Having the right strategies and effort, slowly but surely , the goal will be reached !
Let’s reveal the strategies for our latest case study of Alfred, a young engineer who wants to purchase a new car and a condominium.
After scrutinizing Alfred’s current financial position, there are two highly recommended personal financial strategies as shown below that Alfred may follow.
1 . To trade in his existing car, which is valued at RM 70,000, to pay up the loan installments of RM 1,240 per month.
2 . To apply for longer tenures for his new housing and car loans (30 and seven years respectively) so that his monthly repayments are smaller.
With this is said, Alfred’s new cash flow position will look like this :
Alfred is happier than anyone upon knowing that he can afford to buy his new desired investment property and dream car. He also plans to rent out the new condo for about RM 1,000 a month, enabling him to further improve his cash flow position. With the addition of assets, it is also advisable for him to manage his discretionary expenses such as eating out, entertainment and other items to keep his cash flow position in good shape.
What the extra lesson behind this Alfred’s case ?
Hope you enjoy reading this article ! Have a fantastic weekend off from work !