Need financial advise

peroro — Fri, 04 Sep 2020 15:09:11 +0800

Hello guys,

I desperately need unbias financial advise.

My take home salary after mandatory deduction is about 10K. I have no savings.

I have about 6k loan + credit card monthly commitment. My loan balance is 83k minus interest. So if I have 83k now, I can pay off all my loan and I will free up to 6k per month.

Recently, I got bonus for about 100k from company.

The questions is what is the best way to spend the money?

I read that the best investment is to pay off all the debt. If I pay off all my credit card debt, I will save about 18% (interest). I can basically start over and live peacefully not thinking about debt every month, except for 2 house installment and daily expenses.

But, I also thinking/tempted to put my money in the ASB financing. If I subscribe for 400K ASB financing (combine my name and wife), I will need to pay monthly about RM2200 per month. After a year, I will get estimate dividend of RM29000. The yield is (RM29000-RM2200*12)/RM26400*100=9.84%. In 5 year I will have RM227,460, based on this calculation/technique,

https://pictr.com/images/2020/09/04/71BnVj.md.png

Source: https://says.com/my/seismik/cara-untuk-suam...n-guna-asb-loan

If I choose this route, I will still need to service my loan normally but I still have cash in hand rather than paying off the loan and no cash in hand.

Please help me.

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Need financial advise