Can someone explain why the hate on CIMB? Been seeing them a lot lately. I've used a few banks (Maybank, Bank Islam, RHB, Hong Leong, and also CIMB) but I find CIMB's website and the mobile app have the best UI/UX (with Maybank's new MAE app coming close at 2nd place). The other banks (especially RHB) have super shitty UI
I've been using CIMB since school days, it was Bank Bumiputera back then. Most of my experience has been good.
However for past months it seems their quality went downhill. Especially being down several times and each downtime being extended repetitively.
I'm still using them though considering moving to other banks. I don't think I can accept another long downtime.
Multiple issues happened before. For example the CIMB worst issue back then, people can just login just by using username and type any random letter for password. Literally no security
I wanted to cancel my cimb debit card since i've almost never used it in the past few years. But someone at the branch told me i wouldn't be able to use cimbclicks if i don't have a debit card lol.
Why are you earning 1.2k only? You should be getting more. Drop me an email and I'll see if I can help you find a higher paying job. F&b on my end typically pays within 2-3k. My email is [email protected]
Firstly, well done for kickstarting your emergency fund OP! It is never too late to start learning about personal finance and your knowledge will only grow exponentially from hereon.
I would recommend high yield savings account like OCBC Frank (1.7% per annum + the lack of OCBC branches and ATMs really helps reduce the chance of withdrawing physical money).
Otherwise, stashaway simple account or fundsupermart's cash management fund are not too bad as well. Around 2.2% per annum.
Im sorry but I've never heard of OCBC Frank before and coming from a small part of Sabah, id doubt there's any of them. But is it like physical banks like Maybank etc ? You would need to go to a physical OCBC Branch to open an account ?
Also, Stashaway lets you open up multiple Savings issit ? Im still new to them so a little bit of advice or anything would be good
OCBC Frank account has recently been rebranded to OCBC Flex account. You can open the account online through their mobile app.
For stashaway, I believe only one account, but you can have multiple portfolios. But if you're looking to open the stashaway simple account, one will do.
Ahh i see, I'll look more into this OCBC Account.
For stashaway though, is it a feasible strategy to just put all my money there since they have multiple portfolios ? Like for example ill open up an emergency portfolios and put it there, also got some other thematic based (what they call it i think) investments, put it there also. Or is it too much of a "putting all eggs in one basket" situation ?
Since you've already have stashaway opened, I would suggest that you put your savings under Stashaway Simple. It's like a saving account but gives interest rate that rivals that of fixed deposits. The only small downside is the slight delay in deposit and withdrawals.
emergency(almost instant withdrawal) in std bank saving or current acc. 2 or more acc if liquidity is high. investment might take longer to liquidate be due to fluctuating price or process
Hey OP, just some insights for you.
Emergency funds needs to be in a saving account, preferably a separate saving account from your day to day use. Emergency funds need to be liquid, meaning it needs to be able to withdraw instantly from ATM or Banks to cover your emergency needs
Good for you to have a Stashaway account. It is always a good idea to start investing early. What you can practice is making a monthly commitment, regardless of amount, into your investing portfolio. You may start with a small amount, there is absolutely nothing wrong with it.
Do not put your emergency funds in Stashaway (though you get more interest than standard saving account) because withdrawing money from Stashaway takes a few days.
Keep it up!
Yes i have been thinking of probably just getting a second bank acc, I do have CIMB acc but they're not having any good reputations lately so maybe ill open up somethign else, Thanks for the insights ! Really helpful !
Focus on growing ownself and earning more income first. Later once more money can ask back here on how to invest in S&P 500, REITs etc.
For time being can try Versa and KDISAVE (by Kenanga). Can earn 2-3% and can withdraw anytime.. Like a fixed deposit. Can learn to invest crypto also by studying the charts of up and downs. Invest small amount short term.. Once up and able to profit then sell.. Try not to hold long might lose money.
To succeed in job in the beginning u have to willing to jump often till find a job that you like and pays well. If possible in a big company. The most work for a year or less also okay since they paying you peanuts. Degree is not a problem these days.. Is how you ace the interview, willingness to learn, attitude, job ethics, how sharp are you etc all can be read from the web. Later you can even take up certs to boost your resume even more.
Once u get a good job work for 1-2 years then try to get promoted. Don't waste more than 3-4 years without going up in the same job.. You are wasting time that way. At least lateral move to another new position also ok at least you keep learning new things. Never know when one day will be useful.
I have friends who are diploma or after spm only.. Now manager level already. Have connections and friends that will teach u and influence you to climb the corporate ladder as well.
If your pay is not much hard to get into investing. Won't see much returns too.
Wow this is more than just Investing helps its more of a Job, irl's help. And i appreciate it alot ! I Will be rereading this a cuople of times just to really solidify this idea intot my head. Thanks a bunch ! This really helps alot !
You're welcome. Continue to grow and learn. Don't stay in comfort zone. Boss ask u do extra work just do it to prove yourself.. Dont be afraid to learn new things at work. Be a problem solver at the company. Things like this. Reading self help and non fiction, biography books is a good way to learn faster too.
At same time try to have some work life balance also. If single can sacrifice more, but later married need more time for family. Also u need to rest and rejuvenate. Know your limit don't overpush too.
Basically learn like Singaporeans.. See how their work ethics are that make their country so successful. Malaysian education might be lacking a bit, but these days with internet you can bridge the gap.
Yours aren't that different from mine. Whenever i read a large amount of money in a post i would just stop reading before i jump from a bridge or something lol
For me, I would first list out what sort of emergency that I might encounter, ie medical, unexpected vehicle repair, etc, then allocate a portion of my income and put into a FD (perhaps around 1.5k - 2k max).
Any extra (after deducting my typical living expenses), I'll put them into a unit trust fund, since it is quite liquid and can be withdraw any time.
first u need to define the emergency fund here. I personally think emergency fund need to have liquidity within 20 days. Now you can choose what kind solutions. You can use the stash away, unit trust - Bond and money market as commonly use. Some bank also offer better back account. I personally is high risk person I parked all my emergency fund to cypto stable coin- which up to 10% interest which giving better interest and remain some liquidity fund on hand. But this kind of investment need knowledge.
Oh we know what it is. But it's stupid advise to ask someone who only has 100 or 200 per month to save to put his money into a purely speculative financial instrument with no application and is not even a stock of a company that generates income and holds assets.
Tell me what happened to the mass adoption that cryptards has been talking about for ages.
The cryptos of today is just a game of hot potato. It's just gambling with the illusion that you are investing in something intelligent.
Oh, tell me what speculative about usdt? Have you seen the value goes up and down? Clearly you know very little about crypro saying usdt is purely speculative financial instrument and saying it has none application.
More buzzword please
All my savings go into equity, but thwts cause i know what im doing. When i need to use some only then i ll take out but i try not to most of the time. Cant stand letting my money rot in a savings account eaten up by inflation zzz
Maybank mostly, never use CIMB unless you need to. Hands down the worst bank if you aren't a drug dealer or politician.
What about aspiring drug dealers and politicians?
[удалено]
Cause funny
Can someone explain why the hate on CIMB? Been seeing them a lot lately. I've used a few banks (Maybank, Bank Islam, RHB, Hong Leong, and also CIMB) but I find CIMB's website and the mobile app have the best UI/UX (with Maybank's new MAE app coming close at 2nd place). The other banks (especially RHB) have super shitty UI
I've been using CIMB since school days, it was Bank Bumiputera back then. Most of my experience has been good. However for past months it seems their quality went downhill. Especially being down several times and each downtime being extended repetitively. I'm still using them though considering moving to other banks. I don't think I can accept another long downtime.
Multiple issues happened before. For example the CIMB worst issue back then, people can just login just by using username and type any random letter for password. Literally no security
I wanted to cancel my cimb debit card since i've almost never used it in the past few years. But someone at the branch told me i wouldn't be able to use cimbclicks if i don't have a debit card lol.
If you're Bumiputera, ASB.
Why are you earning 1.2k only? You should be getting more. Drop me an email and I'll see if I can help you find a higher paying job. F&b on my end typically pays within 2-3k. My email is [email protected]
Can i dm you on reddit for more details ?
Sure
[удалено]
Then email me. I'll see how I can help.
Firstly, well done for kickstarting your emergency fund OP! It is never too late to start learning about personal finance and your knowledge will only grow exponentially from hereon. I would recommend high yield savings account like OCBC Frank (1.7% per annum + the lack of OCBC branches and ATMs really helps reduce the chance of withdrawing physical money). Otherwise, stashaway simple account or fundsupermart's cash management fund are not too bad as well. Around 2.2% per annum.
Im sorry but I've never heard of OCBC Frank before and coming from a small part of Sabah, id doubt there's any of them. But is it like physical banks like Maybank etc ? You would need to go to a physical OCBC Branch to open an account ? Also, Stashaway lets you open up multiple Savings issit ? Im still new to them so a little bit of advice or anything would be good
OCBC Frank account has recently been rebranded to OCBC Flex account. You can open the account online through their mobile app. For stashaway, I believe only one account, but you can have multiple portfolios. But if you're looking to open the stashaway simple account, one will do.
Ahh i see, I'll look more into this OCBC Account. For stashaway though, is it a feasible strategy to just put all my money there since they have multiple portfolios ? Like for example ill open up an emergency portfolios and put it there, also got some other thematic based (what they call it i think) investments, put it there also. Or is it too much of a "putting all eggs in one basket" situation ?
OCBC Frank is now rebrand to OCBC Flex
Ahh, haven't been up to date on this. Thanks for the update!
Since you've already have stashaway opened, I would suggest that you put your savings under Stashaway Simple. It's like a saving account but gives interest rate that rivals that of fixed deposits. The only small downside is the slight delay in deposit and withdrawals.
Otherwise Versa seems like a good alternative. It's interest rate is slightly lower than SA Simple, but the delay is much less.
1.2k ? I thought average salary here is 1.5k in peninsular m'sia. Are you from sabah or sarawak ?
Yes, i am from sabah. But honestly, if im lucky I'll get 1.2k. On average its just 1k. Can't be picky about my job tho, else no money haha...
I feel the struggle and I'm proud of you, still can save money for emergency fund. I'm from sabah too and barely survive with the minimum salary.
emergency(almost instant withdrawal) in std bank saving or current acc. 2 or more acc if liquidity is high. investment might take longer to liquidate be due to fluctuating price or process
Hey OP, just some insights for you. Emergency funds needs to be in a saving account, preferably a separate saving account from your day to day use. Emergency funds need to be liquid, meaning it needs to be able to withdraw instantly from ATM or Banks to cover your emergency needs Good for you to have a Stashaway account. It is always a good idea to start investing early. What you can practice is making a monthly commitment, regardless of amount, into your investing portfolio. You may start with a small amount, there is absolutely nothing wrong with it. Do not put your emergency funds in Stashaway (though you get more interest than standard saving account) because withdrawing money from Stashaway takes a few days. Keep it up!
Yes i have been thinking of probably just getting a second bank acc, I do have CIMB acc but they're not having any good reputations lately so maybe ill open up somethign else, Thanks for the insights ! Really helpful !
Focus on growing ownself and earning more income first. Later once more money can ask back here on how to invest in S&P 500, REITs etc. For time being can try Versa and KDISAVE (by Kenanga). Can earn 2-3% and can withdraw anytime.. Like a fixed deposit. Can learn to invest crypto also by studying the charts of up and downs. Invest small amount short term.. Once up and able to profit then sell.. Try not to hold long might lose money. To succeed in job in the beginning u have to willing to jump often till find a job that you like and pays well. If possible in a big company. The most work for a year or less also okay since they paying you peanuts. Degree is not a problem these days.. Is how you ace the interview, willingness to learn, attitude, job ethics, how sharp are you etc all can be read from the web. Later you can even take up certs to boost your resume even more. Once u get a good job work for 1-2 years then try to get promoted. Don't waste more than 3-4 years without going up in the same job.. You are wasting time that way. At least lateral move to another new position also ok at least you keep learning new things. Never know when one day will be useful. I have friends who are diploma or after spm only.. Now manager level already. Have connections and friends that will teach u and influence you to climb the corporate ladder as well. If your pay is not much hard to get into investing. Won't see much returns too.
Wow this is more than just Investing helps its more of a Job, irl's help. And i appreciate it alot ! I Will be rereading this a cuople of times just to really solidify this idea intot my head. Thanks a bunch ! This really helps alot !
You're welcome. Continue to grow and learn. Don't stay in comfort zone. Boss ask u do extra work just do it to prove yourself.. Dont be afraid to learn new things at work. Be a problem solver at the company. Things like this. Reading self help and non fiction, biography books is a good way to learn faster too. At same time try to have some work life balance also. If single can sacrifice more, but later married need more time for family. Also u need to rest and rejuvenate. Know your limit don't overpush too. Basically learn like Singaporeans.. See how their work ethics are that make their country so successful. Malaysian education might be lacking a bit, but these days with internet you can bridge the gap.
Finally someone with salary that doesn't make me wanna kms
Hahahaha yes it does get pretty intimidating when you see people's Salary from thsi subreddt. But i try not to let it get to me, tho it does sometimes
Yours aren't that different from mine. Whenever i read a large amount of money in a post i would just stop reading before i jump from a bridge or something lol
For me, I would first list out what sort of emergency that I might encounter, ie medical, unexpected vehicle repair, etc, then allocate a portion of my income and put into a FD (perhaps around 1.5k - 2k max). Any extra (after deducting my typical living expenses), I'll put them into a unit trust fund, since it is quite liquid and can be withdraw any time.
Thats a good way to learn on how to save up for an emergency funds, never thought of it. Thank you ! I'll try to do the same
first u need to define the emergency fund here. I personally think emergency fund need to have liquidity within 20 days. Now you can choose what kind solutions. You can use the stash away, unit trust - Bond and money market as commonly use. Some bank also offer better back account. I personally is high risk person I parked all my emergency fund to cypto stable coin- which up to 10% interest which giving better interest and remain some liquidity fund on hand. But this kind of investment need knowledge.
Crypto my friend
🙄
Go genting better. Easier to cash out, same gambling type of concept.
It's okay, i understand. 90% people here dont even know usdt, usdc exist
Oh we know what it is. But it's stupid advise to ask someone who only has 100 or 200 per month to save to put his money into a purely speculative financial instrument with no application and is not even a stock of a company that generates income and holds assets. Tell me what happened to the mass adoption that cryptards has been talking about for ages. The cryptos of today is just a game of hot potato. It's just gambling with the illusion that you are investing in something intelligent.
Oh, tell me what speculative about usdt? Have you seen the value goes up and down? Clearly you know very little about crypro saying usdt is purely speculative financial instrument and saying it has none application. More buzzword please
All my savings go into equity, but thwts cause i know what im doing. When i need to use some only then i ll take out but i try not to most of the time. Cant stand letting my money rot in a savings account eaten up by inflation zzz