We’re starting to change up the way we present the information so it becomes much easier to read. That said, let us know what you think – do you feel like you’re still learning from this?
Question of the week
Have you ever been scammed by someone into buying a financial product?
Let us know in the From More Money Malaysia
The huge differences in contracts that most people do not pick up on This is also a good reminder to always get a trusted professional to help you navigate the financial world, especially if you have no interest in spending dozen of hours researching it yourself. And if you don’t know anyone you can trust, leave a message and we will direct one of our vetted partners to help out. The Advantages of Stealth Wealth and How to Practice It Benefits: Principles you can live by: 11 Tips to Cultivate Good Spending Habits Good Spending Habits: Here’s Why a Rainy Day Fund Should Be in Your Forecast How Much Money to Keep in a Rainy Day Fund: How to Save for a Rainy Day Fund: The Cons: The Bottom Line: It could be a good fit for someone in a temporary cash crunch and who isn’t worried about the longer-term impacts to their transportation budget. A family bought their home in 2013 and sold it in 2019. Not only was the family housing free for eight years but they were also paid $941,000 to live in San Francisco. Some Takeaways On Getting Paid To Live:
Someone in the past reached out and asked about the Prulady insurance product (that we’re super excited about) and was asking about this other benefit that we didn’t know about.
Worried that we weren’t living up to our promise (of always having your best interest at heart), we immediately called our financial advisor planner and asked her about it.
It turned out that there was another product similar to Prulady and when our advisor said it’s inferior, we didn’t just take her word for it.
Instead, we got her to give us a copy of all the similar products to it got her help to break down all the differences.
The results were shocking. There is a huge difference between one product and the other. In this specific case, the premium was 75% more!
Which is why we decided to create a comparison of all the female insurance products.
Money in Daily Life
What is Stealth Wealth ? If in your daily life, you don’t really do anything at all to give off any signs of financial security.
Bad Spending Habits:
Rainy Day Fund vs. Emergency Savings Fund:
Experts suggest $1,000 as a starting point. It should equal the highest amount you can expect to pay for a rainy day need.
Replace some discretionary spending.
Want To Have Your Money Accelerate Your Goals?
The huge differences in contracts that most people do not pick up on
This is also a good reminder to always get a trusted professional to help you navigate the financial world, especially if you have no interest in spending dozen of hours researching it yourself. And if you don’t know anyone you can trust, leave a message and we will direct one of our vetted partners to help out.
The Advantages of Stealth Wealth and How to Practice It
Principles you can live by:
11 Tips to Cultivate Good Spending Habits
Good Spending Habits:
Here’s Why a Rainy Day Fund Should Be in Your Forecast
How Much Money to Keep in a Rainy Day Fund:
How to Save for a Rainy Day Fund:
The Bottom Line: It could be a good fit for someone in a temporary cash crunch and who isn’t worried about the longer-term impacts to their transportation budget.
A family bought their home in 2013 and sold it in 2019. Not only was the family housing free for eight years but they were also paid $941,000 to live in San Francisco.
Some Takeaways On Getting Paid To Live:
Grow Your Wealth
An Idiot’s Guide to Money: Stop Being Broke, Start Building Wealth
There are 10 chapters for this book:
- I Just want to be normal! – Breakdown of average UK spending using real statistics.
- Action – Reaction – 7 Step action plan
- Shop ’till you drop – How to change your buying habits.
- The true cost of a night out –What it costs to go out on a Friday night as single guy in UK.
- Happy and healthy – the financial impliations of maintaining a healthy lifestyle
I* nvest – Invest not only money but in educating yourself.
- So you want your own home? – The shared ownership and help to buy schemes in purchasing your home.
- Everyday I’m hustlin’ – Quick chapter on side hustles.
- The simple things –Simple habits that should be turned into routine that can help increase your wealth.
- A whole new world – a glimpse into the future.
‘Good Debt’ vs. ‘Bad Debt’
What Is Good Debt?
- A mortgage for property increases in value while you own it or even generates rental income.
- Student loans for higher education should help you qualify for better jobs.
- Investing in an existing business, either as partner or in the form of stocks, would pay you dividends.
The Parameters for Healthy Debt
- The debt must be limited and won’t continue increasing.
- The debt interest rate must be stable.
- The debt should be incurred for something that’s likely to appreciate, like a house or business.
What Is Bad Debt?
- Credit card debt — for any purchase with no lasting value.
- An auto loan for a vehicle that starts to depreciate and lose value after the purchase.
- Payday loans has steep interest charges and short-term payback windows force many borrowers to roll over their loan and becomes a vicious cycle.
Using Your True Hourly Discretionary Income to Make Smarter Purchases
Calculate your own true hourly discretionary income.
- Count the hours you work during a given year.
- Add in how many hours you commute each year. Double it, then multiply that by the number of
days you work each year.
- Add in things like time spent working at home, traveling, doing things like entertaining clients and so on
- Next, how much do you make in a year?
- Subtract from that every single required expense. These are costs for taxes, commuting, work clothing, personal clothing, food and water, rent, utilities etc.
- Think about all of your expenses.
- Total up all of those expenses over the course of a year and subtract that total from your salary. That’s your annual discretionary income.
- Then, divide that annual discretionary income by the number of hours devoted to work-related tasks in a year. That’s your true hourly discretionary wage.
All the Financial Tools I Use for My Own Money Management (Malaysia-Specific)
- For public transportation: Touch N Go
- For bubble tea: Tealive BInfinite
- For food and entertainment: Boost, Fave and GrabPay
- For e-hailing: GrabPay
International money transfers/payments
- To receive money: Paypal and Payoneer.
- Unit trust
- Gold: HelloGold, Maybank Gold Investment Account and gold jewellery
- Crypto: Bitcoin, Ether, and a few more.
- P2P Financing: Funding Societies.
- Unit trust
- Medical card: AIA Public Takaful.
- Personal accident: EZCover Takaful
- Expense-tracking: Money Lover.
We too are huge fans of ewallets; particularly using BigPay as we’ve already saved 600 using this amazing ewallet and prepaid card.
BigPay – The Best Travel Credit Card for Malaysians?
If you ever travel out of Malaysia and use your credit card, then this is BIG (pun intended). AirAsia has released BigPay, a prepaid mastercard that you can easily top up through the BigPay app and be able to use instantly.
But more importantly, BigPay charges you at the real exchange rate (which means they charge no fees). This is something you won’t get if you were to go to your bank or some exchange counter.
In fact, I’ve already saved over RM 10,000 using this card (you can read about it in our BigPay Review)
Anyway, if you don’t have one yet, you can sign up for free and get RM10 free when you use referral code B7D3YNZPGO.
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!
Building a financial roadmap
For those who are lost when it comes to tracking your net worth and using it as a way to create the ideal life, this is something you should check out.
We have worked with a financial advisor to lead you through building your own financial roadmap by yourself online.
And if you want them to do it for you (at a huge discount), you can make the request as well.
Talking to an Independent Financial Adviser
A big issue when you work with someone who calls themself a financial advisor is you do not know if they really have your best interest at heart. That’s one of the main reasons why I never work with any (the other one is that most of them get trained to say what the company wants and thus, do not know of all the other cool opportunities out there).
However, I’ve been talking to an independent financial adviser the last few months and I do believe that not only is she knowledgeable, but also super open to sharing her knowledge.
If you’re interested in talking to her, join our facebook group and ask your questions. She will definitely find time to pop by and answer them.
Ready to get the highest quality information so that you can make the right choices? Check us out on moremoney.my