The Best Personal Finance Summaries – 2 December 2019
Happy December! We hope that as the year wraps up, you take some time to reflect on just how much you've grown as a person.
We also hope that you will be able to win some free stuff for the end of the year giveaway!
Last week we hinted at holding a giveaway. Instead of holding one small one, we decided to join Ringgit oh Ringgit with her giveaway. Make sure you check it out as there are some great prizes to be won (including RM300 cash from us!)
[VIDEO] Book Summary: The Automatic Millionaire
Did you know that it's possible to create a system that will automatically make you a millionaire over time? We have summarised the most important parts of this great book so that you don't have to read it all.
What is Inflation
We have created a mini series called fundamentals 101 (where you can learn all the basics to money). By going through this blog posts (videos will come in the future), you will definitely be better off than 50% of the population.
This week's episode is around inflation, how it destroys your money, and how what to do about it.
Reply to this email to let us know what you think or what you would like us to summarise in the future!
Money in Daily Life
Whether you are changing jobs or entering the job market (congratulations, fresh graduates!), aside from the offered salary, what other company benefits should be considered when selecting your next salaried job?
Check out the summary table below to know some of the most common employee benefits!
|Insurance/ Medical Coverage||Some of the examples are medical insurance for outpatient or inpatient consultation, maternity package, vision, dental or even personal accident (PA) insurance coverage!|
|Holidays and Leave (Time Off)||Not all private companies in Malaysia observe every holiday – thus, it is useful to find out more about this. Besides, it is good to find out what are the company’s options for leave.|
|Overtime||Make sure that overtime pay is mentioned in your offer letter or employment contract.|
|Bonus||There are two types of bonus; one is bonus rewards for achieving certain standards, and another one is the annual bonus which depends on your work performance or company’s annual performance.|
|Performance Recognition Awards & Rewards||Check with your employer to understand what actions are rewarded and what forms do these rewards take. The rewards can be in the form of money or vested company’s shares.|
|Employee Stock Purchase||As an employee, you might also be entitled to buy your company's stock at a discounted rate.|
|Allowance||Allowance is an additional payout on top of your salary. They can cover your internet, travel, parking or other expenses.|
|Professional Training/ Certification||While training can be costly; some companies offer certain coverage to pay for your certification.|
|Tuition Assistance||Similar to above. However, do note that this might come with specific terms and conditions.|
|Work Remotely/ Work From Home||Some companies offer the flexibility of working from home.|
You. Need. A. Temporary. Car.
I get into one of these situations sometimes, and it’s mafan. Usually, I bite the bullet and resign to paying high Grab fares, but this time around, I decided to give the car-sharing platform SOCAR a try.
So, here are 7 tips on how you can get the most out of your SOCAR car rental!
#1 – Pick the cheaper car model
There are a total of 21 car models available at SOCAR – some are cheap; while some are luxurious. You can always choose the more economical model to save your budget. Also, weekday rates are less expensive than weekends!
#2 – Use SOCAR coupons!
Renting at SOCAR is cheaper than using an e-hailing service. Not to mention, SOCAR also has many coupons in its SOCAR app or from their social media postings!
#3 – Use referral code to get 4 hours free on first booking!
First-time SOCAR users can get 4 hours free by registering with the referral code ‘QWGLNG’ (provided by Ringgit Oh Ringgit). While BMW and Mini Cooper models are excluded from this promotion, 4 hours free is still 4 hours free!
#4 – Link it to your Grab ewallet
SOCAR support Grab ewallet integration. Therefore, you can earn your Grab points and enjoy cashback/ collect points while reloading your Grab ewallet!
#5 – Earn SOCAR points
You can earn SOCAR points by filling up the car you’re renting. If you can fill up the car to a full tank, do it – you get a 10% bonus. Filling up RM30 in petrol will give you 33 SOCAR points, which is pretty much equal to RM33 and immediately redeemable for the next usage.
#6 – Use SETEL app to get cashback on petrol
While you are filling up your SOCAR cars in Petronas, don’t forget to pair it with the SETEL app! SETEL app rewards you with cashback and points – which is equivalent to more savings!
#7 – Reload your Touch n Go card with credit card
While renting a SOCAR car, you might need a Touch n Go card to access to different highways with tolls. Thus, make sure to use your credit card to reload your Touch n go so that you will be able to enjoy cashback!
Want To Have Your Money Accelerate Your Goals?
Grow Your Wealth
Nothing this week.
A way for females to get free insurance
We were talking to our super humble financial advisor friend one day and she started talking about some insurance product for females that provides coverage for all these female related illnesses. But more importantly, the contract also states that all the premiums will be returned at the end of the contract.
Seriously something for all females to consider!