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Can You Survive With Salary RM3,000 If You Have Family? [ March 16th, 2010 ] | 294 views | Leave a Comment

Do you think that you can survive with salary RM3,000 in Malaysia nowadays. Based on my personal survey, I noticed that in Malaysia, the average family income is RM3,000 per month. But, I do understand that there are still many families whose monthly income does not reach RM3,000.

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In order to make calculation simple, let’s take RM3,000 as the figure:

Electricity bill: RM40 (Assume no air-con, no water heater)

Water bill: RM10

Phone bill: RM100

Family meal: RM900 (3 meals on RM30/day)

Car repayment: RM450 (A Perodua Myvi, 5 years repayment)

Petrol fees: RM150-200

House repayment: RM550 (Assume living in low medium cost apartment)

Personal insurance: RM400 (combination of you and your wife)

Total monthly expenses: RM2,650

All the above calculation have not taken into account when you have own children. Besides, the EPF and income tax haven’t deducted. So, do you think family with salary RM3,000 enough to survive? Obviously, you will say cannot, am I right?

Earlier Retirement via Property Investment

Many of my friends who did not have higher education are all to be more adventurous and grab any golden opportunity to earn a higher income in a strong currency. Most of them went to working oversea as they think that the amount that earns working overseas in 1 year is almost equivalent to at least 3-5 years of working in Malaysia.

I hope one day I managed to accumulate extra income over RM10k per month to allow me to retire comfortably. I have promised myself that my goal is to retire debt free, which is before the age of 65. But now, I have changed my mind and set higher target, which must achieve it within the next 10 years by just property investment.

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