How Much Income Does One Need Monthly?

[anxious]

I just came across this blog by Norman Fernandez :- (see http://normanfernandez.blogspot.com/2008/06/how-much-income-does-one-need-monthly.html ) That got me thinking.. Many families are actually struggling on less than RM3000 per month. It was recently reported in the Star that:- Nor Mohamed also said there were proposals to lower this year’s income tax so that the public would have more cash in hand, but this needed to be looked into before a decision could be taken. As it is, he said the starting point for taxable income was already high. A non-married individual need only pay income tax if his or her monthly income was above RM2,950, and a married worker, above RM3,200. “Of the 10.5 million workers, only one million pay tax. Of that figure, only 38,000 individuals are taxed at 28%, the highest level,” he said, adding that revenue from income tax amounted to RM10bil. (see http://thestar.com.my/news/story.asp?file=/2008/6/11/nation/20080611194511&sec=nation )Since only one million pay tax, are the majority of Malaysians living on less than RM3200 per month. If so, what would their likely expense breakdown be? Would you agree with Norman Fernandez’s breakdown?

 

[astroboy]

There's such thing called Plastic Money.. which comes handy... it even help me own an E90...

Using tomorrow's money to realise today's dream! :top:

 

[gracetcp]

Living in the city with school going children, house & car mortgage with RM3k/month is not enough. Living on plastic money is living on future anticipated income, which may never be realised should something happen - the bubble will burst. But then how much is enough? It's all relative. RM20k/month may not be enough to some as well.

It's sad that inflation is hitting everyone, especially the lower income group. Well, we gotta adapt & make the best of the situation.

 

[Abe Jak]

There's such thing called Plastic Money.. which comes handy... it even help me own an E90...

Using tomorrow's money to realise today's dream! :top:

:rock::rock::rock::top:

 

[ICEMAN 68]

dude ...for a fresh grad these days .... the start up salary would be from RM 2.2 to 2.5 K basic .... + OT 100 hours or more ... more likely they may fetch around 3.5K ... but after minus the EPF and TAX ...they may just carry back merely to RM 3 K...

So now the fun begin ...
1) Knowing they are young ... they will not bother much on MM ( money management )

What is the first things hits on these guys ....
1) BUY A SPANKING BRAND NEW CAR ... more likely to be an E46 ( high dreamer ) or an MYVI ( low dreamer ) installment --- rm 1.5 K for 9 YRS / rm 550 for 9 yrs
2) start thinking to purchase a new house.. must be around RM200 K
installment --- MR 1 K for 30 yrs ( without thinking much of the BLR

So after taking away the amount they be set even work more harder and slog most they time at work for the OT and so on ....

Well after taking off the 2.5 K they still think that they can survive with the RM500 balance as at this time they may have load up their wallet with all those fancy Credits cards and so on ....

well that's reality as now some of my fellow and when fuel price rock up and BLR shoots up .... what do they do .... i something not many of us may do ....

Start leaving on healthy lifestyle ... eating once a day ....

Well that's what always happen for these days young fellows that newly grad .... same like my fellow boys at work ....

 

[ICEMAN 68]

most of them fail to realize the power of MM ....

save up today to 5~10 yrs ...the umbrella will always be open for them ....

5 years X 2K monthly = rm 60 K ( ikat perut project )

X 10 years --- smilling away without worries ....

 

[3er]

Whatever you are getting per month, its still not enough...

 

[Abe Jak]

Ubah Gaya Hidup!

 

[AlexNg]

Too much even is never enough.

u earn RM20k a month,

pay your MK10 condo = RM5,000/month
pay your GTR = RM3,000/month

u earn RM2k a month,

pay your rent 1 room in Cheras - RM250 / month
pay your Myvi SE = RM550/ month

adapt. just apply all credit card, spend all till the credit limit

10 banks X RM5,000 limit X Visa and Master = RM100,000.

then run. hard.

 

[fabianyee]

the more you earn the higher expenditure and the higher the income tax... it's 28% here for the higher bracket but i think tax in S'pore about 10% (unconfirmed).. And ppl wonder why professionals head down south... Earning SGD5k and can still live very comfortably in SG, but earn RM 12K here also can't sustain the same lifestyle in Malaysia..

Then again, there are also urban poors in Spore.. Just like in Hong Kong.. Over here, if no job, can balik kampung.. For the s'poreans, no kampung to balik.. Stuck on the island which has more immigrants than true blue local citizens...

 

[flash]

Yeah, but when you factor in the inflation rate and with our low deposit interest rates, it may not look good at all. I better "deposit" the amount into my stomach lor... keep up my health, more energy and more strength to earn more money....:top::top:

most of them fail to realize the power of MM ....

save up today to 5~10 yrs ...the umbrella will always be open for them ....

5 years X 2K monthly = rm 60 K ( ikat perut project )

X 10 years --- smilling away without worries ....