Clueless and desperately in need of advices

HollaAtMe — Sun, 23 Apr 2023 17:03:46 +0800

Hi everyone! First of all, thank you for stopping by my post (first time poster). Was supposed to post this on Reddit but it was taken down coz I dont have enough karma...? Sorry, I'm a noob in online forums.

Anyway, a little backstory. I am a 28F and I belong in the F&B industry. Currently unemployed and in the midst of applying jobs (did not expect it to take more than 2 months even though I'm seeing a lot of vacancies in the industry; quit my job in Dec 2022 as I was approached with a business proposal but it did not fall through due to many factors; one of it being financial constraints ).

My liquid savings is depleting fast (agreed it was a wrong move to quit a job without actually securing one prior to that) and I am down to my last bit of savings. Managed to save RM10k (this is my last bit) in the previous job for my future house renovation (my goal is to save RM50k for renovation) and touching that money would be the last resort. Currently have it tuck away in Versa cash (not sure if thats the right move).

I do not have to pay for car/ house loans (for now) as I'm still living with my parents (rent and food covered). Only have to pay for petrol if I'm out and about.

Here are my current commitments (I know its very heavy and a grave move)
PTPTN: RM300/ monthly (auto debit)
Monthly progressive interest (roughly RM300-RM400; house will finish construction by 2025)
insurance/ health: RM 816.70/ monthly

PS: This is the biggest chunk of commitment as of now as I have 2 savings insurance (RM200 & RM400/ month) and 1 health insurance (RM216.70/ month). I got the RM200 savings insurance when I was a uni student and have 4 more years to pay (10 years pay, 20 years protection). Whereas the RM400 is a new plan I took and the premium end date is 2042 took the new plan when I was promoted in my previous job and thought of saving the extra salary via insurance. Did not foresee leaving the company but it was too toxic to stay (Im happy to share if yall wanna know the f&b industry toxicity haha). As for the RM216.70 health insurance, it was kinda important to have one because the F&B industry is not the safest industry to work in (heard from my peers the occupational hazards occurred to their friends and it all cost a bomb).

PPS: I do not want to play the blame/ pity game, but I came from a financially illiterate family/ community. So I did not know whats the best way to save/ grow money and if getting insurance was the right move or not. My parents are the more traditional type and they "coerce" me into getting more insurance as this is one of their way to save money (other than FD).

I am really concerned on how I am gonna service my heavy commitments in the upcoming months (might be another month or so). I tried looking for passive incomes/ WFH type of jobs to at least cover my commitments until I land a full time job, but I am at my wit's end.
What should I do? I appreciate any advise/ experience shared (please go easy on me because I admit its my fault for not doing enough research).
Sorry in advance if my post sounds kinda noob. Thank you in advance!!

EDIT: Hi everyone, I am thankful and appreciative of all the comments and advices that has been given to me! I am really giving all of the suggestion a thought. Anyway, I would like to just clarify on some things. Usually, if I have already started a full time job, I am able to afford all of the above-mentioned commitments. Even the RM800+ insurances. My concerns on whether I could pay my commitments are temporary, but it might take a few months. Thats why I posted this thread to ask you sifus on whats the best move i should go about to better manage my commitments. And perhaps if there are better ways to save/ grow my savings. After being unemployed for months, it taught me that cash flow/ emergency cash is very important. Are there any channels you sifus will recommend on where to put in monies and let it grow (other than Versa, which I already have some in)? Im not much of a risk taker for stock/crypto trading because I dont have a lot of capital/ time to begin with.

Legal procedure on starting business

HollaAtMe — Mon, 16 Jun 2014 01:55:11 +0800

Hi guys,

First of all, I apologize in advance if I did anything wrong because it's literally the first time I'm using this.

Secondly, as mentioned in my topic title, I need guide in opening a business. Like, what do I need to register first, what kind of license? How to apply, where to apply? Everything, mostly about legal stuffs. For example, Halal cert and cleanliness inspection.

I want to open a cafe & shisha lounge at Bandar Seri Permaisuri. Planned to open by early next year. Got 2 friends (we all age between 20-21) to join as partners, so we thought of private limited (Sdn Bhd). Everything prepared except for the legal stuffs.

My cafe will be based on industrial design. Minimal to no renovations. Chairs and tables made from pallets/ metal pipes.

So, help me out by giving me steps by steps on which things to be done first.

Thanks in advance

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Clueless and desperately in need of advices

Legal procedure on starting business