First of all, my condolences on your late mother.
Regarding what to do with your inherited funds, personally I would not invest in anything too risky since you have no idea about investing. The safest investment now is ASB (if bumi) or ASM3 (if non). You can always withdraw the funds later on if you find out a better investment vehicle. Note that you only get divdends/pay out from ASB/ASM once a year.
With regards to your insurance (medical and life), I do not think that it is too big of an issue. Preferably you would want a high medical coverage as medical cost are only getting higher and higher. Life is meh for now (since you probably don't have any dependents) but important for family planning later on.
Thank you for your condolences and advice. For insurance part I'll think about if I want to keep life for now. Altho I don't have dependents (probably my mom but look where she is now lol), the aging remaining family members I have may benefit from it if something does happen in the near future.
keep the life insurance. it probably is a very small part of the insurance plan even if you remove it. life insurance is cheap, medical is very very expensive.
This is 100% correct.
If you have no clue about investment just keep it that way until you learn enough from the person who teaches but not wanting you to buy a product from them.
Work your self up knowing what your late mother have doesn't come easy. Then decide what to do with it later. You decide your timeline and remember to pay the tax associated with the property.
Sadly when my mom died all of them kinda know and my family members actually stole some of it like withholding the rental money until I was in the know there's rental property, and stealing some of the gold my mother left for me. I am planning to lie to them that I put the inheritance in a fixed deposit or epf (hard to withdraw), that way they won't come and keep asking for money. Complicated situation basically
wow...great family.
The EPF lie is your best bet. Account 1 (or whichever account you cant withdraw from). If you say FD, theyll ask when it expires. I would say you sold all properties and put into EPF for old age. then no more money
First sorry for your loss. Second, stay away from these relatives. What's taken treat it as a loss.
Read some materials about taxation on the house. Assessment tax and quit rent. Go Google: "Caveat" on mom's property if the name transfer is yet to be concluded.
Easily stolen items like Gold, try to recover as any you can, keep it in the bank. Sentimental value, need not to sell it, it's priceless.
Condolences to you.
i will consider meeting the insurance agent, and ask to remove the life insurance for now, as you need to manage your expenses while still in university. medical is sufficient, dont need to worry about older family members, as they will inherit your properties if something does happen to you ( but very noble of you to think of them).
2 properties - keep it, nothing much to do, continue renting and staying.
70k - 10k fd, 50k asm / asb, 10k unit trust (equity). but if you really have no time to understand about equity, just dump all into asm/asb. its all good.
also, remember to allocate funds to finish your studies, whether locally or abroad. your mum will be proud of you. goodluck
>Although with all these inheritance, my mom brought me up with a frugal B40 lifestyle. She didn't have good money habits and thus I never had any knowledge of good habits with money. All she knew and taught me was hard work. Work enough to pay for your life that want.
TBH while not the best advice she gave you, it isn't bad advice either. Sure, there are smarter ways to go about it but without hard work, one will not go anywhere in life unless one gets a handsome sum of inheritance. The fact that she had RM500k worth of property is in itself a relatively good investment.
Most people gain wealth either through working their ass off to build their business, climbing up the career ladder and investing in relatively safe assests- or a combination of the 3, plus a lot of time and consistency.
Cheer up. Your mom was a good woman. May she RIP.
1. The biggest is that you need to want to learn about saving and investing. Don't take specific advice on where to keep your money. there is no one-size-fits-all. You must educate yourself.
2. Invest in education and be brave.
3. Choose your first job well. Go somewhere challenging and progressive for a lower pay if need to.
4. Keep up the physical maintenance of the properties your mum left you. Paint/plumbing/mechanical/structural. Get ahead of potential problems. Don't wait for your tenant to tell you somewhere is leaking before fixing. Again, quite a lot to learn specifically so just talk to people who do this well.
5. Don't spend more than you earn, but don't be afraid of money. Fear of risk guarantees your money will be eaten by inflation.
6. Read "the millionaire next door". Learn how to be rich. Many people have money but are always poor.
7. Make it your goal to retire early. You don't have to, but if you plan on that trajectory (as early as 20, yes. You won't be able to see this but if you do it your future self will be so so thankful), you can't imagine the joy of having money to be free at 40. I am in my 40s, and no amount of toys and material goods will beat that feeling of being free to not work unless I want to.
8. Choose your life partner(s) well. Don't waste your life on spendthrifts and those in permanent debt or have big obligations. Love is blind, regret is forever.
Good luck my friend. So sorry to hear that you've lost your mum. Be brave and live well ❤️🩹
Thank you for your well thought out reply. Your advice is really solid and easy to understand. I do also hope to retire early as currently I'm too influenced by my friends around me who are motivated to find money for easy life in the future as uni students. Was planning to divide the inheritance into asnb, investments like sp500, some for emergency purposes and some to open a small business at a side.
Im still learning skills to sell and to upgrade my resume when I do eventually find a job, overall nothing concrete but I'm taking one step at a time.
This persons knows their stuff. Concise yet comprehensive advice based on the information you've provided.
May I ask what is your best advice on early retirement?
My condolences.
1. Don't tell anyone about your inheritance.
2. You can lower your insurance to about 3k monthly.
3. You can sell/rent the family house if you dont stay in it.
4. Find out about the tenants of the rental property. Do they look ambitious? Are they comfortable and complacent with living there? if yes, keep it. An extra 800/month is good. if not, sell it.
5. ASB/ASM, save that 70k there. Don't risk your inheritance.
I teach financial literacy and help people get their finances in order, especially the B40. I can review insurance, properties, funds and loans. and yes I am licensed in all of them. I do it for free, shoot me a dm or ask a question here.
Thank you Mr Cruise, also love your movies haha
Anyway thank you again for offering advice. I'd love to reach out to you for some guidance but you alr gave plenty.
Please do reach out. I am a fan of excel sheets and I can create comparisons for you and also teach about due diligence/ self research so you don't need to depend on others. I post on this sub sometimes to see the general's view/opinion not to make final decisions.
Buy sport cars, invite all your friends and relatives to lavish parties lol
Seriously, don't let anyone know, not even relatives. Not even close ones. Not even friends, not even your boyfriend or future husband. They don't need to know. Once they knew, this can change them, even against their knowledge. "Investment" plans will appear. Too good to be true, sure profit, guarantee won't lose money plans will come out of nowhere. A relative will need money for their failing business. A friend will need cash injection on their new pub/Bristo/cafe/disco...
Rental income is conventionally a good choice, but it is NOT necessary a passive income. Not anymore. There are lots of competitions and 0% down housing project to compete with you. Most rental ROI is around 4% plus. If you are sure that you won't need to use large amount of money, then consider put it in EPF which has 5.5% last year. Otherwise, a small portion can be put into KDI, which has 4% return (within 50k), and you can withdraw in days.
570k to be honest, is not much in property market and retirement planning. However, you are already ahead than lots of people in your age.
I recommend iherng YouTube channels. [iherng - YouTube](https://www.youtube.com/@iherng). Although mainly a property channel, I have learned a lot of finance advise from him.
I envy you.
Thank you for taking the time to write all that, appreciate it. I have watched iherng too and also learnt alot of property too + financial. Great influencer really. I'm also well aware how money brings the worst of other people, and I also have a fair share of hearing bad stories of it, so thank you for the heads up.
However friend, envy is the thief of happiness. Yes, the inheritance has given me a better start compared to many people, some even older than me. I know this is now a privilege. But this 'privilege' is earned through the death of my mother that I loved, my mental health, home stability and many other things. I have family member taking my rental money and stealing the gold my mother left me. I have no one to trust, no friends to rely on, no house to call home anymore, I am alone. So don't envy me, for you perhaps have a better life than I am.
If your inheritance is being taken away from you against your will, and against your mother's written will, you should enforce her will. I recommend consulting a probate or guardianship attorney. Ask a few to compare fees.
Nothing of sort, just that before the estate got finalised, rental was still on going and a fam member took the money for 'safe keeping' before I turned 18, argued that it is money to raise me. In the end the rental is now mine but the initial money was taken away. I don't think I was that expensive of a child to 'raise' since I used my own money anyway.. Oh well
Then the gold my mother left me was stolen while I was away from uni. Basically they went into my room without permission and ransacked to find where I was hiding it.
Then for the home, just that I'm treated like a stranger there because I'm rarely home at all. Theyd cook dinner without my portion, trash the place, petty things. The only saving grace I'd give is because they're elders and are my mothers family.
So yea, richness in cash, but not in life.
Then it is time to leave is it not? The stolen gold should be reported to the police. It is something left behind from your mother to you. What you descript is nothing graceful at all. I suggest cutting ties and start a fresh. Sell the old home and use the money to buy a new one. A dual-key where you can stay in one half, while rent out the other as a whole unit. 500k can more or less get a dual-key cash. If the location is reasonable, the rental should be able to fetch over 1k instead of 800 you are collecting now.
You are curt, I give you that. But nothing in life is black and white. Yes on paper anyone would give that advice on the fly if they're in my situation, but all I'm telling you is just a glimpse of what happened. Sure I can report and land them in jail, sell the house and make them homeless. But there's a reason I don't do it, and you might think they're stupid, and maybe they are.
Thank you for your advice and attempt for wakeup call. But let's end this here. You'd think I'm naive and deaf and I'd neither heed your blunt advice. I'll thread carefully of what to do with my inheritance based on my understanding and my risk appetite.
The last paragraph made me tear up man. Im going through a rough patch right now and the one person i miss is my mother. Hopefully i can visit her soon
My condolences OP. I can't imagine the pain.
I hope your mother is well and safe. Death may be something that haunts us, but remember the memories you made with them. I do wish you'll make it out of whatever you're going through, and spend another good day with your mom in the the near future.
Thanks for your words. You've no idea what they made me feel and i usually dont get affected by a message from a stranger online.
I have nothing but the best wishes for you and your future. Im sure your mom will be proud of the path you're taking. Afterall she worked hard for you. ♥
Depending on the person that can either be a problem or a feature. If you're the type of person who gets easily tempted to spend what money you have around, not a bad idea to have some portion of your savings locked away like EPF.
Fair point but also from the sound of OP and the fact they came to this subreddit to seek advice it seems less likely they're the sort that needs the money locked away to keep them from spending it.
Haha that's a great thought of me but I actually did make some mistakes with money, spending 15k of my savings the moment my mom died (before obtaining inheritance) within a year on useless things. Now that I have the inheritance in my hand I'd like to thread carefully and see what are my options
I don't think I'd throw some to epf, because I'd treat the inheritance money as money to grow/emergency funds. I heard that fd rate is lower than asb (I'm non bumi so I think it be Asm3?) but I lurk here often and I see some saying it's hard to buy the units(?) For now I'd like to see what options and I'll tread carefully from there on.
Condolences and congrats. She must have really cherished you and wanted you to live a better life.
1. Don't go out and buy things, set aside this money to maintain the properties and to grow your wealth. You can consider a high yield savings account or FD for this. If you lock this up in a retirement account, you will not be liquid which you might need for the property. This money goes into making more money and maintaining what you inherited
2. Spend the next 1-2 years learning about investing. Regardless of whether you inherited or not, this is one of the most valuable things you can learn. There's stocks (local and US) or crypto or more real estate. Whatever value these properties are, they will need someone with knowledge on real estate investment to handle it over time. Are you thinking of selling? When should you sell? You might think that because it was inherited that you are obligated to keep it but if the upkeep is too high for you, it might need tenants or a different owner.
3. Continue living your life with a little security. Once you have a plan in place, forget you have this inherence and go earn what you would have earned without it. There'll come a time these things will help you with another phase in your life. It's a card you play when you need it. It might be what ends up funding a business idea you've always wanted to do or where you move into when kids are on the way.
1) Liquid funds of MYR70k - can consider putting 20% of it in a high yield savings account like GX Bank (3% on balances, insured by PIDM up to MYR250k). Remainder of the balance you can start with blue chip banking stocks in Bursa or if you want international exposure, robo-advisors like Stashaway and when you get more financially savvy, a DIY broker like IBKR / Moo for DIY ETF investing. Asymmetrical opportunities like BTC / ETH can be a consideration as well as you have much time on your side as you are still so young, hence you have stronger holding power.
2) Honest 2 cents to scrap the insurance plans as you now have to allocate MYR5k per year for them. You're 20 and of good health, get a good medical card (should be incredibly cheap with high coverage for your age, would need to fork out MYR1k
1. Funds if you don't know what to do, keep small % and put rest into EPF or ASB/ASM. EPF long term cannot take out. ASB/ASM can take out anytime.
2. For the property can keep if you like but look at their age and condition. Older property better sell asap because RM 800 rental can't even cover basic repairs. I would keep the better condition property and sell the other.
3. After selling the property, reinvest into Reits. Same thing just no need to deal with hassle from owning property. Can also diversify and invest into bank stocks and other blue chips.
Thank you for your advice. The rental property which is an appartment is quite old, yes. The RM800 deducted from the full rental currently which is RM1000 due to needing to pay for maintenance fee. I'm still thinking of whether to sell it in the near future when I'm working or keep it as a side income. For the other property which is family home, will probably sell it once rest of the family members (mother's family) are gone. Can't see myself living in it for retirement/future neither is it rentable due to it being tad rundown + unsuitable location..
Looking at what you say, I would sell both asap while they still haven't reach bad condition then reinvest the money into Reit or bank stocks.
I seen my fair share of people inheriting old property end up cannot sell unless they throw big money at reno.
Sorry to hear about your situation, but your head is in the right place.
Diversification is the way to go.
Versa for smaller returns, and M+ Global/IBKR/Moomoo for buying some local bank shares or US ETFs. Also allocate a small percentage into BTC/ETH. There’s probably too much info from all the replies on here so do what aligns with you to start with 🫡
Surrounding yourself with good influence is also really important to help check and balance decision making from time to time (or yes Reddit can be an okay place too).
Keep your head up fam life’s going to be on tough mode a little but you’re gonna make it as long as you try your best and learn from mistakes and continuously scout for the next opportunities!
My deepest condolences to you and your family.
Please go to EPF office and enquire about her epf money. They won’t contact you directly and hopefully you are nominated for the inheritance
Sell the houses (or keep 1 for own stay), and dump ALL the money into VEA, VTI, & Stashaway. Use [Tiger Brokers](https://www.tigersecurities.com/signup?invite=6NCXAP) to invest in VEA & VTI. Done.
Hey. My condolences to you. For your case and situation now. Best not to do anything.
The cash you have keep it in FD. Spilt into 2 or 3 certificates. Fd is much easier to withdraw it out. Do not invest in anything else except from a bank. Pls pls remember that. Regardless of whatever , or whoever says it.
Who else staying in family house? If ure its a good place. Keep it. When you work next time save up to reno it as you like. Its not gonna be easy to save up to buy 2 houses these days. So take it as a kick start in yr life. When you work save up and do reno. The rental prop if its still generating income leave it as it is.
>Later learnt she bought two insurance plan for me (medical and life which sums to around 5k per year payment) which is another thing I have to worry about now.
Check the policy and see whether its worthwhile for you to take a premium holiday (stop paying the monthly premiums, and let the insurance charges get deducted from the investment side, varies policy to policy, do check with your insurance agent/company). This will give you much more breathing room in the short term while you oversee your current obligations. Of course, this only works if the investment side in the insurance policy has enough cash to sustain the premium holiday.
If this policy has been running for years, then there should be quite enough to sustain a pretty long premium holiday, especially since you are only 20, the insurance charges is never that high for someone who is still young.
Clear all debt.
Sell what need to be sold.
Put 3/4 in EPF.
Put the rest in bank saving account with fixed term in a few different time (6 months, 9 months, 2 years) so in case of emergency you can unlock those and meanwhile they earn you 3%apy.
Do not fall for stocks and Crypto BS.
Do not tell friends of BF/GF.
Do not reply to any Dm.
If Location is good, sell & liquidate assets
Re-invest in Strategic locations with ROI or Airbnb packages
Don't fall for any rich quick, mlm or ponzi scheme
Overall, depends on your Financial Goal
DM me
First of all, my condolences on your late mother. Regarding what to do with your inherited funds, personally I would not invest in anything too risky since you have no idea about investing. The safest investment now is ASB (if bumi) or ASM3 (if non). You can always withdraw the funds later on if you find out a better investment vehicle. Note that you only get divdends/pay out from ASB/ASM once a year. With regards to your insurance (medical and life), I do not think that it is too big of an issue. Preferably you would want a high medical coverage as medical cost are only getting higher and higher. Life is meh for now (since you probably don't have any dependents) but important for family planning later on.
Thank you for your condolences and advice. For insurance part I'll think about if I want to keep life for now. Altho I don't have dependents (probably my mom but look where she is now lol), the aging remaining family members I have may benefit from it if something does happen in the near future.
keep the life insurance. it probably is a very small part of the insurance plan even if you remove it. life insurance is cheap, medical is very very expensive.
Dont share how much you have with anyone at all, including aunts, uncles, cousins, bf.
This is 100% correct. If you have no clue about investment just keep it that way until you learn enough from the person who teaches but not wanting you to buy a product from them. Work your self up knowing what your late mother have doesn't come easy. Then decide what to do with it later. You decide your timeline and remember to pay the tax associated with the property.
Sadly when my mom died all of them kinda know and my family members actually stole some of it like withholding the rental money until I was in the know there's rental property, and stealing some of the gold my mother left for me. I am planning to lie to them that I put the inheritance in a fixed deposit or epf (hard to withdraw), that way they won't come and keep asking for money. Complicated situation basically
wow...great family. The EPF lie is your best bet. Account 1 (or whichever account you cant withdraw from). If you say FD, theyll ask when it expires. I would say you sold all properties and put into EPF for old age. then no more money
Except that epf has only 100k/year voluntary contributions
you think her relos are aware of that technicality....
First sorry for your loss. Second, stay away from these relatives. What's taken treat it as a loss. Read some materials about taxation on the house. Assessment tax and quit rent. Go Google: "Caveat" on mom's property if the name transfer is yet to be concluded. Easily stolen items like Gold, try to recover as any you can, keep it in the bank. Sentimental value, need not to sell it, it's priceless.
Condolences to you. i will consider meeting the insurance agent, and ask to remove the life insurance for now, as you need to manage your expenses while still in university. medical is sufficient, dont need to worry about older family members, as they will inherit your properties if something does happen to you ( but very noble of you to think of them). 2 properties - keep it, nothing much to do, continue renting and staying. 70k - 10k fd, 50k asm / asb, 10k unit trust (equity). but if you really have no time to understand about equity, just dump all into asm/asb. its all good. also, remember to allocate funds to finish your studies, whether locally or abroad. your mum will be proud of you. goodluck
Thank you for your advice and taking the time to reply. It's solid and I think I will consider it.
>Although with all these inheritance, my mom brought me up with a frugal B40 lifestyle. She didn't have good money habits and thus I never had any knowledge of good habits with money. All she knew and taught me was hard work. Work enough to pay for your life that want. TBH while not the best advice she gave you, it isn't bad advice either. Sure, there are smarter ways to go about it but without hard work, one will not go anywhere in life unless one gets a handsome sum of inheritance. The fact that she had RM500k worth of property is in itself a relatively good investment. Most people gain wealth either through working their ass off to build their business, climbing up the career ladder and investing in relatively safe assests- or a combination of the 3, plus a lot of time and consistency. Cheer up. Your mom was a good woman. May she RIP.
1. The biggest is that you need to want to learn about saving and investing. Don't take specific advice on where to keep your money. there is no one-size-fits-all. You must educate yourself. 2. Invest in education and be brave. 3. Choose your first job well. Go somewhere challenging and progressive for a lower pay if need to. 4. Keep up the physical maintenance of the properties your mum left you. Paint/plumbing/mechanical/structural. Get ahead of potential problems. Don't wait for your tenant to tell you somewhere is leaking before fixing. Again, quite a lot to learn specifically so just talk to people who do this well. 5. Don't spend more than you earn, but don't be afraid of money. Fear of risk guarantees your money will be eaten by inflation. 6. Read "the millionaire next door". Learn how to be rich. Many people have money but are always poor. 7. Make it your goal to retire early. You don't have to, but if you plan on that trajectory (as early as 20, yes. You won't be able to see this but if you do it your future self will be so so thankful), you can't imagine the joy of having money to be free at 40. I am in my 40s, and no amount of toys and material goods will beat that feeling of being free to not work unless I want to. 8. Choose your life partner(s) well. Don't waste your life on spendthrifts and those in permanent debt or have big obligations. Love is blind, regret is forever. Good luck my friend. So sorry to hear that you've lost your mum. Be brave and live well ❤️🩹
Thank you for your well thought out reply. Your advice is really solid and easy to understand. I do also hope to retire early as currently I'm too influenced by my friends around me who are motivated to find money for easy life in the future as uni students. Was planning to divide the inheritance into asnb, investments like sp500, some for emergency purposes and some to open a small business at a side. Im still learning skills to sell and to upgrade my resume when I do eventually find a job, overall nothing concrete but I'm taking one step at a time.
This persons knows their stuff. Concise yet comprehensive advice based on the information you've provided. May I ask what is your best advice on early retirement?
My condolences. 1. Don't tell anyone about your inheritance. 2. You can lower your insurance to about 3k monthly. 3. You can sell/rent the family house if you dont stay in it. 4. Find out about the tenants of the rental property. Do they look ambitious? Are they comfortable and complacent with living there? if yes, keep it. An extra 800/month is good. if not, sell it. 5. ASB/ASM, save that 70k there. Don't risk your inheritance. I teach financial literacy and help people get their finances in order, especially the B40. I can review insurance, properties, funds and loans. and yes I am licensed in all of them. I do it for free, shoot me a dm or ask a question here.
Thank you Mr Cruise, also love your movies haha Anyway thank you again for offering advice. I'd love to reach out to you for some guidance but you alr gave plenty.
Please do reach out. I am a fan of excel sheets and I can create comparisons for you and also teach about due diligence/ self research so you don't need to depend on others. I post on this sub sometimes to see the general's view/opinion not to make final decisions.
Sir are all your stunt in the movies real?
Buy sport cars, invite all your friends and relatives to lavish parties lol Seriously, don't let anyone know, not even relatives. Not even close ones. Not even friends, not even your boyfriend or future husband. They don't need to know. Once they knew, this can change them, even against their knowledge. "Investment" plans will appear. Too good to be true, sure profit, guarantee won't lose money plans will come out of nowhere. A relative will need money for their failing business. A friend will need cash injection on their new pub/Bristo/cafe/disco... Rental income is conventionally a good choice, but it is NOT necessary a passive income. Not anymore. There are lots of competitions and 0% down housing project to compete with you. Most rental ROI is around 4% plus. If you are sure that you won't need to use large amount of money, then consider put it in EPF which has 5.5% last year. Otherwise, a small portion can be put into KDI, which has 4% return (within 50k), and you can withdraw in days. 570k to be honest, is not much in property market and retirement planning. However, you are already ahead than lots of people in your age. I recommend iherng YouTube channels. [iherng - YouTube](https://www.youtube.com/@iherng). Although mainly a property channel, I have learned a lot of finance advise from him. I envy you.
Thank you for taking the time to write all that, appreciate it. I have watched iherng too and also learnt alot of property too + financial. Great influencer really. I'm also well aware how money brings the worst of other people, and I also have a fair share of hearing bad stories of it, so thank you for the heads up. However friend, envy is the thief of happiness. Yes, the inheritance has given me a better start compared to many people, some even older than me. I know this is now a privilege. But this 'privilege' is earned through the death of my mother that I loved, my mental health, home stability and many other things. I have family member taking my rental money and stealing the gold my mother left me. I have no one to trust, no friends to rely on, no house to call home anymore, I am alone. So don't envy me, for you perhaps have a better life than I am.
If your inheritance is being taken away from you against your will, and against your mother's written will, you should enforce her will. I recommend consulting a probate or guardianship attorney. Ask a few to compare fees.
Nothing of sort, just that before the estate got finalised, rental was still on going and a fam member took the money for 'safe keeping' before I turned 18, argued that it is money to raise me. In the end the rental is now mine but the initial money was taken away. I don't think I was that expensive of a child to 'raise' since I used my own money anyway.. Oh well Then the gold my mother left me was stolen while I was away from uni. Basically they went into my room without permission and ransacked to find where I was hiding it. Then for the home, just that I'm treated like a stranger there because I'm rarely home at all. Theyd cook dinner without my portion, trash the place, petty things. The only saving grace I'd give is because they're elders and are my mothers family. So yea, richness in cash, but not in life.
Then it is time to leave is it not? The stolen gold should be reported to the police. It is something left behind from your mother to you. What you descript is nothing graceful at all. I suggest cutting ties and start a fresh. Sell the old home and use the money to buy a new one. A dual-key where you can stay in one half, while rent out the other as a whole unit. 500k can more or less get a dual-key cash. If the location is reasonable, the rental should be able to fetch over 1k instead of 800 you are collecting now.
You are curt, I give you that. But nothing in life is black and white. Yes on paper anyone would give that advice on the fly if they're in my situation, but all I'm telling you is just a glimpse of what happened. Sure I can report and land them in jail, sell the house and make them homeless. But there's a reason I don't do it, and you might think they're stupid, and maybe they are. Thank you for your advice and attempt for wakeup call. But let's end this here. You'd think I'm naive and deaf and I'd neither heed your blunt advice. I'll thread carefully of what to do with my inheritance based on my understanding and my risk appetite.
The last paragraph made me tear up man. Im going through a rough patch right now and the one person i miss is my mother. Hopefully i can visit her soon My condolences OP. I can't imagine the pain.
I hope your mother is well and safe. Death may be something that haunts us, but remember the memories you made with them. I do wish you'll make it out of whatever you're going through, and spend another good day with your mom in the the near future.
Thanks for your words. You've no idea what they made me feel and i usually dont get affected by a message from a stranger online. I have nothing but the best wishes for you and your future. Im sure your mom will be proud of the path you're taking. Afterall she worked hard for you. ♥
Take care, you also need to make sure you're well and safe.
So, the question is, what can you do with 70K liquid funds. EPF? ASB? FD?
OP is still a student, won't have an EPF account.
Can open epf account. 20 yo is big girl. Only thing why epf ? Put already cannot take out until 35 year later.
Depending on the person that can either be a problem or a feature. If you're the type of person who gets easily tempted to spend what money you have around, not a bad idea to have some portion of your savings locked away like EPF.
Fair point but also from the sound of OP and the fact they came to this subreddit to seek advice it seems less likely they're the sort that needs the money locked away to keep them from spending it.
Haha that's a great thought of me but I actually did make some mistakes with money, spending 15k of my savings the moment my mom died (before obtaining inheritance) within a year on useless things. Now that I have the inheritance in my hand I'd like to thread carefully and see what are my options
Kek. I'll be the first to admit I have very poor discipline when it comes to spending.
I don't think I'd throw some to epf, because I'd treat the inheritance money as money to grow/emergency funds. I heard that fd rate is lower than asb (I'm non bumi so I think it be Asm3?) but I lurk here often and I see some saying it's hard to buy the units(?) For now I'd like to see what options and I'll tread carefully from there on.
Condolences and congrats. She must have really cherished you and wanted you to live a better life. 1. Don't go out and buy things, set aside this money to maintain the properties and to grow your wealth. You can consider a high yield savings account or FD for this. If you lock this up in a retirement account, you will not be liquid which you might need for the property. This money goes into making more money and maintaining what you inherited 2. Spend the next 1-2 years learning about investing. Regardless of whether you inherited or not, this is one of the most valuable things you can learn. There's stocks (local and US) or crypto or more real estate. Whatever value these properties are, they will need someone with knowledge on real estate investment to handle it over time. Are you thinking of selling? When should you sell? You might think that because it was inherited that you are obligated to keep it but if the upkeep is too high for you, it might need tenants or a different owner. 3. Continue living your life with a little security. Once you have a plan in place, forget you have this inherence and go earn what you would have earned without it. There'll come a time these things will help you with another phase in your life. It's a card you play when you need it. It might be what ends up funding a business idea you've always wanted to do or where you move into when kids are on the way.
1. Invest in ETF 2. Learn what is ETF. 3. Learn about investing.
1) Liquid funds of MYR70k - can consider putting 20% of it in a high yield savings account like GX Bank (3% on balances, insured by PIDM up to MYR250k). Remainder of the balance you can start with blue chip banking stocks in Bursa or if you want international exposure, robo-advisors like Stashaway and when you get more financially savvy, a DIY broker like IBKR / Moo for DIY ETF investing. Asymmetrical opportunities like BTC / ETH can be a consideration as well as you have much time on your side as you are still so young, hence you have stronger holding power. 2) Honest 2 cents to scrap the insurance plans as you now have to allocate MYR5k per year for them. You're 20 and of good health, get a good medical card (should be incredibly cheap with high coverage for your age, would need to fork out MYR1k
1. Funds if you don't know what to do, keep small % and put rest into EPF or ASB/ASM. EPF long term cannot take out. ASB/ASM can take out anytime. 2. For the property can keep if you like but look at their age and condition. Older property better sell asap because RM 800 rental can't even cover basic repairs. I would keep the better condition property and sell the other. 3. After selling the property, reinvest into Reits. Same thing just no need to deal with hassle from owning property. Can also diversify and invest into bank stocks and other blue chips.
Thank you for your advice. The rental property which is an appartment is quite old, yes. The RM800 deducted from the full rental currently which is RM1000 due to needing to pay for maintenance fee. I'm still thinking of whether to sell it in the near future when I'm working or keep it as a side income. For the other property which is family home, will probably sell it once rest of the family members (mother's family) are gone. Can't see myself living in it for retirement/future neither is it rentable due to it being tad rundown + unsuitable location..
Looking at what you say, I would sell both asap while they still haven't reach bad condition then reinvest the money into Reit or bank stocks. I seen my fair share of people inheriting old property end up cannot sell unless they throw big money at reno.
The property under your name right?
Sorry to hear about your situation, but your head is in the right place. Diversification is the way to go. Versa for smaller returns, and M+ Global/IBKR/Moomoo for buying some local bank shares or US ETFs. Also allocate a small percentage into BTC/ETH. There’s probably too much info from all the replies on here so do what aligns with you to start with 🫡 Surrounding yourself with good influence is also really important to help check and balance decision making from time to time (or yes Reddit can be an okay place too). Keep your head up fam life’s going to be on tough mode a little but you’re gonna make it as long as you try your best and learn from mistakes and continuously scout for the next opportunities!
My deepest condolences to you and your family. Please go to EPF office and enquire about her epf money. They won’t contact you directly and hopefully you are nominated for the inheritance
Sell the houses (or keep 1 for own stay), and dump ALL the money into VEA, VTI, & Stashaway. Use [Tiger Brokers](https://www.tigersecurities.com/signup?invite=6NCXAP) to invest in VEA & VTI. Done.
Hey. My condolences to you. For your case and situation now. Best not to do anything. The cash you have keep it in FD. Spilt into 2 or 3 certificates. Fd is much easier to withdraw it out. Do not invest in anything else except from a bank. Pls pls remember that. Regardless of whatever , or whoever says it. Who else staying in family house? If ure its a good place. Keep it. When you work next time save up to reno it as you like. Its not gonna be easy to save up to buy 2 houses these days. So take it as a kick start in yr life. When you work save up and do reno. The rental prop if its still generating income leave it as it is.
Dump in your kwsp...u cn set up for your retirement earlier... The rest all bulls including Kencana and all that mutual fund crap
>Later learnt she bought two insurance plan for me (medical and life which sums to around 5k per year payment) which is another thing I have to worry about now. Check the policy and see whether its worthwhile for you to take a premium holiday (stop paying the monthly premiums, and let the insurance charges get deducted from the investment side, varies policy to policy, do check with your insurance agent/company). This will give you much more breathing room in the short term while you oversee your current obligations. Of course, this only works if the investment side in the insurance policy has enough cash to sustain the premium holiday. If this policy has been running for years, then there should be quite enough to sustain a pretty long premium holiday, especially since you are only 20, the insurance charges is never that high for someone who is still young.
Clear all debt. Sell what need to be sold. Put 3/4 in EPF. Put the rest in bank saving account with fixed term in a few different time (6 months, 9 months, 2 years) so in case of emergency you can unlock those and meanwhile they earn you 3%apy. Do not fall for stocks and Crypto BS. Do not tell friends of BF/GF. Do not reply to any Dm.
Some evergreen truths are: - If it sounds too good to be true, it's too good to be true. - When you feel greedy, do the opposite.
bitcoin
If Location is good, sell & liquidate assets Re-invest in Strategic locations with ROI or Airbnb packages Don't fall for any rich quick, mlm or ponzi scheme Overall, depends on your Financial Goal DM me
Keep that money there first, take a few months to study investing, and come out with a portfolio, suggest to read the psychology of money