List of all lessons for how to have more money
It was a huge week here at MMM as the money 101 program that I have been working on is finally complete!
To give you some context, I believe that the reason people go into debt or don’t ever end up saving is because they don’t have a future that they’re excited about. And that is the fundamental of having money - to be able to put off spending all (if not more) of what you earn today so that you can live a better life tomorrow.
So I decided a year ago to create a program that shows people how to have more money with a lot of other messages that gets them to think longer term. I’ve been working on this program on and off for the last year and now it’s finally done.
Well, the content is. But putting it together in an email sequence or creating a sign up page are still in the works. However, I’d love to give early access to you all.
Read through what catches your interest and please provide any advice you may have on making this better :)
Maybank2u introduces digital financial planning tools
“The first of its kind in Malaysian, the planning tools include a goal savings plan, spending tracker and an insurance dashboard.”
“They can create up to five goals and set a fixed monthly contribution and once a goal is created, the prescribed amount will be debited from their principal account and credited into their goal savings accounts based on the duration opted for,” Maybank said in a statement today.”
This is some great news. Although still primitive compared to some of the western options, I’m sure we’ll start seeing more banks roll out things like this and more start ups integrating into these platforms to create even better experiences.
What I do like is what seems to be the auto movement of money into the different goals. This would save us all time and energy in manually making the move every month (which is proven to not work for the masses).
Anyway, something to check out for both myself and you!
CIMB offers lower rates for hybrid cars, GBI-certified buildings
“CIMB customers will be offered 10 basis points (0.10 per cent) lower interest rate versus the applicable promotion interest rate, for new hybrid vehicles as well as for GBI-certified residential properties.”
I’m not a fan of buying cars - I showed as part of the money 101 program that the average Malaysian could be saving 15,000 if they changed their mode of transportation from owning a car to public transport and grab.
However, if having a nice car and being able to drive around anywhere you want is super high (like top 3) on your life of things that make you happy, then this news could be great for you!
What I am interested in though, is what is considered a green building. To get 0.10% on a few hundred thousand is some good savings.
Telcos urged to invest more to remain competitive
“Former Malaysian Communications and Multimedia Commission chairman Datuk Mohamed Sharil Tarmizi said local telcos are just not investing enough.
“I think telcos are investing, but they need to invest more,” he told reporters on the sidelines at the World Bank’s “Public Policy in a Digital World”
We covered in a previous newsletter that telcos have been announcing their new plans and the prices have come down significantly.
That said, this news piece is great as it will continue to push the telcos to continue to invest in Malaysia’s infrastructure so that Malaysia stays competitive in the long run.
Book on Jho Low leaked and distributed
I’ve heard quite a bit about this guy, but after reading this news article, I’m determined to get my hands on a copy of this book (the fact that his lawyers are threatening to sue bookstores who carry it definitely isn’t helping the rebel inside of me).
I’ve never thought about doing a book review, but this might a great place to start.
Keep on the lookout!
LRT3 likely to resume with reduced budget and revised plan
I feel like this topic has been going back and forth from not happening to happening. I’m a huge fan of public transport. Not only does it make getting around much easier, but it frees people up from paying 20,000+ in car related expenses each year.
Anyway, I do hope this is the final call.
New unifi 100Mbps plan at RM 129 per month
We’ve mentioned this a few times before, but a few broadband companies are reducing their prices quite significantly. TM's unifi will be offering their 100mbs plan at 129 / month. However, this kind of speed is a waste of money for those who only watch Netflix / Youtube / game. You will be able to do it all using Maxis’ 30mbs plan that goes for 89 / month. This would save you 40 / month compared to TM and probably close to 100 / month compared to the current play that you’re on.
It’s also the plan that I plan on getting (unless TIME internet comes up with their pricing).
Celcom offers 50% discount for fibre internet plans in Sabah
Peninsular Malaysia is not the only place who’s getting better internet prices. In fact, these prices seem better than what peninsular Malaysia has access to, quoting:
“The Home Fibre packages now offer customers unlimited high-speed fibre Internet of up to 100Mbps at RM120 per month and the new reduced price for 40Mbps at RM80 per month, with free wireless router and free installation.”
If you live in Sabah, be sure to take advantage of this!
image from shutterstock
A Beginner’s Guide to Shares Investing
This seems like a pretty comprehensive guide to buying and selling shares here in Malaysia. Since I am not investing in Malaysia, I cannot determine if the options listed out are the best ones. However, the information that’s provided definitely is well written and easy to follow.
If you are interested in investing anywhere else in the world, I would suggest using Interactive Brokers (the one I personally use). It has the lowest trading commissions (as low as $1 / trade), however you would need $10,000 US equivalent to open up an account.
Another option that many of my friends are using is Think or Swim. I don’t know all the details of that one, but I hear it’s free to open an account.
Touch ‘n Go RFID – All you need to know
The days where you have to use a Touch ‘n Go card are limited. With it, comes a new system that allows you to pay the moment you’re under the system, speeding up the whole process for everyone.
What You Don’t Know About Insurance Is Costing You
This article is from the US and talks primarily about homeowner’s insurance and liability insurance (since people can sue for practically anything there). I won’t go into the details here since I’m not too familiar with how insurance works in Malaysia.
However, it is one of the topics I’m thinking of spending more time on now that I’m done with the money 101 program. So a question for you: what are some of the insurance questions you have?
Let me know in the Facebook group!
The Magic of Getting a Month Ahead & How to Do It
The way that they are thinking of money here is quite unique! The idea is that instead of timing your bills to come in after your paycheck (or what they call your bills waiting for your income), you would have your paycheck wait for your bills.
In the first scenario, it feels as if you have no control over the situation. However, in the second scenario, you are in full control. The money is already there and waiting.
The key in being able to do this is to be living off your previous month’s income so that this month’s income is fully ready to be used. And who knows, maybe after some time, you’d have 6 months of expenses saved up (which means you’ve built up your rainy day fund!)
I am a personal fan of investing in real estate as a means to wealth. However, that doesn’t mean every property out there is a good investment. Heck, it still means 90%+ of the homes out there are terrible investments.
And this is a good reminder as to why the fundamentals are still important. The 2008 housing crisis happened 10 years ago, but the prices of some of these homes are still way lower than the loans that were taken out to buy them in ‘08.
Investing in property is definitely something I will cover in the future but until then, feel free to leave questions about it in the Facebook group!
I’m a Financial Planner. Here’s How I Invest My Own Money.
If you ever wonder how financial advisors would invest their money, here is a good example of what they do. Nothing fancy and very simple (just 5 different things that can be bought on the stock market).
If you wanted to replicate it, you’ll need access to the US stock market as all the investments he makes are listed on the US stock market. I personally use Interactive Brokers as they charge the lowest fees (as low as $1 per trade) and have access to a wide range of markets.
BigPay – The Best Travel Credit Card for Malaysians?
If you ever travel out of Malaysia and use your credit card, then this is BIG (pun intended). AirAsia has released BigPay, a prepaid mastercard that you can easily top up through the BigPay app and be able to use instantly.
But more importantly, BigPay charges you at the real exchange rate (which means they charge no fees). This is something you won’t get if you were to go to your bank or some exchange counter.
In fact, I plan on only using this when I go to Toronto in December.
Anyway, if you don’t have one yet, you can sign up for free and get RM10 free when you use referral code B7D3YNZPGO.
Talking to an Independent Financial Adviser
A big issue when you work with someone who calls themself a financial advisor is you do not know if they really have your best interest at heart. That’s one of the main reasons why I never work with any (the other one is that most of them get trained to say what the company wants and thus, do not know of all the other cool opportunities out there).
However, I’ve been talking to an independent financial adviser the last few months and I do believe that not only is she knowledgeable, but also super open to sharing her knowledge.
If you’re interested in talking to her, join our facebook group and ask your questions. She will definitely find time to pop by and answer them.
