the personal budgeting and investment planning of a 23 year old male student. He is expected to graduate when he is 25 years old and is aiming to start working at 26 years old.

Once he graduates, he aims to be a junior executive finance. After doing some research, it is found that an entry level junior executive finance with less than one year experience can expect to earn an average of RM30,000 annually. This includes cost of living allowances, tips, bonuses, and overtime pay. However, junior executives in Malaysia observe a salary increment of 12% every 14 months on average. Therefore, he can expect a monthly salary of RM2,000-RM3,000 on his first job with a salary increment of 12% every 14 months.

1. 23 years old

2. Male

3. 24 years old expected to graduate

4. 25 years old to start career

5. Monthly salary expected 2,800

6. Salary increment 12% every 14 months

7. EPF 24% (Employer, 13% Employee, 11%)

8. Income tax rate for the first year - 3% from RM20,000. For the next year 3% from RM15,000

9. Housing expense (Rent) - RM600, Utilities expense - RM100, Food & Groceries expense - RM400, Transportation expense - RM150, Insurance expense (AIA) - RM180, Entertainment expense - RM150

10. Yes. He plans to buy Perodua Axia. (RM38,000) Down payment 30% (RM11,400). Monthly car payment includes a 3% interest rate - RM238.91 for 9 years. He expects to buy the car when he is 26 years old.

11. Yes he plans to buy a house when he turns 30 years old.

12. Yes he has plans to get married by the age of 28 years old. Once he gets married, he and his spouse will share the commitments such as the monthly expenses, housing loan and car payments.

13. He plans to have two children.

14. He will probably be around 48 years old when his children go to college.

15. He will probably have around 10 years left to retire.

16. 58 years old

17. 12 years after retirement to live

18. Yes, they will have enough savings because he has life insurance. The insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death. He also has savings from EPF and SOCSO.

the Questions is: Create a unit trust and health insurance (by using Malaysia insurance and unit trust) for a married couple had 2 kids