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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[…]

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[…]

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,[…]

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[…]

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[…]

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[…]

“Never talk about money at the dinner table,” they used to say. For a long time, it was considered extremely impolite to discuss the topic of 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[…]

How to help teenagers manage their money? When we talk about parental responsibilities, rarely does financial literacy come 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[…]

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[…]

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