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The Malaysian PF Community

Who are part of the personal finance community in Malaysia? We are small, but we exist and we are growing!

25 Personal Finance Subreddits For You To Find ‘Your People’

Personal finance subreddits

Personal finance is so… so… BROAD, isn’t it? We come from all kinds of backgrounds and have all types of interests and go through all sorts of life circumstances. Looking for specific answers can be tough. Sometimes you don’t know what you don’t know – not even the search term for it. I have suggested Reddit as a resource page before, but the sheer amount of available information can be enough for some people to go, ‘nope’ and close off the tab.

That’s a shame, because one of the best ways to learn about personal finance is to learn from the Reddit community. The most useful information get the most upvotes – so you get to save time by reading only the best of the best as determined by those personal finance subreddit community members themselves.

Even though r/PersonalFinance has a lot of members and contributors, I wouldn’t really recommend it and some other subs to Malaysians as many topics are specific for the US crowd. The r/MalaysianPF community, on the other hand, would be great if it wasn’t, um, dead.

BUT. There are other personal finance subreddits that you can explore. They will help you save, spend, invest and manage your money better – for a variety of occasions. Here are 25 of them.

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[SPONSORED] What Actual Retirees in Malaysia Say About Retirement

In my previous sponsored post about retirement, I talked about the importance of saving up for retirement, because the fact is that the majority of Malaysians don’t have enough money to support their golden years.

Who best can show you the reality of retirement, than actual retirees in Malaysia? Here are 3 retirees, and what they’re doing now to financial support themselves.

The original article appears here. Read it. It contains more details of these retirees.

Mr Moothy. Age: 65. Spent EPF money for family. Returned to workforce.

retirees in malaysia

Mr Moorthy bought property, but had to liquidate it to help his children’s finances. Because of a parent’s love, he had to return back to the workforce.

The consequences of not saving for ourselves can affect our parents.

 

Mr Haris. Age: 57. No EPF savings (self-employed). Still working.

retirees in malaysia

Mr Haris is self-employed, and still works to support himself and his dependents. This scares me, as I am self-employed as well, which means I don’t have the ‘paksarela’ 11% deduction every month.

If you’re self-employed, channel a percentage to EPF savings anyway. And have some passive incomes to help you.

Mrs Cheng. Age: 74. Survives on late husband’s minimal pension. Depends on daughters.

retirees in malaysia

Mrs Cheng stays with her daughter. Her financial position can be summed up in two words: filial piety. It’s not uncommon for us as Asians to expect this.

This is a poor strategy though. What if you don’t have children to depend on, by choice or by force?

Conclusion

Are you on track to retire without money worries? Go to the original article and find out more about the reality of being retirees in Malaysia, and more about Mr Moorthy, Mr Haris, and Mrs Cheng’s life.

This article was written in collaboration with CompareHero. To stay up to date with the latest news on personal finance in Malaysia, please follow CompareHero Facebook Page

[SPONSORED] Retirement in Malaysia – Will You Fight or Flight?

Earlier this month, I was contacted by CompareHero, who wanted my opinion on retirement in Malaysia. This is what I said:

“Not being able to afford retirement is scary to me. I can’t imagine how unbelievably stuck that must feel. I don’t want to be 60 and in pain but have to push myself to go to work every single day just to be able to pay for medical bills.

This is why I am a big fan of EPF, PRS and achieving financial freedom. And if the maths say I must start now, in my 20s, then I guess I must start now. Maths doesn’t lie!”

Link to original article.

Here are some things that I learned from the article.

EPF Basic Savings for retirement has increased from RM196,800 to RM228,000

According to the latest revision in 2014, to take info account higher cost of living and longer life expectancy, the amount that an individual now need in their EPF Basic Savings is now RM228,000.

 

retirement in malaysia

You can benchmark your EPF savings progress

RM228,000 at 55 years old feels like a long time away, but you can check your progress towards this amount based on the image below.

Check your EPF statement (I know some places have that easy EPF printers where it’ll print out your statement with just IC). Are you on track?

retirement in malaysia

The easiest way to keep on track is to maintain 11% deduction instead of 8%. The difference is pretty big – see example below with RM3500 monthly salary.

retirement in malaysia

Most people don’t have enough EPF savings

The current statistics about Malaysians’ average savings are quite sad. According to the image below, only 1 in 5 of you will have enough savings to retire (but only enough to last 5 years! Assuming you retire at 55 and live until 75 years old – the average Malaysians’ life expectancyyou only have enough money for 5 out of 20 years).

Retirement in Malaysia

Significantly, almost 7 out of 10 Malaysians over the age of 54 years old have less than RM50000 in savings. Assuming RM1000 a month, that will last just slightly over 4 years!

Are you on track to retire comfortably in Malaysia? Go to the original article and find out if you can actually survive on RM1000 a month and how EPF works.

This article was written in collaboration with CompareHero. To stay up to date with the latest news on personal finance in Malaysia, please follow CompareHero Facebook Page

18 Things You Can Get or Donate in Freecycle Malaysia

freecycle malaysia

 

Freecycling is a combination of 2 words – free and recycling. The whole idea is to offer items in good condition to other people, for free. I’ve joined Freecycling communities since my student days in UK, and both donated and received items from kind people who simply want to reduce their environmental impact. Indirectly, you get to save money and encourage community interaction, too. It’s a great concept.

I even got a bicycle from a nice lady. It got stolen the next day, but still. Thief, I hope you get better use of the bicycle than me. But I was a poor student who during that time was walking 30 minutes to school in order to save money on bus fare, so you’re kind of an asshole.

Some people asked me – what can you get from Freecycle? Rather than saying ‘anything’, I thought I can give an idea of the kinds of things you can expect to find there. Here are 18 things you can get or donate in Freecycle Malaysia.

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Link Love: December 2015

M'SIA PF LINK LOVE(1)

Starting something new: link love – where I curate the best articles about personal finance! I also like to add the ‘personal’ part of finance in, so they are not aaallll about money. Here are the best from the web in December 2015!

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This one woman regretted her RM200k wedding. I am an older sister to a younger sister who is about to get married, and I am worried that she will start her married life with loans, or seriously deplete my parents’ retirement savings just to ‘keep face’ 🙁

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Which is more important – time, money or love? This incredibly personal post by Mr Stingy made me think of life. There’s no point in having money if you don’t have time or love.

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I followed SpeedRent’s development with interest. Did you know that property agents gave him death threats? All because they found a way to do their jobs better. The update now is that their in-built rental agreements are legally binding. Very cool!

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Techies rejoice – in this list, programmers, developers, analysts, and designers bagged 10 out of 25 best jobs for work/life balance. In Malaysia, I’m looking up to these programmers – they are behind some of the apps we use.

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We know that we can use EPF money to purchase a house. Now that the Malaysian property bubble is bursting (or at least stagnating), those of you who are looking to buy property can start looking for bargains. To make it easier, you can apply to withdraw your money via i-Akaun. Online. Without visiting the EPF office. Woah.

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And if you want to buy your first home, here are some available options for you.

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Want to get into stocks but don’t know how to start? Check out Dividend Magic’s handy dandy guide – all you need to know about investing in stocks in Malaysia. Super informative.

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Did I miss anything? Want to add to this list? Tell me via comments!

Beginner in Stocks? Check out this guy’s personal blog about stocks-buying in Malaysia!

Are you a stocks beginner in Malaysia?

I found a really cool blog yesterday. Dividend Magic is the pseudonym for a passionate Malaysian stock investor, who I found out is just 26 years old. He posts about the performances of the companies he bought stocks from, which is fascinating. There’s details about dividends received, goody bags from some companies, and annual reports.

Bonus: he covers his personal information with small bottles of liquor, and toys (Iron Man figure and a small Vespa), which cracks me up. I guess he was taking pictures, and went like, “hmm, better cover my name/address” and just looked around and took whatever’s closest to him hahahah

Look. Omg so cute I kenot.

https://dividendmagic.files.wordpress.com/2015/09/img_2350-e1443847055484.jpg?w=450&h=338&resize=450%2C338
picture credit to Dividend Magic

Because stocks always feel so intimidating, it’s nice to find somewhere to get that human touch, that human explanation, without unnecessary bombastic words and jargon. This definitely made my day 🙂

Go check it out his blog!

(Should I share my experience with stocks too? Very limited, but might be useful. Hmmmmm nak feedback)

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