be millions and the millions could be in US$. In Malaysia, we just need RM2.1 million (USD485,000). Haha. Ok, that’s still millions but compare this to US$6.6 million for Switzerland or US$3.5 million for Singapore and suddenly this US$485,000 looks attainable. Well, in Singapore, even owning a fully paid HDB flat with a decent size in a popular neighborhood would already make the owner a millionaire in S$ too. Take a look at some of these transactions. Just note that not all areas are created equal yeah. When it comes to property, the more people want that area, the higher the price goes up.
Richest man in the world? Elon Musk. How wealthy is he? Do read here: “The Gross Domestic Product (GDP) in Malaysia was worth 421.97 billion
It’s not easy to be a single parent, whether the single parent is a male or female. The reason is a simple one, unavoidable costs such as housing, electricity, car and even food meant that one person has to pay for them all. Thus, once the single person deducts the single income for the few unavoidable costs, especially for property rental or even mortgage, the remaining amount may not be enough for the household to live above the poverty line.
Read more, know more, learn more so that one is able to adapt to technological advancements and not fall behind. This ensures our earnings remain strong and we would be replaced suddenly. Invest into education, skills necessary and always seek to diversify the income wherever possible. Higher pay does not guarantee anything but higher pay allows us to save more.
The unemployment rate for 18-24 year olds in the UK has risen to 5.1%, significantly affecting young workers. This trend is mirrored in Singapore and Malaysia, where youth unemployment and underemployment persist amid a challenging labor market. The discussion emphasizes the increasing difficulties faced by those without qualifications in the job market.
The article discusses property refinancing in Malaysia, highlighting recent regulatory changes by Bank Negara Malaysia. Key points include stricter cash-out refinancing rules, enhanced affordability checks, and greater transparency in loan costs. The article emphasizes that refinancing should be strategically planned to improve financial positions rather than simply providing immediate relief.