6 Ways to Draw More Tourists to Malaysia, According to Malaysians

According to the PM, “
the government is targeting to achieve 30 million international tourists and RM100 billion revenue in the tourism sector through the (Visit Malaysia Year 2020) campaign
.”

As you and I know, we as a country have A LOT of debt to pay off (yes this is a 1MDB reference). So I am fully in support of the campaign and initiatives under it. It’s not your or my fault that we’re in this debt…  but we’re in this debt.

It sounds like the RoR audience is in support of initiatives that improve the tourism sector, too, because when I asked about what we could do to attract more tourists to Malaysia, I got so many amazing replies! They were so good, I decided to compile some answers here for everyone else to read and contemplate on.

Here’s what you say will draw tourists to Malaysia:

#1 – Appeal to locals (and people who live here like locals)

Muhammad Asyraf Hamdani
 –
Attract locals first, others come second.  If locals didn’t get entertain, how will it viral to others.

Dylan Ler
 –
Empower locals to spark tourism entrepreneurship. Give small grants for people to paint their shops(have a mural/make it insta-worthy), decorate their small cities, clean the beaches, hold mini-tours, etc.

When you empower local people to love their cities and towns, they automatically promote them to others.

Ringgit Genie
 – Encourage more high skilled expatriate workers into the country for a more multicultural vibe. Their friends and family are likely to visit them in Malaysia while they are here which will definitely improve tourism.

#2 – Promote our lifestyle through popular culture

Edmundn Kdupg
 – I think it is important to take control of the narrative and branding of our culture and history. There has to be more effort to document and present our local food, local histories and local places in a variety of content such as drama, movies, podcasts, comics (and more).

For example, Japanese anime featuring Japanese food is jaw-dropping amazing and helps spread their culture. Same with Korean dramas that feature Korean food. I will definitely support any local anime about Malaysian food.”

Metalhead Bill
 –
Build soft power. If people care about your culture, people will come no matter what horrible things they have to say. For example,

America’s entertainment industry despite the gross economic inequality,

Kpop/Kdrama despite the monopolistic control of the economy through Chaebols and the horrible work life balance they have,

Japan’s entertainment industry and so on.

You get my drift.

Alden Lee Chung Zhenn
 –
Ride on Henry Golding’s (and needless to say Michelle Yeoh’s) Hollywood status. Collaborate and create local dramas with them featuring Malaysia’s beauty. Learn from Kdrama’s success.

Generally people don’t like forceful promotional contents like the Visit Malaysia 2020. Subliminal messages via mediums like local drama, food, music and etc gives more value in promoting Malaysia to the global audiences.

Charmaine Pua Li Ping
 –
 Create better (influencer-driven) content like this to attract people. Use 3D tours to show people around or engage with famous local celebrities to show people where they hang out. Most importantly, proper maintenance of places of interest.

#3 – Clean up – both image and public space

Ringgit Genie
 – Improve the perception about Malaysia in foreign media. Foreign media, portrays Malaysia as an ultra-conservative religious country with not much to do, which is definitely not the case. Don’t think the Visit Malaysia campaigns are good enough to change that perception among tourists right now.

Ryan Lee Chun Hoe
 –
With more tourist coming in, then I think it will start to push for other initiatives whether individually, government or society to make Malaysia cleaner, safer place to visit because they will realise tourism is also their rice bowl. The locals won’t want crime to happen to deter their “rice bowls” away.

Ming Wee Koh
 –
Taking care of our streets and public toilets cleanliness and maintenance with less scribbling on walls and doors.

#4 – Create fun travel experiences

Kurtson Wong
 –
Encourage more road trip for north/southbound! Make roadtrips exciting and bring tourist out of the heart of city!

Adiba Azhani
 – I
mprove public trains. I went to Japan & Singapore because their trains are convenient. So I managed to travel easily

Ming Wee Koh
 –
Provide user & language friendly signboards for streets for easier understanding by all other countries with increase placement of signboards to ensure tourist finds their way at all times.

With an idea of our places of attraction, implementing signboards that leads to those place would be a great help to tourists. Public transport frequency and on time schedule to allow easier movement for tourists with easy reference such as multiple languages, app for tracking on public transport movements.

#5 – Market the Malaysian Food Experience

Joseph Soosay
 –
Market the traditional Malaysian foods more effectively globally – I do think we have some of the best food from anywhere.

Farhana Norlisan
 – For city, we have to show off our night life and street vendor culture as they are very vast! If we can make the surrounding clean and appealing, it’ll be superb!

Debra Wong
 – Food alternations for people with dietary restrictions such as vegan, gluten-free and keto who would like to try our nasi lemak, roti canai etc (Also: Looking for suggestions for halal, no-eggs no-dairy vegetarian food options to suit my UK boss in town plus my team!)

Edgar Lee
 – P
romote the things that we are highly proud of: food, nature, and culture. turn malaysia into a food/nature/culture hub in southeast asia, with the right approach to advertising, even a mamak stall can become a hipster cafe.

#6 – Entertain the hell out of them

Josh Lim
 –
Concerts, seriously concerts. We are skipped so often by big acts because we have a ‘backward country image’ that isn’t friendly towards live acts.

Ryan Lee Chun Hoe
 –
Rave party, music festival or get the license to do those famous theme parks here.

Ringgit Genie

– Host major music festivals and events in Malaysia.

Suraya’s note: I understand that most of the people reading this are not working as full-time big-scale event manager so you can’t really do anything about this lol. But still, even in our own individual capacity, we can treat the tourists we come across well, so that they themselves will tell their friends and family about their positive experience in Malaysia.

Last thoughts

How obvious was my attempt to make you support Visit Malaysia Year 2020? Haha.

But really though. My personal opinion is the government could really benefit from our help to make Visit Malaysia Year 2020 a successful one. I don’t know about you, but I would like it very much if Malaysia could pay off its outstanding debts without any problem. And one way to do that is by increasing country revenue.

So shall we… help? Even if all we can do are stuff in our personal capacity, like being nice to tourists and expats. Not just the white ones.

Ok, Imma quit sounding so preachy now. Feel free to give supportive or counter-arguments, would love the opportunity to learn. Laters.


[FB LIVE SESSION 17 April] Urus Bersama Suraya (AKPK collab)

In this third Urus Bersama Suraya with
Agensi Kaunseling dan Pengurusan Kredit (AKPK)
 session, I covered:

The 4 ways for you to get money, fast (all legal!)

And some slower ways as well (get more salary, side income etc)

Watch the first session on 3 April:
[FB LIVE SESSION 3 April] Urus Bersama Suraya (AKPK collab)

Watch the second session on 10 April:
[FB LIVE SESSION 10 April] Urus Bersama Suraya (AKPK collab)


[FB LIVE SESSION 3 April] Urus Bersama Suraya (AKPK collab)

In this Urus Bersama Suraya with AGENSI KAUNSELING DAN PENGURUSAN KREDIT (AKPK) session, I covered:

How much money you’ll get from the stimulus package, and

Best ways to manage it, in order of priority

Watch the second session on 10 April:
[FB LIVE SESSION 10 April] Urus Bersama Suraya (AKPK collab)

Watch the third session on 17 April:
[FB LIVE SESSION 17 April] Urus Bersama Suraya (AKPK collab)


[FB LIVE SESSION 10 April] Urus Bersama Suraya (AKPK collab)

In this second Urus Bersama Suraya with
Agensi Kaunseling dan Pengurusan Kredit (AKPK)
 session, I covered:

The 3 reasons why you can’t stop spending money,

Two of which is *not* your fault, and

What you can do about it

Watch the first session on 3 April:
[FB LIVE SESSION 3 April] Urus Bersama Suraya (AKPK collab)

Watch the third session on 17 April:
[FB LIVE SESSION 17 April] Urus Bersama Suraya (AKPK collab)


US vs Malaysia: 5 Ways Our Personal Finance Content is Different

Chances are, if you are relatively fluent in English, you have consumed personal finance content from US. Maybe you read books written by US-based writer. Maybe you follow Youtube channels of US-based personal finance personalities.

This in itself is not a problem – one can learn from anyone, including Americans. As long as you ALSO learn from other people, especially people from your own region/country.

And thought leaders. And role models. You know what I mean
— Suraya | suraya.eth (@surayaror)
August 31, 2021

In addition, you do have to be careful a bit, because personal finance content meant for US readers may include context that does not apply (or not as much) to you. So you get confused, or worse, make the wrong decisions.

Well, I wasted time trying to understand US vs Malaysia personal finance content, no sense for you to waste yours, too. Here are 5 ways our personal finance is different.

1. US retirement-earmarked fund is called IRA. Ours is called EPF.

Sometimes Malaysians need to be reminded how lucky we are to have EPF – the retirement-earmarked fund which both employees AND employers contribute to on a monthly basis.

In the US, they call it IRA – individual retirement account. There are a few types of IRA like Roth IRA and 401(k) and whatnot – you don’t have to know this, it’s not useful info for us Malaysians.

However, as I understand it EPF is better than IRA, as employer contribution is optional for the latter. Companies may or may not offer employer contribution for their employees. Even if they do, they may only match it up to a certain %.

In contrast, EPF is very clear and most importantly, mandatory.
You contribute 11% of salary, and your employer contributes an additional 12 or 13%
. This helps an employee to build up a sizable nest egg in for their retirement years.

(Still not enough though. But maybe people who own homes can supplement retirement income with
reverse mortgage
?)

2. US student loan is more predatory than Malaysia student loans

The first US vs Malaysia difference in personal finance content is retirement-earmarked funds. The second is on our student loans. Ours is way, way, WAY better.

According to
bankrate.com
, ‘about 90 percent of student loan debt (in the US) is comprised of federal loans, with interest rates ranging from 4.99 percent to 7.54 percent’.

Yup, up to 7.54%!

How much is the student loan interest rate in Malaysia? Well if you get it from PTPTN, the rate is just 1% per annum
flat
 rate.

This is a BIG difference. PTPTN borrowers literally save thousands, if not tens of thousands in interest charges.

This is also why I never understood the Malaysians who jumped on the Cancel Student Debt protest. Cancel for what? PTPTN is literally there to help you get an education, not to make profit.

I mean, 1% interest rate for PTPTN student loan is
not even enough to cover inflation
, so what profit are you even talking about? Plus, the 1% is FLAT interest rate, not compounded.

Futhermore, PTPTN borrowers who get First Class Honours Degree can apply for
100% exemption in PTPTN repayment
, effectively turning the PTPTN loan into a scholarship. No such thing that I can think of for US.

So it is your responsibility to pay your PTPTN loan, if any. There are negative consequences for not paying PTPTN – If you don’t pay back, less money will be available for future students to pursue
their
 tertiary education.

Less money for students = less educated nation. Don’t be that person who does this. Pay back your PTPTN.

3. US have high overdraft fees. We don’t

In Malaysia, if you don’t have enough money to conduct a transaction, then the transaction simply… won’t go through. Not in the US – no, they make you pay for it. They call it ‘overdraft fee’.

According to
Investopedia.com
, ‘an overdraft occurs when there isn’t enough money in an account to cover a transaction or withdrawal, but the bank allows the transaction anyway’.

So basically, an overdraft fee is a fee charged to you when you swipe your debit card and DIDN’T have enough money in your account. The average cost is $25, and upwards to $35, depending on the bank.

That’s a lot of money. Honestly, the way the US penalises poor people for being poor is just… sad.

Btw – overdraft facility does exist in Malaysia, but you have to be offered, or apply for it. This means only financially secure people get the privilege, and banks have the right to reject your application if they think you aren’t going to pay them back.

Note: overdraft is not the same as credit facilities like credit card etc. Speaking of credit cards…

4. US credit cards have higher interest rates (for people with bad credit score)

Aside from that, Malaysians have less predatory credit card interest rates too, compared to the US.

Typically, your credit card’s interest rate will depend on your credit score, in particular your repayment history. Ie, are you good at paying back the money you borrowed? If no, you are considered more ‘high risk’ and given a higher penalty, ie higher interest rate.

In Malaysia, if your payment history in the last 12 months is good, your interest rate will be 15%. If not, it’ll be 17% or 18% –
the credit card interest rate in Malaysia is capped at 18%
.

However in the US, people with good credit score also enjoy interest rates as low as 15%. However, if you are someone with bad credit score,
creditcards.com
 says your credit card interest rate can be as high at 27%.
27%!!!

5. However, their low-fee diversified fund is quite dependable as long-term investment

For the average American, the low-stress way to invest is to simply consistently DCA (explained
dollar-cost averaging in here
) in S&P 500. As you can see, S&P 500 generally trends upwards over the long term.

What is S&P 500 you ask? According to
Investopedia.com
,

(S&P 500 is) a stock market index to track the value of 500 corporations that have their stocks listed on the New York Stock Exchange (NYSE) and the NASDAQ Composite… (which) represent most of the composition of the U.S. economy.
As a result, the value of the S&P and various stocks within the index is closely watched by market participants since their performance represents a gauge of the health of the U.S. economy.

It’s not quite the same thing, but the closest equivalent to S&P 500 in Malaysia is probably FTSE Bursa Malaysia KLCI – usually just referred as KLCI. According to
Bursa Malaysia
, KLCI ‘comprises the largest 30 companies listed on the Main Board’.

Unfortunately, KLCI has not shown the same long-term upwards trend as S&P 500. In fact, it has been stuck in the 15xx to 18xx range since 2012. (This is not making fun of Malaysia, just stating a fact. I wish our economy do better, I really do).

This is why it’s common for Malaysians to diversify their investments
geographically
, and popularly in US market. For most years (but not all! Remember historical data =/= future performance!) you should see your investment do better than Malaysian stock market.

P/s – you can buy S&P 500 through
MIDF Invest
 (Shariah version also available!). You can also invest in US markets through many
unit trusts
 and
robo advisors
.

Related:
3 Best Investments in Malaysia (+ The Best Way to Invest Your Money)

US vs Malaysia: What other differences in personal finance do you know?

I have laid out 5 big differences in how the US and Malaysia is different in our personal finance. There are probably more.

Please share your thoughts in the comments section – what confused you, when you first started learning about personal finance?

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Dreaming of the Van Life in Malaysia [Frugal Fantasy Series #1]

Welcome to the first of my Frugal Fantasy series, where I write about alternative frugal lifestyles that I’ve fantasised and romanticised.

In this article, I will explore the van life in Malaysia – this whole article is a compilation of the research I’ve done on it, so I can get this daydream out of my system.

What is the Van Life (and Why do it?)

Van living is exactly what it sounds like: you live in a van. You can do it solo, but it’s not uncommon for friends and couples to do the van life together. Some even bring their pets along!

I’ll be honest and say the vanlife has a reputation for being a ‘white people’ thing. It has that boho, I-am-a-free-bird undertone. I find that people who are attracted to van living are usually from the US or from Europe… or someone who is influenced by their ideology – myself included.

However, that is not the only reason people opt for the vanlife. From what I can see, people who choose van living as a lifestyle do it for a few reasons, not just a singular one.

First – let’s get it out of the way – sure, there are also people who do vanlife for fun and adventure. They want to do
long-term travel on a budget
, and van living happens to be the best choice for them.

Next are the people who are forced into van living (and sometimes car living) to
significantly save money on accommodation
. For example, Stories from a Van shows how to do van living in famously expensive San Francisco.

(I’ve also seen videos where people HAD to live in their cars/vans as their landlords raised their rents exponentially, and they can no longer afford to live there, and have nowhere else to go. This is obviously not an ideal situation to be in, but I’m glad there are resources people can turn to)

And lastly (and my favourite), the people who intentionally choose the van living lifestyle so that they can opt out from capitalism and society’s expectations.

For them, van living is simply a
low-cost, low-impact alternative living
. Keep your costs low and you never need to be stuck in the rat race kinda thing.

Doing the VanLife in Malaysia

 Van life in Malaysia is not common. Aside from the couple from
24 Hour Travellers
, I barely see anyone talk about it (or I’m just not in those networks yet? Idk)

(24 Hour Travellers have since shifted from doing the van life to the boat life. Check out their website and Youtube for excellent resources to do the van life in Malaysia, like this video on safety tips.)

However, even though van living community in Malaysia seems small or non-existant, I do know there is a thriving DIY campervan community in Malaysia.

Yes, Campervan is not van living, but there are some helpful vehicle modification hacks that is useful for people who aspire to do the van life in Malaysia. They have amazing DIY resources, like building your own sink!

FYI – I didn’t know this before, but you can also do camperCARs! Watch this guy turn his Kancil into a Campercar.

What’s my motivation to try the van life in Malaysia?

I’m definitely attracted to do the whole traveling on a budget thing. But aside from that, I also want to try the van life because I’m a sucker for novelty and unique experiences.

I mean, imagine this scenario – spend a few years doing the van life and visiting all around Malaysia, then going north into Thailand, and eventually reaching (gasp! dare I dream?) Central Asia, Europe and United Kingdom.

That is possible in theory. A family actually did that, but in reverse – in 2013, a Malaysian family of 6
drove from UK to Malaysia
. It took over 155 days and cost over RM315,000 (huh. That’a a lot more than I thought. So much for budget. That amount does include a huge van though, and I know those are costly)

At this point in my life, I know it’s not possible for me to do van life in Malaysia. I like my current life too much to throw it away. It has taken me a lot of blood, sweat and tears to get the life I have now, and I don’t want to leave this behind.

Sure, never say never, but it’s extremely unlikely. But a girl can dream, thus this post. Maybe in the future I’ll do a 1-week van roadtrip in New Zealand or something – that would be fun 🙂

That’s the end of this daydream article. I’m sure the actual van life would have its ups and downs, but I had fun writing about it, and that’s enough for now. Like I said in the beginning, the motivation behind this article is primarily to give myself an outlet to get this fantasy out of my system. After all, what use is having a personal blog if I can’t express myself here? 🙂

Aside from doing the van life in Malaysia, I’ve also fantasised and researched other alternative lifestyles: homesteading, tiny home living, co-living, au pair and more. Which of these do you want to read next?

What alternative lifestyes do YOU like to fantasise about? Let me know in the comments!


Why you should buy all your Xmas presents from online vendors (and skip the malls)

I used to like Raya, and then I grew up so the money stopped coming 🙁

Now, out of all the holidays in Malaysia, I probably enjoy Christmas the most. Gift-giving isn’t really a Malay thing so when I first started exchanging presents I get the most warm and fuzzy feeling inside. Its like, “
You picked this up with me in mind? Thank you, that’s so sweet of you!!
”

Chances are, you will celebrate Christmas as well – with your family, friends, and/or colleagues. (Fear not Muslims, this is not haram, I checked – ‘..if the stated practice or behaviour is done on the basis of societal or social relationship between Muslims and non-Muslims for the purpose of harmony is permitted in Islam’
Source
)

Are you expected to get someone a Christmas present, or be part of a Secret Santa group? Are you are looking around for the perfect Christmas present? Were you planning to grab those presents in a mall? If so, this article is for you 🙂

Reason 1: If you have to spend money, might as well help out individual online vendors rather than big corporations

Notice that I said individual online vendors. Not online shops. I don’t mean Lazada or Zalora, I mean Instashops and blogshops.

Think about it – there’s a reason why online vendors have to conduct their business online: they can’t afford a physical shop, or don’t get enough foot traffic because all they can afford is a shitty location, or have to work from home (stay at home parents, students, retirees etc).

Big corporations have the system tilted to their favor. Branding and marketing budget? Check. Fancy advertising? Check. Prime locations in shopping malls? Check. I also heard from an insider that big-name retailers can sometimes get their rentals waived for a couple of years. This is especially true for new shopping malls, a tactic used to draw in the crowds. Doesn’t it bug you that already-successful corporations get their prime locations rent-free?

In the spirit of Christmas, give to those who need it more. Individual online vendors will be super grateful for the added income.You are directly sponsoring their children to go to school, or affording them a better quality meal which improves their health.

Reason 2: Due to online rivals and lack of overhead, prices are likely to be competitive anyway

There’s no shortage of vendors
. If you go on Instagram, you can search for anything via the #sayajual hashtag. Want to buy clothes? #sayajualbaju. Want to buy a watch? #sayajualjam. Want to buy bags? #sayajualbeg. Don’t know what to buy? Window shop by using #sayajualonline.

For other online vendors, there’s always the trusty search function. I’m talking about the folks at Carousell, Mudah.my, Lelong, and Low Yat forum, where you can compare the prices.

Reason 3: You can save money on logistics

“But I have to pay for shipping charges!” you say.

Yes, you probably do. Please don’t ask for free postage unless offered – someone still have to pay for those and its forcing online vendors to bear the cost is a douchebag thing to do.

You’re still spending less, though. Here’s what you have to pay when shopping from online vendors:

Shipping

Here’s what you have to pay for a day in the mall:

Parking+Toll*, or

LRT/KTM*

Food & Drinks (who are you kidding of course you will be tempted to try the special Starbucks Christmas drink)

Impulse buys that have nothing to do with your original intended purchase

*recently increased, further ouch!

Reason 4: Mindful shopping

I love this reason the most, because I’m actively trying to be more conscious of the effects of advertising in the way that I spend. Like many people, I don’t enjoy feeling that I was brainwashed into buying something. Advertisers know this, and they rarely go, ‘buy this!’ anymore, they use other, more subtle tactics to sell their products:

Using brand ambassadors

Using social media influencers
who do not tell the audience that they were paid to promote a branded product
 (this is super unethical,
this girl
 who famously quit her successful social media life exposed that she was paid to use/wear some brands. YouTubers do this a lot as well)

Using scents (grocery stores ventilate air from their bakeries so people can smell freshly baked goodies – induces hunger and encourages spending)

Fake markdowns – why do you think bedding is on ‘sale’ all year round?

Even malls are designed to encourage spending.Things are never where they are by chance, they are the result of careful positioning and planning. Escalators located at the far end or even
inside
 a store. Toilets far away from entrances, forcing you walk past many, many shops. Slow music to encourage shoppers to walk slower. Manipulative, isn’t it? Read more
here
.

Via online shopping, you get to tune out some of the effects. I personally look for shops with terrible pictures, which (to me) is a good indication of a seller who isn’t conscious about advertising AND cannot afford to get a professional to do it for them. I also look for local crafters, and sellers who do things a bit differently  (I once saw a brilliant baby clothes shop which did not have a single blue-is-for-boys-pink-is-for-girls stereotype!)

Consumer psychology is something that big corporations
invest
 on. I don’t think you can be completely free of it, to be honest. But we can try.

There you have it – 4 valid reasons why you should get all your Christmas presents from online vendors this year and skip the malls. Let’s be clear – I’m not hating on malls. They are great for window shopping, but let’s do the actual shopping online 🙂

—

The idea for this post was conceived after the author thought about the actual people struggling in this current economic climate. And then she got angry thinking of TPPA where big, fancy lawyers representing big, fancy corporations sit down together in their fancy ass suits with representatives of the government and they go like, lets further enhance our business in this region, and oh
lets add a clause that protects our right to profit, if not we will sue you for millions and billions of dollars (of our tax money)
.


7 Things to Do Before You Quit Your Job to Become A Freelancer/Self-Employed

Nowadays, opportunities to
make money online
 are much more abundant than ever. It is not uncommon for someone to want to try make it as a freelancer/self-employed individual, especially if they have been denied flexibility and autonomy their whole working life.

These are some things you might want to do before you submit your resignation letter.

#1 – Have savings

Having savings is highly, highly,
highly
 recommended. Why? Because, you don’t want to be in a position where you’re desperate enough to take up low-paid jobs. Not making enough + no savings = extremely stressed and vulnerable you.

How much should you save up? I think 3 months’ worth of expenses is the minimum, if possible 6, 12 or even 24 months.

Note: Save up x months’ worth of
expenses
, not salary. That means, if your monthly commitment is RM2000, then:

3 months’ expenses is RM6000

6 months’ expenses is RM12,000

12 months’ expenses is RM24,000

24 months’ expenses is RM48,000

You can use my
Can You *Really* Afford It? Use the 50/30/20 Rule (Free Editable Template)
 to help you calculate your monthly expenses.

As for
where
 to keep the savings, please refer to
7 Savings and Investments You can Automate, Aside from EPF Contribution
 article.

Next, Numbers #2 and #3 kinda are quite similar so I’ll explain it together:

#2 – Apply for credit card(s)

#3 – Apply for loans (only if you can afford the monthly payment)

If there is one I miss about being employed, is that payslips made it super easy for me to apply for credit cards and loans. My applications for
Maybank credit card
 and
ASB financing
 that I made in my early 20s went through without a hitch.

In comparison, after becoming self-employed, my agent asked me for additional documents multiple times when I tried to make additional ASB financing application. I also tried to apply for a few credit cards but they didn’t get back to me – presumably I got rejected.

This is despite me making an okay living as a self-employed writer, filing my taxes diligently every single year, and having a pretty good
credit score
. I’m really not sure where I did wrong tbh.

DISCLAIMER: Now, do NOT take this as ‘oh Suraya say go take credit card and loans’. That’s not what I said. I said it is
easier
 to apply for them when you are employed, so only do so if it makes sense in your situation. Click on the respective links for more information.

#4 – Clean up your online profile(s)

Now, unless you are a super extrovert and attend gatherings/networking events regularly and can find potential clients without relying on online world, I highly suggest you to clean up your online profile(s), stat.

This
5 Ways to Maintain a Professional Online Presence
 article contains solid tips. It is written for teachers, but applies to every professional out there.

You might also want to create a new email address that sounds more professional-sounding. This is especially true if you’re still using yayang_comel8888 at hotmail dot com or similar.

#5 – Add insurance costs to your monthly commitment

Switching from employed to self-employed usually means you will no longer be covered under your employer’s insurance plan, so you have to get your own.

Happily, nowadays there are many affordable options for you. Find out more in the
Best Insurance and Takaful in Malaysia for B40 and M40 On A Budget
 article. If possible, you’ll want to allocate at least RM100 a month for this.

#6 – Get ready to feel super directionless

The first thing you will lose when you quit your job, aside from the salary and certainty of a paycheck and benefits, is… the structure. Your body and mind are so used to the wake up-get ready-go to work-go home-sleep-repeat grind that it will take some time to get used to the flexibility.

By this point, I’ve been doing this self-employed,
soloprenuer
 thing for 7 over years now, and some days I still feel directionless. Don’t get me wrong, being able to do what I want is GREAT, but the possibilities and options can also be super overwhelming that you just end up doing nothing.

#7 – If possible, secure your customers and clients BEFORE you quit your job

Many people get stressed with their jobs, then think of quitting, then try to figure out what to do.

The safer way is to get the future source(s) of income sorted out first before you submit that resignation letter.

However, despite this and thanks to #1 (having savings), I can say that I don’t regret quitting my job without a concrete plan. It was super confusing at the time but looking back, I experienced so much self-growth while trying to figure my path.

The last time I did this, I ended up being a personal finance content creator which is my literal dream job so ya 🤷🏻♀
https://t.co/tn5M0dqqoO
— Suraya | suraya.eth (@surayaror)
November 10, 2022

But, you should also know I have the privilege to say this because somehow, miraculously, things worked out. There’s an element of survivorship bias happening here. Maybe it worked out for me, but countless others in the exact same situation ended up going back to the safety of a stable job (which is fine).

Freelancers/ Self-employed peeps, what else do you think you should have done before you quit your job?

I’d really love to hear among the freelancers/self-employed – what advice would you give yourself, if you were to do it all over again?

Please share in the comments so all of us can learn 🙂


7 Things to Do to Get the Best Jobs in Malaysia, Regardless of Your Industry

It’s no secret that many Malaysians are both underpaid AND underemployed*. You really have to stand out to secure the best jobs in Malaysia: the ones offering high salaries, great benefits, and (if you’re lucky,) work-life balance.

*Underemployed = ‘workers who are highly skilled but working in low-paying or low-skill jobs and part-time workers who would prefer to be full-time’ (
Investopedia
)

Wait, you say. I thought RMxxxx salary is the best I can get, as someone working in x industry.

No, your salary could be *much* higher. That’s because…

The best jobs in Malaysia exist in most, if not all industries

Browse through
MalaysianPayGap on Instagram
 and see how much someone in your industry could be making.

No, seriously, spend some time looking through. It’s hard to find the motivation to increase your salary unless you realise you are underpaid. People earning RM7k and above salaries by mid-to-late 20s is not uncommon.

As mentioned, the competition to get these jobs is tight. You’ll need a combination of luck and skills to get them, but it may be a worthwhile endeavour especially if you’re not feeling appreciated or fulfilled in your current role.

(Yes, some people might get these jobs via connections. Focus on what you can control, or even better beat them at their own game.)

Here’s what you can do. You don’t have to do all, but the more, the better.

#1 – Update your CV / Resume

Obviously you have to update your CV / resume. What’s the difference? Here:

Image credit to Syaza Nazura

When was the last time you updated your CV and/or resume? If it’s been a while, do this first.

Yes, update your resume
even if you are happy with your workplace
and only ‘passively’ looking for a new job. Best case scenario, headhunters will reach out with a better offer. Why deny yourself this possibility?

Updating your resume will also make you realise
how far you’ve gotten
 – you’ll have gained lots of experience and skills since you worked there. Bring this up in your next performance review, to negotiate for a higher salary increase.

Here are some resources for DIY resume writing:

5 resume tips to keep in mind (and mistakes to avoid!)
300+ Action Verbs, Power Words & Synonyms for Your Resume

#2 – Hire Resume Writing /Editing Service

Even if you prefer DIY resume writing, it’s not a bad idea to hire a professional resume writer or editor to review your resume, so that it’s the best version it can be.

You can book affordable resume writing/editing service from
Fiverr
. Just type in ‘resume writing’ or ‘resume editing’ and you’ll find a lot of options.

Note: This may not be a dealbreaker for some companies, but the higher the role you’re applying for, the more it matters. Make sure your CV uses the right version of English, ie use British English if you’re applying to UK/Malaysian companies, and American English if you are applying to American companies

#3 – Polish your LinkedIn profile

Kind of self-explanatory – LinkedIn is where you go to
brag
 post about work-related stuff. You can find lots of resources on Youtube.

There are lots of recruiters on LinkedIn, so don’t skip this! I personally know a few people who got better job offers, thanks to LinkedIn.

#4 – Reach out to Headhunters in your Industry

Aside from #1-3, there’s nothing wrong with being proactive. Reach out to headhunters in your industry and put yourself on their radar. Their job is to find talent for companies (usually big ones), so make their job easier.

Resumewriter.my, a resume writing service provider published a great
list of headhunters in Malaysia
, sorted by industry and complete with contact details.

P/s – DO NOT just email with your CV and say you want a new job, that’s rude.

#5 – Book Job Interview Coaching Service

When you have opportunities lined up – either via recruiters or via your own job search – you’ll probably need to go through an interview process. Nothing wrong with practicing the interview ahead of time.

Even better, do a practice session with a professional. You can book affordable job interview practice sessions from
Fiverr
. Type in ‘job interview’ or ‘interview coaching’ and you’ll find a lot of options.

#6 – Follow Career Coaches

There are lots of career coaches across different social media platforms. Many of them offer free content and paid coaching services.

Note: Experience > certification, but certification matters too. In the world of professional coaching, certification from International Coaching Federation carries weight. One person I know of who carries the title (as she stated on her website) is Professional Career Coach
Mei Phing
.

Look through her Instagram and you can find how she successfully helped people find the best jobs in Malaysia (and beyond).

#7 – Create an online portfolio to compile/show your work

Writers, designers, coders, photographers, artists, professionals across all industries – do you have an online portfolio? If no, you might want to make one. It’s a great tool to show (not tell) how good you are at what you do.

There are free and paid options for creating an online portfolio.

[FREE option] Use social media as online portfolio

You can..

Use Instagram (Business account) to display your design/photo/ art work
Use Facebook Page to share links/ pictures of your work
Use Twitter to share unique insights you have on your industry

[FREE option] Use specific platforms as online portfolio

You can..

Use Github if you’re a coder
Use Flickr if you’re a photographer
Use DeviantArt if you’re an artist
Use Canva’s
Free Online Portfolio Maker
 (paid option available)
And more

[PAID option] Your own website

You don’t *have* to have a website, but it is true that not many people have one, so you’ll stand out.

I have a HUGE bias for Wordpress (dotorg not dotcom) so that’s my recommendation. You can sign up for Wordpress Hosting from website providers like
Bluehost
 or
Exabytes
. The price varies depending on range of services and length but allocate around ~RM1000 or so for ~3 years service.

Otherwise, you can also pay around RM50 or so per month for website builders like Wix and Squarespace.

Again, you don’t *have* to have a website. Start with free options – what you put in your online portfolio matters more than where it is.

Ready to search for the best jobs in Malaysia for yourself?

As mentioned in my
3 Ways to Get High Salary in Malaysia, Regardless of Your Background
 article,
job hopping
 is the best way to get a significant salary increase, but salary is not everything. Doing #1-7 on the other hand can help you find jobs that give you fulfilment as well as compensation.

All the best in your search to find the best jobs in Malaysia. And for those of you who have found your dream jobs, would love to hear how you found them. Share your tips and experiences in the comments section below!


6 Ways to Get Bitcoin for Free in Malaysia

Let me just start this article by saying that no one will give you bitcoin for free with no effort, unless they say that in an attempt to scam you. So if you’re looking for easy ways to get free bitcoins, you won’t find it here.

Instead, this article will list out ways for you to get bitcoin for free, through methods that require some effort and/or have T&Cs attached.

Still here? Good. But first,

Why bother to look for free bitcoin?

Why find ways to get bitcoin for free when you can just buy them, right? As in,
buy bitcoin in Malaysia as an investment
?

For sure, yes, you can do that. However I don’t recommend you buying bitcoin if you can’t afford to right now. Don’t buy bitcoin with your emergency savings or savings that you cannot afford to lose.

But what if you get bitcoin for free – even small amounts – then just wait it out as a strategy? If things go well, the bitcoin will appreciate in value. If not, all you lose is a bit of time and/or small amounts of capital.

This is what I did. In addition to buying my first bitcoin in December 2015, I also looked for ways to get bitcoin for free.
It was around MYR1600/ USD400 then. You can check websites like
CoinGecko
 and
CoinMarketCap
 for the price now.

So do you see why I say this may be a worthwhile pursuit for people who are bullish on bitcoin price?
This strategy paid off for me, and hopefully it will pay off for you as well.

So let’s jump right in. Here are 6 ways to get bitcoin for free:

#1 – Use Lolli

Lolli
 is a cashback platform, which you can download as an extension. The way it works is similar to Shopback Malaysia – make your usual purchases and get some money back upon your purchase. However, unlike Shopback, Lolli distributes the cashback in bitcoin.

Admittedly, the stores are US-centric, but you can still find international platforms like Udemy and Booking.com there.

#2 – Make use of new user bonus signups

I would consider this ‘instant ROI’ opportunities. For example:

New
Luno
 users
 who use my code
7FA6G
 in the rewards section will get RM75 in BTC for after you buy at least RM250 from Instant Buy or Sell.
That is instant 30% ROI

New
Tokenize
 users
 get 15 Tokenize Points when you sign up with my link. The points are exchangeable for digital assets offered in Tokenize

As far as I know, the other two licensed digital asset exchanges in Malaysia Sinegy and MX Global do not have such bonus yet. But if they do, I would make use of them as well. Bonuses for new users don’t last forever.

There are other platforms offering bonus signups, but those are not regulated in Malaysia and I don’t want to piss off SC, so I’ll stop here 🙂

#3 – Promote affiliates

The good thing about doing #2 is that you are now automatically eligible to earn bitcoin in Malaysia through the platform’s affiliate system.

Don’t knock affiliates. The bitcoin I earned years ago is worth significantly more now.

Let me show you one way I earn bitcoin..
Left: my Luno referral bonus 1 year ago, in March 2020
Right: my latest Luno referral bonus in March 2021
I'm earning the same amount, RM25 in btc per referral. The only difference is 0.0009 in btc is now worth around RM200
pic.twitter.com/OD3JxykjBL
— Suraya: bestselling Bergaji & Pokai book (@surayaror)
March 11, 2021

#4 – Get paid in bitcoin

Wait let me rephrase that. Rather than saying you can get bitcoin for free via this method, it’s more like getting them as payment in exchange for selling your products or services.

For example, back in 2016 I wrote a bitcoin guide on RinggitOhRinggit. From there I got recruited to write articles for other crypto platforms, and eventually worked in a bitcoin startup (it was short-lived). Just like that, I was earning in bitcoin, so I stopped buying them and started accumulating them this way instead.

Writing about cryptocurrencies and getting paid for it is cool because:

(1) the research part is something I do
obsessively
 for fun anyway

(2)
writing about hard topics helps me learn better

(3) by creating good content, we are hopefully showing that not everyone in the crypto community is the YOLO, TO THE MOON types

One common misconception in the crypto industry is only some people (programmers) can enter it. Not true. The crypto industry needs accountants, lawyers, HR, marketers, list goes on.

In fact, people including from non-tech backgrounds who learn about crypto and blockchain will get a competitive advantage in the job market, as the industry is rapidly growing. You’ll be in demand, even.

Bonus: it is a remote-friendly industry

As a start, go look through
CoinGecko
 and
Etherscan
‘s career pages. They are actively recruiting and looking for all kinds of talents!

#5 – Be a bounty hunter

Next one – if you have cybercrime forensic and other types of skillsets, you can be a bounty hunter and earn by completing tasks. In theory this is a cool way to earn, but there are not many tasks to go around, or the ones remaining are very hard to do (think pro hacker level).

Regardless, this is still a valid option. Some websites you can check out include:

Bounty0x.io
 – earn various tokens; many bounty categories including Content Creation and Graphic Design to Programming and more.

2.
Bitcoin.com’s Bitcoin Bounty Hunter
 – earn Bitcoin Cash (BCH) rather than Bitcoin (BTC)

Note: This is
bitcoin dot COM
, not to be confused with
bitcoin dot ORG
.

3.

1729.com

– a newsletter which lists ‘bitcoin bounties for tasks & tutorials’

#6 – Play Games

This is a new one for me. Credit to Adam Mashrique for letting me know!

Also: monthly
@MintGox
 e-sports events, games like
@lightnitegame
, CS:GO
https://t.co/PrR4bFrbaR
— Adam Mashrique (@sakak_musdom)
September 1, 2021

From what I can see, companies like
MintGox
,
Thndr Games
,
Satoshi’s Games
 and other independent indie game makers like
Battle Royale
 produced various types of play-to-earn bitcoin games, where you can literally get free bitcoin for playing games.

Do you know other ways to get bitcoin for free?

What other ways have you tried out to earn free bitcoin, aside from the methods listed here?
Please share your knowledge in the comments section!

Lastly, keep a record of your bitcoin wallets and accounts, no matter how small an amount you got. If you forgot about them, they will be lost forever, there is no central Jabatan Akauntan Negara equivalent for you to check unclaimed bitcoin.

All the best with your efforts stacking sats (slang for accumulating small amounts of bitcoin). Maybe one day you’ll get this type of pleasant surprise as well.

When you check back an old bitcoin wallet and discover the amount you 'abandoned' is now worth a notable amount..
— Suraya: bestselling Bergaji & Pokai book (@surayaror)
February 24, 2021


The Beginner’s Guide to FCPO Trading in Malaysia [SPONSORED]

Fact: Forex trading is haram.

Okay, *some* types of forex trading are allowed in a macroeconomic, business operations way. But the one you have in mind? The one where you, a solo trader, make a lot of money by ‘working’ a few hours a day – yeah that one is clear-cut haram.

But! If you still want to trade for a living, there is a way to do it in a Syariah-compliant way. You can do FCPO trading.

But wait, let’s go back a bit. What is FCPO? And how do you trade FCPO?

FCPO = Crude Palm Oil Futures = One type of Derivatives

Note: I learned much of the information here from Bursa Academy’s course,
The Fundamental & Technical Aspects of Derivatives Markets
. Go take it, it’s a great way to learn and amazingly, FREE! They even give you an e-certificate you can brag about 🙂

Yayyy I have completed
@BursaMalaysia
 's The Fundamental & Technical Aspects of Derivatives Markets course
One step closer to trading FCPO? Maybe. Takpe belajar je dulu 🙂
You can enroll (it's free)!
https://t.co/BCX2tFW2nY

pic.twitter.com/41aOaXAiWp
— Suraya: bestselling Bergaji & Pokai book (@surayaror)
April 11, 2023

FCPO stands for Crude Palm Oil Futures – one of the derivatives offered in Bursa Malaysia. A type of Futures contract, it is mainly used by (1) hedgers to offset risks, and (2) speculators (read as traders aka most of you reading this)
to potentially profit from
.

The Many Types of Derivatives

There are many types of derivatives – some that you can dabble in with proper risk management, and others that you should probably… avoid. In short:

Futures and Options Contracts
 – also known as Exchange-traded Derivatives (ETD) – go ahead. It’s regulated, the market is liquid, and financial safeguards are in place. FCPO belong under this category

Forwards, Swaps, Contracts for Difference (CFDs),
 etc – also known as Over-the-counter Derivatives (OTC) – try to avoid. They’re less transparent and susceptible to counterparty default risk

If by this section of the article, you think to yourself,
whoa that’s a lot of new terms, this is hard
 – it really isn’t, you’re just not familiar yet.

It is true that Futures and Options Contracts can be considered advanced-level financial knowledge for Malaysians, but it’s nothing that you can’t learn
 🙂

Derivatives = Just a step above stocks

If you know about the stock market, then Derivatives are just one step above. It’s the same buying and selling, but with an added element of
time
: the value of a Futures and Options Contract is linked to the expected
future
 price movement of an underlying asset.

The underlying asset could be:

Commodities (like Crude Palm Oil)

Interest rates

Indices (like KLCI)

Stocks

You can trade all of the above in Bursa Malaysia, but I recommend starting with trading FCPO, simply because (1) FCPO is the most active derivative in Malaysia, therefore (2) there are more resources and communities to learn from!

How to Trade FCPO in Malaysia in 4 Steps (The Safe Way)

Here’s how to trade FCPO the safe way. There are only 4(+1) steps, starting with..

Step 1: Be financially stable (Do not skip this step)

There is no sugarcoating it – trading is risky. Most people will take time – often years – before learning to profit
consistently
.

Therefore, before you even consider trading, do make sure you are somewhat financially stable. It’s a good idea to have 6-12 months of emergency savings AND clear off your high-interest debts (credit cards, personal loans etc) first.

This also goes without saying but DO NOT borrow money to trade FCPO or any other asset class or instrument.

Done with this step? Go on to the next. Stuck at this step? Go to Optional Step: Join Futures Trading Apprenticeship Programme (FTAP) section below

Step 2:

Open an account

To trade FCPO in Malaysia, you must open an account with a regulated futures broker. The regulated part is non-negotiable – imagine depositing funds, making money then being unable to withdraw!

In Malaysia, many regulated brokers allow you to trade derivatives. You can start the account opening process through Bursa Malaysia, too – simply
select Derivatives
, choose the broker(s) you prefer, drop your contact details and someone will contact you to assist with account opening.

Step 3:

Learn about Derivatives market, FCPO basics and trading strategies

I have shared this earlier, but worth sharing again – I recommend starting with
The Fundamental & Technical Aspects of Derivatives Markets
 course. You will learn:

What is going long/ going short

Contract specifications for FCPO (as well as other derivatives)

What are margin calls, notional value, hedge ratio

How to calculate your FCPO profit (or loss)

Factors that affect palm oil prices

Spread trading opportunities

And more

After you’ve done that, go ahead and browse
other webinars offered in Bursa Academy website
. Again, they are completely FREE. For starters, you may be interested in these:

How to Become a Consistent FCPO Trader

How to Manage Your Risk To Be Successful in FCPO Trading

5 Techniques in Forecasting the FCPO Market

Enhancing Your Portfolio Return Using FKLI & FCPO

Understand The Different Types of Trading Styles in Futures

Trading for A Living: 3 Categories of Professional Traders

(there are more)

This may look like a lot of things to learn but you can go through them on a weekend. Each course/recorded webinar session takes just 1~ hour to complete, depending on your speed.

Now that you’re ready, you can trade FCPO for real and (hopefully) profit from it!

Step 4: Deposit your funds and start trading FCPO!

Lastly, simply follow the instructions given by the account of your choice to fund your account and you can start trading FCPO!

How much $$$ do you need to trade FCPO?

You don’t need a large capital – around RM10,000 is good enough to start. As Futures are leveraged financial instrument, you only need around 3-15% of notional value of the contract. With RM9000 in funds, you may get the exposure of RM90,000 worth of Crude Palm Oil Futures contracts.

Let me put that in another way – thanks to leverage, you can enhance your returns by 20x.

Additionally, according to a practitioner, you can even
trade FCPO from as low as RM1500
! (Note: this is a cost-effective trading strategy called spread trading).

Optional Step: Join the Futures Trading Apprenticeship Programme (FTAP)

How would you like to change careers and become a self-employed trader or join a proprietary trading firm?

No, seriously, this is your opportunity. You can apply to join
Futures Trading Apprenticeship Programme
 (FTAP) organised by Bursa Malaysia Derivatives and supported by the Capital Market Development Fund (CMDF). In this programme, you don’t just learn how to trade FCPO, but also how to trade options in Malaysia!

How it works is:

You submit an application for
Futures Trading Apprenticeship Programme
 (before 6 October). You don’t even need prior trading experience – just need to be passionate in the capital markets!

If accepted, you’ll first attend 2 days of Classroom Training on 4 & 5 November 2023 (Sat/Sun) – Learn theory

Then, you’ll go through 10 days of Bursa Trading Arcade on 6-17 November 2023 (Mon-Fri) – Practice trading all day long under the guidance of seasoned professional traders hand-picked by Bursa Malaysia!

Limited to 30 pax, the 2-week immersive learning programme costs RM610 (subsidised fee). This is an
amazing
price – I’ve been told a similar training programme would set you back RM20,000.

Find out the application requirements, modules, trainers and other info in the
Futures Trading Apprenticeship Programme
 website. Refer to the application steps below and remember to submit your application
latest by 6 Oct 2023
.

Opinion: Learning derivatives is useful for traders and investors, but also for general knowledge

Traders and investors should definitely learn about the benefits of exploring derivatives, especially if you’re looking for:

Leveraged trading
– Get greater exposure to the underlying asset at a fraction of the total contract value

Ability to short sell
– When there is a bearish market outlook, a trader can sell a FCPO contract first to initiate a short position and buy back later at a lower price to close out the position. This allows traders the flexibility to benefit from both a bull and a bear market, depending on one’s strategy

Time-saving
 – FCPO (and derivatives) are less time consuming than screening individual stocks to invest in

Diversification
 – Derivatives is alternative asset class to diversify your investment portfolio

However, this is my opinion, but I would recommend learning for learning’s sake even if you don’t plan to trade FCPO or other derivatives.

Here are some things I have personally learned:

You’ve driven past huge palm oil plantations; you know palm oil is a big part of the Malaysian economy. What do you think affects the price of palm oil? Learn FCPO and you’ll find out

It’s not only traders who buy and sell derivatives! You should learn about the hedgers – the people who buys/sells derivatives as part of a business risk management strategy

Futures and derivatives gives you context to understand important world news. Remember during the pandemic when oil futures prices hit ZERO, because all flights and tourism are effectively dead?

If any of you have used your knowledge of derivatives in real-life examples, I’d love to hear it. Please share in the comments 🙂

Obligatory disclaimer and Good luck in your FCPO trading journey

If you came into this article wanting to learn about trading FCPO, I hope you get more than that. At the very least, you should know that yes, trading derivatives is a legitimate way to make money, and trading FCPO is Syariah-compliant.

Here are some disclaimers before you continue your FCPO trading journey:

Trading is risky

Trading comes with risks, and you should be equipped with knowledge to trade derivatives as safely as possible. Do not skip Step 0 – to be
 financially stable first.
 I have actually heard of people quitting their jobs to trade for a living using money they don’t have, even taking out loans! This is a bad idea.

Join communities, but careful of gurus/herd behaviour

While joining derivatives trading communities is a good idea, you should know you
should not outsource your trading decisions
 – this is a quick way to lose money. Do learn how to identify overconfident self-appointed gurus, while resisting the temptation to blindly follow a buy/sell recommendation.

Keep learning and practicing

Beyond this article, you can find resources to learn and improve your trading skills in Bursa Academy and information-sharing sessions organised by regulated futures brokers.

As a last note, if you’re keen on trading derivatives and options as a career, then do apply for Bursa Malaysia
Futures Trading Apprenticeship Programme
 before 6 October 2023. With trading skills you learned in the programme, you can make back the programme fee of RM610 as soon as a few days. All the best in your application!


Are You A Freelance Writer in Malaysia? Here’s The Business Side of It

Being a freelance writer in Malaysia was not something I planned. Yet, somehow, here I am, making ends meet with nothing more than my laptop, internet access, and some brainpower.

This isn’t an article about how to write well (refer to
The Beginner’s Guide to Writing Good Articles (for Power, Profit and Pleasure)
 for that), but I do want to talk about the business side of it: the income and expenses side, the business setup and accounting and all that. After searching online, I realised there aren’t many resources for Malaysian freelance writers.

So I made one. If you are a freelance writer in Malaysia, either doing it as full-time work or as a
side income
, here are some finance-related information about incomes and expenses that you should know about. I’ve divided the article into 5 sections:

Part 1: How much can you make as a freelance writer in Malaysia (including how to set your rates)
Part 2: Where to find clients
Part 3: What you need to start working as a freelance writer
Part 4: Business setup and accounting, and
Part 5: How my freelance writing journey looked like

Let’s start.

Part 1: How much can you make as a freelance writer in Malaysia?

Honestly, your income will be somewhat tied to how financially strapped you are when you first start out. If you are in need of fast cash, you will tend to accept lower-paying jobs. I’ve seen content mills paying as low as $1 per article!

If you can afford to wait it out while you look and apply for other jobs, chances are you’ll come across better-paying clients.

How much do Malaysian freelance writers charge for an article?

I asked around in the Malaysian Writers Facebook page to get an idea of typical payment. They said that they earn:

Person A – RM250-RM850 per article (between 600-1700 words)
Person B – USD5 per 400 words via Fiverr
Person C – RM50 upwards
Person D – RM1000 per magazine article
Person E – RM1 per word for magazine article (looking for 2000 words)

As you can see, the range is quite wide. This is why I said your income is somewhat tied to your financial situation. As you get more established, you might increase your rates.

The good thing about freelance writing as a career is that you’re not limited to Malaysian employers. I’ve completed jobs just via emails before – the clients didn’t care about my nationality or timezone, just my ability to complete the work well and on time. I get paid in USD, too.

How much should YOU charge?

I wrote an entire article about this: check out the
 5 Methods to Figure Out How Much to Charge Clients
 article

Part 2: Where freelance writer in Malaysia can find paying clients

You can find jobs from these three places

#1 –
Freelancing platforms

Personally, I started with Upwork (other similar websites:
Freelancer,

Fiverr
 (note: referral link). These websites connect freelancers with potential clients.

Note: It’s very easy to get discouraged by the competition – an article-writing job might attract
hundreds
 of USD1 bids from freelancers (many from India, Philippines). Apply with your usual rates anyway, and make sure you focus on the quality of work you can deliver. One writer earns USD100+ per hour from Upwork – find her tips
here
.

#2 –
Writing job boards

They’re easy enough to google, so go ahead and find one (
like the freelance writer resources in this page
). Companies pay a fee to post an advert, give details about the work, and invite writers to apply. Send them an email containing an introduction about yourself, samples of your work, and how you can help them.

For the love of God DO NOT send them emails like ‘Hi I’m interested in this job’ with no examples or introduction – that’s amateurish and will probably get you zero replies!

#3 –
Networking and Outreach

This is how I get most of my clients. Some of them found me on this website, some found me on chatting groups, some by word of mouth. Network around and keep telling people you do freelance writing. A pleasant personality helps. You don’t have to be an extroverted social butterfly – networking online counts, too.

For more tips and tricks, read
Make A Living Writing
. It’s a great resource for everything related to making money as a freelance writer. Read also my guide –
How to Get Clients: A Guide for Malaysian Freelancers
.

Note
: Some clients may bully you into late, or even no payment. Here are my tips to
get great clients who pay & treat me well

Part 3: What do freelance writers need to start?

You can be a freelance writer in Malaysia with just the basics (see basic expenses below), although it’s recommended to invest a bit more in professionalism (see professional expenses below). In addition, you need to know the business and accounting side of it, because you ARE running a business.

Basic expenses

Laptop + internet access
Phone + phone plan
A comfortable space where you can write without interruptions
Notebook and stationery
Dining, transportation and meeting cost for face-to-face interviews or events

Professional expenses

Website hosting for your online writer portfolio
Website template + extra paid plugins
Proofreading software
Writing and SEO tools
Access to further literature
Online graphic design services
Stock photography (if you can’t find royalty-free ones)
Registered company
Advertising/Marketing
Paid help, if any

Part 4: Business setup, accounting and freelance invoice template

Setting up a company

After you’ve done 3 or so jobs and decided to continue freelance writing work, I highly recommend you to set up a company. You can register as
sole proprietorship
 (RM60 registration cost – easiest to start with this) or
Limited Liability Partnership
 (RM500+ registration cost).

Aside from looking professional to potential clients and increasing the likelihood of them hiring you, the great thing about setting up a company is you can claim some expenses as business expenses, thus reducing your payable tax amount.

Some of the things you can claim are:

Office expense (hardware, software, furniture, ect for work)
Telecommunications for work purposes
Toll/parking/petrol for work purposes
Vehicle maintenance
Gifts to clients, meals & entertainment for clients (max 50%, apparently)
Utilities (also max 50%, as far as I know)

This page
 has a list of other things you may be able to claim as business expenses, as a freelance writer in Malaysia.

DISCLAIMER: I am not a tax agent. I have engaged the services of an accountant and gotten advice from tax professionals, but this is based on my specific situation which may be different to yours. Please engage the services of an accountant in your own tax payment.

Having a registered business is also quite handy for receiving government grants and help, where available. As of time of writing, I received ~RM6500 from
Geran Khas Prihatin
, the government cash assistance for small businesses in Malaysia (applications are currently closed but follow my social media for updates).

Accounting and invoice template

For simple, uncomplicated businesses, I recommend
BlogJunkie’s Simple Accounting System for Freelancing Business
 guide, which includes freelance invoice templates and bookkeeping tips.

Part 5: How did I personally start freelance writing in Malaysia?

I’m not saying this is the correct way, and it’s probably not the most efficient way either, but this was how I established myself as a freelance writer, during the beginning and getting-the-hang-of-it stages:

Beginning stage

I joined freelancing platforms.
 Was on Upwork for a few months. Cashed out ~USD500 for various work.

At the same time, I submitted articles to websites (non-paid)
. Submitted to Vulcan Post and The Financial Diet. I just wanted some work published online on high-authority sites, so I can use them as work samples – potential clients tend to be impressed with this.

Created Ringgit Oh Ringgit.
 I didn’t expect RoR to help my freelance writing career, but it did. If you have time (and money) to spare, I suggest you make a website to attract clients (instead of you chasing them). For info, see my
The Exact Steps I Use to Earn Money from Blogging
 guide.

Applied for as many writing jobs as I can
 from the freelancing platforms and job boards I mentioned. I learn how to sell myself better from this step.

Accepted full-time remote work which allows for extra time to freelance.
 I like stability, so I like having a steady income stream. It helps to counter the times of the year when work is scarce.

If I were to do it again, I would take the
How to Become a Freelance Writer (in 60 Days) course
 by Aisha of
OutandBeyond.com
; $45 (~RM200). The course includes:

110+ page ebook
Pitching templates (I spent years learning this)
SEO training (this is the moneymaker guys. Everyone can write but not everyone can optimise for search engine)
writing opportunities,
and more

Getting-the-hang-of-it stage

Network like heck.
Networking is just being consistent at telling everyone you meet that you do freelance writing (but obviously don’t be spammy).

Optimise everything that can be optimised
.  I created and automated social media (I have a
Facebook page
 and
Twitter
), made tweaks to increase user experience on RoR website, and created blog posts that help me reach more audiences. In addition, I paid for advertising, virtual assistance and a better website theme, among others.

Increase rates regularly.
 At one point, I had way too much work and did not manage to deliver the same quality. Instead of getting less work (and earning less), I simply raised my rates.

This is good for 3 reasons:

(1) it helps you to keep a reasonable workload without overworking yourself (burnout is a thing),
(2) you can pass on some work to other writers, which helps them make money too, and
(3) higher rates imply higher quality

Picking a niche (specialisation).
 In my experience, most people start off being a freelance writer, then later ‘niche down’ and select a specialisation. For example, you could call yourself:

Freelance translator
Freelance editor
Freelance copywriter for websites
Freelance proofreader
Freelance resume-writer
Freelance academic writer
Freelance article writer
Freelance social media copywriter
Freelance script writer
Freelance grant writer
Freelance ghostwriter
Freelance ebook writer
Freelance whitepaper writer
And more

A great way to command high rates is to niche down further and specialise in specific industries, like beauty, health, legal and so on. For example,

English-Spanish translator specialising in medical industry
Grant writers specialising in government proposals
Speech writers for politicians
Whitepaper writer specialising in crypto and blockchain industry
You get the gist 🙂

The interesting thing is you can also transition into selling your own services. Personally, I niched down to personal finance, and later worked on my personal branding and focused on publishing content on this website ringgitohringgit.com.

Again, I’m not saying you should follow or expect these steps. These were just my personal experience when I first started out. Be efficient; learn from my mistakes 🙂

—

Shoutout to
Zoe
 (professional article writer) and
Jasveena
 (professional academic editor), two Malaysian freelance writers for providing helpful information on this page! Click their links to engage their services.

Are there any more useful information about being a freelance writer in Malaysia that we should know about? Comment, FB, or tweet me at @surayaror!

As always, please share if you find this useful!


Freelancing in Malaysia: 5 Methods to Figure Out Your Rates

Are you doing freelancing work in Malaysia? One of the questions I regularly get from friends and readers who do freelance work is, “Suraya,
a client wants to hire me
.
How much should I charge them?
“

Let me share what I know. Here are five methods you can use to figure out your rates. This guide is better suited for people who sell services like writing, designing, consulting, etc, not products.

Method #1 – Get the client to make an offer

This is a favourite method of mine – I use it whenever I can, especially if the request is slightly different from usual and I have no idea what’s considered a ‘fair’ compensation for it. Your conversation might go something like this:

Client
: Hi, how much do you charge for X?
You
: Thank you for your interest! X will take me x days/weeks/months to complete and involves (brief steps). My rates are flexible and I am happy to receive an offer on your end.
Client
: Great! We typically pay [amount]

Four things can happen here:

(1) the client gives you a better-than-expected rate (I’ve had this happen a few times)
(2) the client gives you an okay rate (good)
(3) the client gives you a low rate (not good obv)
(4) the client insists on getting your rates (see other methods).

What you can reply back:

Better-than expected rate
: Great, that is more or less my usual rate 🙂
Okay rate
: Great, I accept the offer
Low rate
: I’m sorry, but that is below my usual rate. My usual rate is [higher-than-usual amount]. Can we meet in the middle and settle on [a lower amount that is worth your time]?

My assumption is you’re not desperate for the work. If you are, and you will work for the lower rate just to make ends meet for now, go ahead and accept the offer. I respect your hustle.

Method #2 – Ask fellow freelancers in the same or similar fields

If the client insists on getting your rates and won’t make an offer, then what you can do is ask your peers. I offer writing services, so my information is biased for this field, but I’ve seen people in writing-related FB groups ask how much to charge:

Per word, page or project
For editing, proofreading, translating, speech-writing etc
For website, brochures, newsletters, articles, reports etc
Across different industries and niches
And more

So you can see how varied the rates can be – no wonder setting them is a hard process for new freelancers! If you’re lucky enough to get replies from your contacts, you can use the rates as a benchmark. Eventually, you’ll want to set your own rates (we’ll get to that in Method #4).

It’s a good idea to start joining groups related to your field now, even if you’re just starting out. Share information and be helpful when you can. Start cultivating those relationships early. Freelancing tends to be a solo activity, but it doesn’t have to be.

Method #3 – Find out the market rate

I personally don’t like this method but sometimes you have to research (read: Google) the market rate because your fellow freelancers won’t tell you their rates and you’re in a rush and need to answer your client soon.

‘Market rate’ ranges so much between platforms, specialisations and many other factors that it’s hard to pick which rates are the ‘right’ one when you Google them online.

You may also see lots of people charging extremely low prices, which might demotivate you. When I first started, I thought I was overcharging at $20 per article after seeing many writers on the same freelancing platform charging just $1 for each article!

Note: worth mentioning – some clients picked me anyway despite technically costing 20x more. You won’t get good articles for that low a price, I assure you.

Having personally used this method, I don’t recommend it at all. Maybe this method will work better for other industries outside of writing services? I don’t know tbh, comment if the industry you’re in follows standard rates.

Method #4 – Calculate your own rates

Some people would advise this method first, before everything else presented in this list. Sure, if it works for you. It’s just incredibly hard. I’ve been self-employed for a few years now and STILL sometimes have no idea what is my own rate.

Method #4 forces you to think of how much you value your time, and heck that’s a hard process for the soul.

I remember Tina Isaac’s advice here (she’s one of the core members of
Malaysian Writers Society
). In a workshop I attended, she said this regarding rates-setting:

Work backwards. How much do you want to earn from freelancing per month? How many hours can you dedicate to it?
Say you want to earn RM4000, and you work 40 hours per week, that means your hourly rate is RM25 (RM4000 divide by 160 hours). If the project takes about 10 hours to complete, then charge RM25 x 10 = RM250.

That sounds simple right? Straightforward. However, from my own research, I’ve seen both advocates and haters of this particular method. It’s fair to highlight haters’ arguments too:

You’re
limiting
 your earning potential because you’re already capping your income
You’re not paid for
admin work
 essential in running your business – getting leads, answering emails, etc

Valid points too. Well let’s not choose sides. If you lean towards this method, you can give yourself a high monthly income and include admin hours when billing clients.

Method #5 – Just pull a number out of your ass

I’ve used this method, and, uh, I have to say, it’s strangely effective, if somewhat risky. Let me explain.

Client
: Hi, what is your rate for X?
You
: Thank you for your interest! X will take me x days/weeks/months to complete and involves (brief steps). The total cost of the project is [amount that is favourable for me].

From here on, there are three possible outcomes: client agrees, client negotiates, or client ghosts you.

Client agrees
: Great! Now you know you can charge this rate and get away with it. Next time you can use this as the benchmark, or maybe even quote a higher amount.
Client negotiates
: Good, at least you know this type of work with this specific client cannot fetch this rate. Depending on the counter-offer process and the final rate the client is willing to pay, I may or may not proceed with the job
Client ghosts you
: If you want the job, follow up in a couple of days. Sometimes they really did miss your email.

This method works best if you can show the client how solution-oriented you are.
Here you’re selling efficiency and quality, not just your time.
 It’s a good idea to send a combination of your work samples, testimonials and qualifications to back up your claims.
“Here’s how I solved a similar problem in the past” works way better than “I can do x”
.

Conclusion & Other Freelancing in Malaysia Tips

There you go. Five methods you can use to figure out how much to charge your clients when they are interested in working with you.

Combine this with other freelancing in Malaysia tips – go ahead and read my article on getting
clients who both pay and treat you well
 🙂

Established freelancers, which of these methods works best for you? Or do you use another way? Share in the comments section!


[ENDS 31 July 2021] How to Apply for Geran Khas Prihatin 2021 for Small Biz (+ What I Spent It On)

Geran Khas Prihatin or GKP is a type of cash payment and financial help given by the government to
eligible micro SMEs
, as a way to alleviate financial hardship and stimulate the economy.

As of time of writing, Geran Khas Prihatin has been conducted four times:

Geran Khas Prihatin 1.0 (May 2020) – ENDED – This was the one I successfully applied for
Geran Khas Prihatin 2.0 (October 2020) – ENDED
Geran Khas Prihatin 3.0 (April 2021) – ENDED
Geran Khas Prihatin 4.0 (July 2021) – ENDED – submit your application at
gkp.hasil.gov.my
before 31 July 2021.

Geran Khas Prihatin 2021 Eligibility

*Note: May vary; please check full T&C in
gkp.hasil.gov.my

Not be a previous recipient of Geran Khas Prihatin
Be Malaysian
Run a micro SME with (1) annual sales less than RM300,000, and (2) full-time employees not exceeding 4 people, not including owner (no employees/solopreneur also can)
Be registered with LHDN before or by 30 June 2021
Still active in running the business at time of application.

Note: Sometimes the website hangs due to too many people. Try again another time. It’s worth it.

Receiving Geran Khas Prihatin Money

Upon successful application, all you have to do is wait for the Geran Khas Prihatin money to be deposited in your bank account.

I am one of the people who applied, and successfully received the Geran Khas Prihatin money the first time around. I applied in May 2020, was told my application was successful on June 3rd 2020,

And got the money on June 16th 2020. Quite fast.

I thought it was a one-off assistance, but in addition to the RM3000, I’ve also received:

RM1000 in March 2021
RM1000 in June 2021, and
RM500 in July 2021
RM500 in September 2021
RM500 in November 2021

Making the total amount received so far under GKP: RM5,500.

What can you use the Geran Khas Prihatin money for?

As far as I’m aware of, you can use Geran Khas Prihatin money for anything – there is no requirement to report on usage. You can use it to:

Buy stock
Marketing and sales
Hire freelancers
Pay rental
Basically anything

This is a really interesting situation to be in. Ringgit Oh Ringgit is a blog business, ie communications slash media-related business, and having RM3000 that I can funnel into anything I want is a huge opportunity. This is the time to test out different marketing and sales strategies, the ones I’ve been too cheap to spend money on.

Here’s what I spent my Geran Khas Prihatin money on:

#1 – Promotions by Content creators

Of course my priority is to grow RinggitOhRinggit.com as well as
Money Stories from Malaysians
 book sales. Being a content creator myself, I prefer to redistribute this money to fellow Malaysian content creators in exchange for promotional work, instead of just spending it all on Facebook ads and the like.

I’m doing this via a few ways:

Paid RT service – Twitter-specific; you can hire popular accounts to RT your products and services, so it reaches more audience
Tweet service – Twitter-specific; same like paid RT except they write the caption for you
Working with Illustrators – In progress; I know design isn’t my strong suit and I want more visuals here in RoR
Working with bloggers – In progress; I just need to figure out for what purpose

Do this type of promotion work? This experiment is still in progress – another content for another day.

#2 – Replace subscriptions with LTDs

Another thing that is practical to buy is digital marketing-related software. In the last few months, I have successfully replaced two recurring monthly subscription services with LTDs, or lifetime deals. I replaced:

Grammarly (proofreading platform; $139.95 per annum) with Linguix ($50 one-time upfront payment)
Mailchimp (email marketing platform; $29 per month) with Sendfox ($50 one-time upfront payment)

Both products are from AppSumo, the software deal site for entrepreneurs which I’m a huge fan of. If you’re a small business, something there is bound to help your business grow. They also have a ton of good and free resources.

Go to AppSumo > Register with
my link
 (you get $10 to use towards any product, I get $10 too)

Protip: for USD/non-MYR payments, use BigPay card. Better exchange rate than your bank, save some money. Click here to find
BigPay referral link
 – you get RM10, I get RM10

#3 – Paid for accounting software

Even though I stopped a couple of subscriptions, I did add one: an accounting software. I’ve been meaning to do it for a while actually and now the timing is perfect. Shoutout to
Financio
 – thank you for letting me use the invoice service all these years <3

My fav cloud accounting software – which I’m using for only generating invoices but anyway – is stopping it’s free plan sobs. Been using since 2016
Ah fine, this subscription is worth it. Malaysian startup too, I support. New annual biz expense +RM329.50
— Suraya ringgitohringgit.com (@surayaror)
September 8, 2020

#4 – Learning materials

Courses, workshops, books and other learning materials are ongoing purchases for me, GKP or no GKP, but this a good opportunity to share about
Ruang Cikgu
, a local online learning platform in Malay language. It has one of the sickest website UI/UX I’ve ever experienced. Seriously blown away, so clean and fresh!

Other courses available in Ruang Cikgu includes:

Digital marketing
Wedding-related services (flower arrangement, hantaran etc)
Beauty-related services (makeup etc)
Bakery business
Fashion business

Check Ruang Cikgu’s
JomBiz
 out 🙂

#5 – Renew Ringgitohringgit.com hosting

I use
SiteGround
 to host Ringgit Oh Ringgit website. Been using them for 3 years and love the service.

My hosting is due to expire in November 2020, and I found out that they increased their price by a lot! (I’m on the GrowBig plan btw)

In mid-2020
@SiteGround
 raised the prices of their shared hosting plans. Originally starting at $3.95/mo on their StartUp plan, now they are charging $6.99/mo after the increase – that’s a 75% price hike!
#siteground

#webhosting

pic.twitter.com/ctxVyQzfZM
— HostScore (@host_score)
July 30, 2020

I have two options: Remain with
SiteGround
 and just pay the increased price (after crying), or switch providers. I was eyeing
Exabytes
 since they have good reputation, and plus Malaysian company some more.

So I was going back and forth about this and couldn’t make up my mind… until
SiteGround
 reached out and offered me 20% discount as an incentive to stay (they saw my tweet about it and DMed me – I didn’t even tag them.)

So I guess I’m staying. I paid $503 (RM2.1k) for 3 years instead of $630 – that’s over RM500 in savings, but that is still double the amount I paid previously, before the price hike and without new user deal. Need to thank my lucky stars because Geran Khas Prihatin can nicely absorb this increased operational price of maintaining a website.

(Note: I won’t even consider other hosting providers except for these two, they’re both vouched by the Wordpress community and I care about quality of service and reputation. If you want to try out blogging for realsies and giving yourself one year,
SiteGround
 will cost you ~$84 or RM350 and
Exabytes
 will cost you RM192 OR RM336 if you take the PRO add-on.)

(Lifehack: remember to register your blogging/content creation side hustle with SSM, then you’re eligible for Geran Khas Prihatin and the like in the future. Also you can write off some expenses as business expense, make this hobby pay for itself) (Business people already know this lifehack. You think they don’t use things like company car for personal use? Pfft.)

Related:
all my blogging-related articles

What will you use your Geran Khas Prihatin money on?

I guess credit where credit is due. Thank you gomen for the financial assistance. I channelled the money for Malaysian businesses where I could, and the rest for practical and operational costs.

Any of you got the Geran Khas Prihatin money as well? What did you use the money for? Let me know in the comments section!

For those who are eligible but haven’t applied, go do it, don’t miss out on this one as well – submit your application at
gkp.hasil.gov.my

before 31 July 2021.


7 Best Passive Income in Malaysia+How to Do Them

There are many ways to earn passive income in Malaysia. This guide will help you to navigate most, if not all available options and help you decide which ones to consider doing, based on your interest and/or skillset.

At the end of this article, I’ll also share the passive incomes that I personally have.

How to earn Passive Income in Malaysia – 7 types to explore

To the best of my ability, I have researched all the possible ways to earn passive income in Malaysia. I categorised them into 7 types:

Property

Rental

Intellectual Property

Lower risk investments

Higher risk investments

Keep valuable items

Referral

Each of them will be expanded in their respective sections below. But first,

Passive income vs active income: how is it different?

Firstly let’s make the distinction between passive and active income:

Active income
 is income derived from constant effort, on an ongoing basis. Your day job is an example of this. My writing business is an example of this.

Passive income
, on the other hand, requires one-time massive work and/or capital, then will generate income ‘as you sleep’. It requires inactive participation – perfect for
lazy
 smart people.

Note:
No passive income in Malaysia is totally passive
. There is upfront effort/cost to start it, and there might be some ongoing work to maintain it, but after that, for the most part you can leave them to do their thing. Which is cool, because then you get to do the funner things in life.

It is important to have a few steady sources of passive income
. When you can’t work – by choice or by force – this will be the money to keep you going. For example, RM2.4 million will generate you RM10k monthly income for life (Related:
How to Get RM10000 per Month in Passive Income.
)

They say that
true financial freedom
 comes when you can quit your active income and rely on your passive income. I think that’s true!

With that clarified, let’s get into the first type of passive income,

Passive Income Malaysia #1 – Property

What this entails:
Buy and rent out property spaces to tenants.

To make this profitable, the amount of rent must exceed the amount of monthly/yearly payments you make (not just mortgage, but also insurance, taxes, etc).

The (oversimplified) steps if you want to do this type of passive income:

Research locations and demand

Buy/lease the property

Renovate it (optional, but common in order to attract tenants and get good price)

Hire property agent to handle rental inquiries and draw contracts

Hire property manager to look after the property (optional, but not uncommon. Who wants to deal with leaked toilets?)

Receive rental checks monthly or according to agreed schedule

Pro
: If you get tenants for the whole duration of the mortgage, you are essentially getting the property for free by the end of the term.

Con
: Tenant woes; high start-up cost

Alternative
:
REITs (Real Estate Investment Trust)
. Similar to above, but the property management team will do the work for you. However, you
don’t
 own the property.

Passive Income Malaysia #2 – Rental

What this entails:
Similar to Property, but expanded to other types of assets. For example, car, vending machine, gaming systems, rarely-use products like power washer etc

The (oversimplified) steps if you want to do this type of passive income:

Research what’s in demand (commonly overlooked)

Acquire items to rent out

Figure out rental mechanism so you can receive money while not losing the item

Rent out, receive payment, repeat with more customers

Pro
: Can get pretty good income

Con
: If item is damaged, that’s your loss (unless you can somehow get insurance); may require a lof of work (unless if you hire staff)

Passive Income Malaysia #3 – Intellectual Property

What this entails:
 Create/make software, apps, websites, books, songs, graphics, photographs and sell them on online platforms (either directly or via advertising revenue).

To make this profitable, networking/marketing/advertising efforts must be ongoing so you can expose the product to new audiences. To make it ‘passive’, you can outsource and/or automate this.

The (oversimplified) steps if you want to do this type of passive income:

Research what’s in demand (commonly overlooked)

Make said intellectual property and trademark it/proof ownership (stealing happens)

Package it to the right target audience

Choose selling platforms

Market/advertise the heck out to the target audiences

Receive royalties when people buy/use it

Pro
: Lower start-up cost; infinite income potential

Con
: Most IP don’t make much money due to too much competition; piracy; lack of marketing/advertising

Passive Income Malaysia #4 – Lower Risk Investments

I’m grouping a few types of investments here because they’re similar: Mutual funds (ASB, ASW, etc), fixed deposit, unit trust, stocks/shares from blue-chip companies that give dividends (big, stable companies that everyone has heard of), ETFs (Exchange-Traded Funds) and REITs.

The (oversimplified) steps if you want to do this type of passive income:

Choose the right vehicles for you – probably the hardest part. Bumi people have it good with ASB, but the rest of y’all have to research a bit more on brokerage fees that’ll eat into your income

Contribute monthly/yearly (you can automate this)

Receive dividends*, usually yearly (*sometimes you don’t get this if the company is not profitable that year, or if they made a loss)

Pro
: Easiest type of passive income to get into; great for long-term investors as you can just forget about it

Con
: Not much control; have to learn withdrawal strategies so you don’t withdraw too much

Passive Income Malaysia #5 – Higher-risk Investments

Tricky category because higher-risk investments that are NOT scams are pretty diverse. For example, you can invest via P2P (peer-to-peer) lending platforms, ECF (equity crowdfunding) platforms,
cryptocurrencies
, do investment in durian plantation etc. (Note: Are there more? Add in comments!)

The (oversimplified) steps if you want to do this type of passive income:

Pick a legit platform. There are many illegal platforms for these types of investment. This is the
 list of unauthorised investment platforms
 in Malaysia, as per Securities Commission. If the one you picked is in here, take your money out ASAP and report their ass.

Research market condition. Everyone wants your money to make money, but will they, realistically speaking? Access to industry-specific insight is a must.

Give money to them. There may be maximum limit that you can invest, so check with the platform.

Wait for them to start making profit so you can cash out.

Pro:
 If you’re lucky, the profit will be really good. It’s possible to get back 100% return on investment, or more.

Con:

You must be OK with the possibility of not getting most or all of your money back
. Your higher-risk investments could generate high returns…or it could reduce -80%. It’s not uncommon to lose all initial investments too (ie losing crypto due to scams, mistakes).

For this reason, higher-risk investments may not be suitable passive income strategy for retirees and people not comfortable with high risk

Passive Income Malaysia #6 – Keep valuable items

What this entails:
 Some items make great passive income as their value grows. However, there are no guarantee that the worth will remain the same after some time. For example,
tulip bulbs
 and
Beanie Babies
 used to be sold/traded for high profits, but not any more.

That said, a few things stood the test of time, but they’re still not guaranteed. For example gold, antiques and rare collectibles. I’d even put properties and currencies in this list. Basically, things that have value, according to society at large. Some may overlap with #4.

The (oversimplified) steps if you want to do this type of passive income:

Make research on supply and demand, know everything about it and the market price (be expert-level, preferably)

Purchase said items

Keep said items safely and in good condition

Sell when the timing is right to the right buyer (to be fair, it’s incredibly, incredibly hard to get the timing and buyer right)

Pro:
 Suitable for already-hobbyists and experts in the field

Con:
 Kind of risky, you won’t know if you’ll make a profit until you sell it

Passive Income Malaysia #7 – Referral

I don’t like these at all, but most of you would have been exposed to some of these by now. Some are legit, but others are in the category of investment scams (read
how to avoid them here
). They usually make money for the top few people in the pyramid, but the rest will lose money.

The (oversimplified) steps if you want to do this type of passive income:

Choose a platform to be part of their network, pay their fees

Promote to friends, families, colleagues and acquaintances (I’d argue that this makes it borderline active income, but anyway)

As your network below you grows, and your referrals get their own referrals, you get income from
their fees

Collect income

Pro:
 Technically unlimited income potential

Con:
 You’ll become ‘that’ person; if you promote HYIPs (high yield investment programmes) / Ponzi schemes, there’s a chance you’ll get harassed by people wanting their investment back.

My passive income streams

I love the word ‘streams’, it’s pretty refreshing to have nature references in investment. I have the image of pretty small river trails that leads to the ocean (aka my bank account) 🙂

Here are my passive income streams:

Rental
:

As of 2020 I’m doing
vending machine business
 that give rental income

Lower-risk investment:

ASB (
I do ASB financing
, too)

EPF

PRS (
my Private Retirement Scheme guide – get 0% sales charge
)

Higher-risk investment:

P2P lending

Investment in a few cryptocurrencies, especially bitcoin (very risky – read my
bitcoin
 guide before you even consider this)

Gold

ETFs in
Wahed Invest
 and
MIDF Invest
 (I condiser risky as my portfolio is Aggressive)

Note: There are
many investments in Malaysia
 that you can start with RM1000 capital or even lower.

Intellectual property:

Income generated from advertising and affiliate revenue from this blog (borderline active income actually)

My books:
Money Stories from Malaysians
,
Bergaji & Pokai
 (You can get it from
ImanShoppe.com or Shopee
, or at major bookstores nationwide)

Any other passive income ideas?

There you go – the 7 types of passive income ideas plus the simplified steps to do them. As someone who loves the idea of constant income generation even when not working (who doesn’t!), I always look around for more opportunities, so leave a comment if you know of more options!

Perhaps a final note before I end this article – do be careful of passive income claims. A lot of passive income opportunities – especially those promising high returns – is most likely investment scams. ESPECIALLY if they depend on referrals.

I’m not saying don’t do them, since fortune favours the bold and all. All I’m saying is – perhaps limit your exposure and only use 1-5% of your EXCESS savings if you want to try them out.

What do you think of this guide? Are you doing passive income, and if yes which ones? If no, which ones are you considering?

As always, if this guide helped you, share it around 🙂