FinDoc

25/03/2024

Have you been approached to invest in a cash trust?

How did you find it?

The Securities Commission (SC) said it has begun to investigate unlisted companies and entities offering cash trust products and flagged concerns of potential violations of capital market laws.

12/12/2023

In a recent findings from the HSBC Quality of Life Report, it sheds light on the retirement dreams and concerns of mass affluent Malaysians.

Here are some key takeaways:

1) Retirement Savings Target:

The survey reveals that mass affluent Malaysians aim for an average retirement savings of RM3.9 million, emphasizing the importance of financial preparedness for a comfortable retirement.

2) Dreams & Concerns:

About 57% express concerns about retirement, with the top worries being a decline in physical health, rising healthcare costs, and the impact of inflation on retirement savings. Interestingly, the prefered retirement age in Malaysia is 57 years, about three years earlier than the mandatory retirement age, which is at age 60.

3) Financial Fitness and Mental Wellness:

The report establishes a correlation between financial fitness and mental wellness, emphasizing the holistic nature of well-being. Financially fit individuals are more likely to score higher on the mental wellness scale.

Everyone's situation is unique, therefore it is important to find out your personal retirement number. Here are the 3 general actions that you can take to work towards your retirement number:

a) Start Early and Set Realistic Goals:

Begin your retirement savings as early as possible and set realistic goals that is aligned with your preferred lifestyle and life values. By starting early, you can also enjoy the power of compounding over the longer term.

b) Regularly Review and Adjust Financial Plans:

As you progress in life, you will go through different life stages or life transitions. As retirement goals may evolve, periodic assessments allow for adjustments to savings strategies, investment allocations, and overall financial plans. Being proactive will help to ensure your financial roadmap to be align with changing situation and help you to stay on track to meet your retirement goals.

c) Health is Wealth Too

Overly focus on growing financial aspects could allow you to overlook your health aspects too. Do ensure that you include healthy lifestyle as part of your plan and constantly review your insurance coverages and do regular health check-up.

In navigating these insights, it's important for individuals to engage in comprehensive financial planning that aligns with their goals, addressing concerns and aspirations for a secure and fulfilling retirement.

https://theedgemalaysia.com/node/689008

09/10/2022

Since our latest Budget 2023 mentioned about B40 & M40, let's revisit what does it mean.

How much is the typical household income of a family? Do you belong to the B40, M40 or T20 income group in Malaysia? Read to find out.

30/08/2022

BNM said the list serves as a guide to enhance awareness on entities or schemes which may have been wrongly perceived or represented as being licensed or regulated by the central bank.

01/06/2022

Practicing some great Money Mindsets could propel you to greater heights in your life. Let's learn some of it through this article.

How do you know what your money mindset is? It’s how you feel about and view money. It helps to form your decisions on how you manage money...

30/03/2022

You can now check your PTPTN details via their new app.

Users can view their loan statement, replay their loan, and more.

17/03/2022

𝑪𝒓𝒆𝒅𝒊𝒕 𝑪𝒂𝒓𝒅 𝒗𝒔 𝑫𝒆𝒃𝒊𝒕 𝑪𝒂𝒓𝒅

The person in this video is Frank Abagnale, where he is an American Author and a convicted felon. If you have watched the movie "Catch Me If You Can", played by Leonardo DiCarpio, yeap, Leonardo played the story of Frank.

In this video, Frank was selling the idea of Credit Card, where it should take priority over Debit Card, explaining what he think it is right.
____________________________________________________________

While we agree to some of the points he had mention, we do not agree fully that Credit Card should replace Debit Card. Our views are below:

Question: All of these Cash, Saving Account, Debit Card, Credit Card, e-Wallet, Fixed Deposits, Investments, what do they all have in common?

Answer: They are a Financial Tool.
__________________________________________________________
-> Cash won't come to you, if you don't know how to earn it.
-> Saving Account won't be convenient, if you don't use it.
-> Debit Card won't help you, if you don't know how to save.
-> Credit Card ain't a Saint, if you don't have money to repay it.
-> e-Wallet has no benefit, if you don't have cash.
-> Fixed Deposits won't help you to fight inflation, if you don't believe in saving in it.
-> Investments won't help you to grow your wealth, if you don't know how to invest.

Many people often thought that these tools will help them to solve their financial problems, but majority of those problems remains until today. Why?

Because those financial problems are caused by mindset and habits, which they cannot be resolved by tools,. They are resolved by internal conviction through continuous learning with an open mind.

Full video: https://www.youtube.com/watch?v=vsMydMDi3rI&t=2849sFrank W. Abagnale is one of the world's most respected authorities on the subjects of forgery,...

30/08/2021

We hope this independence day brings you healthy, happiness and hope.

📣🇲🇾🎉 Merdeka, Merdeka, Merdeka.

19/06/2021

“Behind every great children is a truly amazing father.”
Happy Father's Day !

12/05/2021

To all muslim friends , May this Hari Raya celebration be the brightest and best you ever had... Wishing you a sparkling Hari Raya ! Stay Safe and Healthy.