Malaysians Share 7 Silver Linings from the Coronavirus Pandemic

One of my favourite quotes is: change what you can, accept what you can’t.

That quote is more important than ever nowadays. It’s hard AF, but I want to
choose
 to change my attitude to this whole coronavirus pandemic. I refuse to play the ‘woe is me, everything sucks’ game.

Don’t get me wrong. I am miserable. MCO sucks. Living alone and being away from loved ones right now sucks. Cancelled plans suck. Feeling helpless sucks. Not knowing when this will end sucks.

But I still want to try and
live
. Find the positives wherever and however I can. It’s the only way I – we – can cope with this without going mental. I’m already seeing predictions from pandemic specialists on how
months
 of MCO may be necessary. How am I supposed to be productive and creative (and earn money
during the recession
) if I’ve lost it at this early stage?

The thing about feeling negative is it makes it hard for you to think positively. So I turned to the RoR audience for help.

And omg, did you DELIVER. What amazing perspectives you had. Thank you so much. I love it so much, I’ve decided to compile them here, so everyone else can also see the silver linings that you saw.

#1 – The Environment takes a breather

Many of you mentioned how the air is fresher without all the pollution. And you can now hear birds chirping more frequently 🙂

Honestly, I think it’s the time for us to stay at home n let the earth breathe, rejuvenate, rebirth n rebuild the nature. Human beings have taken too much from mother nature without letting it breathe from logging, air pollution, and sea pollution.

Its a time for us to all reflect and think for all of us to come together as 1 to build a better world. There must be a reason to why this crisis happen, right? To stop everybody from doing what they do, stay home and really look at what’s happening around us. – Prescila Cleopatra

#2 – Being part of a historic moment

Nothing like this has ever happened before. This is THE defining moment of our lifetime. Innovations are happening as we speak, to solve problems that we can’t postpone to another day.

The fall of established businesses, but an opportunity to kicktart/restart a new venture, they are forced to be creative with limited resources to survive (afloat),and explore possibilities they never would’ve thought before.

If they can get through this,they can sustain their businesses in the future, or making their business recession proff.. It’s an acid test that can be an evolution (or innovation) in IR4.0 – Psyche Says

What we’re experiencing now will be something we share for DECADES to come

Stories to tell grandkids about how we survive this “world war 3”. Think about it, every generation will have their own “war” to fight, pretty sure our grandparents pùn didnt see their world war coming. Conclusion is, expect the worst and always be prepared – Niq Nazmin

And since we’re spending so much time online, we’re also discovering and appreciating the many variations of art in different formats.

People are realizing the importance of the arts – Diyaa Mani

(Found this image frequently shared online. Not sure who is the creator – let me know if you know, would love to credit them for this image)

My prediction is, after we browse long enough and know what we like (including creators we like), more of us will start paying for premium content. There’s so much browsing one can do before one gets sick of looking for free stuff, when the paid version is exactly what they want.

#3 – The opportunity to test work from home

Some of you hate it, but some of you are loving the opportunity to test out work-from-home or telecommuting lifestyle!

As for workers who are ‘force’ to work from home, it also gives them an experience on what they can accomplish outside the cubicle, and give them time to think and explore other possibilities beyond their normal workdesk. – Psyche Says

#4 – Generally more time and more opportunities to save money

Eliminated: work commute (for employees in ‘non-essential’ services)

Introduced: The opportunity to learn new life skills. Cooking. Baking. Grocery-shopping. Cleaning. Some of you have never done this before, or very rarely, due to your hectic work lifestyle. Now you can, and you are reaping the savings.

No appointments, no events, no need to conduct interviews (for writing articles). As a self-employed writer, I still have my writing & submission deadlines though.

But now, I got more time for myself. I get to prepare my meals & cook more, because I don’t order delivery. I make it a point to exercise once a day. I save money coz not going out – no need to pay for toll, petrol, parking, etc – Khor Hui Min

We’re also learning to plan ahead, an essential time management skill. With everything but essential services closed, we have no choice but to learn that life skill, don’t we? It’ll be useful even beyond this.

#5 – Re-prioritising what’s important in life

I’m happy to see many people took the opportunity to form better relationships with loved ones and good friends.

Making up for the lost time. Busy parents got to spend time with their kids, rekindle their relationship and stronger the bond. No need for luxury vacation, it is free. Also it is much cheaper and healthier to cook at home, eating healthy snacks while watching movies together, and to stay fit they can exercise together at home. – Psyche Says

—

Realising my “strong” friends are just human beings. We started forming community instead of breaking the bonds. Our friendships are now stronger the result of isolation and needing more human touches.

I think I talked to my friends more now and know more about them than the years I have known them. Knowing some faces more difficulties than you humbles you in more ways than you can imagine.

We made a pact that after this is over, we are gonna be stronger and support each other more. Witnessing your strong friends break down during video call and knowing full well you can’t be there to hug and comfort them has been an eye opening to me.

Never assume someone’s life by the public portrayal they gave to you all these while
😞 – Nuralia Mazlan

—

People are getting back in touch through messaging and phone calls, my whatApps group are buzzing all day – Fong Wan Kit

—

Community spirit seems pretty strong too! Our shared fears and hopes and appreciation for frontliners unites us!

We sang Negaraku last night. Our neighbourhood came out together on their balcony – Nur Hidayah Abu bakar

Negaraku always tugs at my heartstrings.
pic.twitter.com/g9glU5K6r4

— Restricted Movementarily (@khalids)
March 25, 2020

#6 – Bringing out the best in humanity

Oh my God. I have ugly-cried so many times. Generally speaking, people have been on their best behaviour. We know we’re in this fight together.

The virus and MCO brought out the worst of human qualities-greed, selfishness and apathy.

But it did bring out the best qualities in us…generosity, altruism, and being colour blind.

Generous volunteers donated their money and time to help the needy and vulnerable affected by MCO.
#
kitajagakita

NGOs stepped in to help Healthcare workers make faceshields to protect them (Refer to the Malay Mail NGO volunteers make 1000 DIY faceshields for frontliners”)

Volunteers donated their time and money to prepare food for hungry healthcare workers.

Hotels and apartment owners near hospitals opened up their rooms to allow healthcare workers to stay rent free and rest instead of worrying how to commute home.

A local business paid their own staff to help the elderly and people with mobility issues to run errands or do grocery shopping (myBurger Lab lends helping hands to senior citizens)

It is better to light a candle than to curse the darkness. The darkness may be overwhelming. But if many lit candles come together, we can find our way through this darkness – Lee Jun

Personally, I’ve been keeping myself busy with volunteering as Social Media lead coordinator for Malaysian Health Coalition, ‘an apolitical coalition of Malaysian health professional societies, health professionals and citizens dedicated to improving the health of Malaysians, strengthening the Malaysian health system, and supporting Health in All Policies.’

Basically, I help to distribute #messagefromdoctors across all social media platforms.

It’s nice to know my copywriting and content creation/management skills are not useless in this situation.

With your help, it won’t last 338,237 years 🙏
https://t.co/djrIvsZySS

— Malaysian Health Coalition (@malaysianhc)
March 24, 2020

I’m proud to say that I managed to grow the Twitter account from 0 to 10k followers in 3 days 🙂

All I want to do is help disseminate what doctors want you to know. Need your help to grow further. Please follow us at
Facebook

|

Twitter

|

Instagram
 |

LinkedIn

#7 –  And of course, the memes

And if all fails, when things are at its worst, there are always memes to distract myself with. Is it okay to admit that memes is part of my coping mechanism?

Memes are more high quality – people are using this time to be more creative – Fong Wan Kit

Meme page admins, thank you for working tirelessly to keep us entertained.

View this post on Instagram

They’ve done their part 60+ years ago, let’s do our part now meme by @wan23danny

A post shared by
 MGAG
 (@mgagmy) on
Mar 24, 2020 at 10:33pm PDT

That’s the end of the list.  Thanks for reading this far. I hope any or all of the above will help you cope with this bleak situation. Let’s all hang in there and help each other. Remind your friends and family that there *are* silver linings from this situation – I listed 7 but there may be more. Share in the comments section, we could do with more silver linings.

Until next time, stay safe and healthy and indoors,

Suraya


4 Types of Banks in Malaysia and What They Do [SPONSORED]

What are the different types of banks in Malaysia? Actually, let’s go back – what was your first memory of banks?

My first memory of the whole banking institution is a bit fuzzy, but I still remember bits and pieces. I vaguely recall snippets of these events:

my mom taking primary-school-age me to a bank to open a savings account (Maybank’s Yippie);

receiving piggy banks in the shape of bank mascots and buildings; and

someone giving a talk to my whole classroom and us receiving a small notebook with visuals explaining the importance of saving money (this is also where I learned the phrase ‘sikit-sikit lama-lama jadi bukit’)

You might have similar memories, or at least received similar messaging. Most of us have been exposed to mostly the consumer-facing side of a bank.

What if I tell you this is just one aspect of banking services; there’s a whole lot more going on.

In this article, I’d like to share with you the other types of banks, other players in the financial ecosystem, and how they work with each other and be part of this smooth machine that runs our financial life in the background.

The 4 types of banks in Malaysia

First, you should know there are four types of banks: commercial, Islamic, investment banks and development financial institutions (DFIs for short).

All of them are under constant supervision and oversight by regulators in various capacities, including Bank Negara Malaysia, Securities Commission Malaysia and Perbadanan Insurans Deposit Malaysia (PIDM).

Let’s go over each type of bank.

#1 and #2 – Commercial and Islamic banks

Commercial and Islamic banks are probably the most familiar to all of us – they mainly target you and me as customers. Some basic services include:

Opening bank accounts

Transferring funds (domestically and internationally)

Making payments

Offering financing and credit facilities

And more, depending on the bank

In both commercial and Islamic banks, you can ‘unlock’ better services and special perks if you are an HNWI (high net worth individual) and deposited a certain amount of funds with them (it’s a big amount).

These banks are regulated and supervised by Bank Negara Malaysia while deposits placed in them are protected by PIDM.

PIDM is the government authority that
 protects you from troubled member banks and insurer members
 – your deposits in PIDM member banks are protected up to RM250,000 per depositor per member bank, and applies separately to Islamic and conventional deposits.

Here is a list of current PIDM member banks, both commercial and Islamic (accurate as of September 2020):

It’s not a bad idea to use a (or multiple) PIDM member bank as your main deposit account. The banking industry in Malaysia is strong, but 2020 has proven to be unpredictable. If your funds are guaranteed to be safe in those deposit accounts, why not make use of this free service? Why worry if you don’t have to?

Related:
[SPONSORED] Your Money Protected or Not? A Quiz

PIDM implements an automatic return-your-money-back-to-you system if their member banks go bankrupt. (If. BIG if. But an if nonetheless.) This safety feature is what allows people like you and me to keep our money in bank accounts without worry, WHICH gives the banks sufficient money so that they can offer lower interest rates to borrowers, WHICH lowers default rates, WHICH is good for the economy. See how the wheels turn? Cool stuff, this whole thing.

Let’s talk more about investment banks and development financial institutions (DFIs).

#3 – Investment banks

While commercial and Islamic banks manage
individual
accounts, investment banks manage
corporate or institutional
accounts.

These corporate or institutional accounts are assigned to
investment bankers
 – people who ‘help their clients raise money in the capital markets, provide various financial advisory services and assist with mergers and acquisition activity’.

As of September 2020, 11 investment banks are operating in Malaysia and they are co-regulated by Bank Negara Malaysia and the Securities Commission.

Some of you may look at that list and go, eh, I thought their parent banks are PIDM member banks, why not protected?

Well that’s because some investment banks are
subsidiaries
 of PIDM member banks. Therefore, while you see their products distributed through the customer-facing side, the investment funds are separate from deposits and therefore NOT protected by PIDM.

#4 – Development financial institutions (DFIs)

According to
Bank Negara Malaysia
, DFIs are institutions established by the government to give financial assistance to certain priority sectors of the economy and largely funded by the government. That’s where the money strategically earmarked to improve the country is kept and managed.

As of September 2020, there are
17 DFIs
, including some familiar names like Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat), Bank Simpanan Nasional and Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). If you’re dealing with these entities, you’re either conducting business, investing or obtaining financing with or from them.

The Development Financial Institutions Act 2002 was enacted to give Bank Negara Malaysia regulatory purview over
selected DFIs
 (including the three mentioned above). This is to ensure that these DFIs perform their mandated socio-economic functions. DFIs are also part of ADFIM or Association of Development Financial Institutions of Malaysia.

Funds at development financial institutions are NOT protected by PIDM.

Lastly,

How the financial ecosystem works is absolutely fascinating to me. When I was younger, I only knew that the bank is where I keep my money for safety reasons, now I know that it is this complex entity that connects us to the global economy.

And when I say global, I truly mean it. For example, every time I buy a game on Steam, priced in USD, someone around the world gets a cut included in their paycheck and spends the money in their economy. Wild.

The financial ecosystem also evolves to meet the needs of the society of the day, lunges forward with innovation (especially technological).

As you can see, the financial ecosystem and infrastructure is made of many participants, including yourself.  What you should do as an informed participant is to know your rights (or lack thereof!) with each bank you deal with.

This includes knowing
the role of PIDM
 in placing different types of fail-safe mechanisms and preparation to weather future financial storms so that IF it ever happens, you AND our financial system is able to bounce back in no time and with minimal damages.

Another way to be an informed participant? To actively embrace the Financial Literacy Month in October and take part in activities organised by members of the Financial Education Network. Check out the calendar
here
 or click on the logo below!


Welcome to the What’s In My Bag: Malaysia Personal Finance Content Creators Edition!

For
International Women’s Day
 on 8 March 2020, I thought it would be fun to play around with the theme, #EachforEqual, and ask my fellow personal finance content creators about something that enables their personal and work lives: the contents of their bags.

To put simply, what do we carry around with us to get. shit. done?

Enjoy this peek into our bags, and by extension, our lives. This list is in no particular order.

#1 – Suyin Ong / Suyin Invests >>>
Youtube
 |
Instagram
 |
Facebook
 <<<

Suyin started a YouTube channel to share with others who are curious about matters of money and investing. Let’s learn how to grow and accumulate wealth together.

What’s in my bag:

Wallet : ID, Debit Cards, Cash, receipts
Coin purse
House keys
Car keys
Work phone
Personal phone
Organza bag: includes earphones, highlighters, black ball point pen, mints, mouth freshener, fragrance, lipbalm, eyedrops
To do list book
Book for ideas
Water Bottle
Kindle

Why is it in my bag?

I am highly dependent and addicted to most of what’s in this bag.

First off, water. I NEED to have a bottle of water near me at all times because I’m always thirsty and it’s also a great way to save money by not needing to make a purchase to quench my thirst. Got this trusty
thermos
 from the Luno launch in their goodie bag.

The next needs are my
house keys and car keys
 for obvious reasons. My
wallet and coin purse
 are pretty helpful in housing my financial needs, they were gifts from my boyfriend 6 years and 4 years ago respectively.

I have
 two phones
 as I work in sales and I made a conscious choice of separating my phone lines. I wanted to be able to be intentional with my time spent on texts, emails and calls for work versus for leisure and so far, I’m happy to say it’s been a dream! I bought my iPhone 8 and the other is my dad’s old phone.

I have
earphones
 (came with iPhone 8 purchase) handy to listen to an audiobook on my phone or videos on YouTube.

I carry a
notebook, a pen and highlighters
 to jot down ideas and brainstorm new videos for my YouTube channel and my
To-Do-List planner
 helps me stay on track of all things urgent, important and nice to complete.

The other miscellaneous items like
lip balm, mouth freshener, eyedrops, mints and 10ml fragrance
 come in handy throughout my day. I keep them in this organza bag that I bought from Kaison, this makes them so easy to find!

Lastly, my
Kindle
 helps me carry around books without fretting about creasing their spines and pages. I love pulling it out to get some reading in whenever I have some precious time to utilise.

#2 – Aisha Preece / OutandBeyond.com >>>
Website
|
Instagram
 |
Facebook
 <<<

Aisha Preece ditched her corporate job in search of a career that allowed her to work remotely. She now LOVES Mondays and is passionate about helping others make and save more money, so they can live life on their terms.

What’s in my bag:

Memorial card
Coin pouch
Zafigo X Pen
Business cards
Wallet
Earphones
Notepad
Tampon
Lip plumper
Gum

Why is it in my bag?

I carry this
memorial card
 of my best friend everywhere with me. She
died within 12 hours
 last October and I never got the chance to say goodbye. She was my biggest cheerleader and having her with me all the time gives me strength, especially as I navigate through the online business world.

I acquired a
coin pouch
 from Morocco after intense bartering- it’s pure leather. I like resilient quality items that last me long as I don’t like spending lots of money on shopping (I am saving for a house!)

My
business cards
 represent the different countries I have visited. That’s the great thing about working for yourself, you can design whatever business card you want, and no one can tell you it isn’t ‘corporate’ enough.

The
Zafigo X pen
 was from a conference I presented at last year, a proud moment and I’m holding on to it as long as I can!

The
gum
 is useful because no one has time for funky breath.

The
Sexy Mother Pucker Lip Plumper
 from Soap and Glory allows me to pretend I have pouty lips. It contains this tingly ingredient that activates your lip cells to make them appear plumper. This is great when I am rushing for meetings and have no time to put lots of make-up on, but not so great when I get it up my nostrils and feel a tingly sensation in my nose mid-meeting.

The
wallet
 reminds me of home (I am half-British) and my granny loved the Royal family.

Finally, the
notepad
is for when I need to scribble down stuff. I often write positive notes to myself as I believe it’s so important to seek validation and love from within. You need to cheer yourself on and celebrate the small successes. Like having a cute butt 🙂

#3 – Nicole / I’m Funemployed >>>
Website
|
Instagram
 |
Facebook
 |
Twitter
 <<<

Nicole used to work in the financial services industry where she gained knowledge on finance, investing and money management. In her blog, she documents her journey navigating career advancement, personal finance, self-development and adulthood.

What’s in my bag:

A book to read on my commute – currently Superfreakonomics
My Bullet Journal
Foldable grocery bag in its own pouch
Matte lipstick
A pen
A pencil
Keys
Tissues
Headphone jack adapter for iPhone
Watch
Pouch that acts as a wallet for cash and cards
Concealer

Why is it in my bag?

I think my two most important items are my
journal
 and the
book
 I’m reading currently.

My journal has my entire life in it. From my ideas down to my grocery list. I whip it out when I have something to jot down or if I’ve forgotten something I can refer to it immediately. I tried using phone apps or reminders but they weren’t as effective as the journal.

With the book, I have a goal this year to read 20 books and it helps to carry one around in case I find myself in a situation where I’m waiting around idly like on the train heading somewhere.

Concealer
 and
lipstick
 is the BARE minimum emergency make up kit in case I need to look presentable on the go.

I’m not someone who buys luxury goods. I was lucky enough that this bag was given to me by my dear ex-colleagues as a going away gift 3 years ago and I’ve been using it ever since.

One good thing I’ll say about luxury brands, if you buy good, high quality items, then they last much longer so you might want to consider buying one as an investment since the cost per use will become much lower over time.

#4 – Femme Finance Malaysia >>>
Instagram
 |
Facebook
 <<<

Femme Finance MY is a financial literacy advocate for modern women. She navigates budgeting, saving, investments and overcoming financial hurdles after marriage and a 180° career change. She is also pursuing minimalism & sustainability.

What’s in my bag:

This work bag has accompanied me across 2 countries over 6 years. The handles are worn out but the bag is pristine. The cute scarves were added as reinforcement.

It’s a large tote because size matters. My minimum requirement for a bag: Can it fit an umbrella?

Wallet
: I love e-wallets but cash is king.
Phone
: For work, payments, e-hailing, entertainment and disturbing my better half.
Charger and cable
: Life-savers in many precarious moments. Imagine the horror of getting into a fix and not being able to SOS for help.
Pen
: A gift from my aunt in 2001. Perfect for filling in forms, signing documents and taking notes.
Sharpie
: Writing reminders and doodling.
Post-it:
 For VERY important reminders. Once, I’ve pasted it on 4 sides of a stranger’s car window because his/her car was parked in the wrong spot for weeks! I got my point across without damaging the car.
Foldable bag
: For environmental reasons.
Essential oil
: My go-to scent is Lavender. It smells pleasant, calms the jitters and is a very effective first aid for bites, burns and zits.
Lotion
: Somehow it never finishes because I keep forgetting to use it.
Sweets / snacks
: I’m a human hamster.
Reusable water bottle
: Water-on-the-go, less plastic waste, save money.
Umbrella
: I bought it during my Japan trip in 2013. It has travelled across many countries with me. Sure, it adds weight to my bag, but one can never be too prepared.

There were times when the umbrella has sheltered another stranger without one. Similarly, I’ve encountered strangers who shared theirs with me.

When it comes to our finances, building our emergency fund and having insurance is like umbrellas for a rainy day.

#5 – Nurul / Dear Duit >>>
Instagram
 |
Facebook
 |
Twitter
 <<<

Nurul has always been passionate about personal finance and would love to teach more people to feel financially empowered.

What’s in my bag:

Wallet
Hand phone
Wet Tissue
Tissue
Diapers
Extra sets of kids clothes
Snacks at least 2 kinds
Water bottles

Why is it in my bag?

My basics stuff that I need all the time are of course my
wallet
 and
phone
 can’t go anywhere without them. Always need my money and sometimes I started using my phone to pay for stuffs too! My phone is very important for emergencies, work and whenever I’m out with my husband and kids we’ll always lose each other in the grocery.

The
wet tissue
 is very important to me because I will use it all the time, to clean my hands, toilet, before having a meal in a restaurant and having toddlers it’s very important to make sure they’re hands and whatever they touch are clean.

Extra set of clothes for my 2 kids
 because kids are unpredictable. One would spill a drink or a toilet accident.
Snacks and drinks
 because my kids would be cranky when they’re hungry or dehydrated.

My bag changed totally after having kids and I love that I am always prepared with things whenever my kids need something. I feel like a pocket Doremon with my bag. Being a mom makes me think ahead and I am always prepared, before I could just walk out the door with no plans.

Now I must be prepared ahead on where we are planning to go, make sure there are clean toilets and when we travel make sure it’s before nap time so they can take their naps in the car. So much things to consider before making our trip out. My mom bag.

#6 – Sara Khong / Jewelpie >>>
 Jewelpie Website
 |
Instagram
 |
Facebook
 <<<

Sara Khong is the owner of JewelPie, a personal finance & lifestyle blog AND the owner of a small cooking school:
New Malaysian Kitchen
. JewelPie is about enjoying the simple luxuries of life while being financially intelligent.

What’s in my bag:

Iphone
Homemade Hand Sanitiser
Wallet
Headphone(s)
Reusable bag

Why is it in my bag?

I’m a minimalist so I have very little things in my bag, and I like my things to be useful and have dual-purpose if possible. Things that I have should also support my values and goals.

MY iPHONE
 – The most important thing in my bag! This phone is used to for many things. But specifically for my financial-freedom journey, it:

accept bookings and payment from my
Cooking Class at New Malaysian Kitchen
 away from the computer) via email, booking platforms, banking apps, and Paypal
track my spending/income via MoneyLover App
video call/phone call for online business meetings
take great food photos which I use for my work for my social media

That gold cover is reflective which double up as a mirror!

HOMEMADE HAND SANITISER
 – In the midst of coronavirus outbreak, I keep a small bottle of homemade sanitiser.

WALLET
 – I have this well-made leather wallet maybe for 8 years now. I enjoy quality and beautifully made things which last. While it may cost a lot, the
cost per wear
 is low.   This is not just where I keep my money, but important documents like my medical card, blood type card, and AIA Vitality card for 10% off when shopping for fruits and vegetables. This wallet contains things that make me healthier and may save my life in an emergency!

HEADPHONE(S)
 – I listen to a language podcast to learn Japanese while I commute or exercise in the gym. These headphones make it possible to make good use of my time to enhance my knowledge while I enhance my physical health.

REUSABLE BAG
 – I need to go to the market/supermarket very often to get ingredients for my cooking class. This foldable bag is so useful; I don’t pay money for plastic bags.

#7 – Suraya / Ringgit Oh Ringgit >>>
Website
 |
Instagram
 |
Facebook
 |
Twitter
 <<<

Suraya Zainudin is a writer, speaker and digital marketer. She is also the founder of the personal finance website RinggitOhRinggit.com (you’re here now) and curator of the Money Stories from Malaysians book series.

What’s in my bag:
   (from left to right, top to bottom)

Canvas tote bag
Tissue
Wet tissue
Earphones
Glasses case with glasses and aviators (and a cleaner wipe)
Pouch as medicine kit
Lipstick kit
Watch
Superglue
Lip balm
Powerbank
Wallet
Notebook
4-colour pen
Water bottle
Gum
Scented card
House keys
(not pictured – phone)
(depending on the day, I might fit in my laptop + charger, a book and an umbrella in there too)

Why is it in my bag?

It’s kind of a lot. I love feeling prepared and everything in my bag makes me feel prepared. Sure it can get heavy, but meh, I guess they count as free weights = free exercise too.

Many of the items are self-explanatory: the
 wallet, canvas tote, watch, glasses/sunglasses, tissue, wetwipes, earphones, lipbalm, powerbank, water bottle, gum and housekeys
 are there for practical reasons.

My
notebook
, also my
money journal
, has everything in it. My life motto is, if it doesn’t get written, it doesn’t get remembered. I believe in the science of writing things down. The
4-colour pen
 (from Mr DIY je) is one of my life hacks, too – so easy to colour-code my notes without carrying too many stationaries. I keep a stack of post-its in the back page of the notebook which most of the time becomes bookmarks (keep losing them).

The
pretty pouch
 is a gift from a friend, and I use it to keep medicine. I have a variety at all times: paracetamols, band-aids, charcoal pills, Clarinese, Gaviscon and for good measure, a couple of tampons. Last year I can think of at least 4 occasions where I needed one of those things urgently, so I like having them with me.

The
superglue
 is there because one of my shoes is on its last legs, and might fall apart at any moment. Just a preventative measure lol.

The
lipstick kit
 contains 6 – SIX – colours. The whole lip-colour-matching-the-mood thing, it’s true. (But I only use one colour most of the time, hmm)

And lastly, the
scented card
 is a souvenier I picked up for myself in Estonia, from a brand called Max Benjamin. The Ocean Islands: Mauritius one smells so good, I love it. Perks me up every single time.

Worth mentioning: I’ve since realised that the bulkier my housekeys, the less likely I am to lose them. The
lanyard
 is from a WordPress event and the
pass card cover
 is from the Japanese brand snidel, which I found for RM1 while thrifting!

What’s in YOUR bag?

Ladies and gents, we shared what’s in our bags, its now your turn to share yours. I want to see how you mindfully include tools that help you live a purposeful, intentional lifestyle that is aligned with your values, too. Leave your comments below!


My 22 for 2022 List: Money, Work, Learning, Health, Relationship and Misc Projects Goals

Even though I only achieved 9 of the 21 things in my
21 for 2021 List
, doing it was so beneficial that I’ve decided to do it again – a 22 for 2022 List.

Like the previous year, 22 is big enough a number for me to list out what I deem important to explore in 2022, yet small enough to serve as a hard limit. The credit for original idea goes to one of my favourite authors, Grethen Rubin.

Here is my 22 for 2022 List:

EDIT: end of December 2022. I managed to complete 11 out of 22. The ones completed is bolded

Money

1. Earn RM100k in income

I need that much because I don’t want to stop my donation habit. 2021 income and expenses post coming soon but basically in 2021 I donated and gifted over RM35k to family,
zakat
 and various charities.

2. Max out ASB

Note: Goal carried over from 2021

3. Explore a new passive income idea

2021 was
vending machine
, what will 2022 be? Hmmm ideas welcomed

Work

4. Complete
Money Stories from Malaysians
: Volume 3

5. Write another book

6. Do at least 1x collaboration per month

I’m a solopreneur with no colleagues so to not go crazy with loneliness, I love working together with financial institutions, NGOs, universities, social enterprises and private companies (with aligning values).

7. Hit 100k monthly traffic for ringgitohringgit.com

Learning

8. Do IFP Course

At the time of writing, I’ve completed my CFP final exams and ahahahah hopefully I’ll pass but either way I’d love to continue my learning process and do IFP next – Islamic Financial Planning certification

(Related:
My CFP Journey, Part 1: Why, Where and How Much to Be A Certified Financial Planner in Malaysia
)

9. Do the courses I bought but didn’t complete yet 😀

I have a Pinterest course, an SEO course, a newsletter course… among others..

10. Learn Stocks (by doing)

I attended an IPO course in 2021 and want to learn by doing. At the same time I also want to hold some individual stocks just for learning purposes. I think this is the best way for me to learn stocks terminologies, fast.

11. Read at least 2 books per month

Want to continue this habit 🙂

12. Re-read 2 books I already own

Note: My goal for 2021 was to re-read 10 books I already own but I didn’t even complete one. So I’m going to re-attempt but lower it to just 2.

Related:
What’s On My Bookshelf: What I Read and HIGHLY RECOMMEND

Health

13. Use the condo gym/ pool min 2 x week

While I was a renter, I don't care about using my apartment's amenities
But now that I'm gonna move to own place and see how much the maintenance fee costs, I wanna use ALL the amenities provided. Idc I will swim in the pool everyday to make the payments worth it 😂
— Suraya | suraya.eth (@surayaror)
December 9, 2021

14. Walk more steps than 2021

This would be easy to achieve if I get a fitness tracker. A lot of my steps aren’t tracked currently

15. Limit food delivery to 2x max per month

The pattern is: we buy healthy groceries, but order unhealthy food. So by limiting food delivery (but not eliminating since we still enjoy them and everything in moderation, right?), hopefully we’ll eat better.

Side note – I am working on better habits and not being fixated by pure weight loss alone. It’s a work in progress, wish me luck.

Relationship, Family & Friends

16. Settle into our new home

There’s going to be a lot of moving and renovation and home planning to do 🙂 Fun

17.  Help my parents with their finances and cashflow

18. Meet families regularly (once a week)

Misc projects

19. Use up beauty products

I have masks, serums and countless samples to use up. Delay new beauty purchases until I finish what I have.

20. Do at least 2 x DIY home projects

21. Use every single facility in new condo

Again, we pay for the maintenance fee, so might as well! Can consider as free date activities, too!

22.  Do estate planning – complete
Wasiat, Hibah and Trust
 documents

What would you put in your 22 for 2022 List?

Important: My 22 for 2022 List is just a tool to help me re-focus my priorities, because I find it hard to simultaneously (1) work on one thing at a time, and (2) not be distracted by something new due to my love for variety and dislike for routine.

If 22 things are too many for you, then consider the
Three Hobbies method
 instead: One hobby to make money, One hobby to keep you in shape, and One hobby to be creative.

If an activity you want to explore for 2022 is ‘more writing’ (related:
The Beginner’s Guide to Writing Good Articles (for Power, Profit and Pleasure)
, doing a 22 for 2022 List is a GREAT way to do some self-reflection.

What would you like to add to your own 22 for 2022 List? List in the comments section below, would love to be inspired by yours <3


[Personal] 5 Things I Learned in my 20s: Advice I’d Give to My Younger Self

Wow. 2020s is coming. It’s weird to be welcoming the year that is also used to signify ‘the future’, isn’t it? It feels crazy to be entering a new decade, even though I know that’s just how the normal, brutal, unstoppable passage of time works.

(YES I KNOW TECHNICALLY THE NEW DECADE STARTS IN 2021 BUT LET ME HAVE THIS OKAY)

I’ve spent the 2010s being in 20s and early 30s, and learned so much, though I know there is much more to learn still. Please indulge this writer’s self-reflective post – I’ve always wanted to write something in the ‘for my younger self’ style.

Dear younger Suraya, if you could do it over, please take this advice which older Suraya learned from experience:

#1 – Learn to optimise your environment

I spent a lot of time blaming myself for failing to achieve personal goals, then feel bad for not having the motivation to improve myself.

It’s a sucky feeling because like everyone else in my generation, I too am idealistic (sometimes to a fault). I thought I could do anything and everything as long as I put my mind to it, including saving the world.

Whenever I failed, which happens often enough, the negative and self-doubt thoughts would come. And I’d think: If I can’t even help myself, how can I even help others?

Thankfully I came across the school of thought that puts the focus on my
environment
 instead. Make the hard things easier by making it a habit – do the action because its just something you do, its
who

you

are
, not because it’s something you force yourself to do.

Everything sort of clicked after that
.

I’m not saying I mastered building good habits. There are lots of things I need to unlearn and re-learn – I’m still a work in progress. I think this will be a lifelong journey, and that’s a good thing. Never remain stagnant.

Some habits I’m trying my best to build now include:

Work out 2-3x a week

Read at least 2 books per month

Write and journal every day

Reduce red meat intake to 1 x a week max

Eat until 60% full

The last one is particularly hard for me to unlearn. I’m really bad at mindless eating, distracted eating, and that leads to overeating. But I’ll be kind to myself and note the small wins. Small progress is better than no progress.

#2 – You’re going to lose some friends and that’s okay

No one really likes to admit it but there are some trade-offs you have to make in the journey towards self-improvement.

As much as you may hate to hear this, it may be your immediate environment – even your dearest family members and long-time best friends – who are holding you back.

Easy example – removing yourself from people who enjoy complaining (and not doing anything else) is
essential
 towards making progress.

There’s no way around it. If you join them, you’ll be afflicted with the defeatist and victim mentality. If you give alternative viewpoints and solutions, they’ll find other faults, nothing is ever right. Even if you hang out with them without saying anything, you’ll lose precious time.

Maybe one day I’ll learn how to tolerate and engage with them. But for now I’ll stick to the ‘nod politely, remove myself ASAP’ approach.

#3 – Collect quotes

There’s a reason why some inspirational and aspirational quotes are repeated again and again for decades. There’s something amazingly magical about a string of words that contain and condense
huge
 ideas. In essense, great quoes are results of genius copywriting.

Over the years, I’ve collected quotes and some became all-time favourites, at least for this point in my life. Here are some of the quotes, in no particular order. I’ll give credit where I can:

Done is better than perfect

Everything is figureoutable (Marie Forleo)

If you believe you can or you can’t, you’re right

When they go low, we go high (Michelle Obama)

Change what you can, accept what you can’t

No one can make you feel inferior without your consent

Create more than you consume

Refuse to be refused (Marie Forleo)

Explore your curiosities

Believe in God, but tie your camel

Action is hard. Inaction is hard. Pick your hard

Would you regret it?

Kill em with kindness

You are what you do, not what you say you do

Use it up, wear it out, make it do and do without

Praise publicly

Money isn’t everything, but everything needs money

Overnight success takes years

Ideas are cheap, execution is everything

Intuition is just recognition

It’s hard until it’s easy

Best effort counts

You don’t have to be great when you start, but you do have to start to be great

Fall down 7 times, get back up 8 times

If you find more, write them in your journal lest you forget them. If you don’t find it too cheesy, find them as home decor pieces.

Use the quotes as guiding principles in your life. Sometimes, I’d find myself editing the same article for hours, not happy with it (I am my own worse critic, after all). Then I’ll take a big breath, tell myself, “Suraya, done is better than perfect”, and click Publish.

That’s how I manage to publish over 300 articles on this blog over 4 years, every Monday and Wednesday, (almost) never missing a schedule. If I wait until I’m absolutely happy with my work, nothing will ever get published, Ringgit Oh Ringgit as you know it would have never existed.

#4 – Learn the 7 Baby Steps towards Financial Freedom early

Dave Ramsey’s 7 Baby Steps towards Financial Freedom is so simple, so elegant, so useful for anyone first starting out with personal finance and money management.

Sometimes
 Often, there are people out there who overly-complicate personal finance. IT DEPENDS, they say, rambling on and thoroughly scaring you away from money topics, overwhelming you.

It’s actually really simple. Find out where you are in the steps – some of you are at Step One, others may already be at Step Four – then continue your journey towards financial freedom from there.

The only real criticism I have of the 7 Baby Steps is that it assumes everyone has children and a house, but other than that it’s a great reference point. As you gain more knowledge and experience, you can tweak and make changes to get the results and life you want.

#5 – Do less harm > Do good

Young Suraya, you may think you’re a good person with good intentions, but your version of good may not be other people’s version of good.
It can even be downright bad or harmful for them
.

In whatever you do, think of how that ‘good’ thing you’re doing could potentially affect others in a negative way. Remember that as you do your financial activism, and other types of activism.

Don’t assume you know what’s best for others. Don’t gain this weird superiority complex and feel like you know how to give ‘advice’.

If you want to help, for goodness sake ask them first, don’t just show up unasked, unwanted then feel bitchy about them being ‘ungrateful’ for your help. No one freaking owes you that.

When in doubt, just do your best and lead by example and hopefully your actions will be the catalyst for something bigger than yourself. Don’t inspire to inspire others – that’s just the ego talking; if the work is good, it’s as good as done.

Last thoughts

To be honest, there are more things to add here – it’s hard to summarise 10 years’ worth of learning and lived experience in one single article. I feel like there are so many abstract thoughts floating around in my head still.

But, they deserve the time and space for their own formation and mental organisation, so perhaps I’ll leave those for another occasion.

How about you? What’s the one thing, one piece of advice that you wish you could have told your younger self? I’d love to hear your perspective, do share with the rest of us in the comments section.


All The Unnecessary Purchases I’ve Made in 4 Years

I’ve tracked my expenses for many years. This means I log the amount plus some notes in
one of 13 categories
 after every purchase. One of those categories is simply called ‘Misc Wants’ – ie things I didn’t strictly need, but simply wanted.

‘Misc Wants’ is kind of like that random drawer in your house, the one you just chuck random stuff in. Unlike ‘Misc Needs’ – another expense category meant to track things I really did need at the time – purchases under ‘Misc Wants’ tend to be more varied in motivation. I could be bored, stressed, sad, excited, depends. As long as they’re ‘technically unnecessary purchases’, I lump it in there.

In this article, I’m going to share with you some of my ‘Misc Wants’ purchases. I’m looking at data all the way from June 2014 (I have earlier data, but not as comprehensive). As I’m writing this in August 2018, that’s more than four years’ worth of data.

 I spent more than RM15k for Misc Wants in 4 years…

Types of purchases under ‘Misc Wants’

First, let’s look into
what
 I bought that got categorised into the ‘Misc Wants’ category. Looking at all the notes, they are mostly:

Beauty products and services

Clothes, shoes and accessories

Tobacco

Games, apps and in-app purchases

Books

Impulse purchases at events, fun toys

Home decor items, plants and kitchen tools

Exercise equipment and clothes

Cat toys

Some general but personal insights…

They do add value to my life

I LOVE some of the things I bought under this category. In fact, I don’t think my life is the same without them. These are things like:

Books
. Many, if not all of them, have helped me shape my worldview

Kitchen tools and home stuff.
 What would I do without my 3-in-1 blender? Or that soft and super absorbent mat I step on after the showers?

Exercise equipment and clothes.
 They encourage me to exercise more often

Spotify
. Deciding to go ad-free was so worth it

Organisational tools
. Storage containers help make my house look organised, thus improving my productivity level while working from home

Plants
. They brighten up my home

Sometimes I feel it’s unfair to place all these purchases under the ‘Misc Wants’ category. And my excuses are so weak, like ‘I could just read for free online’ or ‘I could just chop onions/blend protein shakes manually’ or ‘I could just jog around the park as exercise’.

I don’t know. For me, ‘technically unnecessary’ is ‘technically unnecessary’, full stop, but should it? Those of you who track your expenses, how do you log purchases like these? Where do you put them instead?

I don’t regret most of the unnecessary purchases

Looking through the items and services I’ve bought that were not strictly necessary, it’s quite nice to find out that I only regret about 15-20% of those purchases. Most of it was actually quite nice experiences and enhanced my life in some way.

The thing is, I’m not even angry at those regretted purchases.
I understand that I cannot avoid ‘wasting’ money for the purpose of experimentation, and that is a necessary element for self-growth and figuring out my identity and personal tastes
. For example, I tried:

Different
eyeliners
 before finding the ones that won’t smudge (Kat Von D’s Beauty Tattoo Liner or Elianto’s Xtra Lasting Eyeliner Pen btw). I’ll even go far and say that trying different
makeup, beauty products and beauty services
 in general and finding those that I really, really love and will stick with are super satisfying

Different
clothes and accessories
. I’m not a fashion enthusiast, but I do try to adjust my style based on feedback and
weight loss
. I think knowing what
doesn’t
 work is also a step in the right direction, fashion-wise. Plus now I know which shops, styles and types of fabric to avoid

Different
mobile and computer games
. I like gaming, and this option is cheaper than buying myself game consoles.

Note: I understand how big of a privilege it is to have enough disposable income to spend just for experimenting around.

I do regret these two things though

The biggest money-waster was under-eyes
dermafiller injections
 for a whopping RM3600. I did it to improve my looks, and boy was it a mistake. First, what the heck was I thinking, splurging that much for a beauty treatment? Second, it hurt a lot. Third, it was a
temporary
 fix – it’s supposed to last up to a year only, not even permanent! Fourth, I still have eyebags so it’s not even like I was satisfied with the procedure.

The second thing I regret is buying so much
tobacco
. I have no excuse, I really don’t. Don’t start, kids.

There were some failed attempts at lifestyle changes

For example, I wasted some money in an attempt to build myself an
aquaponics system
 and start urban farming. I mean, I really like the idea of aquaponics – keep fish, which excrete nutrients, which fertilises plants, which filters water, which goes back to fish. But like, I lost steam, you know? Ended up donating/throwing them away.

I also bought a
 glass jar
 from Daiso to keep and make my own kombucha. I only kept it going for a few months before losing interest…

And that time I attempted to be more ‘sophisticated’ by buying myself an
 incense burner
. I hate sweeping up the ashes, so it’s pretty much junk now.

There are more, but these are examples. But, like, everyone has these moments, no? You buy things in the hopes of becoming an ideal version of yourself, then lost interest in it? What’s yours?

The data exposed how I changed over the years

I used to buy:

Lots of cheap
clothes, shoes and bags
. I’m talking about Aliexpress purchases, and those sold cheaply at booths. They definitely didn’t last very long. I thought I was money-savvy then, but in hindsight it was very penny-wise, pound-foolish of me. I’m still working on it, but I try to get better-quality items now.

Lots of
accessories
, especially earrings. Now I tend to stick to silver hoops. Perhaps reflecting my minimalist(-inspired) lifestyle.

Hair dye. This sounds ridiculous, but I used to be super self-conscious about my light-ish brown hair and dyed it black all the time. Have since adopted the IDGAF mindset, white hair showing and all. According to the data, the last time I dyed my hair was in Sept 2015.

Now I tend to buy more:

Stuff sold by friends and family.
 To support them, even if they’re a bit pricier than I’d like

Trial beauty sachets and packs
 from Carousell. To satisfy my beauty experimentation urges but at a lower price. Have tried more than 10 different brands now, and considering to purchase full-size bottles of the ones I liked

Discounted services from Fave.
 Especially after they have their own ewallet (
review of FavePay
), and keep giving me cashback and additional discounts to use. I tried Korean hair perm because of it, and my goodness do I love my hair now.

Most surprising insights from my spending habits

I’m genuinely surprised by the amount of beauty products and services I buy. Didn’t think I was that kind of girl, but data does not lie, does it? Oh well, at least it’s not the worse vice in the world. Plus, I do what I can to keep the amount low. Like using eyeshadow as blusher.

#frugalbeauty #makeupmalaysia – using eyeshadow as blusher replacement! #Elianto had this ‘buy one free one’ deal but I just needed to replenish my usual brown eyeshadow so I figured I’ll get the pink eyeshadow to double as blusher and it works lol

A post shared by
 Suraya
 (@surayaror) on
Jul 24, 2018 at 10:29pm PDT

But! According to my expense-tracking app, ‘Misc Wants’ category is just 5% of my total spending, so it’s not bad, considering the value, fun and novelty they add to my life.

Final verdict: I’ll be careful with bigger purchases, and definitely won’t do any more expensive beauty procedures, but it’s fine to continue spending the way I am now 🙂

What do you consider as unnecessary purchases but buy anyway?

Aside from food, coffee and drinks, that is (this is Malaysia, everyone loves food, they don’t count). How do you justify them?

If you have not considered doing something like this, I encourage you to try it out! You’ll learn something about yourself, I promise. Even a month is enough. I did get the inspiration from this post from Budgets Are $exy’s
What I Learned Tracking My ‘Wants’ for 30 Days
 article 🙂


5 Downsides of Being Too Frugal

Living with frugality mindset (
without being cheap
) is something I’ve consciously tried to do for many years now, but is there such a thing as being TOO frugal?

For the most part I love frugal life, much prefer it to extravagant life. It’s great, I’ve saved so much money. But let’s talk about the downsides, shall we? Roses still have thorns and all that.

This is not an article to deter you from frugalism – no, not at all. I have zero regrets adopting this lifestyle. I just want to share the bad that comes with the good. I want to let you know when being too frugal *might* be a problem.

#1 – Embarrassed by old stuff

As I’m writing this, I’m sitting on an IKEA couch purchased almost five years ago. There are stains that won’t wash away. The sides bore scratch marks artistically done by the cats. They’re particularly proud of the bits of thread coming out.

My coffee – black, like my heart – have since cooled. The mug was RM2, bought from a thrift shop. There’s a couple of chips around the edges. I’m a daily coffee drinker, and the coffee stains don’t quite wash away, no matter how hard I scrub.

The drying rack is right in front of me, loaded with laundry I did yesterday. I’ve owned that nightdress for about five years now! Hey, I never noticed that hole in that shirt before…

Sometimes, particularly after I had a round of mindless Instagram or Pinterest, a part of me cries out for an overhaul. Clothes overhaul. Home decor overhaul. Kitchenware overhaul. While we’re at it, accessories and bedding too.

I, too, like the idea of being surrounded by new, beautiful things. Then the internal dialogue starts, and I start to reason with myself why complete overhauls will NOT make me happy, there MUST be an underlying reason for all these feelings, am I simply feeling bored instead?, and I forget about it until the next time I open Instagram and Pinterest again.

Related:
23 Things That I Can Do At Home, Instead Of Spending Money

#2 – Unable to share much on Instagram

USA-Reiseblogger
 / Pixabay

See, I take digital marketing for Ringgit Oh Ringgit seriously. I want as many people as possible to talk about money candidly. That’s how I view my role, anyway.

I’m active on Facebook and Twitter. But not as much on Instagram (
my handle
). A lot of Malaysians are there, and I’d love to reach them, but most of the time I simply don’t know what picture to snap and share.

I can’t do #OOTDs – my style is really nothing to shout about. Plus, see Point #1

Showing off new stuff I bought is a no in most cases, too, unless it’s an absurdly good deal or there’s a story behind it. Also, I don’t want to advocate for consumerism too much, you know?

I’d love to be more active on Instagram. Maybe I’ll start to post more grocery hauls? Any other ideas?

#3 – Procrastinate on things you’re too stingy to delegate

Oh man, what a big one.

DIY culture goes hand in hand with frugalism. If something breaks, you fix it yourself. Clean your house yourself. Prep your food yourself. Paying premium for conveniences should only be done sparingly, a treat.

I agree, yes. But it’s not like I have eternal motivation to do everything, you know? Especially cleaning – what a never-ending chore! Broken things in my house takes forever to repair, too. I’d wait until I can’t ignore it any more. Like that time I waited forever to get someone to fix the ceiling leak, until it turned moldy!

And these are services you CAN delegate. Things that I can’t delegate, I procrastinate even more. How I wish someone could just come and declutter my house, and help me donate/sell the stuff I no longer need!

#4 – Not being an early adopter of technology

namair
 / Pixabay

I subscribe to this frugal advice:
never get the latest gadgets.

Last time, I used to be SO snobby about this and pooh-poohed the people who regularly update their gadgets to the latest versions. I felt superior to them, thought of myself above them. I mean, it takes a lot of financial commitment to be an early adopter of technology. I used to think they had low self-control.

How judgemental, right?

Now, I have a different take –
I value the contributions of early adopters
. They are the ones who are brave enough to test new technologies and vote for a gadget’s future with their own money.

Without early adopter’s initial demands,
I don’t think the gadgets I use and love now will ever get into higher production, thus reducing the cost of ownership for me
. They’re also among the first to support smaller startups and businesses that work with new technologies: drones, VR, 3D printing, etc.

If it weren’t for them, those industries wouldn’t grow. They’d just die off, taking technological advancements with them.

I read a thoughtful opinion piece from an early adopter a while back (lost the link unfortunately). They are very much aware of the financial damage they do to themselves. They are also online-shamed a lot. But they do it anyway, because they are passionate about technology and enjoy testing out new features never tried before.

So yeah, thank you early adopters. As long as you don’t get into unnecessary debt or anything, go for it.

(Side note: I guess you can also apply ‘early adopter’ broadly to other fast-changing industries too, like
fashion
).

#5 – Loneliness

RoyBuri
 / Pixabay

Relationships are important and key to a happy, fulfilled life. That’s a fact.

Rationally, I know I shouldn’t be stingy when I want to develop new friendships and maintain old ones… but it’s still hard for me to justify the expenses.

Right now, I’m trying to balance and hit the sweet spot between these two options:

Option A
: Don’t go out too often. If I stay in I’d save on transportation, food and other going-out costs. Plus, reduce impulse spending and peer pressure-related spending. That’s good for my wallet.
Option B
: Feel bouts of loneliness when I decide to stay at home.

Friends in my personal life reading this, I miss you ;_; I’m sorry I don’t get to see you more often. Will try my best to make more effort.

Those of you who have a good social life AND reasonable social-related expenses, how do you do it? I need help with this.

Last thoughts on downsides of being too frugal

Even though there are downsides of being too frugal, I think I’ll continue at it. It works for my lifestyle and personality, and I think the pros far outweigh the cons. Plus, I like the lifestyles that complement frugalism – minimalism, DIY culture,
zero waste
, capsule wardrobe, small home movement among others.

Would you consider yourself frugal? If yes, do you relate to any of the above? What downsides do you personally experience?


My best and worst spending in 2015

Because it’s fun to look back and see what gave me the most enjoyment/ value for my money. Likewise what I shouldn’t have bought.

Best purchases in 2015

1.
[RM4,032.35]
 Paid off my PTPTN loan – received 20% discount for full payment; 2 years ahead of schedule.

2.
[Ongoing]
 Decided to adopt Yoshi the kitty <3 – I talked about costs to start having a cat
here
and
here
.

3.
[RM2,111.77]
 New laptop – Lenovo Flex 2

3.
 [RM88]
 Rice cooker/steamer. Worth every sen after the first steamed fish yum.

4.
[RM144]
 A pair of good quality sports shoes – triggered chain event which encouraged me to get more fit

5.
 [RM30]
 2 x teeth guard for my bruxism

6.
[RM0]
 Trip to Frankfurt to see my friend – ended up no cost on my end because I saved per diem from work trip

7.
[RM1.50]
 A really good wide-toothed comb from Mr DIY that I really love

8.
 [RM100]
 Quality bras

9.
[RM48.80]
 Double sided pan – LOVE this thing, its the best!

10.
[RM110]
 A ridiculously overpriced skirt from China but with amazing design. Now I wear it all the time, so it’s cool

11.
[RM5.30]
 A glass jar from Daiso which allowed me to keep my own kombucha 🙂

12.
[RM10]
 A pasar malam Rayban which looks oh so good on me.

13.
[RM409.94]
 The hosting for this website (2 years)

Worst purchases in 2015

1.
[RM110]
 Fee to replace lost IC card

2.
[RM50]
 Parking fine

3.
[RM40~]
 A cheap kettle I bought from Lazada that turned out to be shit. Lesson – always buy quality home appliance equipment.

4.
[RM39.90]
 A fancy Zara belt that I never got the guts to wear in public -_-

5.
[RM70]
 A set of Tupperware mugs

6.
[RM100~]
 Accessories from Lovisa and other  shops (including a camel bone bracelet wtf). Now all I wear is hoops earrings.

7.
[RM60]
 2 separate binge eating sessions – KFC and Pizza Hut – which triggered my bulimia again.

8.
[RM600~]
 Tobacco. Have since quit. One of the best things I ever did.

9.
[RM350 upwards]
 Enlisted the services of an overpriced technician who charged me at least twice the market price >:(


[VIDEO] BOYFRIEND TAG (Actually Fiancé): Should We Combine Our Finances? & Other Money Questions

Everyone, say hi to my partner and future spouse, Aizat 🙂 We were just hanging out one day and I can’t remember which one of us suggested to do a video together, but somehow we ended up recording this session where we asked each other money-related questions (he knew who he was dating lol).

In this video, we asked each other:

Will we combine our money or keep it separate?

How much could we spend without consulting each other?

Do you know anything about investing?

Do you think there is “good debt” and “bad debt”? Why or why not?

Where do you want to go on a honeymoon? How much do you think we should spend on our honeymoon?

View the full answer in the video, watch it below 🙂

Do you and your partner talk about money? What was the last conversation you had about it? Tell me in the comments section!

Links to the articles that I mentioned in the video:

84 Questions to Ask Your Partner About Money from YNAB

Love Language quiz

How money affects my dating life

Places to automate your investment in Malaysia


How I Spent Over RM10k During My Braces Journey

In my late 20s, I finally decided to act on something I’ve been self-conscious about all my life –  fixing my crooked teeth by wearing braces. The treatment took one and a half years, and I took it off for good last January 2019.

Note: It was fast because I got Damon braces. See
3 Things to Know About Braces Cost in Malaysia
 for types of braces and cost comparison.

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RM8500 and 1.5 years later, the treatment is done. I’m no longer a #braceface! 😁 . Google ‘RinggitOhRinggit braces cost in Malaysia’ if you want to find out the price range, including government services (they’re so much cheaper!). Lots of helpful info in the comments section too! . #damonbraces #bracesMalaysia #malaysiabraces #teethstraightening

A post shared by
 Suraya Zainudin
 (@surayaror) on
Jan 6, 2019 at 11:30pm PST

Now that the braces are off, it feels like a distant dream. In a, ‘wow, I can’t believe I went through with it’ way. I thought I’d jot down everything I spent before, during and after my braces journey before I forgot all about it.

I hope this article will help everyone planning to do braces (or going through it now) to plan your budget, and perhaps help in choosing tools to buy/avoid. I’ll divide it into three sections – things I paid before, during and after wearing braces.

Things I Paid for During My Braces Journey – Before

#1 – Deposit to my dentist

My dentist, in Subang area, charged RM8,500 for my metal Damon braces. She asked for RM3,000 in deposit before we proceeded. The full amount is inclusive of:

Installation

Monthly adjustments

1 x Retainers

Elastic bands and dental wax

Cost: RM3000

#2 – Teeth scaling and polishing, X-ray and study model

The teeth scaling and polishing was optional, but recommended. The x-ray and study model was compulsory (to make a mould of my teeth, pic below)

Cost: RM510

#3 – Teeth extraction

My dentist charged RM100 per tooth extraction, and four of mine needed to be taken out to make room.

Apparently, some dentists would include the cost of x-ray, study model and teeth extraction in their overall braces package. Mine didn’t, but something worth asking.

Cost: RM400

Things I Paid for During My Braces Journey – During

#1 – Painkillers

The first few months of wearing braces are no joke. It’s so painful, I’m not even going to lie about that. Especially the first few weeks, with all the teeth extraction and when you first get the braces installed, oh my God.

(Don’t let this deter you! Think of the end result!)

I paid for:

RM30 for painkillers to eat right after the teeth extraction. YES YOU NEED THIS.

RM8 for antibacterial mouthwash after I complain my teeth extraction was still painful after a week

A lot of paracetamol. I go the unbranded 40-pills for RM4.45, sold at Guardian. Cheaper than Panadol, works just as well.

RM0 for additional dental wax from my dentist (to prevent additional cuts while my mouth gets used to the metal rubbing against it)

Cost: Estimated RM35-ish

#2 – Monthly payments to dentist

So my overall cost for Damon braces was RM8500 right. I paid RM3000 in deposit, and every time I come in for monthly adjustments I had to pay RM300, until it’s paid in full. I think my dentist calculated the payment amount based on how long I had to wear the braces because it took roughly 18 months to pay off the whole amount also.

Cost: RM5500

#3 – A water flosser

The most annoying part about my braces journey wasn’t the pain actually. It wasn’t even the payments. It was the
food bits stuck on my braces after meals
.

I tried, I really tried, to keep the metal brackets clean with floss and interdental brush and all that (RM12.55 for two 5-in-a-pack Interdental brush (Guardian brand, on sale).

But I finally caved in and bought a water flosser, which is the. best. thing. ever. There are many types – plugged in and battery-powered – and I got this portable version which costs ~RM230 online.

Cost: RM250 ish (you need to buy batteries)

Things I Paid for During My Braces Journey – After

#1 – Teeth whitening strips

I was SO excited to get my braces off. Once I did, I wanted to splurge for a teeth-whitening session, but that would cost me RM999.

So I bought the next-best thing – Crest Whitestrips teeth whitening strips for RM175, containing 20 strips I think. The price between merchant varies so much so do compare. Don’t skimp and buy the ‘unbranded’ ones – you never know what chemicals they put in there! At least the Crest brand is reputable.

Note: You’re supposed to do the home treatment daily until you complete your strips. This varies from person to person obviously, but my teeth get super sensitive and I can’t do the treatment 3 days in a row.

Cost: RM175

#2 – Teeth retainer

If you think your braces journey ends when the dentist takes it off, hahahhaha sorry to disappoint. You have to wear teeth retainers forever.

My dentist actually included 1 x teeth retainer set in her package, but me being a klutz and never use the dedicated casing, I broke that thing less than a year. I had to get another one, which costs me an extra RM400. Haih.

Note: There are many types of retainers so do ask your dentist. Mine is a combination of permanent metal ones + the clear plastic one (pictured). Yours may be different.

Cost: RM400

Last words

If you add up all the costs above, it’ll come up to… RM10,270.

Of course, the bulk of that is the braces package itself. RM8,500 is a big chunk, but I just want to say, I did *not* expect everything else to add up to RM1,770, as of time of writing (please take care of the new retainer Suraya don’t break it again okay).

But overall, I’m very happy with the results, and I’m glad I went on this braces journey. I love smiling now! Before this, I would do the awkward close-mouthed smile, or pose with something covering my mouth, like this lol:

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#frugalbeauty #makeupmalaysia – using eyeshadow as blusher replacement! #Elianto had this ‘buy one free one’ deal but I just needed to replenish my usual brown eyeshadow so I figured I’ll get the pink eyeshadow to double as blusher and it works lol

A post shared by
 Suraya Zainudin
 (@surayaror) on
Jul 24, 2018 at 10:29pm PDT

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I went to a place called Saluga Beauty House but there are at least a few others nearby #bangsarvillage area . More satisfied with this #eyebrowthreading session than the fancy ones charging RM35 a pop. Those tend to hard-sell packages to you too 🙄 . Hmm what else is #worthit in #bangsar ya?

A post shared by
 Suraya Zainudin
 (@surayaror) on
Oct 16, 2018 at 4:09am PDT

Again, you can make your braces cost WAY CHEAPER. In my
3 Things to Know About Braces Cost in Malaysia
, readers commented that adult braces in government hospital cost around RM1100 only, which is super cheap! But of course waiting time jangan cakap la.

Anyone here currently doing braces now, or took it off? You want to chime in what else you bought while you had it? Share with us in the comments section!


My CFP Journey, Part 3: Certificate in Financial Planning CFP Modules 3 & 4

I did it, I passed my CFP exams and ended my CFP journey! I have successfully completed all four CFP Modules and done with this certificate in financial planning!

…But I’m not a Certified Financial Planner, do not offer
financial planning services
, nor can I take clients. I’ll explain that part in a bit 🙂

This article will be divided into 2 sections:

Section 1: What I learned in CFP Modules 3 and 4, and
Section 2: Why passing CFP exams doesn’t mean one is a Certified Financial Planner

Section 1: What I learned in CFP Modules 3 and 4

CFP Module 3 and Module 4 covers Investment Planning and Retirement Planning, and Financial Plan Construction and Professional Responsibilities, respectively. This is how my textbooks look like.

Similar to CFP Modules 1 and 2, I completed all Modules 3 and 4 classes online (instead of in-person), on weekends. Here are the topics covered in each module.

CFP Module 3 – Investment Planning and Retirement Planning

CFP Module 3 – Investment Planning and Retirement Planning contains 13 topics:

Investment concepts
Concepts of portfolio theory and performance measures
Equity investments
Debt securities investments
Derivatives and structured products
Collective investment schemes and unit trusts
Real estate investments
The underlying principles of retirement planning
Investment for retirement
Retirement schemes
Employee Provident Fund and Private Retirement Scheme
Retirement income streams
Roles of financial planning professionals in pre-retirement counseling

CFP Module 3 was probably the toughest of all CFP modules. There were so many calculations!

Not only you have to learn in-depth about all the different types of investments out there, you also have to learn concepts of portfolio theories, how to measure performance and risk of one’s investment and all that. It was fun, but technical.

The second part of Module 3 on retirement planning contained EVEN MORE calculations. Here’s a typical question:

Newly retired Mr X currently have RMxxxxxx in his retirement account. Assuming Mr X lives to 85 years old and wants to use up all his money, the inflation rate stays at 3% and EPF generates 5% annually, what is the maximum amount that Mr X can withdraw per year?
What if Mr X wants to leave RMxxxxxxx inheritance to his children? How much should he have in his retirement account?
Mr X didn’t have enough money (there’s always a shortfall). What should he do? How much should he add into his retirement account to ensure he has enough to retire?

Yeah. By the end of Module 3, you will have learned know how to calculate all that.

CFP Module 4 – Financial Plan Construction and Professional Responsibilities

CFP Module 4 – Financial Plan Construction and Professional Responsibilities contains (only) 8 topics:

Financial planning and the rehulatory framework
Establishing and defining relationship with the client
Gathering client data
Analysing and evaluating the client’s financial status
Developing financial planning recommendations
Presenting financial planning recommendations
Implementing financial planning recommendations
Monitoring financial planning recommendations

CFP Module 4 basically ties in what you have learned in CFP Modules 1-3. Assuming you did your homework, tying everything together wasn’t particularly hard. It’s like putting all the theory into practical. We did cashflow planning, retirement planning, insurance planning and more for hypothetical clients.

However, I noticed some students seemed a bit lost, at least in the beginning. And later I understood why – they were all Challenger* students. They skipped CFP Modules 1-3 and straightaway started at Module 4.

My theory is they didn’t use the formulas on a regular basis in their work, because I see some struggling even with basic calculations that were covered in
Modules 1 and 2
!

*Only people with relevant experience/backgrounds can apply for Challenger status. Learn more about this in
Part 1 of my CFP journey
 article.

Therefore, if you want to take Challenger Status, it’s not a bad idea to take the add-on classes to brush up on your financial and tax calculations. Some may even do exam bootcamps. Talk to your CFP education provider.

Now that you know what is covered in CFP Modules 3 and 4, I’d like to share this surprising info:

Section 2: Passed CFP exams =/= Certified Financial Planner

You’d think that passing CFP exams would give you the CFP title that you can use in your name, right? Noooooo

Here’s how it works:

Passed CFP Module 4 + 3 years of relevant work experience + pay annual FPAM membership (RM410 for full year) + collect 20 CE points every year = then only can use Certified Financial Planner title
Passed at least 1 CFP exam + pay annual FPAM membership (RM150 for full year) + complete 15 CE points every year = then only can use Associate Financial Planner title

How to Collect FPAM CE Points

CE Points, short for Continued Education Points, can be earned by completing these activities:

*This info is accurate as of writing time and taken from
this FPAM document
.

Activity
CE Points
Attending CE courses conducted by FPAM Secretariat & Chapters
Full Day – 10
Half Day – 5
Tea Time – 2
Writing articles relating to financial planning for FPAM’s 4E Journal
*Max 10 CE Points per year
Per article – 5
Contribution of articles representing FPAM to other publications
*Max 6 CE Points per year
Per article – 3
Author of published books related to FPAM approved financial planning topics
*Max 10 CE Points per year
Per book – 10
Volunteer to assist FPAM Secretariat in organising events (excluding Chapters
office bearers)
Per event – 3
Design & development of CFP Certification Program course materials for FPAM’s registered education providers
*Max 10 CE Points per year
Per module – 10
Lecturing of CFP Certification Program Modules
*Max 10 CE Points per year
Per hour of lecture – 1
Speaker/ Instructor/ Facilitator at:
a) CE Workshops
b) Financial Literacy Outreach Programs
*Max 10 CE Points per year
Per hour of lecture – 1
Design & development of continuing education workshop materials for FPAM’s registered education providers
*Max 10 CE Points per year
Per module – 10
FPAM Website Testimonials
*1 per member (one-time submission)
5
Get Magazine Subscriptions:
• 4E Journal (token for renewal)
• Smart Investor
• Money Compass
• Islamic Finance News
• Business Today
5 each
Get Professional Tools:
• PlanPlus
• Finametrica
• Xpert ePlan
6 each
Membership Renewal
a. Auto Debit via Credit/Charge Card only (Visa, Master & Amex)
b. Exemplary Bonus
3
2

Therefore, assuming you want to upgrade to Certified Financial Planner status, you’re looking at ~RM1000 in yearly cost just to maintain the title.

But wait. All that is just for the right to use CFP after your name. You can’t actually offer financial planning services. Not yet.

Only CFP title is not enough to offer financial planning services

In order to be a financial planner and advice clients, you must also do 2 additional things:

Get
Capital Markets Services Representative’s Licence (CMSRL) From Securities Commission
, and
Be attached to a financial planning company

*Note: CFP is not the only route to be a financial planner. You can also do the Registered Financial Planner (RFP) route (and maybe some others – comment if you know more info)

For me, I have no plans to offer financial planning services to clients. Also having the CFP title after my name is not that important. It is enough that I took (and passed!) all 4 CFP modules and know the info that I share on Ringgit Oh Ringgit is good, or at least not harmful.

(You’ll see me using any opportunity I can get to brag that I passed CFP though. Let me OK. It cost me almost RM10k, so let me milk it 😂)

Maybe later if I choose to switch career and go into offering financial planning as a service, I’ll do it. But for now, you should know that all
certified financial planners in Malaysia
 go through this super tough process to be in this line of work, so do prioritise their advice rather than weird weird random people on social media*.

*On that note. I believe that EVERYONE can talk about money online. Share away what YOU do with YOUR money. But advising and telling others what to do with their money, where to invest etc? Follow advice from professionals

Should you take this certificate in financial planning to manage your finances better?

Someone asked me, Suraya I want to learn to improve my finances. Should I take CFP?

My personal opinion is… nothing is stopping you, and learning is always good, but it is a bit overkill. Instead of paying CFP course fees to learn money management, following the
steps to financial freedom guide
 to start then
hiring a financial planner
 is enough for most people.

Thus concludes my CFP journey, this article is the last one in the series 🙂 Let me know if you have any questions about getting this certificate in financial planning. You can also learn more by clicking the links below:

My CFP Journey, Part 1: Why, Where and How Much to Be A Certified Financial Planner in Malaysia
, and
My CFP Journey, Part 2: What I Learned in CFP Malaysia Module 1 & 2

Lastly, thank you to everyone who helped and gave advice long the way, you rock!


My CFP Journey, Part 2: What I Learned in CFP Malaysia Module 1 & 2

This is a continuation of the
My CFP Journey, Part 1: Why, Where and How Much to Be A Certified Financial Planner in Malaysia
 article. As of time of writing, I have successfully completed CFP Module 1 and Module 2, or two out of the four modules required to be a Certified Financial Planner in Malaysia.

CFP Module 1 and Module 2 covers Foundation in Financial Planning and Tax Planning, and Insurance Planning and Estate Planning, respectively. This is how my textbooks look like. Don’t be too intimidated by the thickness – the font is on the bigger side.

Taking CFP during pandemic vs pre-pandemic

A quick disclaimer: I’ll be writing this in the POV of myself and my experience taking the CFP Modules through my education provider, so other people’s experiences may vary. I’m also taking CFP during the pandemic, which means all my classes were held online.

The difference between online CFP classes and physical classes, as far as I could tell:

Online CFP Classes
Physical CFP Classes
Weekends
Not sure
*6 classes
*6 classes (?)
4 hours per class (9am-1pm OR 1-5pm slot)
8 hours per class (9am-5pm )

*Note: CFP Module 4, the last module and also I heard the hardest, contains more classes

As you can see, online CFP classes take up HALF the time of physical CFP classes, so the efficient side of me is happy. I think online CFP classes would suit people who are good at self-studying, but I admit I miss the face-to-face interactions, as well as possible friendships with classmates. It’s just different with Zoom 🙁

CFP Module 1 – Foundation in Financial Planning and Tax Planning

CFP Module 1 – Foundation in Financial Planning and Tax Planning contains 11 topics:

Introduction to financial planning
Regulatory controls and practices affecting financial planning
Nature and scope of financial planning
The economic environment and its effects on financial planning
Analytical tools for financial planning professionals
Risk management and insurance planning
Investment planning
Taxation planning
Retirement planning and estate planning
The basis of a financial plan
Code of ethics

What I learned from CFP Module 1

It’s an overview

Module 1 mostly covers the basics – many topics are further expanded in:

CFP Module 2 – Insurance and Estate Planning
CFP Module 3 – Investment Planning and Retirement Planning
CFP Module 4 – Financial Plan Construction

It also covers the basics of economics, Malaysia’s financial regulatory landscape, and the financial planning profession itself. Anyone with a passing interest in these things would have known of the information. I did, but it’s good to know in a structured format.

I like the part on Code of Ethics. They really remind you that certified financial planners serve the client, and are NOT product pushers. Everything you do, you have to do it in the client’s best interest, not your pocket. I really appreciate that part.

Get a financial calculator

In the first class of CFP Module 1, we were quickly told to get a financial calculator. I didn’t even know such tools existed!

There are various models, but you should get the financial calculator your lecturer recommended, just to make your life easier. Our lecturer suggested two models, Casio FC-200V and HP10bII+, and highly recommended the former, so that’s what I got.

Protip:
A new financial calculator costs around RM130-160 in Shopee
. Go find a secondhand one on Carousell or other platforms. I got mine for RM70 yay.

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A post shared by Suraya Zainudin (@surayaror)

In case you ask – no,
you don’t need to be good at maths to be a financial planner
. As long as you do the practice questions, you should get the hang of the calculations quickly enough. My education provider also holds optional classes just to practice financial calculations every semester

CFP Module 2 – Insurance Planning and Estate Planning

CFP Module 2 – Insurance and Estate Planning contains 18 topics:

Fundamental concepts in risk management
Insurance fundamentals
Legal principles in insurance
The role of insurance in financial planning
Factors affecting life insurance needs
Understanding life insurance policy contracts and takaful
General insurance policy contracts
Health insurance
Annuity policy contracts
Legislation and rules in the insurance industry
Consumer protection and codes of practice
Estate planning fundamentals
Wills and will planning
Trust
Power of Attorney
Duties and Powers of the Personal Representative
Rights of beneficiaries
Special estate planning issues for business owners

Unlike CFP Module 1, CFP Module 2 really doubled down on legalese, so I forced my inner lawyer to wake up and pay attention. I learned so many new terms and jargon!

As for the financial calculations, it’s minimal in comparison, but apparently they will come back with a vengeance in Modules 3 and 4 😀

What I learned from CFP Module 2

The different types of insurance

Most people have heard of life insurance, health, critical illness, fire, car, etc. And yes the module covers those in detail. This is the majority of insurance content targeted to consumers like you and me. (I also
write about insurance
 here in RoR)

But additionally, in CFP Module 2 I found out there are more types of insurance products, not just for personal use but also for businesses as well. They can get incredibly specific and random, like, uh, Golf insurance

CFP lesson today, learning about General Insurance. TIL – Golf insurance
— Suraya ringgitohringgit.com (@surayaror)
April 3, 2021

and Marine insurance

Marine insurance is used to cover losses for vehicles carrying cargo not just via sea, but ALSO by air and road, which makes NO SENSE, naming-wise
https://t.co/cRaTyXGN80
— Suraya ringgitohringgit.com (@surayaror)
April 3, 2021

I think, if you’re a naturally paranoid person, you will go NUTS over all the possible types of things that *may* go wrong, that you have not even considered before. Fun.

How to use estate planning tools

This part was incredibly fascinating, I was engrossed by the different financial tools you can use in different scenarios to decide where your wealth goes after you’re gone (or comatose or physically/mentally incapable of taking care of yourself).

Listen, if you’re petty – and I’m not saying that to judge, I’m hella petty myself – you should hire an estate planner. Go ahead and make a list of people you want to leave money/assets behind and DON’T want to leave assets behind, then use wills, trusts, hibah, whatever, to serve your wishes. It’ll make the thought of dying less morbid, in an ‘I’ll have the last laugh’ kinda way.

More info on getting estate planner (a specialisation of financial planner) –
4 Places to Find & Hire A Financial Planner in Malaysia

Additionally, if you’re Muslim AND have irresponsible male family members who will get an inheritance under faraid but you KNOW is not deserving of the money, then check out
How to Avoid Islamic Inheritance Laws in Malaysia
 article. Important: read the comments section for input (and contacts) of actual Islamic estate planners.

End CFP Modules 1 and 2. Onwards to CFP Modules 3 and 4

According to my education provider, CFP Module 1 and Module 2 are fairly easy classes, with high passing rates (provided you put in the effort of course). It’s CFP Module 3 and Module 4 that you have to worry about.

As of time of writing, I have enrolled myself into Module 3 and bucking myself up for topics related to investment planning and retirement planning. I’m not going to worry about the exams now – as they say,
worrying early means you suffer twice
😀

I hope you enjoyed Part 2 of my CFP journey. If you missed the first part, please read it here:
My CFP Journey, Part 1: Why, Where and How Much to Be A Certified Financial Planner in Malaysia

Any of you taking CFP currently? Any of you have taken it before? What did you learn from your last module, and do you have any study tips to share?

Also – if you took CFP pre-pandemic – aside from connections with classmates, what else did I miss out on? Please share with us your experience in the comments section below!


My CFP Journey, Part 1: Why, Where and How Much to Be A Certified Financial Planner in Malaysia

My confession of the day is I get inferiority complex about not having financial background or CFP certification, despite being one of Malaysia’s top personal finance bloggers.

Don’t get me wrong. I am confident in my personal finance knowledge and ability to explain it well. But Impostor Syndrome is Impostor Syndrome, so after literal *years* of thinking about it, I’ve finally decided to take the CFP, or Certified Financial Planning course.

When I shared this life update on social media, many people got really interested in the process, so here I am, recording the journey. This article covers the basics:

why take CFP

other financial planning certification options,

CFP vs IFP

which CFP education provider to choose

how much it will cost

and more

I found all the information via online research, so if any sections are wrong/ inaccurate do let me know and I’ll edit 🙂

EDIT: I’ve since completed the course. Read Parts 2 and 3

My CFP Journey, Part 2: What I Learned in CFP Malaysia Module 1 & 2

My CFP Journey, Part 3: Certificate in Financial Planning CFP Modules 3 & 4

Why take CFP (Certified Financial Planner)

There’s actually a bunch of certifications I can take under the financial industry umbrella. I could get a Masters in Islamic Finance. I could take an MBA.

However, I picked financial planning and decided to take CFP because it seemed the most practical – after all, I can apply it in my own life AND now I have an additional career option as a licensed financial planner. (Note: I don’t plan to take clients, this is just for me, but the *option* is nice to have!)

It is also practical because technically and legally speaking, only people who are certified can give investment advice.
Someone dishing out investment advice without a licence can be jailed for up to 10 years
.

Because I know I wouldn’t last a
month

week
 day in jail, I’ve circumvented this by repeating HELLO NOT FINANCIAL ADVISOR to RoR audience as often as I could, to the point of annoying.

CFP vs RFP (Certified Financial Planner vs Registered Financial Planner)

In the financial planning field, two of the most well-known and accredited certifications are:

CFP (
Certified
 Financial Planner) by
Financial Planning Association of Malaysia (FPAM)
, and

RFP (
Registered
 Financial Planner) by
Malaysian Financial Planning Council (MFPC)
.

Both ‘licensed financial planner’ and ‘financial adviser representative’ titles are regulated professions by Securities Commissions and Bank Negara Malaysia, ie you cannot simply call yourself one without certification.

From what I know, CFP and RFP are same-same but different – check out Shane Ho’s
Licensed Financial Planner vs Financial Adviser Representative article
 for more in-depth technical differences.

How to get CFP Certification

As listed in the
Financial Planning Association of Malaysia (FPAM)
 website, you must complete 4 modules to get CFP Certification:

Module 1 – Foundation in Financial Planning and Tax Planning

Module 2 – Insurance Planning & Estate Planning

Module 3 – Investment Planning and Retirement Planning

Module 4 – Financial Plan Construction and Professional Responsibilities

You can skip up to 3 modules if you satisfy some conditions, but if you don’t have any financial background or work experience at all, your only option is Option A. Read more about the pathways
here
.

CFP vs IFP (Certified Financial Planner vs Islamic Financial Planner)

Financial Planning Association of Malaysia (FPAM)
 also offers
IFP Certification
, which stands for Islamic Financial Planner, ie someone who is qualified to do financial planning using
halal
 shariah-compliant financial products within Islamic framework.

I heard that there are more financial planners with CFP compared to financial planners with IFP, so it’s definitely an edge.

… But why choose? You can get both CFP and IFP. They make it easy, too:

CFP: take and complete 4 modules

IFP: take and complete 4 modules

CFP + IFP (or vice-versa): take and complete 4 modules +
take 1 additional module (via Challenger status)
 = 5 modules total

Originally, I wanted to get IFP first before CFP. However, it seemed like CFP first then IFP is the more efficient (and maybe even cheaper) route. Feel free to prove me wrong.

Timeframe to complete

According to
FPAM FAQ page
, the shortest time frame to complete CFP is 12 months or 1 module per quarter. There is no maximum – you’ll get the certification as long as you complete all 4 modules and pass all the exams.

EDIT: Some people take 2 modules at the same time!

CFP Malaysia Education Provider

Unlike IFP, where the only education provider is
Islamic Banking and Finance Institute Malaysia (IBFIM)
, there are a few CFP education providers in Malaysia. You can view the options
here
, divided by regions.

I picked a provider in Klang Valley, simply because they are the nearest CFP education provider to my house (not that it matters because now all classes are conducted via Zoom LMAO), I like the schedule (all weekends) and they got back to me the fastest.

Which CFP education provider should you pick? Up to you. Check the schedules and make sure to pick the one which classes you can attend. Check the costs and make sure you can afford it.

Speaking of cost..

CFP Malaysia Cost Fee: How Much Does it Cost to Take CFP?

Short answer: All-in-all, CFP Malaysia cost fee is around RM10,000.

Long answer: Different providers have different fees. It seems like most providers charge around RM2,000 per module, so expect to pay around RM8,000 if you’re taking Option A,
not including
 examination, registration and other fees.

If you include all the fees, it’s safe to say that getting yourself the CFP title will cost around RM10,000 all-in, from a private* CFP education provider.

*If you went through a non-private education provider, I’d love to hear your experience – from where and how much was it?

Protip: Once in a while these CFP education providers have promotions – I’ve seen one giving 50% off fees for a limited time, so check their websites and social media to catch those opportunities.

Protip: Yes, you can withdraw money from EPF to pay for CFP course. Although taking out retirement money to pay for a financial planning course does sound ironic, ngl. Idk, choose your own storyline.

Can you claim tax deduction/tax relief for CFP fees in Malaysia?

I contacted FPAM and asked if one can claim tax deduction or tax relief for CFP fees in Malaysia.

This was their answer: “The education fees are not eligible for tax deduction, only the (FPAM) membership fee.”

Any Certified Financial Planners reading?

I have to admit, I am very excited to go on this CFP journey – finally I’ll be able to see the syllabus and structure which CFP professionals have been taught to use in planning their clients’ financial life.

If you’re a Certified Financial Planner, can you share with us more information that might be useful to others interested to take it? Are there any CFP education providers you would recommend, or additional protips? Leave them in the comments section 🙂

P/s – Some people asked me if they should take CFP for DIY financial planning. You can, but I wouldn’t suggest it – I think it’s a bit of an overkill. Much cheaper and easier to hire a financial planner instead – see
Get REAL Financial Advice: 3 Ways to Find Financial Planners in Malaysia
 article.

EDIT: I’ve since completed the course. Read Parts 2 and 3

My CFP Journey, Part 2: What I Learned in CFP Malaysia Module 1 & 2

My CFP Journey, Part 3: Certificate in Financial Planning CFP Modules 3 & 4