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We earn more, save more and invest more to ensure our future finances are well secured. But the reality is, relying on only one source of income isn’t enough. Realising the fact that getting by on a single income is tough, many people are seeking alternative ways to earn more in order to supplement their income. But is that all we can do to earn money? Working a full-time job is not the only way you can earn a living. There are multiple ways to make money that you should consider. Here are 7 streams of income which are said[…]

People choose to live in frugality as a way to keep more of their hard-earned cash in their pocket. Well, there’s no wrong in saving to secure your future finances. But don’t be extremely frugal to the extent you’re being labelled as cheap by your friends. Being overly frugal can do more harm to your wallet than it actually helps. Here are a few ways of being too frugal can end up costing you more in the long run.  Getting the cheapest insurance Buying an insurance policy can be seen as a waste of money to some people since they[…]

When you purchase something on the spur of the moment, that’s impulse buying. The moment you decide to buy a jumpsuit after passing a store that shows great discounts, know that you are making an impulse purchase. It is not easy to avoid impulse buying. Impulse buying doesn’t have to be about expensive shiny items. It can be as small as grabbing a chocolate bar that wasn’t on your grocery list. You’re making impulse purchases whenever you suddenly decide to buy things without a plan to do so. Impulse urge is almost subconscious and can be very dangerous. Have you[…]

Credit scores play a significant role in measuring our financial health. A healthy score can increase your chances of getting a loan and qualifies you for the best interest rate. Meanwhile, bad credit may make it hard for you to reach your financial milestones in life like getting your auto loan or mortgage approved. As you’re excited about having your credit score increase, you should be equally alarmed about the reasons for the drop too. Your credit score changes over time depending on how well you treat it. But before we go deeper on what affects your credit score, let’s[…]

It is possible to not have a credit history especially if you’re still young. However, it is not a good situation to be in. Having no credit history at all may be hard for you to get your loan approved in the future. Banks have little to no reason to trust you with their money since you just starting off the working world. When it’s time to buy a car or own a house, having a healthy credit history is crucial. A credit score shows how good you are in managing money and highly reliable in almost all financial transactions.[…]

Upon taking out a home loan, most banks will typically advise you to take out mortgage insurance to secure your house. Mortgage insurance helps to protect your family from losing the house to the creditors should something undesirable happen to you before the loan is fully paid off. Purchasing a home loan insurance enables your family to continue staying in the house while the balance loan amount is settled by the insurance provider. The two types of mortgage insurance available in Malaysia are Mortgage Reducing Term Assurance (MRTA) and Mortgage Level Term Assurance (MLTA). But for the first time home[…]

For many of us, employment is our main source of income. However, there are also significant costs that come with it. Being employed comes with a cost and expense that you’d not necessarily have if you’re a freelancer or if you’re working remotely. Let’s take a look at what an employee typically spends to be employed. As the saying goes, “it takes money, to make money”. Daily meals Food is the basic necessity of life. So, of course, it would cost you. The cost of buying breakfast, lunch and dinner every day can easily add up and cost you a[…]

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[…]

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[…]

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