You just celebrated the New Year and you did everything from setting off the firecrackers to making lanterns and giving out hong bao hoping that your life will be better this 2018. Having a better year is not impossible but you have to know that luck has little to do with improving your life. You need to gain some insights from the financial advice in malaysia. This is more practical.
The good thing is that there are many experts and successful people that will give insights for free. You do not need to pay for a financial advisor to set your life and finances straight. But the challenge here is acting upon whatever advice you will learn. Remember that your fortune will depend on how you work and how you live your life. Without further ado, here is some advice
rom financial experts for Malaysians:
For personal finance
According to Lee Ching Wei, the Chief Executive Officer of iMoney, when it comes to personal finance, he is saying to diversify and avoid any short-term investments. iMoney is a leading website in hosting learning center for personal finance.
Another personal finance website pioneer, KC Lau, said to focus on three items when it comes to personal finance. That is to make more money, maintain a consistent savings rate and make long-term investments. Making more money is not easy but it is not a secret that putting your best effort will yield better results. In terms of savings, KC Lau recommends a savings rate of 30% of your earnings. Long-term investment is important in the future. He is saying whatever you invest in whether it is properties or stocks, you should always think 5, 10 or 20 years later.
According to Divvy, who has a stock 6-digit stock portfolio, this year will bring few opportunities because it is the election year. Before investing, do your due diligence by researching and watch out for good companies. Think about compound interest as it can make a difference at the end of the day.
Anna Haotanto, the Chief Executive Officer of The New Savvy, said that before doing anything, you should know your objectives. Knowing the objective will give you focus and guidance. The next thing she said is to know the difference between income and investing. The final note is not to invest in anything that you do not have any idea about.
For newly graduates
Farid Bahrudin shares financial insights on Twitter with more than 100,000 followers. He said that for young graduates, choosing a job is not good. You need to gain experience. Once you have the salary, save it so you will have more opportunities to invest. You should aim for three to six months of emergency fund.
The advice given is useful if you only give it a chance to work out. Success doesn’t come to people who wait. It will come to those who come for it. An integral part of having a stable financial situation is saving. Remember to save at least 30% of your monthly earnings. Do not forget the “rainy day” fund which can help you in emergency cases.