Personal Wealth Planning

26/10/2018

Done Stock trading seminar...another strategy added for my investment 😎😎

18/10/2018

6 STEPS TO FINANCIAL FREEDOM

Are your struggling every month waiting for your paycheck? Do your worked hard in your workplace but your wealth is still not growing as fast as you want? But how does the rich and wealthy person get even richer even though they did not work as much we did.

The truth is they are not working hard to grow their wealth, but it is their money that is working hard for them. What this means is that their money is continuously working bringing new money for them and you also can do the same by following this 6 step.

Step 1: Pay Yourself First

When we first receive our paycheck the first thing that we will do is that we will pay for our bills, monthly expenses and other commitments. But the first we should do is pay ourselves first at least 10% of our own income.

You can pay yourself first 10% of your income to your savings where you will need them in the future. If you keep doing this every month you saving will grow even faster. The purpose of this saving is to ensure that it will start working for you.

Step 2: Control Your Expenses

In the first step some of you might think; how do I pay myself 10% of my income even now my income is not enough for my monthly expenses? In this step is where you will need to control your expenses by only spending 90% of your income. You will need to discard a few things for the more important ones. To do this it is better to do a budgeting for your monthly expenses so you can see where your money goes to every month.

Step 3: Make Your Money Multiply

In this step, you will need to grow your money. To grow your money you will need to know the about the inflation rate. This is important because you don't want your money to lose its value while it is in the bank. The average inflation rate in Malaysia is around 3.5% - 3.8% per year and the inflation rate is different in the other business sector. But let's just use the average inflation rate as our benchmark.

So if you're saving is growing less than 3.5% per year, than your money is losing value even though you see the amount is increasing. To overcome this, your saving will need to grow higher than the inflation rate.

Step 4: Protect Your Money

This step is ensuring that while your money is growing, you need to ensure that you can get your money back when required. To ensure that your money is protected, you should only save or invest your money institution that is licensed by Bank Negara, FIMM (Federation of Investment Managers Malaysia) and your saving is protected by PIDM or your saving has a trustee to protect your saving.

Step 5: Buy Something That Will Bring You Money

When your savings had reached a certain amount, then it is time for you to spend it. It is important to use this money to buy something that will bring you money. This is the part to grow your wealth where it will help you to increase your income. Things that you can buy that can bring you money may be buying a property, stocks, or even a starting a part-time business. The point here is to buy something that can bring you cash every month.

Step 6: Prepare For Your Future Income

As we grow older, we might not be able to work to make a living. So to be prepared, we will need to save for the time that we will not be able to work. To be prepared, you will need to start saving for your retirement and this retirement fund will be your income when you retired.

The fist and second step will be very challenging at first. After you can apply the first 2 steps in 3 months, than you will be able to continue the other steps.

12/10/2018

One of the tips and tools for financial success that is taught in this book that have withstood the test of time and is still applicable today.

The 7 tips for financial success is:
1. Pay yourself at least 10% of your income. (Saving)
2. Control your expenses
3. Make your saving grow
4. Protect your money from loss
5. Use your saving to make a profitable investment
6. Prepare for your future income. (Start saving for your retirement)
7. Always increase the ability to earn

To know the economic tips and tools for financial success, you can get this book "The Richest Man in Babylon". You can get this book by clicking this link below

https://www.thriftbooks.com/w/the-richest-man-in-babylon-by-george-s-clason/246790/ =9562915646

17/09/2018

A simple and powerful behavior to regain control of your saving habits is by paying yourself first.

If you pay yourself first by contributing 10% of your monthly income to your saving, your saving will multiply with the help of compound interest.

10/09/2018

If you want to send your child to the best school, it is better you start saving today because you will need to save more when the time grows near.

As a parent we all want to see our children to have a successful future one day. In order to achieve this future a good education requ...

04/09/2018

STRATEGY ON HOW TO GROW OR START A BUSINESS

If you are planning to start a new business or grow your business, you will require one important thing that is capital. Without capital you might not be able to start your business or grow your existing business. You may be planning to open another branch for your business, increase you inventory, or purchase new machinery and expenditure. Here are some tips that you can use to grow your business.

1) Loan
I'm sure you all know about borrowing money from the bank to grow you business or even starting a business. This is one of mostly used method to grow or even starting a business. You can get loan from certain government institution for new machinery, start-up or even processing.

By using you can start or grow your business very quickly. But there is a risk, when you borrow money, you will always have to return it with interest. If your business is growing as plan then that's great, but what if it don't. You will have to pay a higher cost because there's an interest for the loan. By using this strategy you will need to face a higher risk.

If you are planning to loan, it is better that you prepare your business plan first. This will be your guide for running your business and you can use it to apply for a loan.

2) Saving
This is a lower risk strategy that you can use to start or grow your business. If you are saving money to start a new business, this is a good strategy depends on what business you would like to start. High amount capital will require you to save more. You are saving money by just putting it in your account it will take a longer time. So to ensure that your saving is growing faster, you will need to save your money in a saving plan that offers a 10% -15% return per year. For example if you are saving RM300 per month, after 5 years you will have around RM27,000. You will have an additional RM9000 for your saving. The amount of the saving will depend on you, the more you save the higher the return that you will gain.

If you already have an existing business and planning to grow, you can also use this method as well. If you set aside 10% of your business profit for this saving, you can also use this saving to expand your business. The other advantage of this saving is that you can withdraw it at anytime without any charges when you encounter certain financial challenges when running your business.

28/08/2018

ADVANTAGE OF SAVING EARLY FOR RETIREMENT

By starting with RM1000 and monthly deposit RM200 every month.

If you start saving at the age of 25, with a 15% potential return you will have around RM1.4 million.

The earlier you start, the higher the amount for your retirement.

For more information, contact:
Kelvin : 011-19559789

www.wasap.my/01119559789

22/08/2018

3 REASON TO START SAVING FOR RETIREMENT WHILE YOU'RE YOUNG

There are thousands of reason why we don't start saving for retirement. But I know you would rather spend the money for a vacation, go shopping, and buy a car that you always dream about or luxury dinner. I also feel the same way because I also wanted to enjoy all those things to. But when I think about it, our retirements are more important because we might lose most of our main income and if not planned properly, we will be working for the rest of our life.

We can still save for our retirement and still buy all the things that we want. The reasons we need to save for our retirement are:

1. The Cost Of Living Will Continue To Increase
I think you all may notice that most of the price of goods continues to increase. This is because of inflation where the value of our money is decreasing which cause us even more money to purchase the same goods. The average rate in Malaysia is 3.5% per year.

For example John is 29 years old, for him to live comfortably now he would need around RM3,500. But when he starts to retire at the age of 55, he would need to around RM8,600 to maintain same standard of living. This does not include for medical care where he might need during his retirement.

2. We Shouldn't Rely On The Government Help
Most of us that are working for the government would rely on their pension from the government. This may seem good but will it be enough? Your pension fund may be enough for your basic needs during your retirement but it will not be enough for your medical care.

The reason you shouldn't rely on the government is because your pension fund can be cut. This will happen when there are certain issues such as economy crisis, risky pension structure or political issues.

3. Take Advantage Of Dollar Cost Averaging
When you're starting to retire, you should at least have RM228,000 from your pension fund. This fund will help with your basic needs during your retirement year.

The reason you need to start early is because it is cheaper to save for your retirement by taking advantage of dollar cost Averaging or in other words regular saving. Dollar Cost Averaging is an investment technique of buying a fixed dollar of particular investment on regular schedule, regardless of share price. Over the long-term period investor will purchase more share when price are low and fewer share when price are high. By using this strategy, you are able to cut down risk and grow your investment.

If your start early for example at the age of 26, you will only need to invest RM200 every month. By the time that you are 55 years old, you will have around RM1.2 million.

But if start saving at the age of 40, you will need to invest a larger amount to reach basic saving requirement that is RM228,000. To achieve this basic amount, you will need to start saving RM400 per month. By the time you reach 55, you have around RM270, 000 for your retirement.

21/08/2018

Simple tips on How to avoid making these financial regrets

Here are the 5 biggest financial regrets - and what to do about them.

12/08/2018

Not all debt is bad. It is a matter how you use your debt to make it into a good debt.

Here's how a personal loan is a smart financial move to get access to cash, save money and raise your credit score.

08/08/2018

If you had a financial ermergency such as:
1. You lost your job
2. Your car breaks down
3. Medical emergency
4. Home need fixing

When you withdraw your saving for these emergencies, by the end of the year your dividend or interest from your saving will decrease.

Wouldn't it be better if you saving can grow continuesly without waiting for the end of the year to receive your or interest.

So when there's an emergency, you can use your saving return to overcome your financial emergencies without using your saving capital.

For more information you can PM me or contact 01119559789

www.wasap.my/01119559789

16/07/2018

Your Money will continue to lose value everyday. That why most of our expenses continues to increase.

If your is not growing higher than the rate, you are losing money.