Intro

It’s been awhile since the weekly newsletter was updated. Mostly because I had gone into the holiday mode and retreated to spending some quality time with my family and friends.

But now I’m back, fresh with new goals and ideas to help make your life easier. But before all that, I think it’s better for me to know what it is that you think would make your life easier. What do you want the team here at MMM to help you with?

Questions for the Financial Advisor

What’s your big money goal for 2019?
Let us know in the facebook group!

From Our Own Site

January 10 2019 1

Money in Daily Life

5 Commonly Used Financial Oxymorons among Malaysians

In the world of personal finance, there are many financial oxymorons which are commonly used on a daily basis. They are, in most cases, used unconsciously as their true definitions are not fully comprehended or appreciated.

The oxymorons are:

  • #1: Save Money
  • #2: Mutual Fund
  • #3: Good Debt
  • #4: Job Security
  • #5: High-Risk Investors

Which of these oxymorons did you not know you were making?

Trying Too Hard to Save Money Can Backfire – So Keep It Simple

When you really think about it, there are so many ways people try too hard to save money when the simple way is best.

The simple ways to save money as per this blog post are:

  • Use a Basic Written Budget
  • Make Your Savings Automatic
  • Boost Your Retirement Savings
  • Stop Buying So Much

My favourite way to save money is to go to a mamak and just chat with friends for hours. It’s chill and requires minimal money.

Money Dials: Why you spend the way you do

Every one of us has an area that we naturally love to spend money on. I call these areas Money Dials, and I’ve identified 10 Money Dials that we LOVE to pour our money in. If you look at your own spending, what gets you excited?

The 10 money dials identified by this blog are:

  • Convenience
  • Travel
  • Health / fitness
  • Experiences
  • Freedom
  • Relationships
  • Generosity
  • Luxury
  • Social status
  • Self-improvement

How do you spend your money? For me, it’s around convenience, travel, freedom. I would have thought it would also be self improvement (I did end up buying 40+ books at big bad wolf, majority in the non-fiction area), but put together, the amount of money I’ve spent in that category is nowhere near the 3 that I mentioned.

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Grow Your Wealth

The 10 Most Valuable Financial Lessons I Learned in 2018

  • Lesson #1: If the stock market is scaring you in terms of your future, you’re either not invested appropriately or don’t know what you’re invested in.
  • Lesson #2: Give yourself plenty of breathing room in terms of both time and money when doing a major home improvement project.
  • Lesson #3: Stress is one of the biggest enemies of good spending behavior, and thus managing stress is a powerful financial tactic.
  • Lesson #4: Hobbies actually become less enjoyable when you hit a certain threshold of “stuff” associated with that hobby.
  • Lesson #5: Getting rid of and selling off old things that you no longer use is a huge mental relief on its own, even beyond the value you get back from the sales.
  • Lesson #6: The car-buying process is much easier if you do the homework first, know exactly what you want and how much you’ll pay for it, and communicate that up front to dealers.
  • Lesson #7: A social circle that centers around low key social gatherings without the need to spend much money is worth its weight in gold.
  • Lesson #8: When you’re thinking through a financial decision, nothing beats some time with pen and paper.
  • Lesson #9: It is far easier to make good spending decisions during the ‘afterglow’ of exercise.
  • Lesson #10: When you read about a new strategy or watch a video about it, take action immediately or you won’t do anything about it.

Lessons 3, 7 and 10 are the ones that really resonate with me. Which ones resonate with you? Share it with us in the facebook group!

January 10 2019 2

Cool Opportunities

I have decided to show these opportunities to you because I believe that they are some of the best ones out there and in many cases, are ones that I am personally involved with or am looking to get involved with.

Accelerate your money goals by joining accountability groups
Did you know that studies have shown that more than 70 percent of people who have accountability buddies / groups reported completely accomplishing their goals or being more than halfway there compared to 35 percent of those who kept goals to themselves and didn’t even write them down.

That said, we are looking to create accountability groups for you to find people who are in a similar walk of life or have similar money goals so that you can increase the chances that you are successful with your goals. If you’re interested, click here to tell us what you’re interested in!

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 plan on only using this when I go to Toronto in December.

Anyway, if you don’t have one yet, you can sign up for free and get RM10 free when you use referral code B7D3YNZPGO.

Talking to an Independent Financial Adviser
A big issue when you work with someone who calls themselves 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.