Are you a millennial going through a mid-30s crisis? It’s becoming more common these days that 30 year olds are becoming increasingly worried about how they are going to buy a home and settle down. As the housing market soars, wages remain stagnant and have had little no change since the 1960s. If you’re a millennial going through all these, don’t compare your times to your parents. Back then wages were sufficient to buy or loan a home to live. As everyone bought more homes as assets, the prices of the housing market increased indefinitely. Now an apartment in KL starts easily at 400,000 ringgit while buying a home is just unimaginable for regular people. To ease the burden we decided to give you some tips on how you can save up for your first home.
It’s not the prettiest idea but it’ll get you to where you want. First of all, if you have any debts from taking PTPTN, we’ll ask you to cover that up. Having debt and trying to incur a loan is like adding debt on top of debt which is not a good idea. PTPTN loans have a generous interest rate of just 1%. Even if that is generous, the sooner you get rid of it, the better. Once you’ve gotten rid of one debt, now to save up for your home.
If you’ve heard of Dave Ramsey, then you’ll know what I’m referring to. You must live below your means to ensure that you’re saving enough down payment for your home. This means, if you’re earning RM2000 – RM3000, we’ll encourage you to save 1/3 of that. So don’t go out and have drinks or don’t buy grabfood every day. Forget about the small luxuries of life, like that 800 Coach purse. A home is an asset that can give you twice the returns if kept well.
Next, get a second job if you can. There are many mlm software development that you can participate in. MLMs are a great way for you to earn money for the future. It’s the best side hustle. You can also be a part time real estate agent, or a mutual fund consultant, or anything that does not require you to have to be there full time and lets you work anytime you wish. You can use this extra income and save it for your home. Once you think you have about RM 100,000 saved up, you can start looking for homes where there might potentially be a boost in price. Look for places near highways or near shop lots. Apply for loans at an Islamic bank for lower dividend.
Applying for low interest rate loans will save you in the long run. Don’t go applying for loans in retail banks because they charge around 3-8 percent interest while Islamic banks will charge a significantly lower dividend rate. And yes, non Muslims are eligible for the Islamic loans as well so don’t think twice about applying there.
Finally, life may be tough as a millennial but we assure you the grass is greener on the other side. If you struggle earlier in your life, you can become more relaxed in the future. Owning a home is a milestone that we all hope to achieve and we hope you can too.
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