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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[…]

We start budgeting to ensure that we always have enough money in advance for the things we need or would like to do. However, once in a while, have you ever find yourself running out of money even though you’ve created a budget plan? Many people do not realise that they’re making crucial mistakes in their spending plan which eventually ended up costing them more. These mistakes often seem small and perhaps not even seem like one which leads you to overlook. Are you on a budget? Let’s identify if you possess any one of these common budgeting mistakes. Being unrealistic People[…]

Covid-19 is a worldwide concern, and on a national scale it is no exception. Since Malaysia has implemented the Movement Control Order, #StayAtHome has become a trending hashtag among social media users. This order has left some of us with unpaid or half-paid leave and that is something to be worried about especially for those who have been living from paycheck to paycheck. How can you afford to pay bills or stock up your kitchen with 2-weeks worth of food supply in this dire time? Be it a movement control order or any other unexpected circumstances, you won’t have to[…]

Another sign of adulthood that no one’s ready for is no doubt paying taxes. In Malaysia, filing for income tax is compulsory by law. The amount of tax that you need to pay varies depending on your annual chargeable income. But how do you know whether you are eligible enough to file for income tax? Am I taxable? Let’s take a look at your employment income. If you are earning more than RM34,000 per year which equivalent to RM 2833.33 monthly after EPF deduction, then you can consider yourself taxable. That’s the figure given by Inland Revenue Board (IRB) of[…]

No thanks to the Covid-19 pandemic outbreak, Malaysia has been put under partial lock down under the Movement Control Order. Under this order, many of us will be working from home and avoid going outside unnecessarily. You are fortunate if your company is still paying you during this difficult period. However, many people are financially affected either from layoffs or forced to go on unpaid or partially unpaid leave. On top of that, the world’s long stock market bull run sees its first collapse after 12 years, causing many to see red in their portfolios. The prime sector affected is[…]

The Covid-19 outbreak has resulted in many Malaysian workers to start working from home and minimise public gatherings. In other words, you will be spending most of your time staying at home to avoid contributing to the spread of disease. But hey, the more time you spend at home, the bigger the energy consumption. During this period of time, your electrical bills might be slightly higher compared to your normal weekdays. You must be thinking on the ways to save electricity during your prolonged period at home. But before that, let’s get to know the average usage cost of your[…]

Debt can be damaging if it gets out of control. Hence why you should be able to manage your debt wisely. Note that poor debt management will lead you to great financial strain in the future. However, debt can be good or bad depending on how you use it. But before that, how do we distinguish between the two? Good Debt When you take out a loan to purchase something that will increase in value overtimes, it’s different from borrowing for quick gratification. So you’re in debt for an investment? Yes! Debt can be an investment if you use it[…]

Find yourself emptying the coins from your pockets or rummaging through the coin box in your car for spare cash every other month? You may be living beyond your means when you constantly find yourself stressed out over money. It’s barely halfway through the month but you’re already stocking your kitchen with instant noodles. Sometimes overspending may also be a sign of underlying emotional stress which causes people to comfort themselves through ‘retail therapy’. Our lifestyle choices dictate our spending habits. The way you choose to spend that extra dollar bill in your wallet is a choice. It would not[…]

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