ABCs of Personal Finance – Page 26

ABCs of Personal Finance

Personal Finance 101: 5 things that could happen when we have extra money

It’s the beginning of the month. Salary has just been credited and we have just withdrawn a lumpsum amount of money and all the notes are now in the wallet. Okay, perhaps these days the younger ones do not need to siwthdraw money. They just need to load their e-wallets. Whatever way you chose, it’s the beginning of the month and you have money… What will happen next is… we will think we are rich and we will start spending…

ABCs of Personal Finance

Inflation – it’s really inflating at the moment. What about yours?

Inflation – it’s really inflating at the moment. What about yours? No one can escape inflation I was speaking the other day under the invite

ABCs of Personal Finance

Interest rate will go up further in Jan 2023

Maybank IB says that it’s possible for Bank Negara Malaysia (BNM) to increase the rate by another 25 basis points. It’s 0.25%. If we are thinking of buying a home or even paying for a mortgage currently, what’s the impact of this potential 0.25% rate increase? For a RM500,000 home and a 10% deposit, a change in 0.25% rate would mean a change of monthly repayment by roughly RM61.

ABCs of Personal Finance

EPF Malaysia says RM600,000 needed to retire comfortably

Many years ago, a good friend said that she would need RM2 million to retire not-so-comfortably. That’s many years ago, probably she would have changed the retirement fund aspiration higher. Well, the Employees Provident Fund (EPF) says that Malaysians should have at least RM600,000 in order to retire comfortably in major cities. I read through their chief strategy officer Nurhisham Hussein’s comments and I believe this amount already includes the amount needed for shelter; a roof over our head even if we do not own a property.

ABCs of Personal Finance

Fixed Deposit rate will be higher now. Happy?

Okay, when our Bank Negara Malaysia (BNM) increased the Overnight Policy Rate (OPR), then the banks would adjust their lending rates as well. At the same time, depositors will also get higher returns too. BNM just increased our OPR by another 25 basis points which is 0.25%. Our new OPR would be 2.75%. The ceiling and floor rates of the corridor of the OPR are correspondingly increased to 3.00 percent and 2.50 percent, respectively.

ABCs of Personal Finance

Get ready to LOSE a lot of our money because of inflation

Recently, it has been revealed that many developed countries are suffering from double digit inflation and that’s one major reason why they kept increasing their interest rates in order to tame inflation. One example is the U.S. The interest rates have been raised to the most current 3.8% from an average of 0.9% in 2020. It’s 4x higher versus that starting point. With all these expectations, the US$ continued to chalk new highs versus all major currencies except those which is pegged or linked to it.

ABCs of Personal Finance

Why buy property? Better save RM1 million instead

Recently, it has been revealed that many developed countries are suffering from double digit inflation and that’s one major reason why they kept increasing their interest rates in order to tame inflation. One biggest example is the U.S. The interest rates have been raised to the most current 3.8% from an average of 0.9% in 2020. It’s 4x higher versus that starting point. With all these expectations, the US$ continued to chalk new highs versus all major currencies except those which is pegged or linked to it.