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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[…]

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[…]

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[…]

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,[…]

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,[…]

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[…]

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,[…]

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[…]

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[…]

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