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When it comes to financial planning, there’s no such thing as too late or too early as everyone at their age could start planning their finances. The way to manage it might not be the same for everyone, as not all of us are at the same financial stage in life. Let’s take a look at how you can plan your finances at different life stages. The 20s (Building Foundation) Investing at a young age is not as easy as you are just starting to build your life and career. But remember, even though it is not easy, that is[…]

Insurance is essential in protecting our life from any potential risks that could ruin our financial wellbeing. Be it life insurance, travel insurance or health insurance, all these different types of insurance policies are there to protect you and your loved one in the event of a mishap. Among the many insurance products in the market, health insurance is a must-have policy to include in your financial plan. Health insurance will be a big help in reducing your financial burden of having to pay the hospital bills and the medicine cost that continue to rise. Malaysian are blessed with public[…]

We encounter countless risks throughout our lifetime. Although risks can be intimidating, there are ways to manage and deal with them accordingly. Investment, like everything else, involves a certain degree of risk. You are exposed to different forms of risk when you invest. Even not investing at all has its own risk. An investor should be able to tolerate some amount of risk to build wealth. The risk of investment refers to the potential for losses instead of projected return on investment. The expected profit is never guaranteed when it comes to investment. That’s why having an understanding of the[…]

How many of you trying your best to avoid ATM that’s different from your bank card so that you won’t be charged RM1 for a withdrawal? Being Malaysians, we always find a way to pay less or perhaps not paying at all. Then why don’t you do the same with taxes? In Malaysia, there are ways to reduce the amount of payable tax by maximising your income tax refund. Perhaps most of you are already familiar with tax reliefs. But there are also tax deduction, tax exemption and tax rebates which function differently but serve the same purpose which is[…]

Years earlier, most analysts expected that in 2020, the global recession will once again hit the economy. With each country taking aggressive containment steps to flatten the coronavirus curve, speculations about the impending global crash in 2020 are now right at our doorstep. Some would even argue that we are already in the recession. The International Monetary Fund (IMF) projected that the coronavirus pandemic would drive the global economy into one of the worst recessions in history. And if the coronavirus remains or a second wave hits, the recovery will be weaker and slower than expected. Some economists even expect[…]

So you’re thinking of applying for a mortgage loan to make the biggest purchase of your life. But at some point, you are afraid of rejection. Well, who doesn’t? Being rejected by a bank can be daunting and frustrating. It is common for banks to avoid high-risk borrowers since it won’t do them good in case you default on your loan. Everyone has a different risk profile and some may be riskier than others. But what exactly makes you appear risky to the banks? How do you know if you are a high-risk borrower? Here are a few attributes that[…]

Experiencing setbacks is part and parcel of life and it’s no different when it comes to our finances. Be it a major financial setback like a layoff or a minor setback like an unexpected car repair, both can hit us emotionally and psychologically if you’re not financially well-prepared. If you find yourself dealing with any financial setback, consider following these steps below to get you back on track.  Assess your current situation Having an emergency fund worth at least 6 months of your expenses will be a big help during this dire time. But what if your savings is not[…]

Upon receiving your monthly salary, you will notice a small deduction on your payslip for SOCSO. Unlike EPF which is known to ease your retirement day, SOCSO seems to be less familiar among employees. We’ve seen the amount deducted on our monthly paycheck but how many of us actually know what are the benefits of SOCSO? What is SOCSO? The Social Security Organisation (SOCSO) or also known as Pertubuhan Keselamatan Sosial (PERKESO) is a Malaysian agency governed under the Employees’ Social Security Act 1969. It was established in 1971 under the Ministry of Human Resources to provide social security protection[…]

They said that building wealth is pretty straightforward. You just have to earn more, save more or invest more. But if growing wealth is that simple, why are many of us still living from paycheck to paycheck? If you notice that in every movie, there will always be that one antagonist who tries to mess everything up. In our world of finance, there are several common enemies that are eating up a chunk of our wealth much faster than we can imagine. These enemies will stop your money from growing even after all the hard work. Here are the 6[…]

Making mistakes is part and parcel of life. But a mistake associated with purchasing insurance is a mistake we cannot afford. Purchasing the wrong insurance policy with insufficient coverage or even overlapping coverage can hurt us financially in the long run. It will cost us precious time and money when it can be avoided altogether. Below is the list of common mistakes you could make when buying insurance. Let’s check them out. Not making any comparison Most of the time, people will avoid making comparisons for the insurance coverage that they’re going to purchase. It’s such a hassle they said. The[…]

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