The SyncWealth Learning Center

We post regular articles on managing your money and making sure you know what you’re getting into. Our mission is to make sure everyone gets elevated – consultants and consumer alike!

 

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Heavy on the Love, Light on the Wallet: 10 Ways to Have a Budget Friendly Valentine’s Day

Valentine’s Day is regarded as a romantic but expensive occasion by most couples, and this is mostly due to retail companies jacking up their prices during the celebration. As soon as February starts, one can expect the costs of flowers, chocolate arrangements and dinner plan to be more expensive than usual. With that said, you do not need to burn a hole in your wallet to celebrate the occasion well. It is possible to have an enjoyable, budget friendly Valentine’s Day with these following tips. 1. Cook The Meal There’s nothing more attractive to a woman than a man who[…]

What your Insurance Providers are doing about the Wuhan Virus

The Wuhan virus or 2019 Novel Coronavirus has affected the world in many ways across various industries. The tourism industry has seen a drastic decline with travel being closed off in a few regions across China. Many countries are concerned about the spread of the Wuhan virus and have taken extreme measures to bar the Mainland Chinese from entering. The Coronavirus has since spread to more than 27,000 people and has claimed more than 500 lives. Currently, there is no confirmed vaccine for the virus, causing worldwide paranoia of contracting the flu. The World Health Organization (WHO) has officially declared[…]

Using SyncWealth

Learning about money is good, but doing something about your finances on the SyncWealth App is even better!

SyncWealth Soft Launch: Post Event – Now What?

23.07.2019, Tuesday. History has been made. Never has it occurred in the world of financial advisory that it is possible for consultants and consumers to share a mutually beneficial relationship with just a click of an app. For the consultants – no more shunned phone calls or cold calling, no more struggles in finding new leads and now you can just sit back and let the app do the visualisation of your client’s financial health on your behalf. Afterall, a picture paints a thousand words. Open cases after cases – with the support of SyncWealth’s proprietary features, specially designed with[…]

Never lose sight of your progress towards your life goals

Are you clueless about your own financial situation? Many of us do not have a clue about our own financial and retirement goals. Worse still, we do not even keep track of our spending and how much we are saving towards their retirement.  This is an issue. Everybody should know their own financial situation and goals. After losing control of their own financial situation, many of us end up accumulating insurance products that do not benefit us. Or even worse, we do not know what these insurance policies cover and end up getting policies with overlapping coverage. It will not[…]

Never miss your policy renewal with SyncWealth

Do you find yourself missing policy renewals and ended up in late payment? With SyncWealth, you’ll receive timely reminders way before your policy lapses. We know the importance of being sufficiently covered, and God-forbid it, we missed our policy renewal due to mistakes that were avoidable.  We’ve all been there. Mentally reminding ourselves. Getting our spouse to remind us. Writing it down in our notebooks. Typing it on our phones to help us keep track of our premiums, deadlines, bills, and all other possible payments – and that’s good. But let’s get real, that will only work if we remember[…]

Never lose another important policy document with SyncVault cloud document management

I nearly forgot – I have an appointment with my financial advisor later! I guess I do not have to prepare anything for the appointment. Because, I have organised, neatly filed and placed all my insurance documents under my bed. Appointment time! “Good afternoon, Mr. Lim. Do you have all your documents prepared for your policy review?” my advisor asked. Obviously, I have safely kept all of them under my bed. I went to my bedroom to grab my documents. To my disbelief, the files were not there. I searched high and low throughout my house, but to no avail.[…]

Never lose track of your insurance with the cloud-based​ Insurance Summary feature

In Kuala Lumpur, RM300 million of benefits went unclaimed in the insurance and takaful industry. The same goes for the situation in Singapore, an alarming amount of over 8,000 insurance payouts in Singapore are unclaimed in 2016. We tend to forget about these insurance documents and just dump them at a certain corner of our homes. We get you; it is hard to track the amount of important paperwork and documents that snowball over time. Woefully, insurance documents are often misplaced and overlooked, resulting in many unclaimed insurance policies. Has any of your loved ones ever experienced this? And what happens if you[…]

Investing

Are you making your money work harder for you?

This is How Much You’re Expected to Spend This Chinese New Year

Let’s be honest. Chinese New Year is a time where more expenses incur for those who are celebrating. This is especially true for 2020, where Chinese New Year is just a short, one month from Christmas last year. It’s not surprising if some of us are still recovering from the damage done to our wallets. However, is it necessary to go all out with our expenses to have a joyous and prosperous celebration? Some people might agree – quoting that it’s a ‘once a year thing’, or it’s customary to do so. From new furniture, new clothes to even new[…]

3 ways to get your finances off to a good start for 2020

It’s that time of the year, bring out the pen and paper for new year resolutions. If you are planning on making new year resolutions that are financially relevant in 2020, then stay on board and let’s look at the options. Thinking about improving your financial state and to have good financial health for 2020 is a great mindset to have for the new year. On your own, reflect on 2019. Are you happy with how it went? If you could do things differently about your finances and lifestyle in the previous year, what would they be? Now it’s a[…]

The Best Investment You Can Make Is Not What You Think It Is

Here’s the question. What do you think is the best investment for your money? For all it’s worth, you invest in all the different investment instruments known in the market. From conventional fixed deposit accounts to unit trusts, REITS and shares – to more recent tech-led investments such as robo-advisory and bitcoins. And no, you’re not stopping there. You’re also looking at alternative investments such as gold, art works, expensive watches and designer bags. Ah, and how can we forget what we Asians love best – properties! In fact, investors all over the world are in pursuit of THAT investment[…]

Do you need money to be good with money?

A couple of months ago, someone asked this question on one of the Personal Finance groups on social media, “Do you need money to be good with money?” And it made me think… Do I really need money to be good with money? Or should it be the other way round? Is it because I have no money, therefore I should learn to be good with money? Could it be, because I have money and therefore I know how make even more money? Or maybe because I don’t have money, and therefore I am bad with money. OR is this[…]

My mum used to say, “You think money grow on trees ah??”

I grew up in a middle-class income family. Money was certainly not something my mother would coin as easy. If there’s anything I remember about money as a child, it would be her favourite phrase – “You think money grow on trees ah??” in a typical Asian mum fashion. With two working parents, we had enough growing up. It wasn’t luxurious, but we weren’t entirely deprived either. There were enough to eat, we had a decent roof over our heads and the privilege of going to school. There were occasions where my parents gave in when I relentlessly wanted something,[…]

The Investor: Based on the Soccer Analogy

How can you relate a soccer analogy with investments? Easy. You can relate it for your asset allocation.  Successful asset allocation accounts up to 91% of a person’s financial success. What is asset allocation? It’s basically how you put your asset strategically into the different asset classes. This way you can optimize your return and minimize your risk. Using the Soccer Analogy, we’ve broken down the best way for you to allocate your assets. Whether you’re a retail or enlightened investor, you definitely need to check this out! Retail Investor As a retail investor, your Goalkeeper is your insurance or[…]

How to Open a Brokerage Account in Singapore

Finally ready to start investing in Singapore? Congratulations! That’s great news because if you’re seriously considering investing that means you’re also serious about achieving your financial freedom. We couldn’t be more ecstatic and happier for you! But at last, where should you start? Your first step to investments is opening up a brokerage account in Singapore. This process is fairly easy and nothing you should be intimidated about but we understand why it can be intimidating. Therefore, we’re here to guide you. Without further ado, let’s begin!  CPD Account There are basically two accounts that you need before you can[…]

How to Open a Brokerage Account in Malaysia: A Step By Step Guide

Someone’s sitting in the shade today because someone planted a tree a long time ago Warren Buffet Perhaps, this quote from Warren Buffet has finally convinced you to start investing. At this point, you are aware that saving money alone will never get you far enough, at least, not without doing some investments on the side. You understand that wealth is a combination of effort, patience, and strategy, and you want to get a head start. Good for you! Your initiative now means financial freedom later! What’s left is simply preparing you for your first time investing.  Getting started on[…]

The Crash Course for Every Beginner Investor: Basic Stock Concepts You Need to Know

If this is the first time you’re stepping into investments, you’re probably aware that you’ve got a lot of ground to cover, especially in stock investments. It’s a whirlwind of information and concepts, so we understand why it can be immensely confusing. Hence, here’s a list of basic stock concepts that you need to know! What is a stock? A stock is also known as a share, or equity. It is a financial instrument that symbolizes the company’s ownership. For investors, buying stocks increases their wealth. This is because they will be subjected to a proportionate claim of assets and[…]

Investment-Linked Products – The Pros and Cons

Investment-linked products – what are the pros and cons? Is it true that consumers get the best of both worlds by having their life insurance coverage and investments managed for them? Or, is it better to invest separately and stick to regular life insurance? As consumers, we have to consider the pros and cons before committing to a plan. Before we delve deeper, we have to first understand what are investment-linked products or in short, ILPs. Investment-linked products are the hybrid of life insurance and investment plan. In other words, it means you’re protected under insurance coverage, and at the[…]

Insurance: A Waste of Money? Think again.

When it comes to insurance, most people share the same misconception that it is an unnecessary expenditure because they fail to see its value. To some people, insurance is useless as they haven’t utilized it at all after months and years of paying. It’s a form of “investment” that they do not see or have yet to see the returns. Hence, they would rather cut it off and allocate the money for other purposes. At the end of the day, the money will be spent on things that they might not even remember. With a healthy body, diseases won’t come[…]

Is there a Best Time to buy properties in Malaysia?

When is the best time to invest in property? Successfully investing in property is the result of a few key elements coming together and working perfectly – gaining enough capital, finding the right property to purchase and the right timing to close the deal. It is not enough to have one or two these elements when you want to invest in real estate. You should have all three aspects to ensure your investments earn a justified ROI for you. You might be wondering if there is really a best time to invest in property and the answer is yes. Like[…]

Ways to Make the Best of Your First Salary

Earning your first salary is often an exciting moment. After years of being financially dependent on families or loans, getting your first big salary is incredibly exhilarating. You are no longer confined to waiting for others to provide you money since you make your own! If this is the first time you’ve ever gotten a salary then chances are, you can’t wait to spend it. Understandable. You’ve earned with it your own effort and hard work, so splurging on yourself or your loved ones is expected. However, the way you spend your first salary could also be a tell-tale mark[…]

Beginner’s Guide to REITs in Malaysia

Real Estate Investment Trust (REIT) is gaining more attention and traction in Malaysia recently but did you know that this form of security investment plan was established back in 2004? REITs were first introduced to the public in America in the 1960s, but you may consider this form of property investment fairly new to this part of the world. If you are interested in property investment to diversify your portfolio, then REITs are “on-trend” right now for a unique way to invest. Additionally, if you prefer to invest in stocks, then REITs are right up your alley since this type[…]

Beginner’s Guide to REITs in Singapore

One of the hardest investment programs to dabble in Singapore is property investment due to the high valued real estate in the country. Owning property in Singapore is something of an achievement as most citizens struggle to even afford their HDB flats but with the introduction of Real Estate Investment Trust (REITs), Singaporeans are able to invest and earn some income via property investing. What are REITs? Real Estate Investment Trust (REITs) or sometimes known as Singapore Real Estate Investment Trust (S-REITs) is an investment method that uses shares that are focused on real estate. Companies that sell their shares[…]

Bitcoin Scams: All that glitters is not gold

Bitcoins. Cryptocurrencies.  It took the world by storm when it was first introduced in 2009, leaving many bewildered, fascinated, many folds richer – but also poorer than before. Other than losing money in an investment we do not fully understand; people also lost their hard-earned cash to bitcoin SCAMS. Scammers manipulate emotions and desires in a person, identify their weaknesses even in the most well-educated person and prey on them – making them the next unwilling but unsuspecting victim in their elaborated web of lies. It may not be easy to tell the authenticity at first glance, but there will[…]

From lotteries to wind falls, why sudden riches don’t make you truly rich

Ever felt jealous of people winning the lottery or experiencing a sudden windfall that elevates their financial state to an unimaginably wealthy status? Well, the grass is never greener on the other side, and life always tends to pose problems to people in almost every state of financial status. The poor and the rich both have their own set of issues to deal with. People who experience sudden windfalls like winning the lottery jackpot or inheriting an enormous amount of money out of the blue are usually envied for their luck, but the newly rich have notoriously exhibited problems with[…]

Cashflow Management and Wealth Management is King

On July 23rd, Prime Minister Tun Dr Mahathir Mohamad launched the National Strategy for Financial Literacy 2019-2023 and ignited a thought-provoking discussion between Roshan Kanesan and Robert Foo on Wednesday’s Ringgit and Sense Podcast. Themes of the podcast include financial literacy, financial planning and EPF’s e-Member Investment Scheme but for contextual sake, let’s take a look into the financial situation occurring in Malaysia. Knowledge is Critical How do we expect to manage our money well and make the best financial decisions if we have no sources or information to base our decisions on? It is a dangerous path, one committed[…]

Investing for the first time in Malaysia? Read this first.

Are you interested in making your money work for you as a side passive income? Then perhaps it’s time to start looking at investing your hard-earned cash into investment options available in Malaysia to grow your nest egg.  If you are just looking through and researching your options for your first-time investment in Malaysia, then you will need to start by determining a few essential details to narrow down which sort of investment would work best for you. One of the first things you would need to do is have a comprehensive understanding of your finances, a complete breakdown of[…]

Are you a first-time investor in Singapore? Read on.

Are you looking to earn passive income with your savings and want to try your hand at investing? There are many avenues to consider, and as a first-time investor in Singapore, it’s best to do some research before fully committing to the investment plan. Here’s a quick guide to investing in Singapore: 1. Shares A popular form of investing in Singapore is the practice of buying and selling shares on the stock market. Shares are issued by companies to raise financing from interested investors, and when you invest in a share, you will own part of the company. This form[…]

The Magic of Compounding Interest

The world of investments can be incredibly confusing. With all the complex terms and bizarre jargon that are constantly thrown around, it can get a little intimidating to dip our toes into unknown waters. But investments need not be confusing as they are meant to be utilized A topic that pops up a lot nowadays is the concept of compounding interest. It tends to be spoken about like it is magical in some way, with throngs of financial bloggers and gurus claiming that compounding interests is the holy grail in any investment. But will it? So what is compounding interest[…]

Your First Home – A Guide for First Time Buyers

Ah, the first home. It’s every young, wide-eyed young man and woman’s dream. The tingling of the keys in their hands, and the excitement of turning the lock to the door of their first pride and joy in the milestone of their adult life and career. Buying a home is a pretty big deal. But with so many options out there, the whole process can get a little bit intimidating. But fear not. Buying a house need not be as complicated as it sounds. Here’s a guide to help you figure it out: Step 1: Determine the reason for your[…]

Money Management

The fundamentals of making, keeping, and growing money

Heavy on the Love, Light on the Wallet: 10 Ways to Have a Budget Friendly Valentine’s Day

Valentine’s Day is regarded as a romantic but expensive occasion by most couples, and this is mostly due to retail companies jacking up their prices during the celebration. As soon as February starts, one can expect the costs of flowers, chocolate arrangements and dinner plan to be more expensive than usual. With that said, you do not need to burn a hole in your wallet to celebrate the occasion well. It is possible to have an enjoyable, budget friendly Valentine’s Day with these following tips. 1. Cook The Meal There’s nothing more attractive to a woman than a man who[…]

What your Insurance Providers are doing about the Wuhan Virus

The Wuhan virus or 2019 Novel Coronavirus has affected the world in many ways across various industries. The tourism industry has seen a drastic decline with travel being closed off in a few regions across China. Many countries are concerned about the spread of the Wuhan virus and have taken extreme measures to bar the Mainland Chinese from entering. The Coronavirus has since spread to more than 27,000 people and has claimed more than 500 lives. Currently, there is no confirmed vaccine for the virus, causing worldwide paranoia of contracting the flu. The World Health Organization (WHO) has officially declared[…]

Misconception vs Reality: Myths about Financial Planning

Myth #1: Financial planning is only for the rich Misconception The general perception of having financial planning is that it is for the wealthy. The middle class and the poor do not have the surplus or the allocation in their financial state to think about financial planning and savings due to their circumstances. A person who is living from paycheck to paycheck would have to think about stretching what little income they have into paying bills and surviving from month to month. The thought about financial planning would not be their priority. Most low-income earners are mindful of the fact[…]

This is How Much You’re Expected to Spend This Chinese New Year

Let’s be honest. Chinese New Year is a time where more expenses incur for those who are celebrating. This is especially true for 2020, where Chinese New Year is just a short, one month from Christmas last year. It’s not surprising if some of us are still recovering from the damage done to our wallets. However, is it necessary to go all out with our expenses to have a joyous and prosperous celebration? Some people might agree – quoting that it’s a ‘once a year thing’, or it’s customary to do so. From new furniture, new clothes to even new[…]

3 ways to get your finances off to a good start for 2020

It’s that time of the year, bring out the pen and paper for new year resolutions. If you are planning on making new year resolutions that are financially relevant in 2020, then stay on board and let’s look at the options. Thinking about improving your financial state and to have good financial health for 2020 is a great mindset to have for the new year. On your own, reflect on 2019. Are you happy with how it went? If you could do things differently about your finances and lifestyle in the previous year, what would they be? Now it’s a[…]

The Best Investment You Can Make Is Not What You Think It Is

Here’s the question. What do you think is the best investment for your money? For all it’s worth, you invest in all the different investment instruments known in the market. From conventional fixed deposit accounts to unit trusts, REITS and shares – to more recent tech-led investments such as robo-advisory and bitcoins. And no, you’re not stopping there. You’re also looking at alternative investments such as gold, art works, expensive watches and designer bags. Ah, and how can we forget what we Asians love best – properties! In fact, investors all over the world are in pursuit of THAT investment[…]

Building a Nest Egg for Your Children is More than Just Giving Them Money

As parents, what are your biggest concerns? It’s not too far fetch to say that your children are one of your greatest priorities in life. We all want the best for our little ones – right from the very first time we hold them in our arms, to the time they can finally stand on their own feet. Everything about them matters to us. Whether they have enough to eat, to wear, a good school to go to and if they can get into a choice higher institution and carve a career for themselves. And as parents, that would mean[…]

Do you need money to be good with money?

A couple of months ago, someone asked this question on one of the Personal Finance groups on social media, “Do you need money to be good with money?” And it made me think… Do I really need money to be good with money? Or should it be the other way round? Is it because I have no money, therefore I should learn to be good with money? Could it be, because I have money and therefore I know how make even more money? Or maybe because I don’t have money, and therefore I am bad with money. OR is this[…]

Things Malaysians Would Avoid Paying (If They Could)

Malaysians have quite the notorious reputation when it comes to avoid paying or spending money on certain things. ‘The more we save, the better’ they say. Unsurprisingly, this mindset seems to be ingrained in both the young and old. But is that truly the case? In reality, there is a big difference between being a cheapskate and to practice frugality. Unfortunately, most of us do not see the difference. Here are a few examples of things that Malaysians would avoid paying for: Asking For Freebies If there’s one thing Malaysians love more than avoid paying for things, it’s freebies. People[…]

8 Ways to Save on Your Wedding

Wedding is a beautiful affair, but it can also be costly to those who are not prepared for it. A typical wedding can set couples back by at least an average of RM50,000 in Malaysia and even up to $100,000 in Singapore.  Fortunately, you don’t necessarily have to break the bank to make your wedding memorable. Here are some smart ways to save on your wedding for a wallet-friendly event. The last thing you want is to put a strain on your relationship after marriage due to financial issues. This issue is especially prevalent among divorce cases in Malaysia in[…]

Does Money Necessarily Lead to Happiness?

Money and happiness. For most of us, we live in a make belief world of if-onlys. If only I had a better car, if only I can travel, if only I can afford better clothes…We believe that once we can afford these things, only then we can be genuinely satisfied with our lives. But is there a basis to such a belief? Researchers and experts have long debated and discussed the true factor to happiness. And along with it, is how happiness is related to money. It’s inevitable. In our society, money is important. We need money to eat. We[…]

No money left? Plug those spending leaks now

If you find yourself to be short of cash every month, then most likely you have some spending leaks that you need to identify and put a plug to it. Having no money left can be very troublesome as you never know when a financial emergency might hit you. It is best to do a financial check-up every quarter to determine if you are living from paycheck to paycheck. This may help you to identify some common money mistakes and spending leaks. 1. Lifestyle choices Why are so many of us living life from one trend to another? I’ve personally[…]

My mum used to say, “You think money grow on trees ah??”

I grew up in a middle-class income family. Money was certainly not something my mother would coin as easy. If there’s anything I remember about money as a child, it would be her favourite phrase – “You think money grow on trees ah??” in a typical Asian mum fashion. With two working parents, we had enough growing up. It wasn’t luxurious, but we weren’t entirely deprived either. There were enough to eat, we had a decent roof over our heads and the privilege of going to school. There were occasions where my parents gave in when I relentlessly wanted something,[…]

Should couples have a joint or separate bank account?

As a couple, do you talk a lot about money with your significant other? Is managing money as a household a breeze or a nightmare for the both of you? No matter if you’re the sole breadwinner or equal contributing party to the household income, the thought of managing your money through a joint or separate bank account must have crossed your minds. According to the Prudential Relationship Index in 2017, they found that 37% of couples in Asia were affected by arguments regarding money. Now, that’s a lot of couples if you were to look at it closely. 37 couples[…]

Why Is My Life Insurance Policy So Expensive?

Have you ever sat down and wondered, how are insurance quotes calculated? Perhaps you had a discussion with a friend and discovered that their life insurance quote is lower than yours even though their policy covers the exact same thing yours does. You’re confused. Are there certain aspects in your life that resulted in such high insurance quotes? Knowing what goes into the cost of life insurance is valuable information. This little bit of knowledge could help you understand how life insurance quotes work and give you insight into some factors that could save you more money down the line.[…]

The Psychology of Overspending – Why do people do it?

Overspending. Why do people still do it, if it’s so detrimental to our financial health? Could it be that temporary high, that euphoric moment and the rush of adrenaline? How many of us are familiar with these feelings whenever we purchase something? But oops, bummer. It all dies down the moment the parcel arrives. That 3rd bag goes into the closet – never seeing daylight again, and you convince yourself you’ll need it – “just in case”. Is this behaviour more common than we think? A study done in 2014 shows that we make 40-80% of our purchases on impulse,[…]

The Crash Course for Every Beginner Investor: Basic Stock Concepts You Need to Know

If this is the first time you’re stepping into investments, you’re probably aware that you’ve got a lot of ground to cover, especially in stock investments. It’s a whirlwind of information and concepts, so we understand why it can be immensely confusing. Hence, here’s a list of basic stock concepts that you need to know! What is a stock? A stock is also known as a share, or equity. It is a financial instrument that symbolizes the company’s ownership. For investors, buying stocks increases their wealth. This is because they will be subjected to a proportionate claim of assets and[…]

Investment-Linked Products – The Pros and Cons

Investment-linked products – what are the pros and cons? Is it true that consumers get the best of both worlds by having their life insurance coverage and investments managed for them? Or, is it better to invest separately and stick to regular life insurance? As consumers, we have to consider the pros and cons before committing to a plan. Before we delve deeper, we have to first understand what are investment-linked products or in short, ILPs. Investment-linked products are the hybrid of life insurance and investment plan. In other words, it means you’re protected under insurance coverage, and at the[…]

The Beginner’s Guide to Understanding Your Credit Card Statement

What should you expect from your credit card statement? If you’re a beginner, getting a credit card statement is probably equivalent to getting back your test results. This is the time where you want to see your progress (how much you spend using the credit card) and the actions you need to take to cover any lacking areas (how much you owe the credit card issuer).  A credit card statement isn’t like your advanced math class. It is essentially just a periodic statement that lists all the purchases, payments and other debits and credits made to your credit card account[…]

Getting Your First Credit Card

Are you thinking of getting a credit card? It’s an intimidating decision, especially if this is your first time getting one. But never let that scare you! Credit cards are a great way to kick-start a blank credit record while teaching you proper money management. Before that, however, it’s important you have a good understanding of credit cards as well as what to look for if you’re getting your first one! First and foremost, the credit card terms you NEED to be familiar with: Annual fee is how much you will be charged on a yearly basis Interest rate is[…]

The Dangers of Being Underinsured

In a world full of uncertainties, insurance is the best way to back you up and prevent personal loss. “It’s the peace of mind that you’re buying,” some people would say. However, a lot of people subject themselves to the dangers of being underinsured when cost becomes the biggest factor. Many people focus on the current premium they pay and fail to see the long-term benefits insurance can bring. Instead of evaluating their actual needs, they opt for the least expensive plan they can get. A bargain sounds good, but the risk of being underinsured is not a price anyone[…]

5 Reasons Why People Don’t Buy Life Insurance

Have you ever imagined how your retirement life will look like? What will happen to your spouse, children, siblings or parents in case of an unfortunate event? How do you cope and manage your life if you’re severely injured and lost your job? Given such possibility, it poses the question of why people don’t buy life insurance despite knowing the risks involved. Life is unpredictable and filled with unpreventable events too. It’s intimidating to find out that we’re unable to control what happens next. The point is, have you prepared yourself to face the aftermath?   By having life insurance,[…]

Money: Why It’s an Important Topic at the Dining Table

“Never talk about money at the dinner table,” they used to say. For a long time, it was considered extremely impolite to discuss about money with others. This taboo originated from the British. Back then, if you happen to be wealthy and you were freely discussing money, you would come across as gauche and extremely tacky.  If you were financially struggling, on the other hand, talking about money was useless and only creates more stress. Hence, parents were reluctant to expose their children to that burden. Today, the taboo still exists among us. Whether it’s with your family or friends,[…]

9 Common Terms Found in General Insurance

Are you new to insurance? Do you know what General Insurance is? Not to be confused with Life Insurance, General Insurance is a different type of coverage. It provides financial coverage to compensate your losses and damages in the period of cover. There are five major types of General Insurance, as stated below: Motor insurance Fire / Houseowner / Householder insurance Personal accident insurance Medical and health insurance Travel insurance Getting started on purchasing your first general insurance could be confusing, especially with the jargon and technical terms. It may seem alien to you, but those terms are meant to[…]

Money and Teenagers: How to Help Them Manage It

How to help teenagers manage their money? When we talk about parental responsibilities, rarely do financial literacy comes into the conversation.  Teaching your kids, especially teenagers, about proper money management skills should always be a priority. We don’t want them to struggle with their finances once they reach adulthood, do we? Nor do we want them to be financially dependent on us forever. But where do you begin with such a daunting task? Start with Tracking If you were to misplace one of your belongings – your smartphone, for example – what would be the first thing you do? You[…]

Insurance: A Waste of Money? Think again.

When it comes to insurance, most people share the same misconception that it is an unnecessary expenditure because they fail to see its value. To some people, insurance is useless as they haven’t utilized it at all after months and years of paying. It’s a form of “investment” that they do not see or have yet to see the returns. Hence, they would rather cut it off and allocate the money for other purposes. At the end of the day, the money will be spent on things that they might not even remember. With a healthy body, diseases won’t come[…]

Your Budget Guide to Renting with Others

So you did it. You managed to talk your parents into letting you move to the big city and now you’re finally on the road to independence! All that is left is to find a place to stay with your friends and split the rent, easy stuff! Right?  Wrong!  Getting your own place isn’t just paying for the rent. You’ve got bills to think of, the water, the gas, the Wifi…But how should you approach this if this is your first time? Figure Out Your Financial Standing If this is the first time you’re stepping into financial independence, then this[…]

Best e-Wallets in Malaysia & Singapore

Cashless Society. We’re currently at an age where money is slowly becoming less tangible as it is replaced by its digital equivalent – whether in the form of Bitcoin or digital wallets. Today, e-wallets are practically everywhere and Malaysia and Singapore are not exempted from it. But the e-Wallet industry is competitive, as more apps are created to help us make a smooth payment method. Which is why we’ve listed our favorite e-Wallets in both Malaysia and Singapore just for you. Enjoy! Singapore: FavePay FavePay offers two things any Singaporean can’t ignore – cashbacks and discounts!  This e-Wallet is the[…]

5 Travel Hacks You Should Know!

Malaysians are fond of travelling, have you heard? It’s true. By 2021, Malaysians are expected to make 14.2 million trips out of the country annually! That would make us the second most seasoned travelers in Southeast Asia. With the last quarter of the year on our heels, more Malaysians are taking advantage of their annual leave to their dream destination. But travelling can cost an arm and a leg (and a shoulder?) so we’ve decided to compile five money saving travel hacks for budget travellers. Our hacks include finding cheap flights, cheap accommodation and even points you to great cashback[…]

Your Retirement Guide in Malaysia: EPF & PRS

Are you ready for your retirement? Whether it’s forty years away or twenty years, getting ready for your retirement is vital. This is especially important considering how, according to the Randstad Workmonitor Q1 2015 survey, 82% of employees in Malaysia expect to retire between the ages of 60-65 – well above the retirement age. RinggitPlus also discovered that 47% of Malaysians aged 35 and above have not even started saving for retirement. What could this mean? Possibly that the majority of working aged people think that they do not earn or have enough to save for their retirement. And neither[…]

Credit Card versus e-Wallet: What’s the Difference?

A couple of days ago, Grab Malaysia launched PayLater, a post-paid payment option for all of its services – Grab rides, GrabFood and GrabExpress. Essentially, it’s a payment method in which Grab lends you a specific amount of credit (for example, RM300). You will then be eligible to use the credit to pay for your services. Of course, by the 7th of the following month, you need to pay back the amount of credit you’ve used. It’s an impressive new feature, isn’t it? This is only one of the few instances smartphones have transformed how we make our payments. Whatever[…]

Ways to Make the Best of Your First Salary

Earning your first salary is often an exciting moment. After years of being financially dependent on families or loans, getting your first big salary is incredibly exhilarating. You are no longer confined to waiting for others to provide you money since you make your own! If this is the first time you’ve ever gotten a salary then chances are, you can’t wait to spend it. Understandable. You’ve earned with it your own effort and hard work, so splurging on yourself or your loved ones is expected. However, the way you spend your first salary could also be a tell-tale mark[…]

The Money Attitude: How it Affects Your Wealth

We each have a certain set of beliefs or attitudes towards a lot of things in life – politics, sports, religion, education, and even money. Your money attitude is how you shape your beliefs about money; what it means to you, and what it represents. How do you feel about money – are you greedy about it or are you bitter? And how much does money influence your non-financial decisions? Money attitude is your way of thinking about money If you’re a little unsure about your money attitude, we have just the exercise for you. Find a secluded spot and[…]

Saving on Groceries: 8 Effective Strategies!

Of all the necessities in our life, it’s safe to say we put a lot of priority on food. Food is essential – it fuels our energy and it helps that they’re delicious (most of the time, at least). We physically cannot live without food which is understandable why majority of us spend a lot on it. But, should we really overspend on food alone? According to research, Malaysians who earn minimum wage spend nearly 40 per cent of their salary on groceries. So, if the minimum wage in Malaysia is RM1,100, that means these people are spending almost RM400[…]

Beginner’s Guide to REITs in Malaysia

Real Estate Investment Trust (REIT) is gaining more attention and traction in Malaysia recently but did you know that this form of security investment plan was established back in 2004? REITs were first introduced to the public in America in the 1960s, but you may consider this form of property investment fairly new to this part of the world. If you are interested in property investment to diversify your portfolio, then REITs are “on-trend” right now for a unique way to invest. Additionally, if you prefer to invest in stocks, then REITs are right up your alley since this type[…]

Why Financial Personality Matters More Than You Think

We, as social beings, are obsessed with personality tests. We enjoy reading in depth analysis of our character, seeking advice on how we should handle certain aspects of our life like relationships and career, and to see that we’re not alone in this wide world. Personality tests help most of us navigate through life smoothly as well as help aid us in our character growth.  This applies to financial personalities, as well. Financial personalities is as self explanatory in its title. It’s how your personality traits affect how you manage your finances, your beliefs about money, and your financial goals.[…]

AKPK Malaysia – Free yourself from the shackles of credit card debt

Credit cards are extremely useful financial tools that can be helpful during emergencies. However, there can be long-term consequences that will affect your life and financial stability if it’s mismanaged. Working out of the shackles of credit card is no easy task and it will take a good amount of time and dedication. It is an arduous process, but certainly not impossible to achieve. If you feel you have reached a point with your finances where you are unable to manage, then it wise to seek professional help. In this case, credit counselling is highly recommended.  Credit counselling is also[…]

Scamproofed: Protect Yourself from Scam

Scams and Malaysia. As the years go by, scams are become more sophisticated, subtle and smarter since the ones responsible often combine new technology with old tricks to get people to send money or give out personal information. It is unfortunate that a lot of Malaysians are falling for it, as discovered by Telenor Group in 2016.  To help prevent future scams, we’ve provided the guidelines on how to spot these red flags, what to do to prevent falling for their schemes and actions to be taken if you become a victim.  The Basics: What is a Scam? A scam[…]

Merdeka Deals!

Another August, another month full of patriotic energy and love for the country – and this time, it’s Malaysia’s 62nd Merdeka! To celebrate this wonderful month, we have compiled you 8 great deals you should go crazy for. Have fun and enjoy! 1.       IKEA Merdeka Madness Malaysians love IKEA. We love the affordable furniture, the Instagram-able showrooms and especially the delicious food. Which is why we’re extra excited about this particular deal. In celebration of Merdeka, IKEA is having a clearance sale starting from 15 August to 2 September. This is especially beneficial to IKEA Members since[…]

Raising a Child in Malaysia: The Cost Breakdown

Expecting a little bundle of joy to join the ranks of the family soon? Congratulations and welcome to the world of parenthood! Being a new parent is all about exploring and learning about new boundaries. Most lessons about being new parents start with the preparation process for the little one to arrive. If you and your partner are feeling a little overwhelmed by the amount of things needed to be purchased for the child, then perhaps this cost breakdown might be helpful to budget your potential childcare expenses. 1. Hospital Visits Your prenatal checkups are important as you will be[…]

10 Wallet-friendly Tips for an Enjoyable Vacation

Always wanted to travel but unable to do so because you can’t afford it? There are ways to have a cheap vacation and not compromise on having a great time exploring another country. All you need to do is some research and have the willingness to be a little more adventurous during your travel. #1: Travel During Off-Peak Season Plan your travel dates wisely; off-peak seasons are the best times for budget travels! Avoid travelling during school holidays and other major holidays; this gives you the leeway to save money on airfare, accommodation and other travel expenses that can be[…]

8 Habits for the Rich

Did you know that talent, money and looks aren’t always factors for success? It’s true! It’s easy to believe that only certain people will ever be successful in life but you’ve been misdirected. What makes someone rich and successful, ladies and gentlemen, are habits. Yes, you read that right. HABITS! Today we have 8 special tips and habits of the rich and successful for your guidance: 1.       They Read a Lot Reading is an enriching experience and rich and successful people know this. According to Tom Corley, the difference between rich people’s reading habits and poor people’s[…]

T20, M40, B40 – Which One Are You?

Do you know where you stand financially in Malaysia? Today, there are three different income groups categorized by the Department of Statistics’ (DOSM) Household Income and Basic Amenities (HIS/BA) survey of 2016 – T20, M40 and B40. As of now, DOSM is currently carrying out their 2019 survey nationwide. According to them, every year the level of income for every group increases which is also a sign of Malaysia’s economic growth. Before we delve into the categories, let’s introduce certain concepts and terms (just so you don’t get too confused). But what is T20, M40 and B40? T20 stands for[…]

Bitcoin Scams: All that glitters is not gold

Bitcoins. Cryptocurrencies.  It took the world by storm when it was first introduced in 2009, leaving many bewildered, fascinated, many folds richer – but also poorer than before. Other than losing money in an investment we do not fully understand; people also lost their hard-earned cash to bitcoin SCAMS. Scammers manipulate emotions and desires in a person, identify their weaknesses even in the most well-educated person and prey on them – making them the next unwilling but unsuspecting victim in their elaborated web of lies. It may not be easy to tell the authenticity at first glance, but there will[…]

10 Deals for the Patriotic – Happy National Day, Singapore!

It’s back and it’s big! Tomorrow, Singapore is celebrating their 54th National Day AND the 200th anniversary since Sir Stamford Raffles’ stepped into Singapore. That was a long time ago, wasn’t it? To further build up the patriotic air, we have compiled a list of national day deals in Singapore – from food to shopping to experiences – just for you! Enjoy! 1.Pizza Hut’s 20% Off For pizza lovers out there, Singaporeans are out for a treat with this offer from Pizza Hut. On August 9th, Pizza Hut is offering 20% off from total takeaway bill! This offer is only[…]

From lotteries to wind falls, why sudden riches don’t make you truly rich

Ever felt jealous of people winning the lottery or experiencing a sudden windfall that elevates their financial state to an unimaginably wealthy status? Well, the grass is never greener on the other side, and life always tends to pose problems to people in almost every state of financial status. The poor and the rich both have their own set of issues to deal with. People who experience sudden windfalls like winning the lottery jackpot or inheriting an enormous amount of money out of the blue are usually envied for their luck, but the newly rich have notoriously exhibited problems with[…]

Watch Out: Millennial’s 5 Most Common Money Mistakes!

As a generation focused on living in the moment, millennials are prone to making big mistakes with their finances. We spend too much time on online shopping, streaming websites, viral restaurants etc. But no worries, because these are the money missteps this generation is making and here’s how to combat them! 1. Not Setting Up an Emergency Fund Life is often unpredictable which is why emergency funds are important! When unexpected situations occur – medical issues or a job loss – it is crucial that we have a fallback account to rely on as an extra measure. But millennials are[…]

The JARS Money Management System

Have you ever been in a situation where just last week, you had all the money in the world but today, your wallet is as empty as the day you bought it. Did you scratch your head, head shaking in confusion, wondering where on Earth did your money go? Have you ever been so frustrated in yourself because when will you ever learn how to manage your money properly? FEAR NOT! We have a solution for you and this solution is called JARS Money Management System, a 6 jars method! The 6 jars method requires you to split your income[…]

Cashflow Management and Wealth Management is King

On July 23rd, Prime Minister Tun Dr Mahathir Mohamad launched the National Strategy for Financial Literacy 2019-2023 and ignited a thought-provoking discussion between Roshan Kanesan and Robert Foo on Wednesday’s Ringgit and Sense Podcast. Themes of the podcast include financial literacy, financial planning and EPF’s e-Member Investment Scheme but for contextual sake, let’s take a look into the financial situation occurring in Malaysia. Knowledge is Critical How do we expect to manage our money well and make the best financial decisions if we have no sources or information to base our decisions on? It is a dangerous path, one committed[…]

Feasible ways to increase your income even when you’re working full time

Are you sitting there at your full-time job, wondering how to increase your daily cash flow? Whether you are in need of a part-time job or want to be freelancing, you’ve come to the right place. In this day and age, with social media and marketplaces like Lazada, it’s easier to have a side income even while having a full-time job. No doubt property and other types of investments can make you money, but here are five solid ideas to increase your cash flow today. Side Hustle #1: Selling Stuff Join millions of people as they spark joy organizing their[…]

The best way to grow your wealth – Should you earn more or save more?

Make your money grow but choose the best way to do it. Most leading personal finance experts prefer to advocate the route of improving their earning power instead of saving money, so which do you think is the best way to grow your wealth? One can argue that it is better to have a combination of both good earning power and setting money aside for a nest egg. If you are looking to explore ways to how best to grow your wealth, then looking into the fundamentals is a good way to start.  The Old-Fashioned Approach The conventional way of[…]

How not to get caught by the nets of fishy e-commerce scams

E-commerce scams are now found everywhere online, and as we live in an age where the majority of us prefer online shopping rather than walking into a store, we should educate ourselves about the online scams that are so prevalent to avoid being scammed. An e-commerce scam is an online scam that occurs on a website requires you to input personal and payment-related information. Gone were the days where a physical credit or debit card was required to commit fraud, technology has advanced far enough that all a fraudster needs to commit the online scam are you inputting your details[…]

Why it’s Expensive to be Poor

“You have to be rich to be poor”, this is a saying that rings true as it is expensive to be poor. A poor person is part of the endless cycle of forking out money for essentials and bills while having no improvement to their lifestyle as it is just too expensive to save, invest or make any sort of financial improvement towards their quality of life. A poor person will find things that cost “normal” for middle income person to be too expensive for them as they are fighting with tooth and nail just to survive to pay for[…]

Frugality is a virtue, being a Cheapskate is not

Practising frugality is often mistaken as being a cheapskate; there are vast differences between the two. The mentality of being economical, reducing waste and getting the best value for what you are spending is being frugal. The mindset of being cheap is the overwhelming desire to not spend money for anything; people who are cheapskates have an obsessive desire to hold on to their cash. A miserly person’s character is very different from a frugal person, and you would find that you would prefer the company of the frugal person rather than a cheapskate. A frugal person has good budgeting[…]

Strapped for cash? Don’t throw it, sell it! The hidden gem: Second-hand goods market

Finding yourself low on cash and having a surplus of material things that you don’t need lying around? You don’t need to look far to solve your money troubles, all you need to do is sell your stuff! There is a huge market for second-hand goods, and if your things are in great condition you should be able to sell them for a good price which is an excellent way to earn some extra cash. If you are wondering what items can be sold as second-hand goods, the marketplace is a huge avenue that can help you sell a variety[…]

How to Stop Living from Paycheck to Paycheck

Are you managing life with jumping from one paycheck to the next and feeling tired of living with the uncertainty of not knowing if your bills can be paid in the next month? It’s a stressful way to live, and no one should accept that life needs to be so financially unbalanced. Scrambling to make ends meet every month, juggling the payment of different bills and living in constant fear of a financial emergency can take a toll on anyone. The good news is that it’s not impossible to get out of the rut of living from paycheck to paycheck,[…]

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