Malaysians Share Objectively Stupid Financial Decisions We’ve Made

If all of us were a
Homo Economicus
, we’d never make a single financial mistake. Not one. The ‘Economic man’ is an infinitely rational human being, who makes decisions purely on the pros and cons of options provided.

But alas, we’re not. We’re Homo sapiens, humans. Hormones released in our brains affect our emotions and decide on our behaviour, almost all the time. Being aware of it helps, but not as much as we’d like to think.

What I’m saying is,
everyone makes stupid financial decisions.
 And sometimes we do it
even when we know the decision is objectively stupid.

It’s like… being aware that binge-eating is not good for you as you’re stuffing your face (hello dis me). Or continuing an extra-marital affair despite knowing your life will fall apart when you’re caught cheating.

Oof that got dark. Anyway, going back to personal finance.

The point

The point I’m trying to make is
if
 when you make stupid financial decisions, know that
you’re not the only one
.

I’ve made them. So have many others. Sometimes things can be bad, but some of them, we end up not regretting, either through acceptance (reframe it as a learning opportunity) or through sheer luck (omg it ended well, thank God).

As proof that we’ve all been done boo-boos in varying degrees and situations, I’m listing below mistakes that I and RoR audience have made. Go through our answers below, republished with permission (thank you!).  Answers were edited for clarity.

Travelled instead of saving

Chui Yee Mun
 – I t
ook gap months to volunteer abroad/out-of-state instead of jumping into the workforce right after graduation.

In terms of long-term saving, the decision hurt my financial goal (especially retirement goal) but I believe that you only live once. (Ultimately) what matters to me is how vibrant my life experience is.

Well, I guess it’s pretty millennial thing. And although it hurts me even more now, when many are affected by MCO, I have no regrets since I myself made the decision.

Darren YkChee
 – I u
sed my education-earmarked monthly allowance to go Genting. Wonderful 3 days 2 nights.

Patricia Angela Pinto
 –
It was my first overseas trip without my parents, ever.

I was afraid of under-budgeting, and despite some hangups with credit cards as my dad had gone bankrupt from credit card debt many years before, my worry for running out of cash led me to apply for one before the trip. I also withdrew a large sum from my ASB, for hotel bookings etc.

Objectively it was dumb to do that, but I don’t regret it because that trip made me much more aware of how I treat people, and I gained new self-found confidence in travelling on my own, to the point that I feel I can confidently navigate airports and public transport in a different country, as long as I can get data.

Withdrawing from ASB was really dumb though, in retrospect.

Rupa Subramaniam
 –
Instead of buying myself a degree like everyone else, I spent my education savings to backpack for 6 months around the world. I did my ‘lawatan sambil belajar’ to some of the best art museums in Europe, and observed Brazilian culture too.

I came back with a fresh pair of eyes. I was able to see the gap in our Malaysian art industry and produce work at an international level, to cater for it.

The ideas I came across while travelling has already made back my financial investment. Best part? It got me street cred. I wouldn’t have gotten the experience and credibility with a mere art degree.

Travelling gave me the confidence, no matter what shit happens, I can deal with it. Still don’t have a degree, still can’t apply for scholarships (yet), but boy have I lived to see the world in its glory!

Overly-risky investments

Patrick Ling
 –
I put all my life-savings into one stock, Westmont Ondustries, and mercilessly, it tanked. And I heard my money talked to me for the first time. It said goodbye!!

Thankfully, it happened at the start of my investing journey many many years ago. I have moved on. I benefitted from this lesson tremendously, especially the importance of diversification.

Suyin Invests
 – I u
sed my entire allocated savings for investments to buy shares in one single company.
(This was a stupid decision because) portfolio allocation really matters. Don’t just have one company as our entire stock portfolio
😅

Luckily it went up by 50% in 4 months. If it went down by 50% instead, maybe psychologically I would not be ready to take that kind of volatility and might have sold it all and realised the losses.

That (losing money) could have shaped the beginning of my investing journey. I would have emerged with a completely different outlook

Suraya (me lol)
 –
…I have borrowed money (advance from credit card) to purchase crypto. This was roughly 5 years ago when I was young and stupid

DON’T DO THIS. IT’S A BAD MOVE. THANK GOODNESS IT WORKED OUT

Accommodation-related

Hasyimi Bahrudin
 –
We bought an undercon apartment on the spot. We were checking out properties to buy for our first home, and decided to buy this particular unit without thinking it over, mostly because it’s cheap (RM250k for 1000sqft). This was back in 2016 when I was financially illiterate.

It worked out okay, as the location turns out to be near a KTM station; otherwise I have to drive 50km to get to KL. I do have some regrets though. Maybe we should have stuck with renting, at least for another few years.

Syaza Nazura
 – (My objectively stupid financial decision was to) m
ove out of my parents’ house into our rented apartment just one month into a new job, in February 2020.

I got tired of driving from Shah Alam to Seri Kembangan on a daily basis (have to leave the house by 6:30 to get to work by 7:30am) so decided to check out a few places near my workplace, found a nice furnished studio, took it up and rented it.

Two weeks after we moved in, MCO started. I’ve been working from home for the past four months, when the only reason I moved out here is to be closer to work 🤦🏻♀

Could’ve saved A LOT if I had waited just another month, on rent and bills and internet and all. But that’s OK. (The upside is) I get to live independently with the husband, away from family.
😂

Took out a loan to pay for wedding (!!)

Ahmad Helmi Shaharuddin
–
In 2012 I took out personal financing worth RM40k (to pay for) my wedding as I did not set aside any savings for it.

To be honest, before marriage I had no financial planning whatsoever, plus we had met and known each other for only a few months before seriously considering to marry each other hahaha.

Luckily we were not big spenders for our wedding. We only used RM20k from the amount for the hantaran and wedding reception, and planned to use the rest to rent a place and buy basic stuff for our home.

But we (ended up using the money to) purchase a sub-sale, 1000-sqt 3-bedrooms 2-bathrooms condo which only costs RM900 per month in mortgage plus another RM150 in maintenance fees, as compared to other
 ‘decent’ rental property in Shah Alam and Klang, which was around RM1,500 to RM2,000 per month.

Our decision turned out fine as our place is near to work and it is very convenient. You don’t have to fight for parking and the place is so quiet and peaceful. It was partially furnished and newly renovated with kitchen cabinets etc, the only thing we needed was a tv and a bed. And now the LRT3 station is being built near it.

(The house is) a
n impulsive buy that I didn’t regret.
 But yeah, do save for your weddings kids.

(Suraya’s note: yep. Do as we say, not as we do folks)

Impulsively bought expensive things

Jason Chew
 – I bought a
 RM600 pair of shoes when my income in that month was by far my lowest. My income improved in the next few months; but that pair of shoes gave me so much comfort during those challenging months.

Nor Nabila
 –
I took money from my emergency money to buy a necklace and waxing promotions. I have a necklace and my body feels comfortable

Dr Amalina Osman
 –  I made an impulsive purchase of Kindle during a book fair for nearly RM1k.

It turns up to be one of my valuable purchases as it helps me to get good books at almost half of paperback price. Some fiction ebooks are priced only 0.99 – 3.99 USD in Kindle. Such a good bargain I would say.

Quit job

Melisa Chin
 – I q
uit my day job and started an online business. Now, I have flexibility in terms of time, but still have a really hard time explaining to my mom why I did it. No regret though.

Bought a car

Nadia Ahmad
–  I ag
reed to buy my first car back in 2004, for work. After a couple of years owning it, I realised that having a car makes you independent but you have to pour money to maintain it.

At one point, (I regretted the decision so much that) I wanted to sell the car altogether and move around by public transport.

However, (it ended up being okay as) wherever I work, I needed my own transportation (had to stay back a lot back then). The car proved to be a lasting piece of machine too, still working until today. In fact, I m not selling the car ever. So no more regrets.

Joined an MLM

Fahmi
 – I joined an MLM due to peer pressure and immaturity and lost a lot of money that I couldn’t make back. But I didn’t regret joining as I learned a lot from the people there, both good and bad.

—

What can you learn from all these self-admitted stupid financial decisions?

(1)
People take risks.
 You can
reduce risk by having savings
 and learn from other people’s experience and advice and whatnot, but you can’t eliminate it totally. Because, again, we’re Homo sapiens not Homo economicus.

That said,
we owe it to ourselves to improve this obvious human flaw via constantly learning and applying self-development
.

(2) If it ended up okay, count your blessings. If it didn’t, shit happens,
face the consequences and make the best of it
, because that’s really all you can do.

As a last note: No matter how bad it is, remember that money is just money – it isn’t worth dying over or anything like that. The world doesn’t end, life goes on.

If you do a stupid financial decision, just do your best to dig yourself out of financial holes as and when you make ’em. With the right mindset, life can still be awesome.

And now, I’d like to invite you to share your own stupid financial decision. I don’t know about the rest of the respondents, but taking that off my chest felt
good.
Go on, give us your worse.


How to Do Taklik Tambahan (for People Who Don’t Want Polygamy)

You already know that Islam allows a Muslim man to take up to four wives simultaneously in a practice called polygamy.

You may
not
 know that
Islam also allows wives the right to refuse husbands permission to marry more than one wife
by adding it in the taklik tambahan.

This is a completely accurate, yet not that well-known piece of information.

In this age where the polygamy privilege is routinely being abused by irresponsible husbands – causing the wives severe financial and emotional distress – I hope to share widely the rights that women already have under Islamic laws, which she can exercise for her own protection.

What is taklik

Taklik – sometimes spelt as takliq or ta’lik or ta’liq or taqlik- is a type of agreement between husbands and wives. The husband utters it during the wedding solemnisation in accordance with Section 2 Islamic Family Law (Federal Territory) 1984.

Taklik is already standard practice – different states use different texts. For example, Selangorians use this text:

“Saya mengaku apabila saya tinggalkan isteri saya (nama isteri) selama empat bulan hijrah berturut-turut atau lebih dengan sengaja atau paksaan,
dan saya atau wakil saya tiada memberi nafkah kepadanya selama tempoh yang tersebut pada hal ia taatkan saya atau saya melakukan sebarang mudarat kepada tubuh badannya,
kemudian ia mengadu kepada mahkamah syariah, dan apabila sabit aduannya di sisi mahkamah syariah, dan ia memberi kepada Mahkamah Syariah,
yang menerima bagi pihak saya satu ringgit maka pada ketika itu tertalak ia dengan cara talak khuluk.”

(You can view other states’ standard taklik text
here
)

Can you add on to the standard taklik text and do taklik tambahan?

Yes, you can. Section 22 of Islamic Family Law (Federal Territory) 1984 states that there is no condition to taklik tambahan.
Here’s what Dato’ Seri Dr. Zulkifli Mohamad al-Bakri, Mufti of Federal Territories has to say about it
.

Read the full version of the above at
Al-Kafi #1398: The Ruling of a Wife forbidding her Husband from marrying another woman

I’d like to highlight this particular text:

..if she forbids him with justifications which are permitted by syarak, then it is lawful and is encouraged
.
For example, if practicing polygamy may cause injustice in terms of the nafaqah (obligation of sustenance and provisions) and qismah (allocation of days between wives), wives or nafaqah of the children and parents, then forbidding and preventing the husband from
this is an honorable advice in religion
.

Some netizens have shared how it’s been told to them during pre-marital courses too.

Masa kursus kahwin, ustaz ada cakap yang dalam taklik, isteri boleh letak syarat “Kalau suami cakap dia bujang di hadapan wanita lain, isteri boleh mintak cerai.” Not sure how many women have done this though, or even know about this. But from what I heard, it’s allowed.
https://t.co/USPqXURJrf
— Shafiqah Othman (@sfqomhz)
October 18, 2019

So with the knowledge that only
32% of Muslim women in Malaysia allows their husbands to take on another wife
, the rest can and should do this taklik tambahan so that expectations are clear between both parties.

Men who want polygamous marriages are free to marry women who don’t mind being in polygamous marriages. Again, clarity. No cheating, no hurt feelings, no running away to Thailand. Just fairness.

Aside from no polygamy, what other taklik tambahan can Muslim couples add on? (contoh taklik tambahan)

As mentioned above, anything goes as long as it’s not against Islam. Muslim couples can add on to their taklik tambahan (non-exhaustive list):

Husband is not allowed to take more than one wife during the duration of their marriage
Husband and wife are not allowed to lie about their marital status to others
Husband is not allowed to force wife to quit her job after marriage
Husband and wife are not allowed to physically hurt each other
Husband and wife both will share responsibilities of cooking, cleaning and other homemaking tasks
If either husband or a wife suggests marriage counselling, the other party must agree to it
And more

You can add more clauses. Note that the taklik tambahan don’t necessarily have to include the ‘no polygamy’ clause, just
what is mutually agreed between the couple, as basis of their married life.

Can married Muslim couples add on to their taklik tambahan?

I thought that Muslim women can only add on taklik tambahan before they get married, but according to Sisters in Islam’s legal panel (link 404-ed unfortunately), there is
no barrier to adding on taklik tambahan at any time, post-marriage.

As long as both husband and wife consents, all they have to do is to bring the document containing the taklik tambahan agreement to the nearest Islamic department and register it at the Marriage and Divorce Department.

The husband will then read out the taklik tambahan in front of the officer and his wife, with two witnesses. Everyone will sign the document to certify it as done.

Where to get lafaz taklik tambahan text template

I got my lafaz taklik tambahan from
Telenisa
, which focuses on the no-polygamy clause. You can add on other clauses as mutually agreed.

You can also refer to this post by Sisters in Islam

https://www.facebook.com/officialSIS/posts/pfbid02sEUU3JpZmjBG8eUxB9Q5mQ7DKKL8yaZBqFb7G2Vpder6GHPHQQ1k8wM6X4TKgWsel?cft[0]=AZVny6dEElGaD5xh1-QGBerDONs8sCnAqZLmV9y8s5BEWyXXZCba0AkNV5wXyjgn4_bjy1ot6ZrKT81WmHdLABE53sButxrOtaH-Xwy8mC1ouxaeL0W7PUeI7ieUoWreiLMjxfGXEfguIrX69Fho3v_D&tn=%2CO%2CP-R

EDIT:
Here is the exact template that I used in my marriage
, use as contoh taklik tambahan. If you edit the document, I encourage you to get a Syariah lawyer to look it over so it works as intended and no negative consequences.

Important #1
:
You don’t need permission from any religious officer to use taklik tambahan
 – I just printed it out and handed to the Tok Kadi before nikah ceremony (obviously discuss with your partner, it’s an agreement not a demand; both of you need to mutually agree on its content).

Important #2
:
The template is not ‘automatic jatuh talak if do X’ style
. It is only enforceable upon formal complaint at the Syariah Courts (another headache altogether, I heard)

Important #3
: Apparently
some religious officers have discouraged people from doing taklik tambahan
. People have told me how officers denied giving them info about it, shamed them for asking, insinuate they don’t trust/love the husband, told them to present proof it’s possible, lied and said you cannot use taklik tambahan in Syariah court, or outright refuse couples last minute.

Stand your ground. It is absolutely your right
.

Conclusion

Islam is good. Islam is fair.

Muslims, on the other hand… are humans. Ugly. Greedy. Horny. Opportunistic. Full of flaws.

A part of me is comforted by the fact that taklik tambahan can give me protection, but at the same time I wish that Muslim women’s rights are given by default, not on as-requested basis. I only learned about taklik tambahan and the option to disallow polygamy at age 31, and I consider myself well-read. How many others had no idea about it, before this?

Writing this reminds me of Faraid laws, or Islamic inheritance laws, which is the default if Muslims didn’t set a wasiat or hibah in place. Under Faraid, male relatives receive at least twice as much as female relatives, and non-Muslim family members aren’t entitled to any inheritance at all.

(If that’s something you don’t want for yourself and your family, go read my
Wasiat, Hibah, Trust: 3 Tools to Circumvent Faraid / Islamic Inheritance Laws in Malaysia
 article.)

In any case, I welcome your views and suggestions. What else should Muslim couples entering into a marriage should add in their taklik tambahan? Have you done yours? Let me know in the comments section.

Help me share this article about taklik tambahan and its protective capabilities widely to your networks. Tell your Muslim friends, especially if they’re about to get married. View it like insurance – get it just for the peace of mind, best case scenario is you never have to use it.

Thanks in advance and may Allah swt bless us all.


Can You *Really* Afford It? Use the 50/30/20 Rule (Free Editable Template)

The 50/30/20 Rule is a great guideline for people who just started budgeting. From it, you can easily see if you have an income problem, a spending problem, or both.

How the 50/30/20 Rule works

Under the 50/30/20 Rule, you are dividing your salary or income into just 3 categories:

50% for Needs
30% for Wants
20% for Savings/Investments

Let’s break down each of them:

50% for Needs

The ‘Needs’ category is for necessities – things you HAVE to pay for. Some examples include:

Accommodation – Mortgage or Rent
Transportation – A travel pass or vehicle (and all its related costs)
Food – Groceries and budget meals
Bills – Electric, Water, Phone, etc
Debt repayment – credit card, personal loan, BNPL
Insurance/Medication
Contribution to Family

Some people are in the unfortunate situation where their Needs-related expenses alone amount to almost 100% of their salary or income, and maybe even more. So they have to finance their lifestyle with debt, or do without Wants or Savings.

This is obviously not an ideal situation. The only way to get out of it is to:

Earn more (via
increasing salary
 and/or
side income
)
Spend less on
Accommodation
,
Transportation
 and
Food
For good measure, compare your expenses to
Belanjawanku
 so you know which areas you can trim

30% for Wants

Wants is everything else that’s for leisure and fun.

Note: it’s completely okay to have fun! Sometimes personal finance people make it sound like you shouldn’t pay for these at all. We are human after all, of course we like to be entertained and socialise. A budget without fun expenses or restrictive budgeting is a bad budget – you’re more likely to ‘fall off the wagon’.

However, it is true that many people go overboard (thanks to, among other things,
sophisticated marketing and advertising
). Also, you have to be very careful because we live in consumerism culture. It’s easy to default to consuming and shopping when we’re bored or happy or sad.

(This is why I make my own
Free/Cheap Things I Do to Stop Online Shopping Habit
 list. I think everyone should do their own list of free/cheap things they enjoy doing. Then when you’re bored, you can just refer to the list instead of mindlessly go to Shopee or go shopping.)

Basically what I’m trying to say is,
you can spend however much you want on Wants… as long as it fits the 30% guideline.

20% for Savings/Investments

And last but not least, the final 20% is for Savings and Investments.

For some people, 20% is too much. For others, 20% is not enough. Then, adjust. The 50/30/20 Rule is just a guideline. If you want to make it 30% Needs 20 Wants 50% Savings and Investments also can. Up to you.

I do have to say though, saving RM100 a month is better than nothing, but you want to aim to save RM500 and above per month. Life is expensive and I’m sure you have big goals to achieve, whether that is marriage, a family, a house, travel or everything else.

As for
where
 to put the savings, you can refer to this article:
6 Best Savings Accounts in Malaysia to Put Your Emergency Funds

The 50/30/20 Rule FREE Editable Template

As mentioned in the title, I made a free 50/30/20 Rule editable template. Consider this your 50/30/20 calculator – just enter your own numbers and it’ll spit out:

How much is your allocation under Needs, Wants and Savings/Investment, and
With your amount of savings, how much time you need to achieve your financial goals.

Find the template
here
 (works best on desktop).
Do not edit it directly – copy it into your GDrive and edit from there.

Here’s how it works:

1. Enter your salary/income and expenses in Needs and Wants Category

2. Find out how much you’re saving each month and how long it’ll take to complete your financial goals.

Note: I added some basic financial goals that’s applicable for most people. Feel free to edit.

Again, you can find the template
here
 (works best on desktop).
Do not edit it directly – copy it into your GDrive and edit from there.
 Do not request edit access plsss

If you’re not sure how to use it, refer to this video I made 🙂

Go ahead and try it out

Hope my 50/30/20 Budget Template helps you in your financial journey. Would appreciate you sharing this article with your friends – go ahead, spam this in your Whatsapp group. In this economy, most people are in the same boat, even though they don’t say it.

Next, want to learn how to calculate your net worth? Go ahead to
How to Calculate Your Net Worth (Free Editable Template)
, there’s a free editable template there too 🙂


[SPONSORED] Verify Touch ‘n Go eWallet & 3 More 5-Minute Security Hacks

Let’s be frank here – ewallet and digital security is not the sexiest of topic to talk about. Therefore, let’s appreciate Touch ‘n Go eWallet not caring to be ‘sexy’ and choosing to feature it anyway in their educational video series, Cashless Confidentials.

In this article, we have brainstormed and came up with 4 actions you can do in 5 minutes that will significantly reduce your risk of losing money from scammers and hackers. It’s fast – you can do everything during lunch break. If you’re busy now, bookmark this article so you can pull it out later.

Note: If you consider yourself a Millennial or Gen Z, what you’re about to read below might sound like common-sense digital security practices.

However, keep in mind that they can be completely alien to your parents and grandparents, who are more susceptible to digital-based scams. I need you to read this so YOU can help them navigate this topic okay.

#1 – Activate Touch ‘n Go eWallet Money-back Guarantee Policy

If you use the Touch ‘n Go eWallet app, this new feature is cooler than it looks. No other ewallets in Malaysia that I know of can give users full compensation for charges made without their knowledge or approval.

To activate the Money-back Guarantee Policy, you have to verify your Touch ‘n Go eWallet. It’s very quick – see the step-by-step below. You just need an ID and a place with good lighting.

Step 1:
 Click on the ‘Verify Account Now’ button within your profile page

Step 2:
 Take a photo of your ID (front and back) through the app. Accepted IDs include: MyKad, MyPolis, MyTentera and Passport

Step 3:
 Place your ID within the frame and ensure the image is clear.

Note: User can choose to retake or use the photo taken

Step 4:
 Take a selfie and click on the ‘Let’s Go’ button

Step 5:
 Take a clear image of yourself

Step 6:
 Fill in your personal details and click Submit

Step 7:
 Now that your verification is done. You will need to wait for 48 hours till it gets successfully processed

Check out the videos below for more information about Touch ‘n Go eWallet security, including what you should do if you lost your phone and measures the company use to safeguard your money.

Cashless Confidential Ep 1: Lost phone? Lost eWallet?

Cashless Confidential Ep 3: Cash vs eWallet

#2 – Report weird numbers and emails in your phone as spam

Chances are, you receive spam texts and emails from scammers on a pretty regular basis. After all, according to
an investigation by FreeMalaysiaToday
, the personal data of 10 million Malaysians – including your MyKad and phone numbers – can be purchased for just RM350.

Unfortunately, there’s not much you can do to stop the texts and emails. Your data is already out there.

But what you can do is report them as spam so they get blocked and don’t get the second chance to connect to you.

Also, read
my article on scams
. You would think you’re able to identify all emails by scammers. Some of the tactics will surprise you. They’re a creative lot, these scammers.

Cashless Confidential Ep 2: Info phishing is not fishing

#3 – Bookmark all transactional websites

Scam websites are divided into two broad categories: Obviously Scam Websites and Oh My God That Looked Real.

Obviously scam websites:

Use poor spelling and grammar

Does not have the padlock symbol next to the website name

Uses http:// instead of https:// or shttps://

While the ‘oh my God that looked real’ websites
look almost identical to who they’re pretending
. They use the same wording, the same template and images, the whole nine yards. The lengths scammers go through to deceive you is quite impressive to be honest.

What these scammers really want you to do is to
click their link
 and give them your login IDs and passwords and private information. They’ll tell you many things to get you to click their link – you had an unauthorised transaction, or won a prize, or anything. It might get very tempting sometimes.

You can satisfy your curiosity AND be safe by bookmarking all transactional websites and
only going to that website through your bookmarked link (not the one they gave you!)
. Check la if you did win that car (chances are, you didn’t, sorry).

Bookmarking is easy. I use Google Chrome and all I have to do to bookmark a page is click on the star on the search bar (see upper-right side).

Cashless Confidential Ep 4: Identifying Scam Sites

#4 – Set up VPN and/or Password Managers when you use free wifi zones

Better yet, don’t use free wifi zones. It’s good and all, but you’re also increasing your risk to malwares!

If you *have* to use public wifi, then take the time to activate your VPN service and/or use a password manager. Personally, I use TouchVPN and LastPass respectively.

But generally speaking I just don’t want to take unnecessary risks. Therefore, I’ve limited my public wifi usage to access Google Maps and similar, but avoided using it to login to financial services and make transactions.

Cashless Confidential Ep.5: Free WiFi Zones

Last words

As you and I know, ewallet usage is only going to be more and more normalised in Malaysia. It’s good that Touch ‘n Go eWallet took the initiative to educate on the security aspect. As a regular-ish user of the app myself, I appreciate it.

So far, I’ve used my Touch ‘n Go eWallet to:

Make payments (especially during the Tealive RM2.50 bubble tea promo. So clever how they appeal to my generation)

Book movie tickets (they have WeTix integration)

Link my Touch ‘n Go cards (I’ve lost more than RM100 from previously-lost and unrecorded cards, so this feature is appreciated)

Get 10×20% toll rebates (use code ‘us5jix’ when you download Touch ‘n Go eWallet app. You and I get 5x more 20% toll rebates!)

While I’ve yet to try:

Buying prepaid topups and making postpaid payments

Paying bills

Making flight bookings (how random)

If there’s one thing to remember from this article, make it this one – do #1 immediately. Verify your Touch ‘n Go eWallet so you get the Money-back Guarantee Policy. It’s free protection against fraud and your LAST layer of defense if your phone was compromised by scammers. I actually did mine in less than 5 minutes.

What other digital security tips you would add on? Share with us in the comments section!


Malaysians Share Bad Money Advice They Received

Seek financial advice, they say. That’s the only way to be good with money, they say.

But not all financial advice are created equal. A lot of bad money advice exists. Some of them are ignorant at best, but some are downright harmful for you. And all this bad financial advice can come from anyone – random internet person (including me!), your friends, your family, your parents…

And here, with the help of some RoR readers, I’d like to share some pretty universal bad money advice. By knowing them, hopefully you’ll spend more time making wealth, instead of mistakes.

#1 – ‘Leave the money stuff to me’

Listen to me very carefully. Personal money management
cannot
 be outsourced, not even to the most well-meaning of family members.

In the best-case scenario, you’ll be kept in the dark and will be clueless when it’s time for you to finally take charge of your own finances (death, divorce, moving out, etc). In the worst-case scenario, it’s theft disguised under the name of love.

Some people did say that in certain cases, the ‘I’ll keep your money for you until you need it’ method worked out fine – their parents/loved ones helped them to save up enough money to buy properties and cars this way. That is wonderful, you are lucky to have trustworthy, loving people in your life.

However, I argue that except for isolated cases where guardianship is needed, it is better for you to learn how to manage your own money yourself. If you find it hard to resist spending all your money away, you can always ‘lock’ the money using fixed deposits. Even better,
automate your investments
 – if you’ve sorted this out, go ahead and spend the rest of your money, completely guilt-free!

Either way, the key thing here is to know your own financial behaviour and plan around your strengths and weaknesses, not avoid it altogether. You can get the Financial Behaviour Report
here
.

#2 – Starting a business with credit card/loan

It’s okay (and maybe even smart) to
expand
 a business strategically with business loans. But it is extremely risky to
start
 a business with credit cards and personal loans. You should start with your own money; have skin in the game.

Related:
All The Ways to Raise Money for Business in Malaysia, Compiled

 This might be common sense to you, but remember that there are people out there using extremely sophisticated and effective persuasion techniques to convince you otherwise.

They will try to sell the dream to you(imagine providing a rich life for your family, imagine giving your children the best education, imagine being free from your boring 9-6 job, etc). They will boost your confidence, making you think you are capable of being the best salesperson in the world, and everyone will want to buy from you.

As long as you join their plan and pay up, using any method possible, including via credit cards and loans.

Special shoutout to MLMs and Ponzi schemes, and anything else which relies on network marketing. They exploit our psychology to the max – imagine getting this message from our loved ones, best friends, colleagues and other people close to us?

#3 – Get something expensive for the ‘motivation’

Buying expensive status items to motivate yourself to earn money = same energy as = getting exercise equipment to motivate yourself to work out.

Listen, if the motivation is not already there, there is nothing you can buy that can fix it for you.

#4 – All debt is bad

I kinda sorta can understand why, but on the whole, the ‘all debt is bad’ argument is pretty shallow and must be looked at with context.

The person who popularised this, Dave Ramsey, is a very popular US-based financial guru and toxic in his own right (won’t get into it). But the context is this: the loans offered in the US is very predatory. Even (especially?) student loans. You can’t compare their student loan system with our PTPTN. Ours is way better
until taken for granted and people abuse it and don’t even pay back

However, because of the popularity of Dave Ramsey’s platform, the ‘all debt is bad debt’ gospel spread all over the world, including Malaysia. And yes perhaps at one point I, too, fantasised of going to extreme lengths to save money just so I can pay off my (non-existent) house loan in full, so I can make a nice celebratory post on Instagram using the #debtfree hashtag.

Then I learned about the concept of opportunity cost:

And BOY do I feel stupid. Before that, I didn’t realise there’s a real opportunity cost to paying off mortgage early – the money could be used for other, better things, like education or other investments or even starting a business.

So, lesson learned. This is one example of binary thinking that just does not make sense in the real world. One has to apply a bit more critical thinking than giving it an outright ‘good’ or ‘bad’ stamp.

Related: #2 in
[PERSONAL] 7 Mind-Blowing Concepts That Shaped My Personal Finance Mindset

#5 – You must look rich to do business

In the Facebook post, a bunch of readers mentioned that people have advised them to get expensive cars, bags, watches, and other status items so they can fake-it-til-you-make-it in their business/career.

How to say ya. Obviously, looking presentable is good for business. But they do NOT have to be excessively expensive. Read that again.

Worth repeating: the goal is to be rich, not *look* rich.
Frugality is literally the secret to becoming wealthy
. Do what
actual millionaires and billionaires
 do, not hundred-aires or thousand-aires.

What other bad money advice have you received?

Go on, give me your worst. Share your comments here and tell us *why* you think the advice is bad. You can also check out other bad money advice RoR readers have shared in this Facebook post:

https://www.facebook.com/ringgitohringgit/posts/168387081750745?cft[0]=AZUiLdPPpZNb-dJAe5Fu0nCF-3c9tAoO_BLLfEuHoR_NRbKBTzpjtzka21wFfG4v5Um7riEM3rDEu6ic3wGXgOdJFa0ZtAuldt5Ui8YOzddjZnYt2oklyzx-1OQEZzL6FSv7I0NH0oOD4RamnumyBfNW&tn=%2CO%2CP-R


5 Interesting Info I Found in the Bank Negara Malaysia Website

So I got bored one night and decided, hey, this is a good time as any to dick around in the Bank Negara Malaysia website.

Why not? I’m curious about what information is available on their website. Like many of you, I know that BNM plays an important role in our financial ecosystem, even if I don’t know
how
exactly.

First impression of the homepage – nice layout, easy enough to navigate. The lack of https in http://www.bnm.gov.my/ bothers me a little bit, if I’m honest. EDIT: It’s https now!

(All images in this article were taken from the Bank Negara Malaysia website. Please don’t sue me.)

As I clicked around, closing down tabs with too many words on them – remember, I’m doing this activity for
leisure
 – I found some pretty interesting stuff. Here are some of them:

#1 – Proper handling of banknotes

The
Proper Handling of Banknotes
 page is short, but surprisingly informative. For example, you’re not supposed to fold bank notes (whoops). And they are apparently washable. Who knew?

I also found out that you can exchange burnt, crumpled (I have a few of those), punctured, ink-worn, shrunk and repaired (taped, I guess) bank notes at any bank and Bank Negara Malaysia office. This is pretty handy information right.

The Bank Negara Malaysia website also has a
Banknotes and Coins
 page explaining the images behind the banknotes. Our banknotes are actually really cool – other countries’ banknotes are not as colourful and pretty.

#2 – All of these Rates and Statistics

If you ever need to find a definitive source for banking and finance-related rates and statistics, you can’t go wrong with the
Rates and Statistics
 page.

Some of the rates and statistics are pretty standard, must-know information:

Exchange rates

USD/MYR rates

Base rates/BLR

Kijang emas price (if you own gold)

While others I have no idea what they’re for. I tried to click on the pages but some only show data and tables and I can’t make sense of it.

Worth mentioning: the
National Summary Data Page for Malaysia
 is
really
 cool. It will show you, among others:

The national GDP, sorted by industry

Employment and unemployment rates

Average salaries and wages per employee in the manufacturing sector (why manufacturing sector? Who knows)

Consumer Price Index

Central Government debt

Public Sector and Central Government Operations cost

Latest population of Malaysia

And more.

#3 – Standards & Guidelines of all these industries

You can find the legally-binding standards and guidelines that companies from the following industries HAVE to follow:

Banking & Islamic Banking

Insurance & Takaful

Development Financial Institution

Money Services Business

Intermediaries

Digital Currencies

Payment Systems

The documents are, uh, lengthy, to say the least, but they’re there for those of you who wants to start a financial company
the right way
. For example, if you want to start a crypto exchange based in Malaysia or something, make sure to refer to the Digital Currencies section.

BNM can take action against companies which break the rules. For example, if you click on
Regulatees/Licensees
 under Enforcement Actions, a page showing who got into trouble for what and the action taken against them will pop up. I imagine it must be quite embarassing to be named and shamed like that.

BNM also takes action against illegal operators. I was surprised by the variety of offences: money laundering, illegal money services, using the word ‘bank’ without approval, illegal deposit-taking, etc.

#4 – The RINGGIT newsletter

The RINGGIT newsletter, which is available for download from the
Notices & Announcements
 page and the
Publications
 page, is a Malay-language monthly ‘joint-effort publication between Bank Negara Malaysia and FOMCA’ (Federation of Malaysian Consumers Association).

It’s not very timely – I mean, the April 2019 issue was only released in
August
 2019 – but it has some interesting information and worth a skim. For example, the April 2019 issue included this nice infographic on 7 types of government assistance available for the B40.

This newsletter should have been in the Consumer Informations page, which is
kind of
 outdated. I mean… it’s last update was in
2017
.

I was pleasantly surprised to see Bank Negara Malaysia’s Consumer Education Programmes, bankinginfo.com.my and insuranceinfo.com.my, listed in the page. But they quickly disappointed me 🙁 I mean, come on…

Now, obviously, there are other periodicals, reports, masterplans, research papers etc available in Bank Negara Malaysia website’s
Publication
 page. They can be quite technical, even the ones with pictures and graphs. But hey, I do trust BNM, so if they say things are going well, that’s good enough for me.

#5 – BNM’s Initiatives

BNM listed their initiatives in the
homepage
 itself. I know some of these initiatives, but not all, so this is a cool overview.

For example, I know that:

BNM maintains a museum and art gallery (I’ve yet to visit but heard good things about it)

INCEIF is where you should go for your globally-recognised Islamic finance certification

AKPK helps people in debt

PIDM protects your deposits and takaful

But I didn’t know about the rest. They provide really good information, depending on what you’re looking for.

The
Housing Watch
, for example, provides updated information about housing in Malaysia. The
Home Financing Assistance Programmes
 page is definitely worth a visit if you’re planning to buy your first home

SMEInfo
 is a must-visit for small-and-medium business owners. Check out the
Financial Assistance
 page (there’s a lot!)

Last words

The Bank Negara Malaysia website turned out to contain a treasure trove of information. I wonder why I haven’t visited it before. Sure, some parts can be a bit too jargon-y for a person without financial background, but that shouldn’t have deterred me – no one grows by staying in their comfort zone, correct or not?

Have you browsed the BNM website? What do you think? Can you share what you personally found interesting?

And lastly, to BNM staff, if you’re reading this (I’m sure some of you do), keep up the good work 🙂


10 Best Books to Learn About Investing, According to Malaysians (With Video Summaries)

Spoiler alert: the best books to learn about investing will
never teach you about getting rich fast
 and making quick money.

Instead, they almost always focus on playing the long game, discussing the right mindset and building a strong foundation in understanding fundamentals, like how the economy works.

At least, that’s what I learned when I asked for best book recommendations
specific

to investing
 in a personal finance group. It was kind of a humble pie moment – I thought I read a lot, but I’ve only read one out of the 10 books on this list!

For your (and my) benefit, I’ve compiled the recommendations here,
along with their video summaries.
 Here are some best books to learn about investing, suitable for beginners as a starting point all the way to experts to use as refresher material.

#1 – Rich Dad, Poor Dad by Robert Kiyosaki

Muhammad Amar Hasshim of
Alpacarts.com

–
To those who never done any investing, I suggest starting with knowing the money game first with
Rich Dad Poor Dad by Robert Kiyosaki
. Also by the same author: Rich Dad’s Guide to Investing, which talks about what rich people invest in, that the poor and middle class do not.

#2 –
Who Says You Can’t be Rich Working A 9 to 5 Job – Mark Chua

Wai Ken Wong of
Stashaway
 –
I liked Mark Chua’s book “
Who Says You Can’t be Rich Working A 9 to 5 Job
“, which is about doing property investments while having a successful career. It’s very practical for the Malaysian context.

#3 – Think and Grow Rich by Napolean Hill

Kho Wei Ang
 –
I seldom get into technical stuff about finance and investing because I am already swamped with technical things at work… but I read
“Think and Grow Rich” by Napolean Hill
, who was a general.

The author offers a number of principles and insights for success in growing wealth. If Rich Dad, Poor Dad is about having the awareness and initiative to get started, this book is about building up soft skills like the belief and aptitude for investing.

#4 – What I Learned Losing A Million Dollars by Jim Paul and Brendan Moynihan

Daniel Cerventus Lim of
SmartFinance.my
 –
This (What I Learned Losing A Million Dollars) is highly recommended by Tim Ferriss but I find it boring. Lesson learnt are good though.

#5 – Principles: Life and Work by Ray Dalio

Sukhbir Cheema of
Eksentrika

–
Principles: Life and Work by Ray Dalio
. If I’m not mistaken, the PDF version is free. (Suraya’s note: get it
here
).
Ray explains how the economy works, recession and more.

(Suraya’s note: DO NOT scroll past this video without watching or bookmarking it to watch later! Someone commented ‘that’s 4 years of my degree in 30 mins’ and it’s true)

#6 – Bogleheads’ Guide to Investing

Anon
 –
Bogleheads’ Guide to Investing
 is a whirlwind tour on being frugal, and the different mainstream investment vehicles.

#7 – A Random Walk Down Wall Street by Burton Malkiel

Anon
 –
A Random Walk Down Wall Street by Burton Malkiel
. People always try to get rich quick bubbles and always try to beat the market average. Many of them fail.

#8 – T
he Incredible Secret Money Machine by Don Lancaster

TM Lee of
Coingecko
 – C
heck out this 1978 book, “The Incredible Secret Money Machine” by Don Lancaster. It’s available for free at
http://www.tinaja.com/ebooks/ismm.pdf
. The book is not just about investing per se, it’s pretty broad. Dated, but the suggestions/idea appears evergreen.

(Suraya’s note: I can’t find video summaries of this book. But TM Lee made it into
Forbes’ 30 under 30 2019 list
 so he must know something)

#9 –
The Intelligent Investor by Benjamin Graham

Johann Oh
 –
The Intelligent Investor by Benjamin Graham
 is worth every hour spent on it. My key takeaway was more of an emotional/mental attitude than a specific piece of knowledge – I’d sum it up as “do your homework and don’t succumb to FOMO”

#10 – Money Master the Game by Tony Robbins

Zoe of
Hoveo
 – I like that the book covers a wide range of financial instruments – stocks, market index, bonds, commodities, annuities. And his advice of “all weather” portfolio to create an automatic lifetime income.

There you go. 10 books for you to find, read, understand and use to make good decisions while investing. Combined, they’ll probably cost less than RM500 – a small amount to pay for education. Too much? Check your local libraries and online selling platforms.

(Suraya’s note: If die die also no money, #5 and #8 can be downloaded for free)

What are your best books to learn about investing?

I’m sure you have more book recommendations to share. Which books taught you a lot about investing? Do you have any book recommendations for specific niches, like unit trust, gold, forex, property and more? Share them in the comments section!

Some of my past book reviews:

Book Review: The Rules of Wealth by Richard Templar

How the Fashion Industry Makes Money (Credit: Fashion Babylon)

Only available on RoR:
Money Stories from Malaysians: Volume 1 Book


Malaysians Share Their Best Under-RM100 Purchases

We buy things to fix a problem. Whether the problem is hunger, or boredom, or lack of focus, or social acceptance, or something else.

Often, the stuff that we buy, the solutions, they work okay (I hope this is the case for you). Sometimes they don’t work as well as claimed.

But once in a blue moon, you get lucky and found a particular product that you absolutely LOVE. It pretty much changed your life, you don’t know how you ever managed without it. You consider yourself a fan and have NO PROBLEM recommending these to others.

Recently, I asked the RoR audience about their best under-RM100 purchases, and guess what, turns out other people love hearing personal recommendations too!

(Well, actually I phrased it as ‘items that made significant improvements to your life’, but close enough.)

The answers were so varied, I can’t help but to compile and share them here (with permission). I divided the answers into two sections: one-off purchases and recurring or subscription (since I never clarify which one in the RoR mini-forum also). Thank you to everyone who commented!

Best under-RM100 purchase: One-off items

Glysentte Mier
 –
I wouldn’t have made it through the week if it’s not for this
essential oil
. Too many writing work to be done, so little time! I bought it at my local pharmacy for less than RM20.

Melia Leong
 – (My best under-RM100 purchase is a pair of)
Xiaomi wireless earbuds
 for RM82. I put them on when I clean my floors and during morning runs.

Amielah Kasmani
 – It has to be the
 wireless display TV d
ongle
. I’m a teacher and it comes in handy for my lessons, especially when I am projecting slides, videos, audios and documents straight from my phone. In school, classes are already equipped with projectors and TVs so the dongle is basically my little breathing machine for teaching.

It’s great because it works with different kinds of TVs too. I even use it at home for family fun-times, when we play online games on my phone..
🤩
 Tip: bigger screen, better chance at winning!

Shan Nathan
 –
I would say the RM89.90
Akemi Hydro Gel pillow
 that my wife bought for me during a sale in Parkson Lifestyle (was the best under-RM100 purchase). I don’t experience any more neck and back pain, the pillow stays cool which gives me better sleep, and the best part is no more “engine” sound at night!

That’s a great difference!!

A good pillow is a good investment, sleep really is a daily treasure.

Lee Jun
 – (My best under-RM100 purchase is a pair of)

Speedo earplugs
 for RM 19.00, so that I could concentrate and study in a noisy apartment. Initially I wanted to get a Noise Cancelling Headset but I baulked at the RM2000.00 price tag. Thanks to the earplugs, I was able to pass my professional qualifying exams, which enabled me to get a higher paying job.

I also used it for travelling, especially when trying to sleep on economy class long haul flights!  It helped me concentrate on my studies. Best part is, I could continue to use it on long haul economy class flights to sleep well.

Nadzri Sazali
 – I bought an
XMA air fryer
 for RM80 bought during a sale at Giant. Now I can cook
! (Suraya’s note: I checked – that price is a deal. Lazada sells it for closer to RM300!)

Muhammad Amar Hasshim
 –
A RM5 eye mask. It’s a really useful item that helps me get my sleep during the day, when I have to work in the night shift.

Syaza Nazura
 –
I’d say
extra USB cables for the phone
. I have one next to my bed, one next to my study desk, one at work, one in my bag with the power bank, one in the car. Helps to not have to cabut another cable or risk not having one when you need it.

Ayu Fatarina
 – I bought a
George Home 3L Slow Cooker
 for RM95 at an Xmas sale last year. It helps me to achieve my eatclean and keto goals. You just dump everything in the slow cooker, set the timer to 8 hours and a pot of hot food awaits when you come home! Not just that, it saves money on groceries too. I buy things like chicken feet and cheap meats and these things turn yummy once cooked in the slow cooker.

This item is definitely a gem for me. I don’t add that much seasoning either,
just salt and black pepper. The juices from the vegetables and poultry will add to the flavour
😁

Best under-RM100 purchase: Recurring or subscriptions

Joel Ong
 –
Quickbooks
! Depending on the plan, the price ranges between RM53 to RM98 per month. I love that it saves me a lot of time as I am quite slow with accounting and stuff. It makes tracking companies and clients a lot easier!

Mohd Haffiszul Mohd Said
 – I love
Brilliant.org

monthly subscription. It’s just RM27.50 per month but like university on demand. I just started on Logic.

Jonathan Goh
 – I save a lot on the cost of entertainment by subscribing to
Netflix
 (at MYR 51 per month, shared between 4 other family members) and
Crunchyroll
 (an anime streaming site; MYR 30 a month). It beats having to go to the cinemas or monthly expensive TV packages!

Farhana Norlisan
 – For me it’ll have to be all the under-RM100
b
ooks and seminar tickets
. Every time I get these, my point of view on life changes as I read and met new people. I get to experiment with stuffs and happenings with new knowledge.

Some of my favourite books include Rich Dad, Poor Dad, Colour of Inequality, Reclaim Your Heart, Chicken Soup series, among many others. Most memorable seminar will be The Road to 3 Million.
Property investment seminars in particular tend to be cheap and often free too. I went to so many which cost me from around RM10 to the most expensive one RM97. The ROI gain from all of these knowledge has changed my life so much.

Related:
10 Best Books to Learn About Investing, According to Malaysians (With Video Summaries)

My personal best under-RM100 purchase

If recently, then the Momostick I bought. It’s a
phone grip
. Found it randomly at Popular bookstore and bought it on sale for RM23.30 (RRP: RM29.90).

 image credit to Momostick Malaysia FB (I have no affiliation with them)

I’m one of those people who NEEDS a phone grip because my phone (
Xiaomi MiA2
) is actually a bit too big for my hand. I like this type of phone grip way better than PopSocket-style phone grips and the ring-types.

Although I have to say, this is not my favourite-ever phone grip. My favourite is the one I always buy from Mr DIY for like RM1.30, but they have since stopped stocking this one particular version I like 🙁

What are some of your best under-RM100 purchases?

Like always, share them in the comments section! It’s really fun to hear actual word-of-mouth recommendations for not-particularly-expensive items 🙂

Other shopping-related article:
Going Through All My Lazada Purchases, Since 2014


Malaysians Share the Biggest Credit Card Expenses They Ever Made

Ah, credit cards. The enabler of reckless spending, yet such a useful financial tool when utilised right.

How useful is useful? And how enabling? I had to ask. Naturally, I turn to the RoR audience – I wanted to know the biggest swipe they have ever made on their credit cards. Not just that – I also asked if they themselves thought it was a good decision.

Here are their answers. Thanks to everyone who contributed!

Used credit cards to pay for hospital bills and medical emergencies

At least two people opted to have their deliveries at private hospital for the convenience and comfort.

Fairuzhizam Hisham
 – My w
ife gave birth to our second child at a private hospital. The bill came up to almost RM4k. It was expensive but worth it. Luckily it was a normal birth.

Nur Hidayah Abu Bakar
 – (I) p
aid for my second baby’s delivery in private hospital. It was worth it, yes.

While others shared instances where their credit cards were used in emergency situations:

Chee Siang Wong
 – (The largest expense I made with my credit card was for) my dad’s medical expense. It was an emergency in a private hospital. He had difficulty breathing but didn’t know it was actually a heart attack. He managed to reach the hospital in time (just a few steps before he collapsed) and the doctor managed to save him using blood thinner drug. To diagnose heart artery blockage, the doctor had to insert a tube through a blood vessel in the arm. Each time they do this, it costs RM5k.

The angioplasty, which was performed later, used the same procedure. The hospital could only do the angioplasty after we placed the deposit. We had to come out with RM20k as the deposit. Of course we could transfer him to government hospital but we didn’t want to risk it. Was it a good decision? An absolute yes.

Azlina Afzan
 – (I paid for) m
y father’s medical expenses before he got transferred to a government hospital. My mom’s card limit per day was not enough so I stepped in to pay using my credit card. Luckily the expenses were slightly below my card limit. I immediately paid the card balance the day after as I never use credit card to accumulate debts.

Ian Abel Nathaniel
 –
My biggest expenditure is my cat’s life actually. Back in June, he was diagnosed with some parasitic disease that he may have already got before we rescued him. The doctor gave him only hours to live and we had to find a donor cat for an emergency transfusion. That plus almost two weeks hospitalisation, his bill came up to about almost RM2k.

Took me months to pay off his hospital bills. But now he’s back to his annoying self.

Used credit cards to pay for education

I have to admit that I didn’t think using credit cards to pay for education costs were a good idea, for various reasons. I maintained this view until I came across Mr-Stingy’s
How I Paid Off RM58k in PTPTN Loan
 article. Ah if like that, in select situations, I guess it’s okay.

Alvin Lim
 – (The largest expense I made with my credit card was) u
sed to clear off my PTPTN loan, which was about RM 21k. It was worth it. I did it to take advantage of the 20% discount (Suraya’s note: this discount is no longer available).

Actually, I
 have enough funds to clear my PTPTN loans. But I took the opportunity to use my Amex card to earn points. At 5x, I earned a total of 105k points which I then exchanged for an Apple Pencil worth RM 419 (on the spot redemption) plus some cash topup.

Carol Anthony
 – (I used my credit card to) make
RM10k in cash payment to complete
 my education and earn a Bachelors Degree from a private uni. It was worth it as there were no PTPTN loans back in those days. I also had to take out some cash from EPF too (to pay for the remainder of education fees).

Neutrals Fong
 – (I paid)
RM6k+ for a value investing course.
I always make prompt payments and never ever paid a single cent interest to credit cards, so it is fine. Plus, the larger the amount the more the rebate I get.

Used credit cards to pay for house-related expenses

Some people used their cards to pay for downpayments or house deposits,

Bobby K.H. Ong
@bobbyongkh – (I used my credit card to pay for my house’s) Down-payment. Had the cash anyway so the points was essentially a free airticket.

Loh Chuan Tuck
 – (The largest expense I made with my credit card was for) h
ouse downpayment. It was the worst decision but I had no choice at that time. I am still paying the debt until now, under AKPK.

The fact that we cannot afford to pay for the down-payment means that we are struggling financially for the long term. 15 to 18% credit card interest with the minimal monthly payment is killing us internally as we are struggling to make ends meet. Thanks to AKPK, we can see the light at the end of the tunnel, and we know the end is there.

Farhana Norlisan
 – I have booked (and paid for) undercons project using my credit card. Best investing experience I have so far.
It was worth every cent as af
ter a few months, I will receive cashback from the properties with negative cashflow of less than RM200/month, and use that to pay for other houses I bought. All of this took less than a year. Zero capital for multimillion acquisition.

(Suraya’s note:
Farhana
 is a property investment consultant. This seems like pretty advanced property investing strategies, so proceed with caution)

While others bought the home stuff using credit cards:

Harvinthran Perabakaran
 – (I)
Paid for purchase of electrical stuff, worth around RM10k, for my new house. Not only I received some cashback on the purchase, I also turned the payments into 0% monthly installment. (This strategy) helped me to not go broke, while affording the necessary things. Collected treat points as well and used them to make other purchases.

Edgar Lee
 – (I)
helped my dad to buy some home appliances online. It was a good decision as the cashback received paid for the cards’ annual fees. Also, I got a free gadget as a new credit card applicant, after satisfying the minimum spending requirement.

Used credit cards to pay for wedding expense

Hariz Shukri
 – (The largest expense I made with my credit card was for my) w
edding venue. Got to know my reception venue accepted Amex. The points alone got me a new TV when I redeemed it.

(Suraya’s note: A couple others also mentioned wedding rings and payment for the wedding dinner!)

Used credit cards to pay for laptop/tech

A bunch of people said laptops hahaha.  This made me laugh because MY biggest credit card expense was a laptop, too, and I also justified the purchase by calling it an ‘investment’! Related:
4 Best Tips I Got From You Guys When I Wanted to Buy New Laptop

Liew CheonFong
 – (The largest expense I made with my credit card was my) l
aptop. It is “investment”.

Ilise
@illeyh – My laptop. Converted the payment plan to 0% interest so I would like to think it’s a good decision

#EndChildMarriage – Azira

@ladymissazira – A laptop. I make money off it so yes hahahaha

While others bought tech tools with it.

Leo Koo
 – Some Wordpress plugins.
I think the most expensive plugin was WP Time Capsule. It’s a backup software for WordPress that solved a pressing need and enabled me to offer reliable backups for clients. But at USD 699, it isn’t cheap.
Did it turn out well? Well, in this case it did. But in some other cases, they end up as shelfware

Used credit cards to pay for travel & fun

And last but not least, is everything else not covered above. Things that are considered ‘wants’ not ‘needs’.

Pinky Chang
–  (The largest expense I made with my credit card was for) f
light ticket to Argentina. It costs me RM6k. M
y credit card auto-prompted me to break down the amount into 18 months’ installment

(Suraya’s note: I’m going to go on ahead and assume Pinky saved up and can absolutely pay for those tickets upfront, but chose to make the payment in installments. At no point here I want to advocate you using your cards to fund a trip you can’t afford).

Fadzlin Ahmadon
 – (The largest expense I made with my credit card was for) f
light tickets, and usually for everyone in the trip (who paid me back immediately). It was absolutely worth it for the trip itself, and for the points.  I’m assigned as the ticket-buyer because I (like to) stalk Google Flights and see when the price goes down.

Other than that, it turns out you can interpret ‘fun expenses’ in MANY ways. Check these out:

Anansa Jacob
 –
It was
a massage chair
. Definitely not a worthwhile purchase, sadly.

Ayla Kosmonova
–
A
Roland Fantom G6 keyboard synthesizer
. I was more in the ‘gear acquisition syndrome’ than using it properly. Last year its motherboard died and we don’t know what to do with it. Not sure where or who can fix  such a sophisticated musical equipment. Even if we found a place, the repair costs would
 probably be almost the same as buying a new one.

I didn’t regret it. Had fun with it but the learning curve of that gear proved to be very challenging. Eventually I moved on to other interests – the machine is now gathering dust in the corner.

Padelme Azhar
– (I bought a)
Harley davidson motorbike
. It was the best decision ever. I bought it when I was working in Saudi – wanted to pay cash but didn’t want to bring cash, (so I swiped the credit card). I paid off the RM80k right after I got the bank statement.

natalie-san
@mavalia – I got an
 IPL hair removal plan
 so I don’t have to worry about shaving or being a gorilla anymore. I’ve been shaving my legs for many years, which resulted in a vicious cycle of frequent shaving because it resulted in thick hair growth. After a day, the stubble can be quite visible and this made it difficult for me because I like to wear skirts. The IPL package I got cost over RM4,000 for 48 “parts” (after discounts) but it has been worth it.

Now I don’t have to worry about forgetting to shave my legs or ending up with ingrown hair and now have even expanded the treatment to other parts of my body. Treatments are every two months so it’s also less hassle on my part to remove and maintain hair-free skin. And if I’m lucky, I may not have to continue with treatments once I’ve utilized my package if I’m satisfied with the reduction in hair growth.

Sherinaz Basree
 – (I) p
aid for two tickets to
Harry Potter studio tour
. And yes, worth it if you’re a huge fan. Absolutely.

Last thoughts

I guess all of the answers above pretty much confirmed my suspicions. The best situation to own credit cards is:

when you don’t need one
 – ie you already have the cash but decide, eh might as well earn points/enter lucky draw competition etc

when you want to
break down a large purchase into instalments
 to ease cash flow

if you want to be prepared in case a loved one has a
medical emergency

In terms of
selecting
a credit card, the two most-quoted cards from the respondents were (1) Maybank 2 cards and (2) Public Bank Quantum credit card. Both are cashback cards. You can also read up my
4 Lesser-Known Tips to Get The Best Credit Card in Malaysia (For You)
 article for more info.

How about YOU? What’s the biggest expense you’ve ever made with your credit card? Was it a good decision or no? Share in the comments section!


Crypto & Blockchain in Malaysia: Communities, Companies and Associations in Malaysia You Should Know

One thing I noticed about people who are passionate about cryptocurrencies and blockchain technology is their ideologies and values.

They tend to be the same people who rank transparency, efficiency and financial inclusiveness high in their belief system.
Not all of them (some just got in it for the moneh), but many of them. And for that reason, I support the industry.

In the interest of promoting the cryptocurrency and blockchain in Malaysia, I have compiled Malaysia-based companies, associations and groups you should know.

Note that this list is not exhaustive – I might have missed some – but the popular ones with active members are here. If you know of any more, please comment and I’ll add it in.

This list does not and will not include
:

mining companies

trading-related groups

‘wealth-generating platforms’

exchangers

companies doing ICO (without other blockchain implementation), and

companies selling bitcoin clones

I also don’t include groups that
talk
 speculate about cryptocurrencies as purely investment vehicles – too many of those around.

Disclaimer: Pictures = groups that supported my theatre production
In A Different Light
. We’re pretty confident we’re the first theatre company in Malaysia (and possibly worldwide) that accepted cryptocurrencies as payment. We received Bitcoin Cash, bitcoin, ZCoin and Dash. Thank you for the support!

Cryptocurrency groups

Cryptocurrency groups in Malaysia that promote adoption of cryptocurrencies as payment and adoption of its blockchain platform. They are considered ambassadors – some of them are even formally appointed by the core group and received funding for marketing purposes. You can contact them to know more about what they do.

1. Bitcoin Malaysia

Longest-running and most active crypto community in Malaysia. Founded by the legend Colbert Lau. Organises a lot of meetups and the go-to group for anything crypto in Malaysia.

Facebook
 |
Website

2. Bitcoin Cash Malaysia

Bitcoin Cash Malaysia community promotes the use of Bitcoin Cash (BCH) as a low-cost, fast payment method.
Facebook
 |
Wordpress
 |
Twitter
 (most active)

3. ZCoin Community

Some of the most respected names in the local crypto scene in Malaysia promotes ZCoin, a privacy-focused cryptocurrency. They received funding from the core ZCoin team.
Website
 |
Facebook

4. Dash Community

There are a few groups promoting Dash cryptocurrency as a payment method. Rocketpay is one of the most active. They received funding straight from the core Dash team (
see their proposal
). Ask them about their event space
RSpace
, which they generously offer for free to the crypto and blockchain community.
Website
 |
Facebook

Another group promoting the same cryptocurrency is called Dash Malaysia.
Facebook

 5. Steemit Community

The group claims to have more than a thousand Malaysian Steemit members, which is cool! They host events to introduce people to the Steemit platform. Something like Medium, except upvotes will reward content creators with Steem cryptocurrency.
Facebook

6. Stellar Lumens Community

Respected crypto-payments infrastructure with a strong focus on the developing world.
Meetup page

Another group that actively promotes Stellar Lumens is SenangBit (along with other cryptos). Malay-language friendly.
Website
 |
Facebook

7. NEO Community

Driven under NEO Smart Community Malaysia (registered as a non-profit), they host smart contract workshops and events.
Website
 |
Facebook

8. NEM Community

Made up of very driven community members and aggressively expanding in this region. Will open the NEM blockchain centre in Glo Damansara.
Facebook

9. Ethereum Community

Admin-ed by members of the HelloGold and Etherscan team.
Meetup page

Companies using blockchain technology

Proving that blockchain is beyond cryptocurrencies!

1. XenChain

Identity-management services enabled by blockchain technology, for easier and faster eKYC. Planning an ICO.
Website

2. HelloGold

Gold investment platform targeting the underserved (ie not just super-rich people). Amazing team, amazing values. Built on Ethereum platform. Recently partnered with KLEAN – you can exchange recyclables like plastics and cans for gold!
Website
 |
App
 |
Facebook

3. LuxTag.io

Valuable asset tagging services using blockchain technology as proof of authenticity. Built on the NEM platform.
Website
 |
Facebook

4. BESC (Blockchain Energy Savings Consortium)

Enabling efficient and renewable energy using blockchain technology. Received funding from 1337 Ventures.
Website
|
Facebook

5. Ataplus

‘World’s first blockchain-enhanced licensed equity crowdfunding platform’.
Website
 |
Facebook

6. WinApp.Inc

Payments platform built on Hyperledger. Now looking for beta-testers!
Website
 |
Facebook

7. Finterra

Is building own blockchain platform and waqaf management platform. Planning an ICO.
Website
 |
Facebook

8. SEDA

‘Recruitment on the blockchain’.
Website

9. BeeOnPay

Payment gateway services.
Website
 |
Facebook

Educational / Tools / Services

These companies offer blockchain-as-a-service, tools to understand cryptocurrencies and blockchain platforms and blockchain and crypto-related seminars and conferences.

1. CoinGecko

One of the most popular cryptocurrency ranking charts in the world. Built by a local team.
Website
 |
Facebook

2. Etherscan

THE block explorer and analytics platform for Ethereum. Built by a local team.
Website
 |
Facebook

3. Blocklime

Education-focused company, hosts Ethereum and smart contract development workshops. Students-friendly. Provides blockchain services too.
Website
 |
Facebook

4. Bloktex

Blockchain service provider. The team behind Kuala Lumpur Blockchain Conference. They brought over Andreas M. Antonopoulos twice!
Website
 |
Facebook

5. Blockchain Academy Asia

Provides courses for blockchain and smart contract development.
Website
 |
Facebook

6. Blockchain Technology Malaysia

Blockchain service provider.
Website
 |
Facebook

7. Neuroware

Blockchain service provider.Works closely with Malaysian government agencies.
Website
 |
Facebook

8. BlockZero

Iskandar, Johor-based blockchain marketing, business support and training services.
Facebook

9. Protech Future System

Among other things, does ICO security audit.
Website

10. Celebrus Advisory

Blockchain strategy advisor.
Website

Blockchain associations/ groups

1. ACCESS Blockchain Association Malaysia

Supports the development of blockchain industry in Malaysia. Sister of ACCESS Singapore.
Website
 |
Facebook

2. Blockchain Embassy Asia

‘Asia’s only public blockchain consortium’.
Website
 |
Facebook

3. Blockchain Developers Malaysia

Developers only. You need to prove you know how to code before you can join.
Facebook

4. CryptoKnights

Group that brings cryptocurrency and blockchain enthusiasts together.
Facebook

Am I missing anyone?

If yes, comment below. Please don’t take any non-mentions seriously – am only listing the ones I can remember on top of my head. This article will be continually updated with more info. If you’re mentioned and you’d like to add your telegram link in, comment here too.


[SPONSORED] I Tried Bursa Marketplace’s Mirror, Learn & Trade Platform

The idea behind investing in the stock market is easy – buy shares from companies you like, wait for it to grow, and earn a profit through dividends and/or increase in value.

(You can also make money if the share price goes down – that’s called shorting, but that’s not halal and more suitable for more advanced traders so let’s not go there).

But if the idea is so easy, then why do I find it intimidating?

Bursa Malaysia
knows
that many people have the same feeling. Part of their mandate is to attract more investors to the Malaysian stock market, so they come up with various initiatives, including educational ones, to help us overcome that fear.

The latest initiative –
Bursa Marketplace’s Mirror, Learn & Trade Platform
 or MLT Platform for short – may be the coolest one yet. I tried it out. Here’s what I thought of it.

#1 – Choosing
who
 to mirror is the first step

The premise behind
Bursa Marketplace’s Mirror, Learn & Trade Platform
 is simple – you mirror the trades of licensed equity analysts appointed by Bursa Malaysia. These analysts are experienced professionals currently employed with financial institutions in Malaysia.

And by professionals, they
mean
 professionals. They do this for a living.

At time of writing, there are 9 analysts, and all of them seem amazing (see their bio above). All men though – I was hoping for a bit more diversity.

So, you’re supposed to mirror the trades of these analysts. Very quickly, you’ll find out mirroring ALL trades from ALL analysts is NOT an option – by design, you can only do a maximum of 10 stocks in your portfolio. So which ones should you copy?

I guess you could choose randomly – some of you told me you did that.

Or you could pick the traders based on their performance – how much their portfolio increased in profit. The platform makes it easy for you to see Current Return % too – it’s right there at the main page, under ‘The Traders’.

As of time of writing, Mr Chong of Public Investment Bank is leading the pack by quite a wide margin.

For me, I chose my traders based on my understanding that there are two major types of trading strategies: fundamental and technical analysis.

The former is the one you have to research about the company and industry and macroeconomics and all that, and the latter is the charts one.

I’ve somewhat dabbled in technical analysis before, so I decided to mirror the trades of the technical analysts.

If you look at the analysts, three out of nine described themselves as technical analysts. Nice, this process of elimination helped me narrow my options.

Note: I’m not saying picking the technical analysts is a good strategy, it’s just *a* strategy.

So I did that. Mirrored 10 trades. One week in, so far, so good. Their notes reminded me of what I learned in a technical analysis course I took years ago.

What strategy did you choose in deciding which analyst to mirror?

#2 – It’s a good place to learn stock trading jargon

This is where the platform’s most value comes from. The analysts leave notes sharing why they entered/exited certain trades, and commentary on industries, etc.

I’ll be honest. Reading the notes made me realise how much I *don’t* know about the stock market. I mean, what do these notes even mean?

I can see the value of a platform like this. It’s great to know your own knowledge gap. Pick up The Edge or something and read up on the industries they’re referring to so you can understand their notes.

Or the faster way is to reply and comment on their notes, asking them to clarify. Can y’all do this, please? Tq very much.

#3 – Mirror-trading is not a new idea

When I shared about
Bursa Marketplace’s Mirror, Learn & Trade Platform
 on my social media, some of you asked – oh is it like copy-trading platforms?

And I see where you’re coming from. Mirror or copy-trading is not a new thing. There are platforms out there where you ‘invest’ by putting in (real) money and essentially copying the trades of the platform’s top investors. The idea appeals to those looking for an easy way to make money.

It appealed to me, too. I actually *have* tried copy-trading before. Even with a conservative strategy,
I lost all of my money there
.

I’m not saying you *will* lose money if you do copy-trading. I’m just saying the odds are not in your favour, despite how easy they make it sound.

#4 – You get to learn your trading personality in a safe environment

Some of you pointed out that using virtual money to trade allows you to make riskier decisions. It’s not real money after all. No emotions.

If that is true, explain why I only decided to trade RM3k out of my RM100k virtual money?? I’m risk-averse even with virtual money okay!

(Note: I’m also the type to hoard all my in-game points and never use them for upgrades, so….)

But still, for me, it doesn’t matter if I profit or lose money from the platform. What matters is that my familiarity with the stock market improved, as well as my motivation to learn more about various public-listed companies in Malaysia.

I find I was reading more articles about the stock market ever since I tried the MLT platform. It’s a nice indirect effect.

#5 – Using the MLT platform as stock picks?

I may not have in-depth knowledge about the stock market, but I do know the ‘stock picks’ sections in financial publications and websites are insanely popular.

Is the
Mirror, Learn & Trade Platform
 essentially doing the same thing here?

According to Bursa Malaysia, the objective of the platform is to provide Malaysians with stock ideas as well as learn from equity analysts on how to manage an equity portfolio. That makes it different from other stock educational platforms, both locally and globally.

I was also told that the analysts on the platform are only allowed to manage and trade stocks/counters that are
under their respective house coverage
 (house = investment bank).

This means that all the stock recommendations that you receive from your dealers/remisiers can be viewed on the MLT platform, straight from the analysts themselves. Again, the analysts share with users their justification and rationale behind each trade they make in their notes.

Bursa Malaysia confirmed that all stock prices showcased on the MLT platform are live, based on the last price done in the actual stock market. This is cool as other virtual trading platforms normally gives users delayed price.

So… yes you can effectively
use the MLT platform as real-time stock picks
. Give it a shot first and play around with the virtual money. If you want, and if you’re confident in your analysts’ performance, there’s nothing stopping you in taking immediate action and start making trades in the actual stock market.

(Protip: Check the notifications section often – it’ll notify you exactly when analysts enter/exit their trades.)

Disclaimer: This is not investment advice. Obviously you have to do your own due diligence, and only use the money you can afford to lose.

Give MLT a try

It took me 5 minutes to register and figure out the dashboard, another 15 to peek into the trading portfolio of all the analysts and do the mirror-trading. From there, I went in for a few minutes a day to see new notes and view my performance.

What do you think of the platform? Give it a go and let me know what you think. Who knows you might win something in the process too, since #MLTGiveaway is going on!

Link:
Bursa Marketplace’s Mirror, Learn & Trade Platform

MLT explainer video:


5 Ways to Buy More Time, According to Malaysians

Isn’t it amazing that you can use your money to buy more time?

Using money to buy time, as a concept, did not come naturally to me. When I was younger, I spent a lot of hours looking for the best deals.

This money approach went on until I ran out of things to cut from my expenses. Looking back, I could’ve used all that time to make extra money, or learn high-income skills

(but hey it’s not good to dwell on the past)

The realisation that money can be used to buy time also forever changed my attitude towards money. Despite being obsessed with personal finance, I no longer glorify money in itself. What’s the point of having money if I have to work all the time? What’s the point of having money if I can’t spend time with loved ones, or make them happy?

I’m not alone in this view. Recently, I asked the RoR audience about the expenses they’re happy to pay for because it saves them time. Here are some of their answers, republished with permission.

#1 –
Paying to avoid the queue or long drives

72487384 of you don’t mind paying
RM1 in ATM fee
 to avoid the one with the long queue, as well as paying for
tolls at less-congested highways.

Other than that, you also don’t mind:

Dixon Soo
 – (I don’t mind) paying
parking fees using the Touch ‘n Go card
 despite the surcharge. It beats queueing up at autopay machine and digging for small change

Erin Lim
 – Not sure if this is more expensive or not but I also pre-pay for
popcorns and drinks
 for major blockbuster movies because you bet there’s always a line.

Nur Hidayah Abu Bakar
 –
I pay more to
take a flight
 instead of driving (from Klang Valley) to Kelantan or Penang

Vincent Muthu
 – (I pay for)
Valet parking
, especially for business meetups lasting 1-2 hours. Some places also offer a lunch hour rate or other insanely discounted rates which ends up costing me the same as regular parking, if not cheaper.
Bangsar South is my go-to location for this purpose. Their parking rate during lunchtime rate is cheap, and the location is ‘atas’ enough for meeting clients

#2 – Paying for deliveries

Many RoR readers are fans of
online shops, food and grocery delivery services
. Although free deliveries are appreciated, many of you mentioned how you don’t mind paying for it. In fact, asking for free shipping nowadays is considered in bad taste. They must know that the money doesn’t go to the seller right?

My sister, who runs a boutique, is done with your questions 😂😂
pic.twitter.com/CMZYro3f1Q

— Suraya Zainudin (@surayaror)
September 30, 2019

Some other examples include:

Melisa Chin
 – I buy most things from
online platforms
, even groceries, fruits and vegetables. It saves me money, my precious time, and even give me cashback/loyalty and referral rewards.

Related:
HappyFresh Review: 10 Tips to Save Money and Time!

(Suraya’s note: I combine grocery delivery with another time-saving hack – buying in bulk. It’s great not to worry about running out of essentials)

Ming
 – I pay for
runners for work and personal errands
. Since having a baby, time spent outside has become a lot more ”expensive” for me. I’ve pretty much cut out anything that requires me going to pick it up – the traffic, the wrong turns, road rage, looking for parking, waiting for their staff to find your thing, it all adds up in terms of my time and, more importantly, mental energy.

At work, I signed up RM220 for GoGet app. Work errands are a bit more high value so I like the Goget website, app, and runners because it all works better and more accountable and responsible.

In my personal life, I mostly use Grab. I’m that organiser person in my family who buys the birthday cakes, orders the special curry puff, arranges the condolence flowers. Buying directly from my regular shops and arranging my own pick up is way cheaper than going through websites where the developers will get their cut.

Hasyimi Bahrudin
 – (I pay for)
 IKEA Delivery
. It costs RM98 to deliver to my area, but it’s definitely worth it to avoid 90km round trip and hours of time wasted, and not to mention energy. You can choose the time slot of the delivery (similar to Tesco online), and they will deliver it to your doorstep. Plus you can further cut down the cost by sharing it with your neighbours if you plan it ahead of time. You can find people by advertising on Whatsapp groups, if anyone is interested to piggyback on the delivery.

#3 – Paying for ad-free entertainment

Gavinesh Siva
 – (I pay for) Spotify Premium and Netflix. Having all my favourite shows/ music and podcasts in one place makes life convenient. Also, I save a lot of time not having to watch or listen to lengthy ads.

(Suraya’s side note: I judge the hell out of gyms or cafes that play Spotify but don’t pay for Spotify Premium, and people who pay hackers to buy login details. I’m paying less than RM15 per month for BOTH services – already so cheap what. Don’t be stingy la)

Related:
3 Ways to Get Cheaper Spotify Premium in Malaysia

#4 – Paying for services

Many RoR readers are fans of these time-saving services:

E-hailing services

Domestic helpers and cleaners

Car wash services

Online bill-paying services

Childcare/babysitting services

Additionally, some of you also cough up money to:

Erin Lim
 – I pay IKEA to
install the furniture
. It would take me almost 2 hours to assemble a desk while they only took 30 mins to install a wardrobe.

Jmumu Te
 – (I pay for)
Technical expertise
 like washing machine repair or laptop repair. We can’t figure them out (fast), but experts can solve them in less than half an hour.

#5 – Paying for good-quality tools

Last but not least, the efficiency of good-quality tools makes life better. I still need to work on ‘buying nice so I don’t buy twice’ (since I am naturally skeptical of fancy marketing campaigns), but these answers make a lot of sense:

Nur Hidayah Abu Bakar
 – A good quality
breast pump
 allows you to get breastmilk in a much shorter time. Also, my
air fryer
 saves me a lot of cooking time

Lee Jun
 – I forked out RM 2000 for a
Samsung Powerbot
. I really love it. I can switch it on remotely via my phone. It saves me at least two hours of sweeping and vacuuming time per week and cleans the floor better than me! I love it so much that I splurged another RM2000 to buy a second unit for downstairs (I live in a two-story house).

(I also like that) the noise they make gives the impression that someone is at home, which gives me peace of mind while I’m travelling.

Georgette Tan
 – The sun is free but the
 dryer at the nearest self-service laundry
 is a time saver for me. I hate folding laundry, and coming home after a long day at work usually means the laundry ending up being piled on a chair until I need to wear it again.

So my method now is: I wash clothes at home, take it to the laundry, pay that RM6-RM7, wait 25 minutes and fold my clothes straight out of the dryer. Everything is ready to go back into the drawers or on a hanger when I get home.

How do YOU buy more time?

What do you personally pay for –
which you can afford
 – that buys more time for yourself? What do you use that extra time for – to earn more income or for R&R? Do you have more examples of time-saving purchases aside from the ones mentioned above?

Let me know in the comments section!


[SOLD OUT] How to Buy Your Own Damn Insurance Workshop on 21 Jan 2023, 10am-12pm

>>
Link to purchase
<<< RM15 Discount available for those who bought Bergaji & Pokai book 😀

On Saturday night, I tweeted this out.

And it quickly took off. Over 100 RTs and 700 likes in less than a day!

Alright, I guess idea is validated and you do want to learn this skill. So let’s do it, let’s learn how to buy your own damn insurance!

In this workshop, you will learn:

How to find out what types of protection you need and how much they cost

Which companies to buy protection products from, and whether you should buy directly (online) or through insurance agents

What protection features are good to have and what’s (mostly) gimmick

How to read your policy documents and organise for easier review [FREE template to organise your insurance included]

You should attend the workshop, if:

You WANT to buy insurance but want to avoid ‘being sold to’. You just want to learn about it from a neutral third party (Note: I am not an insurance agent and have no affiliation with any insurance companies)

You’re afraid of being sold the wrong products – just want to research and make the products selection yourself and/or meet the agent already somewhat informed

Insurance buying overwhelms you and the idea of someone hand-holding you through this process feels right. It calms you down

You have random questions about personal finance – I consume way too much personal finance content and 99.9% sure I can answer or point you in the right direction

Note: Recording will be provided for those who can’t attend the live session. You can also submit Qs beforehand and I’ll do my best to answer during the session

You should NOT attend the workshop, if:

You’re not comfortable with being recorded. This session will be uploaded post-event

You expect me to know every single protection product from every single company out there. This is impossible – new products get created and retired all the time

You expect me to give tailor-made product recommendations just for you. This workshop only costs RM3x-4x. For personalised recommendations, you need to either meet an agent (cost: free upfront but paid in RM three-to-four-figures commissions if you bought from them; whether their recommendations are truly in your best interest is another story) or hire a financial planner (cost: RM four-figures upfront; generally in your best interest, includes comprehensive financial planning)

What to bring:

Your laptop, your phone, a notebook and a pen (for you to take notes)

Your insurance policies, compiled in a google drive, if any (this is for your own reference, I won’t look)

The workshop will be personally conducted by myself, Suraya Zainudin, the founder of personal finance blog ringgitohringgit.com. I’ve been optimising my personal finance system for many years and have completed all 4 modules of Certificate in Financial Planning course 🙂

Note: I am *not* a financial advisor. This is an insurance-buying process workshop, not a financial advisory workshop. I can share the financial products that I use (if asked), but those are for sharing only. I have nothing to sell to you (except for the tickets to this workshop).

All tickets are NON-REFUNDABLE, on first-buy-first-serve only.

Hey, you wanted to be better with money in 2023. Make it happen. Consider this an investment in yourself. See you there!

>>
Link to purchase
<<< RM15 Discount available for those who bought Bergaji & Pokai book 😀