Need Suggestions

[om7]

Hello all,

I am planning to purchase my second house. Price is about RM 1.0-1.2 mil. I would like to know if its suitable for me based on my financial status. I’m 35 yo, working in O&G field for past 9 years. Sole breadwinner and father of 2. I’m a freelancer, so technically I only get paid if I go to work and only if I managed to get work. Last year I earn roughly RM400k, the best year for me as the industry is picking up. Besides that I have few investments and savings here and there.

I have summarised below:

Stashaway: RM145k

US Stocks: USD14k

Syfe: SGD 7k

Public Mutual: RM38k

FSMOne: RM26k

ASNB: 40k

Malaysia Stocks: RM7k

Commitments:

House: RM1k/month (Balance RM120k)( Will rent it out once purchase the new one)

Car: RM2k/month (Balance RM150k)

Insurance: RM1k ( Whole family of 4)

Utilities: RM500

Others: RM2k

Based on these, what would you suggest?

Thanks in advance.

 

[mattmanticus]

@om7 Considering you are the sole bread winner, you dont seem to have much savings put away from an income of 400k. Thats dangerous if anything were to happen to you.

You def can afford the house, but you might want to pay more attention to increasing your monthly savings. Maybe start ptptn fund for your 2 kids.