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Category: ABCs of Personal Finance
ABCs of Personal Finance

Can Billionaires End Global Poverty?

Yes, these days, millionaires do not really mean that much because of inflation unless if the million is in US$ or UK Pound or even SGD. However, how rich is really rich and what can the richest in the world do for the poorest in the world? Here is one little suggestion from Oxfam which said that just one year of what billionaires made for one year can lift all the world’s poor out of poverty. I repeat, just one year worth of earnings from the billionaires in leading economies is ENOUGH to lift the WORLD’s poor out of poverty. Means they would have enough to eat and a place to stay. That’s all… Read on.

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ABCs of Personal Finance

Is RM1 Million Enough for Retirement in 20 Years?

If we retire at the age of 60, we need to have enough funds to live comfortably for the next 20 years. This is based on typical life expectancy in the future which is quite real. If we like to reduce the number of years from 20, then we just need to work till 65 and we need just funds for 15 years or if we work till 70, then we need funds to be just 10 years. We can definitely live longer but for planning purpose, we should use a number and that’s life expectancy lah. So, what is the age that you want to retire also determines whether RM1 million is enough.

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noodles with meat and mint on top
ABCs of Personal Finance

Malaysia’s Inflation Drops to 1.3% in October

How much do you spend in the morning for breakfasts? RM10? RM5? Maybe skip the drinks and it could be cheaper too. These days, if I drop by any Chinese kopitiam for breakfast, it will easily be over RM10 per pax. One Wan Tan Mee and one Teh C Panas will be a total of RM12. I still remember when it used to be way below RM10 for this combo when I was younger.

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ABCs of Personal Finance

Buying motorbikes priced over RM200k?

My late father sent me to school everyday in his Honda motorcycle. I think that was when I was in my primary 1, 2 and 3. Once upon a time, 4 of us were on the same motorcycle. My little brother in front, my father behind him, followed by the skinny me and then my mother at the back. WOW. Haha. Okay, it was just within the little town Teluk Intan yeah.

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ABCs of Personal Finance

61% of Malaysians Struggle to Raise RM1,000 for Emergencies

Results from Bank Negara Malaysia (BNM)’s Financial Capability and Inclusion Demand Side Survey 2024 showed that 61 percent of Malaysians face difficulty to raise RM1,000 as emergency fund. This seems to have gotten worse as it was 52 percent in 2018 and 47 percent in 2021. Briefly, this meant that we have even more Malaysians who say they could not raise RM1,000 as emergency funds. Many reasons were stated including rising cost of living and even the possibility of overspending too.

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ABCs of Personal Finance

Credit Card fraud. What should we do? This is BNM’s guide for banks

The customer service number should be in your handphone because if you lose your card, you will need to quickly call the call centre to stop the card before any further usage. If there’s a fraud and you received the SMS, they usually say call the number at the back of your card. Well… what if you do not carry the card with you? This is why the first thing we should do is to save the number into our handphone. I know, these days we can go online to search for the number but which is faster?

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ABCs of Personal Finance

Understanding BNM’s RM100k Loan Education Requirement for 2027

Before we spend beyond our earnings, please remember that money which we overspend today will mean a much bigger ‘loss’ the future. For example, if I put in RM10,000 into the self-contribution for EPF, this RM10,000 could have turned into RM17,081 10 years later based on an average of 5.5 percent dividend returns from EPF. This is a 70 percent gain over 10 years due to the compounding effect despite EPF declaring just 5.5 percent every year for the next 10 years. If we used it now, then we are spending our future RM17,000.

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ABCs of Personal Finance

Just RM450 per month to own the new 1.5 litre Saga?

When my sister bought her very first car, a Proton Saga BLM (photo below), she told me. She told me she bought the blue colored one. She named it ‘small blue’ in Mandarin. The day after, I started to see Proton Saga BLM everywhere. Then I have a thought, maybe I should buy the shares since Proton was selling so many Saga BLMs? I bought a number of shares below RM2 and within less than 12 months, when they announced good set of financials, I sold off those shares at RM4. Yes, handsome profits indeed.

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ABCs of Personal Finance

Buy a car, lose a potential property?! How is this possible?

Let’s start by looking at the differences in downpayment and also the monthly repayment for different cars. Then, we can see why a car could mean losing a potential property too. We assume everyone below are earning similar incomes and perhaps 10 years after they have started working, they may want to buy a house. In other words, downpayment of 10 percent is needed.

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ABCs of Personal Finance

Find Accurate Calculators for Property and Finance

For any property purchase, every time I wanted to know how much I would need to pay every month, I would be using this site. It’s the site all the calculators you need: https://www.calculator.com.my. In fact for our own financial sense, it pays to keep ourselves updated on the potential so that we could do something about it in advance if the potential at the end is not what we expect. Do not only do something when it’s too late yeah. Do it as early as possible. 🙂

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