Malaysia Financial Blogger | Financial Freedom Ideas | imDavidLee.Com

Withdraw EPF For Investment

Under new “Beyond Savings” scheme, you can now make withdrawals from EPF Account 1 for investment. You are allowed to invest 20% of the amount in excess of the required basic savings in Account 1 and minimum investment for unit trust is RM1,000. For example, the basic savings amount for a contributor who aged 25 (like me) is RM9,000. So, in order to withdraw for UT investment, I must have RM14,000. Do you know why?

Calculation:

Thus, different age may have different basic savings amount.

How much would one need for retirement?

Experts say this depends on the individual and his lifestyle. And how much he is willing to reduce consumption such as eat out less often, buy fewer things, live in a smaller house, drive less, and travel less. In fact, financing database Motley Fool have figures which show that even as little as 2% cut on monthly expenses can boost retirement funds by as much as 500%.

More younger people are becoming bankrupt as they are spending “tomorrow’s money”. Which basically means these people are not saving or building their retirement nest.

Stumble it!

Business Loan

Before running any business, you need to have good financial support so that you can get access to sufficient funds, which used to finance any business need. Small Business Loans can be secured and unsecured types depending on borrower’s requirements and ability.

In today’s economy, most of the lenders are more likely to prepare an unsecured start up business loan. This can allow entrepreneurs to get the loan without having property and assets as collateral.

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EPF Retirement Fund: Do You Have Enough?

Only Malaysians are so stupid as being forced to save and let their money goes missing without knowing how it will affect them in the future. How can anyone help this poor Malaysians from keeping fully promise on EPF?

The Employees Provident Fund (EPF) helps you save money for retirement. While you can’t withdraw your fund, EPF lets you invest some portion of your money in Unit Trust. However, we can’t rely too much since promise for higher return may comes with risk.

Generally speaking,current EPF return is 5.8%. EPF highest dividend payout is 8.5%, which was in between 1983-1987. After that, it drop to 8.0% (1988-1994).

Next article will be “How to invest in Unit Trust through EPF”. Stay Tuned…

Credit Cards Club

Before using credit cards, it’s better try to think on how will you make use of it. If you expect to often pay your monthly bill in full, then your best option may be no annual fee credit cards and offers a longer grace period. If you sometimes carry over a balance from month to month, then try to find a lower interest rate types.

As everybody known, credit cards are very demanding nowadays. Mostly, the average annual percentage rate is about 15%. With that kind of interest, it’s quite tough to pay down because it is consistently compounding interest if you did not clear your outstanding balance.

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Dim Sum Business

This business is labour intensive. But in Penang, it is normally run as self service way.

Many Dim Sum restaurant that hires foreign worker like Indonesian and Vietnamese and the services provided mostly are not good and many customers frustrated for not getting what they have ordered with immediate response.

If the food quality is good, I don’t think customer will have such fussy feeling and may be this will force them to even queue for seats during the peak time.

Sometimes factors like location and availability do affect people choice of restaurant.

I think the target age is from teenager to retiree. So it’s a very huge market.

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