RM30 e-Tunai Rakyat E-Wallet Initiative: What You Need To Know

From 15 January 2020, the government is giving out a one-off RM30 digital incentive to eligible Malaysians as a way to encourage e-wallet usage. If you’re not sure what this is about or how to get your share of the RM450 million allocation, you can get your questions answered below.

What is the e-Tunai Rakyat e-wallet initiative?

e-Tunai Rakyat is a government initiative designed to encourage Malaysians to increase their use of e-wallets. Eligible recipients will get RM30 worth of e-wallet credit as an incentive under this programme.

Who is eligible for e-Tunai Rakyat?

To qualify for the incentive, you must be:

Malaysian

Aged 18 years and above as of 31 December 2020

Earning less than RM100,000 in the year 2018 (RM8,333 per month)

As the requirements do not touch upon whether you have to be working or not to receive this incentive, it seems likely that students, retirees, and the unemployed also stand to benefit from e-Tunai Rakyat as long as they fit the criteria.

Which e-wallets can I claim this initiative from?

Touch ’n Go (TNG) eWallet, Boost, and GrabPay are the three official e-wallet partners for the e-Tunai Rakyat initiative. You can choose to receive your RM30 credit from any one of these e-wallets.

How will I receive the e-Tunai Rakyat incentive?

The e-Tunai Rakyat incentive can be claimed directly through the GrabPay, TNG eWallet, or Boost app – depending on which e-wallet you choose to claim it from.

What is the claiming process for the e-Tunai Rakyat RM30 credit?

First of all, download the app of a participating e-wallet partner (if you haven’t done so already). To claim your RM30 from the e-wallet app, you will need to provide details of your MyKad – which will be used to verify whether you fit the eligibility requirements.

Upon successful verification, the RM30 will be credited to your e-wallet account. Grab has stated that its users will receive their RM30 one day after being verified.

Can I claim the RM30 incentive from more than one e-wallet?

No, you cannot. Once you have received the e-Tunai Rakyat from one e-wallet, any applications through other e-wallets will be rejected.

When can I claim the initiative?

You can make your claim for e-Tunai Rakyat between 15 January – 14 March 2020.

Is there an expiry for the e-Tunai Rakyat?

You will need to spend the RM30 credit by 14 March 2020. The e-wallet partners have stated that any e-Tunai Rakyat balance that is not utilised will expire after this date.

What can I use the RM30 e-wallet credit for?

Once you have received the e-Tunai Rakyat incentive, you may spend it on goods and services within Malaysia that can usually be paid for using your e-wallet of choice. However, you will not be able to transfer it to any other users or withdraw the incentive from your e-wallet.

Can I claim my incentive from an e-wallet that isn’t Boost, TNG, or GrabPay?

No. You may only receive the e-Tunai Rakyat incentive from Boost, TNG, or GrabPay. According to Khazanah Nasional, these three e-wallets were selected for the e-Tunai Rakyat initiative based on four criteria: a large number of active users, large merchant networks, a high level of capability, and a significant level of investment in their own services in Malaysia.

***

The RM30 e-wallet incentive was first announced by Finance Minister Lim Guan Eng during the tabling of
Budget 2020
. According to Lim, the digital incentive is intended to help speed up Malaysia’s adoption of e-wallets amongst both users and merchants, especially for small businesses. The selection of Grab, Boost, and TNG as the official e-wallet partners for e-Tunai Rakyat was
announced by Khazanah Nasional
 last week.

More on the e-Tunai Rakyat initiative:

Malaysians Can Start Claiming RM30 E-Tunai Rakyat From Today, Here’s How To Claim It

Boost, TNG, Or GrabPay: What RM30 e-Tunai Rakyat Incentives Are They Offering?

Your E-Wallet’s P2P Transfer Feature Will Be Disabled Upon Receiving RM30 Credit

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    Chin thien vun

    3 years ago

Why not able to claim. Malaysian with less then 100k annual income.

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    Rayzce Grayzce

    3 years ago

touch n go can buy a reload card gor mobile?

5

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    Chua Sk

    3 years ago

If I have done money of my own in my e-wallet and I received e-tunai n spend. Which one offset first,my money or e – tunai?

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    Pang Tun Yau

    3 years ago

    Reply to

        Chua Sk

It depends on the e-wallet. TNG eWallet for example has a separate “wallet” for your e-tunai balance, and any usage of the e-wallet will deduct from that balance first. Other e-wallets do not separate the balances, so we’re not 100% certain how it will work out on 14 March.

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6 Ways How IOIFinance Makes Owning A Home Easier & More Affordable

N’Dira Townhouse, 16 Sierra Puchong South

Buying your first house is one of the most memorable milestones in a person’s life. There’s a giddy excitement that comes with visiting houses that are for sale, doing your research on developers, and browsing online for tips and recommendations before finally deciding on the property you intend to purchase.

However, once that “honeymoon” stage is over,
the challenges of homeownership become more apparent
. For some, low credit scores and other factors make it difficult to secure a housing loan, while for others, the high monthly commitment that comes with a housing loan is a difficult hurdle to overcome. And even then, there’s still the 10% downpayment — a sizable sum for most — to keep in mind. It’s not unheard of for home-buyers to postpone their plans because they’ve not considered the additional expense of stamping and legal fees which can almost double the initial downpayment cost.

Understanding these challenges, IOI Properties Group Berhad, one of Malaysia’s leading public-listed property developers,
launched a unique financing scheme, IOIFinance
. This scheme helps potential homeowners, such as yourself, realise their dream of buying a house by making it more affordable and easier to purchase a property in these 6 ways.

1. Improved Loan Credibility

With IOIFinance, you only need to secure a home loan from the bank from as low as 60% of the property value, while
IOIFinance takes care of the remaining amount, financing up to 40% at zero interest
. This is a far cry from the usual 90% home loan that needs to be secured from the bank. By borrowing a smaller amount from the bank (nearly 30% less than the usual amount), you put a lighter strain on your Debt Service Ratio, which means you are less likely to default on your repayments — thus, making you a more credible candidate for a home loan.

2. Reduced Interest Costs

This brings us to the next benefit; a lower borrowing amount from the bank also means

lower interest costs. This can be very useful if you’re keen on amplifying your savings even as you purchase a property — and let’s be honest, who doesn’t want more savings?

Plus, don’t forget that
IOIFinance will finance up to 40% of the remaining amount at
zero interest.

This means that not only is your interest payment on the bank loan lower, you’ll also save on interest fees on approximately 40% of the property value. Therefore, allowing homeowners to further reduce their interest costs.

Sky Condominium, Bandar Puteri Puchong

3. Lower Monthly Commitments

Thirdly, as a natural succession to a smaller borrowing amount from the bank and reduced interest costs, with IOIFinance,
you’ll also enjoy lower monthly repayments.
 These lower monthly repayments can be a boon to your monthly cash flow, especially if you’re purchasing a second home for your growing family. Not only will you have more disposable income to spend on other necessities, but you can also use the savings to start building a nest egg for the future.

4. Deferred Payment For 10 Years

Now, if you’re worried about how you’re going to juggle the monthly repayments to the bank and IOIFinance at the same time, you don’t have to be.
With IOIFinance, you can defer the monthly repayments for the up to 40% financing received for up to 10 years!
 So, now you can take the time to build your income and simultaneously not put your home-buying plans on hold any longer.

Plus, the up to 40% includes the 10% downpayment you would otherwise have to fork out as a complete payment when you purchase your home. This essentially reduces the upfront payment needed to purchase a property by IOI Property, and you can use that money saved for other aspects of your home such as furnishings or renovations.

5. More Savings!

All the above benefits that come from IOIFinance can be narrowed down to a single ultimate benefit, which is quite simply more savings. For example, take a look at the comparison table below to get a birds-eye view of how
IOIFinance’s unique financing scheme
 can reduce your overall DSR, give you lower monthly repayments, and give you more savings for a property with 35 years’ loan tenure.

As you can see in the “Difference” column, assuming that you have secured 70% financing from the bank (instead of 90%) with the remaining 30% financing from IOIFinance,
you can save around RM347,000 over the 35-year loan tenure
 on the Sales and Purchase Agreement (SPA) price of a property valued at RM1,000,000. Additionally, if you have debts such as an existing home loan and car loan, you’ll also benefit from a reduced overall new DSR, as seen in the table above.

 What’s more, your immediate monthly savings from the lower monthly instalments range around RM827 per month — that’s disposable income you can use for necessities elsewhere.

In addition to the myriad of benefits offered by IOIFinance, you can also gain more savings with the now extended government-initiated Home Ownership Campaign (HOC). Under the HOC which runs until May 2021, you can take advantage of financial incentives such as exemptions on Stamp Duty and instruments on securing loans, thus giving you a better value on your purchased properties.

6. Extra Financing For Government Employees

What’s more,
IOIFinance is offering an additional up to 3% financing margin
 exclusively for government employees
. Just be sure to bring along your government staff ID to be entitled to the additional up to 3% financing.

Find Your Dream Home From IOIFinance Participating Projects

Palmyra Residence, Bandar Puteri Bangi

For a limited time only,
IOIFinance is only available for a few projects
 by IOI Properties in Klang Valley and Johor. From condominiums, apartments, and landed properties to commercial properties, take a peek at some of their exclusive projects below:

Properties in Klang Valley

PALMYRA RESIDENCE

Bandar Puteri Bangi

SKY CONDOMINIUM

Bandar Puteri Puchong & Puchong Jaya

LA THEA RESIDENCES

16 Sierra, Puchong South

ENIGMA SQUARE

Bandar Puteri Bangi

CONEZIÓN RESIDENCES

IOI Resort City, Putrajaya

PAR 3 CONDO & CONDO VILLA

IOI Resort City, Putrajaya

STELLAR SUITES

Bandar Puteri Puchong & Puchong Jaya

N’DIRA TOWNHOUSE

16 Sierra, Puchong South

EVIRA

Warisan Puteri, Sepang

Properties in Johor

THE PLATINO SERVICED APARTMENT

The Platino

MARINA COVE – WAVE SERVICED APT

Marina Cove

OLEANDER

Taman Kempas Utama

CELESTE

Bandar Putra Kulai, Johor

ALPINIA

Bandar Putra Kulai, Johor

VERANA

Bandar Putra Kulai, Johor

EMPIRE – 3 & 4 STOREY SHOP OFFICE

Bandar Putra Kulai, Johor

EMINENCE – 3 STOREY

Bandar Putra Kulai, Johor

D’SUMMIT

Taman Kempas Utama

Register Your Interest Today!

Par 3, IOI Resort City Putrajaya

So, if these benefits by IOIFinance have piqued your interest during your search for a dream home, why not take a closer look at IOI Properties? With the savings that IOIFinance can offer, it might be worth your time to talk to a representative and find out further how IOIFinance can help you own your dream home at a more affordable price.

Check out IOIFinance participating projects today!

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Which is the Best Credit Card for Hypermarket Shopping? Tesco-RHB vs. Giant Citibank vs. AEON Credit Cards

You’re at your favourite local hypermarket at least once a week and you can end up spending hundreds of ringgit every time. Wouldn’t it be great if your credit card helped you save money on all this shopping?

Well you’re in luck because the RinggitPlus team is going to review and compare the
Tesco-RHB Credit Card
,
Giant-Citibank Credit Card
 and
AEON Credit Card
.

Tesco-RHB Credit Card

This credit card offers a one-two punch of cashback rebates and Clubcard Points. You get 2% cashback rebates every day at Tesco apart from the last weekend of the month when you get a 5%. What’s more, you also get one Clubcard Point for every RM2 that you spend! Now that’s a great way to really pile on the points.
Every Clubcard Point is worth 1 sen
 or 0.5% in cashback rebates.

One important fact to note is that the cashback rebates are only calculated on 40% of your total monthly spend. So if you want to enjoy the full 2% and 5% rebates at Tesco you need to make sure 60% of you monthly card spending is done elsewhere. Rebate is capped at RM50 per month.

Giant-Citibank Credit Card

This collaboration has given us a credit card with some great benefits. For starters, you get cashback rebates at Giant as well as on
selected dining and utilities merchants
. If your total monthly spend is less than RM800, you enjoy 2.5% rebates at Giant and 1% on dining and utilities. Spend more than RM800 and you get 5% at Giant and 2% on dining and utilities.

The maximum monthly spend at Giant eligible for the rebate is capped at RM400 and RM600 if you spend less or more than RM800 respectively. Also, you can only earn up to RM600 of rebates per year, which averages to RM50 per month.

AEON Credit Card

Unlike the Tesco-RHB and Giant-Citibank credit cards, the AEON credit card doesn’t give you any cashback rebates. Instead, you get 2x AEON MEMBER Points for every RM1 you spend at any AEON or Max Valu store. For all non-AEON spending you will earn one point per RM2 of spending. On certain special occasions you may earn double or even triple AEON MEMBER Points.

What are the AEON MEMBER points worth? Well once you have 2,500 points (RM1,250 of spending at AEON), you may exchange it for a RM20 voucher. This means the AEON MEMBER points are equivalent to 1.6% in cashback rebates.

There are no caps on the number of points you can earn and no limits on AEON vs. non-AEON spending. The only extra fee you should be aware of is the RM24 for three years of AEON membership.

So Which Hypermarket Credit Card is Best?

The Tesco-RHB and Giant Citibank cards provide more value back in cashback and point rebates compared to the AEON credit card. You would need to spend over RM3,000 at AEON to earn RM50 in rebates compared to RM1,000 – RM2,000 on the RHB and Citibank credit cards. However, the AEON credit card enjoys
more special offers and bonuses
 for shopping at AEON compared to the other credit cards.

It is pretty tough to choose between the Tesco-RHB and Giant Citibank credit cards. Both have similar rebates, the same monthly caps and similar caps on hypermarket rebates. When it comes to non-hypermarket spending, the RHB card offers slightly less value (0.5% in points) compared to Citibank’s 1%-2%. However, RHB has no restrictions while Citibank’s rebates are only for “selected dining and utilities”.

Overall there is not a lot of difference between these three cards. Best thing to do is pick the card that matches your regular hypermarket and start saving today!

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Food Delivery & Postal Services To Implement "Contactless" Delivery Service

The Malaysian Communications and Multimedia Commission (MCMC) has recommended “contactless” delivery methods during the ongoing Movement Control Order to reduce the risk of exposure to the Covid-19 virus to consumers.

Under the
MCMC’s new guidelines
, all postal and courier personnel should make contactless deliveries to avoid the risk of Covid-19 infection. According to the MCMC, the requirement of the customer’s signature as proof of receipt can be replaced with an alternative method instead.

Online food delivery services such as Foodpanda and GrabFood are fully onboard with the “contactless” delivery methods. Customers can opt for a contactless delivery by informing their rider through chat and specifying the appropriate spot for drop-off. The rider will then place the food at the designated drop-off point and notify the customer about the delivery through chat. Of course, for contactless delivery to work, the customer will have to choose to pay via online payment.

Grab’s statement
 also confirmed that customers can include a note to their delivery partners to arrange for contactless delivery, “as long as the instructions are reasonable”. Furthermore, the company gave assurance that it was working closely with merchant partners to ensure that all deliveries are carefully sealed.

Foodpanda Malaysia
 said in a press statement that both customers and riders are able to opt for contactless delivery. “We value the safety of everyone in our community, and have introduced new measures to ensure you feel secure while using our service,” said Sayantan Das, managing director of Foodpanda. “We also encourage you to switch to online payment so we can reduce human interactions to a minimum.”

These new measures come as the Malaysian government enforces the restriction of movement order from 18 – 31 March. During this period,
food delivery
, postal, and e-commerce services continue to operate as usual as they are deemed part of the “essential services” excluded under the order.

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Managing Your Money Abroad Is Easier With Visa Multi-currency Cards

Studying abroad is an exciting time for anyone. You get to experience various cultures, broaden your perspectives, and learn independence. In order to fully thrive, you will first need to transition well into your new routines, including banking and making payments.

If you’re looking for an easy way to manage your finances abroad, you may consider the Visa multi-currency cards. A multi-currency card lets you conduct all the usual banking activities like saving, transferring, and spending in several currencies easily. In addition, you will also enjoy various benefits such as accessing real-time exchange rates and earning rewards when you shop.

Read on to find out what benefits Visa multi-currency cards offer.

Switch between currencies like time zones

Navigating your finances abroad as a student can get overwhelming. Opening a bank account may require supporting documents like a university acceptance letter, bank statements, proof of address, and more. As this may take some time, it’s necessary to make sure that you have ready access to some foreign currencies beforehand.

Fortunately, Visa multi-currency cards can help streamline your finances by letting you switch currencies anytime, anywhere. For example, when you’re in the United Kingdom, you could simply switch to GBP (Great Britain Pound) and spend it instantly. If you’re visiting another country while studying abroad, you could do the same without having to visit currency exchange counters.

In addition, Visa multi-currency cards give you access to competitive real-time rates, which means, you can wait for your preferred exchange rate and buy the currencies anytime with 24/7 online banking. Besides, you also stand to enjoy attractive interest rates on selected currencies for respective Visa multi-currency cards.

Manage your money easily online

For many who are studying abroad, you’re probably living on your own for the first time. It’s important to learn to be savvy about money, set a budget, and keep to it.

Visa multi-currency cards help you stay on top of your finances conveniently on-the-go via the mobile app. If you’re working part-time while studying, you can keep track of your balance with the mobile app.

On the other hand, you also will be notified instantly after making a payment so you can easily stay on top of your expenses and not overspend. There’s also a lock card and pin set or change feature on the mobile app for your convenience.

Spend with no conversion fees

Typically, when you make a purchase with a foreign company using your home currency, you may be charged a conversion fee. Plus, if you don’t have a local bank account, you will also be charged every time you withdraw money. All these additional fees can quickly add up.

Designed for people who travel often, Visa multi-currency cards let you pay using local currencies anywhere in the world without a conversion fee, whether it’s online or for in-store purchases.

To help you save even more, you could consider paying tuition fees for foreign online courses and educational institutions using Visa multi-currency cards.

Make secure payments

Studying abroad is a once-in-a-lifetime experience. You would probably want to make full use of your time overseas, furnishing yourself with knowledge, exploring new places, and building camaraderie with your peers. The last thing you want to do is fuss over your banking needs.

With Visa, you can rest assured that your money is in safe hands. Visa has secure measures such as anti-fraud detection systems to make sure that your information and payment transactions are secure, both online and offline. Visa also provides an additional layer of protection when you shop online to make sure that you’re safe from identity theft.

In addition, your deposit is protected by the Perbadanan Insurans Deposit Malaysia (PIDM) in the event of a member institution failure.

***

Studying abroad is a great way for you to get out of your comfort zone, grow, and attain knowledge but also an opportune time to be independent and practise healthy financial habits.

Visa multi-currency cards simplify your finances abroad by letting you switch currencies anytime, anywhere in one account, access real-time rates for more savings, manage your money on the go, and more.

Learn about Visa prepaid and debit cards
here
.

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4 Money Reasons to Celebrate January 2015

For the most part, January 2015 seems peppered with monetary misfortune. From the
global oil price drop
, the
weakening Ringgit
 and the oncoming
GST implementation
 – what could one possibly find to celebrate?

In no way are we attempting to make light of the problems the country’s economy does have – but there is enough worry provided in the newspapers everyday. Here are some of the good news Malaysians received – however small they may be – that should make you smile just a little this end of January.

Cheaper Holidays

With the cost of oil plummeting the way it has; many Malaysian airline companies have started offering promotional rates for flights with no fuel surcharge. This move has made traveling within the country and the region just that much cheaper.
AirAsia, Firefly and Malindo
 have all announced that charges for fuel surcharge will be scrapped for the interim and fares will feature promotional rates as well. Other
Asian airline companies are following suit
 and there is hope that this may extend to other airlines worldwide. This may be the best time to see those places you’ve always wanted.

Cheaper Fuel

With crude oil prices continuing to plummet; we’re making the consequential guess that fuel prices at the petrol pump is going to get cheaper come February first. As is, even without government subsidy; prices have fallen to the once subsidised rate.
The Rakyat Post estimates the fall to be up to 21 sen cheaper
 in February, which is good news for our pockets. Whilst, we can’t, unfortunately say that anything else will reduce in price as a consequence but at least you’ll be able to get a full tank of fuel without crying over the receipt next month.

(Slightly) Bigger Paychecks

Well, it’s not that the country has decided to unanimously increase pay checks all around but the reduction in income tax rates will see (those of you who are taxable of course) a slightly higher bottomline in your January paycheck. Consider it a small ‘bonus’ from LHDN (which should go on every month in 2015). The reduction is approximately 1%-3% per year depending on your tax bracket so don’t expect to get rich off it. But it’s definitely a nice extra.

First BR1M Payouts

For those who qualify for BR1M and are expecting to be paid your first payout – the government has hurried along payments mostly to help those
suffering the aftermath of the flood
.
BR1M payouts began on the 15th
 so by now, you should have received yours. Depending on how much you qualified for; payouts are around RM300 for the first disbursement. It may not be a princely sum but the sound of free money always has a nice ring to it.

Again, these small pleasures might seem tinier when looked at next to the other, more pressing problems we seem to be facing but perhaps it’s not such a bad idea to appreciate the little things whilst we strategise to meet the bigger challenges.

Have a great weekend ahead.

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Tropicana Metropark Opens Door For Young Owners, From Only RM29/Day With 100% Financing

Traditionally, the 90-10 percentage is a familiar financing breakdown for homebuyers – with 90% financing being from the bank and 10% financing from the homebuyer’s personal pocket. However, depending on the buyer’s financial track record, the percentage of financing offered by the bank could differ, and even with 90% financing from the bank, the remaining 10% will still be a hefty amount to accumulate. This is especially true for properties with a higher price tag in prime locations such as Klang Valley and Subang Jaya.

This makes it challenging for young home buyers who have just entered the workforce and have only begun to accumulate wealth to own a home, and thus, opting for the alternative – a home lesser than their ideal.

But time has changed and particularly due to the pandemic, more and more developers today are offering homeownership benefits to help younger generations own homes be it for personal living or investment purposes. Most importantly, they are also offering more options for buyers to select from without compromising their lifestyle.

One such developer is Tropicana Metropark, which opens the doors of its freehold serviced apartment, SouthPlace Residences to young owners with a lower financial commitment. Here’s how.

Live The Fresh, Vibrant Urban Lifestyle At SouthPlace Residences, Tropicana Metropark

Nestled in the heart of Subang Jaya, SouthPlace Residences embodies everything that is hip and cool. Designed to balance the urban lifestyle and green environment, SouthPlace Residences lies adjacent to an urban park and is integrated with the modern commercial hub, offering its residences the best of both worlds.

What’s great about SouthPlace Residences is that it’s thoughtfully designed so that residences occupying either side of the building can enjoy unobstructed views overlooking the Urban Park of Tropicana Metropark or Shah Alam. Imagine waking up to a fresh green view every morning or coming home to a panoramic sunset view in the evening.

For a limited time only, Tropicana Metropark offers interested homebuyers
100% financing
 with terms and conditions apply. This means that you can own an apartment in Residences (South) with
0% down payment
 while your savings can be used for your other endeavours.

Moreover, besides 100% financing by Tropicana Metropark – you can also enjoy a
 low monthly payment from RM850/month
. This means that with only RM29/day, you can own an apartment without restraining your monthly commitment and continue living your life to the fullest while still focusing on building your wealth. Besides that, you will also be able to save thousands of Ringgits with a
waiver of stamp duty in conjunction with the HOC (Home Ownership Campaign) Malaysia 2020–2021.

Available in 2 layouts – Studio (500sqf) and 2-Bed (700sqf), all SouthPlace Residences units are partially furnished to help you ease your move into your new abode. Enjoy green features including water-efficient fittings and rainwater harvesting tank for more sustainable and environment-friendly living.

Everything You Need Is Here

With a prime Subang Jaya address, SouthPlace Residences is strategically located in a mature location with easy accessibility, connectivity, and an array of essential amenities. Developed within the Tropicana Metropark’s master-planned township, SouthPlace Residences is a part of a freehold holistic township that comprises residences, commercial, education, and green spaces.

Link To 6 Major Highways

All your needs are within your reach without the long-hour driving or unnecessary stress from crowded and jammed areas. But when required, know that SouthPlace Residences is connected by 6 major highways namely LDP, NPE, NKVE, KESAS Highway, ELITE, and Federal Highway. The best part is that the residents can also enjoy a direct link to the Federal Highway via a purpose-built bridge connecting to Tropicana Metropark.

Directly Connected To Retail Podium For Daily Convenience

Want to grab some snacks for movie night, or just need to quickly pop by the store for some knick-knacks? Well, just walk right down to the retail podium and you will be presented with a variety of options since SouthPlace Residences residence will have direct access to the retail sphere from their residence.

Urban Park Is Just Right Next Door

A slice of nature is available for an evening stroll, workout session, or cycling activities just adjacent to the 9.2-acre Tropicana Metropark’s Urban Park.

Enjoy 26 Residence-Exclusive Facilities And Scenic Viewing Deck

Olympic-size swimming pool, jacuzzi, gymnasium, and many more – your day will never be boring with a lot to do here.

Schools, Malls, And Medical Centres Around The Corner

It will never be dull in SouthPlace Residences with its array of facilities and amenities. GEMS International School caters to those with children as young as 3 years old, while Subang Jaya Medical Centre (SJMC) and KPJ Selangor Specialist are also around for your emergency needs. Empire Shopping Gallery, Subang Parade, Aeon, Tesco and Giant, are also just a drive away when you need the variation.

Live Better, And Learn How To Grow With RinggitPlus Academy

SouthPlace Residences, Tropicana Metropark offers young Malaysians the option to own a home without compromising their lifestyle. With homeownership benefits that allow for low financial commitment, it lets homeowners focus their finances on other areas that matter – such as investing to grow their wealth.

That is why for a limited time only, Tropicana Metropark is collaborating with RinggitPlus to offer a 2-hour online RinggitPlus Academy Lite session where you will get to learn the ultimate investment tips including property investment for beginners,
happening 12 June 2021 from 10 am – 12 pm.
 Conducted by RinggitPlus’ very own Licensed Financial Planners, there will be only 40 slots available on a first-come, first-served basis. So, don’t miss out as you will gain practical insights on how to grow your money smartly.

Register your interest now at
tropicanametropark.com.my
.

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Sharon Bentley

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TNB’s Sustainable Energy Solutions Gathers Pace With Ministry Of Works Project

GSPARX, a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), has clinched another large-scale solar purchasing agreement, securing a project to install rooftop solar photovoltaic (PV) panels in twelve Ministry of Works and Public Works Department (JKR) buildings throughout the country. With a total capacity of 1,221kWp, it is one of the biggest renewable energy projects acquired by GSPARX to date, and the first awarded by a government ministry to the company.

The project will see the installation of solar PV panels in the JKR headquarters in Kuala Lumpur, the main building and hall of the Ministry of Works, as well as the JKR Electrical Engineering Branch buildings in ten states: Kedah, Kelantan, Melaka, Negeri Sembilan, Pahang, Pulau Pinang, Perak, Perlis, Terengganu, and Johor.

Over the course of the 21-year contract, the total green energy generated is estimated to be 1,505,801kWh annually, which is capable of offsetting 1,065 metric tonnes of greenhouse gases that is equivalent to:

the greenhouse gas emissions of 230 cars on the highway,

the CO
2
absorption of 17,604 tree seedlings over 10 years, or

the CO
2
 emissions from fossil fuel combustion to generate the energy needed to charge 135,778,652 smartphones.

Datuk Ir. Megat Jalaluddin Megat Hassan

On top of the huge environmental impact, TNB’s Chief Retail Officer, Datuk Ir. Megat Jalaluddin Megat Hassan shared that TNB and GSPARX are committed to complete the solar installation at all 12 buildings in 4-6 months’ time. “Once completed, the project is expected to deliver savings of over RM200,000 from their energy consumption in just the first year alone, and an estimated RM9.27 million across the duration of the 21-year contract.”

This project will be the fourth-largest clinched by GSPARX, which has gradually built a sizeable client portfolio. Its largest clients include Mydin Mall, with a total system size of 8,271kWp across six locations, Malaysia Airlines Berhad with the single largest system size of 2,210kWp in KLIA, Ain Medicare Sdn Bhd in four locations (total 2,037.41kWp), and now JKR and its 1,221kWp size across 12 locations.

It is no surprise that GSPARX has an increasing list of customers. Thanks to the company’s special Zero Capex Solution programme, government, commercial and industrial entities do not need to make any initial payment to install the solar PV panels nor maintain them – the GSPARX team will install as well as provide regular maintenance and repair works for the panels and system for free throughout the 21-year contract period. In exchange, the buildings will enjoy a fixed and lower solar tariff for the next 21 years. There is also an Outright Purchase option where the customer purchases the system outright and enjoy immediate savings.

GSPARX does not only provide solar PV panel installations for commercial, industrial, and government entities – there is also
a residential option for Malaysians
 looking to do their bit for the environment and save money at the same time. Thanks to the Net Energy Metering 3.0 mechanism by the Sustainable Energy Development Authority (SEDA), solar PV panels installed on residential homes can not only directly offset electricity bills, but any additional electrical energy generated will be transferred to the TNB grid and the equivalent tariff rates converted into credits that offsets future bills for up to 12 months.

Elmie Fairul Mashuri

Elmie Fairul Mashuri, Managing Director of GSPARX, explained, “Based on the amount of solar PV panels installed, a customer can offset between 30& to 90% of their regular electricity bills and break even within 5-6 years, after which the electricity generated results in pure savings.”

As the driver of Malaysia’s energy industry, TNB has remains committed to a gradual shift into sustainable energy and its target of a renewable energy (RE) generating capacity of 8,300MW by 2025. Its wholly-owned subsidiary GSPARX allows TNB the agility to move aggressively into the solar energy harvesting space, one of the fastest-growing sectors in RE. Through GSPARX and its other RE initiatives (including hydroelectric and wind), TNB is confident of achieving its sustainable energy goals.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Motorbikes, an Option to Save?

Traffic peak hours in the Klang Valley is not for the faint hearted – more so when the situation is compounded by fuel-consuming idle time getting stuck in stand stills amongst other commuting factors.

Some time ago, we wrote about
cycling to work as an alternative
 but how about a less drastic approach? Motorbikes could be the mid-point between applying some fancy footwork and smooth driving in your car.

Over the past few years of working in and around the big city, this writer has had the privilege of trying and testing out different modes of transportation to suit different locations – they include public transportation, driving and even riding motorbikes.

From a personal vantage point, riding a motorbike is by far the cheapest mode of commuting beside public transportation, considering various primary factors like fuel, toll, mobility as well as a healthy balance of comfort.

However, not all five fingers are the same and people will most certainly have different interpretations to balancing the above factors. But with the rising cost of living and commuting in the country, we don’t blame you if you’d want to shave off costs from your monthly expenses by any means necessary.

Today, we reveal just how much you can save by strapping on a helmet, some gloves and a windbreaker should you seriously consider motorbikes as a neat way of cutting exorbitant costs with a humble model under the 200 Cylinder Capacity (CC) mark.

Time is Money

Travelling through the city for work or any time sensitive soiree tends to demand detailed time management in order to arrive at one’s destination on time.

That task might be a little difficult to judge with unpredictable traffic or any other factor beyond control. Say for example, a stand still or a public transport delay can really tug on your nerves when you’re just forced to dance to its music.

Motorbikes are specially designed to maneuver in tight spaces making the weaving-through-traffic journey to your destination a little more predictable where time allocation is concerned. With this distinctive feature, gone are the days of being late for appointments, meetings and above all, work!

This of course doesn’t grant you immunity to the unexpected like a flat tire or engine failure from poor maintenance. Well, at least traffic congestion will no longer be the reason for you being late and no more fuel-burning idle time (except at ridiculously long traffic lights)!

Slashing Daily Fuel and Toll Costs

It is a given that public transportation has pretty inexpensive commuting costs, but its inconsistency comes second nature and it is not something a majority of us would like to put up with daily.

However, based on estimation of driving (a Myvi) to work from Bangi to the Petaling Jaya vicinity, I spend RM3.60 on toll and about RM10 for petrol – both daily, bringing my weekly total to a whopping RM68. That’s RM272 in four working weeks just to get to work in a car!

Conversely, based on my experience riding a 125cc bike, the cost of commuting to work is only at RM4 on fuel a day with zero tolls to worry about! This would make my weekly expenses RM20 and over the course of four working weeks, RM80. That’s an impressive RM192 on savings between the two modes!

Of course I have a little sun, drizzle or the occasional storm to put up with – but the mathematics don’t lie and I am able to channel my savings into things that matter more to me, like buying a house for my future family!

Tip: Save even more on fuel costs by
opting for a good petrol credit card
. You may not be pumping as much as car but every bit will earn you cool rewards so why not?

Road Tax and Maintenance

All vehicles have them and each vehicle’s cylinder capacity (CC) depends on it, introducing – road tax. How much you pay annually depends on the specifications drawn up by the government for road worthy vehicles.

Fortunately for a majority of motorbike owners, the maximum taxable amount is capped at RM350 for anything above 800cc – meaning motorbike capacities below this are subject to its progressive exponential ascend in road tax from 150cc onward (150cc and below is fixed at RM2).

While we are comparing both my personally owned vehicles (125cc bike and 1300cc Myvi), I would be paying RM2 for the former and RM70 for the latter – RM68 being the annual difference between the two. Not enough to jump ships you say, we hear you.

Let’s reveal the maintenance bit – with bikes, you would only need to change its engine oil once in every 4 weeks or a month, which costs around RM24 per change. Compared to a car, each regular service would cost at least RM150 over 2 and a half months.

Elevating the cost of bike maintenance up to that of a car, it would be RM60 (2 and a half months of bike maintaining) versus a minimum of RM150 for a car – that’s RM90 in savings already. Of course there is the need to set aside a couple of hundred bucks for the unforeseen major repairs to both, but still which one would cost more?

The Verdict

As riding a motorcycle may have gleaming benefits in being able to cut tremendous amount of cost from your total monthly commuting allocation, there are certain road risks that we are all aware of and might be one of the main reasons why most of us don’t just hop on a bike to work.

Road safety has become one of the biggest concerns for Malaysians and not having a first line of defense like how cars do, motorbikes will most certainly not be on top of anyone’s priority list for transportation.

Should you see bikes the way I do however, its
minimalist
 qualities will surely benefit you in the long run. This writing is not purposed to bash either side, it is merely a mathematical suggestion and eye-opener between the two, or both if you can afford it!

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Yasier Mahayudin

Yasier Mahayudin

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BNM: 25% Household Borrowers Have High Debt Service Ratio, But Default Risk Is Low

(Image: Malay Mail/Yusof Mat Isa)

Bank Negara Malaysia (BNM) said that up to 25% of household borrowers have a high debt service ratio (DSR) of more than 60% as of December 2022. Revealed in its Financial Stability Report for Second Half 2022 (2H22), the central bank nevertheless maintained that the risk of these borrowers defaulting on their loan repayments remain low.

Briefly, DSR is the ratio of a person’s total debt to their household income, used by banks and lenders to measure someone’s ability to settle their debt obligations; the lower your DSR, the better. According to Perbadanan Insurans Deposit Malaysia (PIDM), borrowers with a DSR of between 20% to 40% are considered to be safe, although many lenders are generally willing to consider offering loans to borrowers with a DSR of less than 60%.

BNM said that with 25% of household borrowers having a DSR of more than 60% – which accounted for 33.9% of total banking system loans – this means there is one borrower with a risky DSR out of every four. However, the central bank also noted that a majority of these borrowers are from middle to high income households, with larger buffers to meet the high loan commitments. As such, it believes that the risk of them defaulting on their repayments is low.

(Image: Malay Mail/Choo Choy May)

“As the bulk of these credit exposures are held by middle- and high-income borrowers (69%), credit risks are assessed to be contained by their large buffers available to support loan repayment in the event of financial difficulties,” said BNM in its report.

Aside from that, the central bank also said that other indicators of Malaysians’ debt-servicing capability remained sound as well. “The median DSR of newly approved and outstanding household loans remained prudent at 43% and 37%, respectively (as compared to 42% and 35%, respectively, in June 2022),” it said, adding that two-thirds of newly approved loans in 2022 had DSRs of less than 60%. This proportion has remained unchanged since 2018.

Another key highlight that was also shared by BNM in its Financial Stability Report for 2H22 is the fact that household debt has been expanding at a faster pace of 5.5% in 2022, as compared to
5.3% in June 2022
. This expansion is driven primarily by housing loans (59.7%), followed by personal financing (12.8%) and motor vehicle loans (12.7%).

Additionally, loans continued to grow in the second half of 2022 (2H22) as Malaysia recovered from the economic impact of Covid-19, increasing from 5.7% in June 2022 to 5.9% at the end of 2022. The country’s loan growth also recovered closer to pre-pandemic levels in the whole of 2022. For comparison, Malaysia’s loan growth stood at an average of 6.2% between 2015 to 2019.

That said, BNM maintains that this trend does not pose a major concern as Malaysian household’s credit growth is also complemented by the growth in household incomes. This is indicated by the relatively stable median debt-to-income (DTI) ratio of 1.5 times, as compared to 1.4 times in June 2022.

(Sources:
Bank Negara Malaysia
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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The new Mobile Payment from Facebook

Shopping at online retail stores or websites has been the in-thing over the

past few years,
there are websites all

about ecommerce in Malaysia
, yet one major hassle remains for most folks:

filling in your credit card information. Facebook might have came up with a

solution for that.

Announcing a new autofill product trial a spokesperson for the world’s

largest social network said:

“We are working on a mobile payments test called Autofill with Facebook

that gives people the option to use their payment information already stored on

Facebook to populate the payment form when they make a purchase in a mobile

app. The app then processes and completes the payment. The test is designed to

make it easier and faster for people to make a purchase in a mobile app by

simply pre-populating your payment information. Today we started publicly

testing Autofill with Facebook on two iOS apps – JackThread and Mosaic.”

CEO

Mark Zuckerberg and his team at Facebook are rolling out Autofill over the

coming weeks
. It’s a beta trial so it will only work if your credit card

info is stored in your Facebook page or account. The principle market for the

new time-saving feature is customers who shop from their smartphones, by simply

pre-populating your details you will not have to struggle entering your credit

card number, name and other security details on a tiny mobile screen.

The first two apps trialling the service are powered by
Braintree

and Facebook has plans to work more with them along with both PayPal and Stripe
,

so it’s obvious there are far bigger plans afoot to make shopping on the go

even easier!

*Picture courtesy of Techcrunch.com

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Matthias Sim

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Should You Rent or Buy Your First Home?

As we come into adulthood, there are many firsts to joyfully experience. Moving into your first home is one of the most profound (and challenging) experiences in life.

The first thing you’ll need to decide is if you’ll rent or buy your first home. If you’re struggling with this decision; here’s a list of pros and cons to help you on your way.

Buying Your Own Home

Owning your own home is a dream come true for most as it represents one of life’s major accomplishments. It is right up there with graduating college and buying your first car, that said, do the pros outweigh the cons for you?

Pro 1 – Gaining an asset

Buying your own home is a great investment option for two reasons. One, the market shows that property investments not only hold the value of your cash but also grows it more safely when compared to investing in stocks or bonds.

Secondly, as a tangible asset, your house is a home you can call your own especially in old age when it matters the most. Moreover, it’s an added source of income if you choose to rent it out.

Pro 2 – Stability

One of the most attractive features of owning your own home is the stability it affords, so go ahead and get comfortable! Enjoy the luxury of staying in one place without the likelihood of having to move out when your rental contract expires.

It’s also a big plus if you have great neighbours and love being part of a community.

Pro 3 – Make Your Home Your Own

Your own home is just that – all yours! Meaning you can do with it what you will: renovate, paint and add fixtures as you desire. It’s a great opportunity to indulge your creative side and make it a true sanctuary without the worry of contract restrictions from a landlord.

Also, you can be sure that the money spent on improvements is all for your benefit and not the next tenant your landlord chooses.

Does owning sound like a great deal? Could be; but everything has it’s cons.

Con 1 – Long-Term Commitment

Buying a home is probably the biggest purchase you’ll make and thus, you’ll need to be physically, mentally and emotionally prepared. Why? Because you’ll have mortgage payments for the next 20 to 30 years, depending on your loan tenure.

This is daunting as you not only need to have job security but your freedom to change careers and explore new business ventures will be restricted as well. Bottom line, make sure you’re ready to commit, since housing loans are a huge responsibility.

Con 2 – Cost of Maintenance

Everyday wear and tear, leaky pipes, and plumbing issues are common household problems. It’s also some of the most costly to fix, especially if left unattended.

Being an owner means you’re responsible for the bill, so do prepare maintenance funds.

Con 3 – Need Cash Fast? Not So Fast!

The process and cost of liquidating or selling your home for fast cash is time consuming and expensive. When you need emergency funds, this investment will not return your money as quickly.

You will need to get your house evaluated, find a buyer who will agree to your asking price and then a bank willing to give your buyer a home loan. Many owners looking to cash in quickly, often opt to sell at a much lower price than the market value just to get the property off their hands. If you’re in such a bind – you’re sure to lose on your investment.

Renting

Choosing to rent is a great option for those who want a bit of flexibility, but there are other cost and control related issues to consider.

Pro 1 – Mobility

Imagine that your next-door neighbour just adopted a loud barking dog that keeps you up all night, and a newly planned long-term construction project will cause massive traffic congestion near your home. You would want to move out, right?

Well, renting flexibly gives you the freedom to easily relocate. All you have to do is wait out your contract’s lock-in period and simply look for another place.

The same is true for career persons suddenly offered overseas postings or those simply ‘following the money’ to a more lucrative position.

Pro 2 – Lower Cost

When renting, you’ll most likely pay 3.5 times your monthly instalment as a down payment. For example, a RM1, 000 a month rental home would cost you RM3, 500 (two-month deposit, first month rent plus a half-month deposit for utilities).

However, a deposit required to buy a home is at least 10-15% of the total price, so for a property costing RM300, 000, you would fork out RM30, 000 to RM45, 000 as a down payment. Now, that is a big difference. Furthermore, renting would help you evade other costs such as property taxes and legal fees.

Pro 3 – You Can Afford to Rent a Nicer Home

Since buying a home is so costly, you could use the funds you have saved in taxes and legal fees to rent a nicer home in a better neighbourhood.

Monthly rent payments in prominent areas often costs less than it would to make loan instalments in the same area (depending on interest rates, deposits and loan tenure).

If the rental life is sounding like just the thing for you, hold on anc consider the cons first!

Con #1 – Fussy Landlords

Internet forums are abuzz with tales of nightmarish landlords, who take the word ‘lord’ a little too literally. Realistically, you are looking at restrictions and limitations such as no pets, or no repainting without permission.

You may have to suffer through a number of home visits from your landlord looking to check-up on his/her property too.

Con 2 – No Investment Value

In the long run, all payments made on your rental home will not result in your ownership of that home. Instead, you will be helping someone else pay off their home loan.

Your funds that go toward your rent will do ONLY that, whereas home loan repayments create wealth for the buyer in the long run.

Con #3 – No Guarantees

Tenants depend upon the decision of the owner to renew a rental contract once it has expired. The owner has the right to ask you to move out and would most likely impose an increase on rental payments if you want to continue your stay when the contract expires.

The Verdict

It all comes down to what is most important to you as well as your financial situation. Take a look at the pros and cons and ask yourself, which suits your lifestyle more. As a quick guide on how to approach this situation:

Rent, if you are someone who likes to move around a lot, is unwilling to take on large loans and already have asset such as a family home in your name.

Buy, if you’d like to see your hard-earned cash turn into an asset, crave stability and don’t mind/can afford to spend more to maintain your property.

Are you looking to buy a home? Let us
help you find just the home loan you need
. After all, a big decision like that requires the right kind of research!

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PruBSN Launches New Takaful Plan, PruBSN WarisanPlus

Prudential BSN Takaful Bhd (PruBSN) has launched a new takaful plan based on the concept of mutual assistance, PruBSN WarisanPlus. It is an enhanced version of the PruBSN Warisan protection plan and offers high-value coverage of at least RM250,000 in the event of death or total permanent disability (TPD).

“PruBSN WarisanPlus is a legacy solution that will provide high cash benefits when unfortunate events happen,” said Wan Saifulrizal Wan Ismail, the acting CEO of PruBSN. “This can be replacement for a person’s income that can be used to pay for alternative medical treatments, caretaker bills, as well as for debt settlement, among others.”

The takaful plan offers coverage of 100% of the sum covered for death or TPD, 200% for accidental death, 300% if the accidental death happens in public conveyance, and 400% for accidental death overseas. There is also a RM3,000 aid for funeral expenses to lighten the financial burden in the event of death. Moreover, WarisanPlus offers unique diseases coverage whereby policy owners will receive compensation when they are diagnosed or hospitalised due to infectious diseases like Chikungunya fever, Zika virus, and malaria.

WarisanPlus allows you to customise your protection by adding on riders so that you can get the coverage that you want for you and your family. For example, the investment rider allows you to increase your cash value by investing in Shariah-approved investment-linked funds, whereas the critical illness rider will give you a lump sum cash payout if you are diagnosed with any one of the covered 43 critical illnesses.

This plan is open to those from 14 days to 70 years old, and policy holders have the flexibility to choose to be covered for 20 years or at an expiry age between 70 to 100. You can head over to
PruBSN
 for more information.

(Source:
The Edge Market
)

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Government To Postpone Increase In Toll Rates For Highways

The government has said that it will postpone the toll hike for three major highways, which was supposed to take place on 1 January 2021, to the following year. This is in addition to a freeze in toll rates for another 21 highways for all vehicle classes and one toll plaza.

According to senior Works Minister Datuk Seri Fadillah Yusof, the three major highways to benefit from the postponement in toll hike are the Shah Alam Expressway (KESAS), South Klang Valley Expressway (SKVE), and East Coast Expressway 2 (LPT2). Meanwhile, the other 21 highways that will have their toll rates fixed include:

North-South Expressway (PLUS)

Malaysia-Singapore Second Link (Linkedua)

North-South Expressway Central Link (ELITE)

Cheras-Kajang Expressway

Kuala Lumpur-Karak Expressway (KLK)

East Coast Expressway Phase 1 (LPT1)

Sungai Besi Expressway (BESRAYA)

Damansara-Puchong Highway (LDP)

Kemuning-Shah Alam Expressway (LKSA)

Butterworth-Kulim Expressway (BKE)

Kajang Dispersal Link Espressway (SILK)

Kuala Lumpur-Putrajaya Expressway (MEX)

Kajang-Seremban Expressway (LEKAS)

Senai Desaru Expressway (SDE)

Kuala Lumpur-Kuala Selangor Expressway (LATAR)

Sultan Abdul Halim Mu’adzam Shah Bridge (JSAHMS)

Seremban-Port Dickson Expressway (SPDH)

New North Klang Straits Bypass (NNKSB)

Duta-Ulu Kelang Expressway (DUKE)

Guthrie Corridor Expressway (GCE)

SMART Tunnel

(Image: Bernama)

Additionally, the government will also postpone the toll hike for specific classes of vehicles at five expressways, namely:

SPRINT Expressway

Pantai Toll Plaza (Class 1 to Class 5 vehicles)

Damansara Toll Plaza (Class 5 vehicles)

New Pantai Expressway (NPE)

PJS2 Toll Plaza (Class and Class 5 vehicles)

Pantai Dalam Toll Plaza (Class 5 vehicles)

PJS5 Toll Plaza (Class 5 vehicles)

Ampang-Kuala Lumpur Elevated Highway (AKLEH) (Class 1 and 5 vehicles)

Butterworth Outer Ring Road (BORR) (Class 1 and 5 vehicles)

Penang Bridge (Class 2, 3, 4, and 5 vehicles)

In announcing the deferral of the hike, Fadillah said that the government’s decision was made in view of the rising cost of living due to Covid-19. “In line with the government’s decision, consumers will continue to enjoy toll payments at a lower rate compared to the toll rates under the concession agreements. Consumers will also continue to enjoy quality facilities and services along the highways,” he said.

(Image: The Sun Daily)

Fadillah also clarified that the postponement would cost the government a total of RM2.25 billion. To break it down, RM160.1 million will be spent on deferring hikes on toll charges for the three major highways (KESAS, SKVE, and LPT2), and another RM2.093 billion on the freeze in toll rates for all the other highways.

Finally, Fadillah said that negotiations to restructure toll rates with the concessionaires are already underway. It is expected to be finalised before 2023.

(Sources: The Edge Markets [
1
,
2
],
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Is Social Media Making You Broke?

Social media: you may love it or hate but you’ll probably never admit to either one. It’s not very social after all. That said, we’re not here to discuss the merits or demerits of getting caught up in checking in statuses; instagramming lunches or tweeting about the traffic. What we’re going to look at is the sneakier side of social media – it’s ability to make you broke.

Extensive studies and research have revealed that social networking sites serve as ego boosters or destroyers for users and have concluded that
active users possess mild to high levels of narcissism
 stemming from the belief and portrayal of only the best things in their lives. But looking in the skewed, tinted mirror that is your social media account shouldn’t be damaging to your wallet per se… at least, not directly.

The Power of Peer Pressure in a Global Playground

Before this; keeping up with the Joneses for both young and old were relegated to our wealthy neighbours’ new car or the popular girl at school’s
tres chic
 new prom dress. These were damaging enough to impressionable individuals before, imagine the toll it takes when it is magnified 1000 times via the people we interact with on social media all over the world.

We won’t disagree with you, posting up pictures of your dream vacation, some new clothes, shoes, luxurious dinner dates and a whole lot more can be fun and quite harmless from the outset but it’s effects run deeper than what you see on the surface. Call it an inferiority complex or peer pressure; this is where you feel the need to upstage someone else who has posted an experience or a purchase enviable or desirable to you.

The game is on and stakes are high now – you need to prove you live a more enviable life; that you too can afford good experiences or that you have ‘arrived’.

Before you know it;
you’re trying to keep up with a lot more than the Joneses next door
 – you’re trying to keep up with an entire international sphere of people with varying minimum wage levels and very different economic structures. It sounds like a game we’re all going to lose.

Pffft, I don’t Respond to Peer Pressure!

After reading the point above, you may be tempted to respond as much. However, there are other less obtuse ways social media is being used to squander your hard-earned ringgit. Enter, social media advertising. Social media platforms take advantage of how impressionable users are through good old advertising that is sneakily based on careful observation of users’ habits on their respective search pages.

Have you looked up a camping tent or a pair of shoes lately? Before you know it, your feed will be peppered with ads by companies all vying to sell you a similar product.

It’s almost like they’re in your head because these banners that you see along the sides of your page are actually things that you have clicked before or online stores you’ve searched. If you hesitated in making a purchase the last time you visited the store – staring at it at the side of your feed along with the posts gleeful gloating Facebook friends living their rich, entitled and exciting lives – will be enough to drive you to click ‘buy’ and reap whatever limited shred of online persona dignity you feel you have left by affirming your worth through a new purchase!

It’s diabolical. And if you didn’t cave the second time you saw it; maybe the 10th might convince you.

The Peer Recommendation

If it’s not the need to upstage your social friends or the in-your-face-advertising from companies that gets you to part with your hard-earned ringgit; there’s a less insidious way your network may be getting you to spend more than you usually would: the lure of peer review.

You may not trust an ad trying to sell you something or a paid-for blog review but you’re more likely to try something for the first time if it comes recommended by a friend. Again, we’ve taken an age-old social phenomena and morphed it way beyond recognition via the use of social media. The simple peer recommendation that used to be your uncle telling you about the great mechanic he knows; or a cousin-twice-removed sharing a recommendation of a new dessert place for great cake.

Suddenly, you are enraptured by the need to try this new cake store or send your car for a second mechanic opinion – something you never thought of doing until someone you trusted recommended it to you. With the ease of typing a tweet from anywhere or posting a delicious picture on Instagram; it’s easier for anyone, anywhere to recommend something to you without so much as addressing you personally. How much easier it is still for you to be tempted to try what has already been tested even if it never crossed your mind to do so before.

Again, the
power of peer recommendation magnified into a creature quite uncontrollable via our need to ‘share’
 every minute detail of our lives.

OMG, We’re Doomed! Shut Down Now!

It’s really not as melodramatic as all that. Yes, all the above is perfectly possible on social media but does that mean you need to completely shut off? Stop the social drain on your wallet without going into massive social blackout through some reality-checking steps:

1)
Unplug… once in awhile
: It’s totally ok to take a social media break. In fact,
it’s recommended
. Social media can become an addiction so nip it in the bud before it wreaks havoc on your finances.

2)
Keep things in perspective
: Is the hundredth baby picture from your friend in a day getting you to grit your teeth? Or perhaps it’s the 100th vacation picture the avid traveller keeps posting that makes you wonder why you’re stuck at your desk. Stop, and put things in perspective! What these friends are doing is showcasing the best parts of their lives – not the sleepless nights from manning a screeching baby nor the jet lag and piles of unopened credit card bills from their last trip. Just like you aren’t sharing much about the bad things in your life – they probably aren’t either. The sooner you realise that you don’t have to keep up with
anyone
, the better!

3)
Hide away your credit cards and unlink your Paypal account
. If all has failed, it’s time to make sure your credit card isn’t in the vicinity when you are online. Most online stores will require you to purchase via credit card… but you can’t do this if your Paypal account has suddenly wiped out all trace of your credit card number – oopsie!

4)
Spring clean your social media
: Do you follow too many brands or small-time advertising ‘personas’ (that is, those friends
always
 recommending some new purchase, vacation or restaurant)? Limit the engagement you have with temptation by unfollowing their posts or removing them completely.

Social media is still an excellent tool to keep abreast with the latest news and get clued in to what your friends are up to without having to call each one. The only thing to remember is to keep your wallet shut tight whenever the urge to ‘socialise’ takes hold.

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Should Senior Citizens Get Insurance?

While it is generally known that getting some form of life insurance while you are young and healthy is a financially responsible move, a less common conversation revolves around insurance for the elderly. Should those in their golden years be covered by insurance? Is it even worth the money?

Is Life Insurance For Senior Citizens Important?

Life insurance is generally seen as a means to be an income replacement tool for your dependents in the event you pass away or suffer from total and permanent disability (TPD). Ideally, as you enter your golden years, you would likely have few or no dependents and little to no commitments – both these factors mean less incentive to get life insurance.

In reality, that’s never the case. That 35-year home loan still has a number of years left, or there may be a car loan or other debt that needs servicing for the foreseeable future. Some form of life insurance can protect your loved ones from sudden financial shocks like taking on these loans.

On the other hand, once you hit a certain age, the cost of entry for a new policy becomes really high – after all, the risk borne by the insurer is equally high; the chances of you needing medical treatment, being diagnosed with a critical illness, or passing away is substantially higher than when you were 30, for example. This reduces the financial viability to get life insurance coverage.

But for those still with financial commitments or dependents – or just those who would like some peace of mind and be insured in their golden years, insurance policies specifically catered to senior citizens may be a suitable option. In terms of choices, there aren’t many – there are just a handful in Malaysia.

Oftentimes, these policies have very low coverage (from as low as RM10,000) with affordable premiums. These senior citizen insurance plans also have additional benefits such as 100% refund of the premiums paid if there is no claim at the end of the tenure, or additional payouts on top of the basic sum assured such as compassionate benefit or even a repatriation benefit in the event the policyholder passes away.

For example,
Zurich SeniorGold
 is designed specifically for senior citizens. It has a guaranteed acceptance feature, as long as the policyholder is between 50 to 80 years old. Premiums start from as low as RM50 per month, and offers a number of benefits, including up to 5x basic sum assured payout for accidental death, repatriation benefit, and maturity benefit.

Similarly,
MSIG’s Senior Citizen Personal Accident Plan
 is a PA policy that covers accidental death or permanent disability as well as personal liability (third-party bodily injury or property damage), and various other benefits including convalescence allowance, hospital income, nursing care, and final rites expenses. Basic sum assured starts from RM50,000, from just RM79.50 annually.

Prioritise Medical Insurance; It Pays For Itself

One form of insurance plan that senior citizens will benefit from is a medical card. Once again, the cost of a medical card increases with age, and will likely cost quite a bit in premiums – but in the long run it might just be worth getting.

The annual inflation rate of medical costs ranges between 10% to 15% in Malaysia, which makes a medical card – despite its high price for seniors – a powerful hedge tool. At this stage in life, senior citizens may have regular medical appointments for a variety of conditions, and health-related complications usually require in-patient treatment. For retired government servants, public healthcare is heavily subsidised to the point where a medical card is virtually unnecessary, but for others, a medical card will come in very handy.

Unlike standard medical cards, senior citizen medical cards are slightly different. For starters, the lifetime limits will be lower, while other benefits may be less than standard medical cards – but the premiums will likely cost more. That said, most medical care benefits will still be present, so just like life insurance policies for seniors, it’s just a reduced amount in terms of coverage.

As an example, a medical card issued to someone in their mid-60s has an estimated premium of around RM6,000 to RM8,000 a year with an annual limit of around RM400,000 – a huge difference compared to what a healthy young adult would pay. But, in-patient medical treatment fees at private institutions can hit four-figure sums each day, which can easily wipe out a chunk of retirement savings. Suddenly, RM6,000 to RM8,000 a year sounds affordable, doesn’t it?

Senior Citizens Need More Choice & Flexibility In Insurance

In 2016, it was reported that there were 2.8 million senior citizens aged 60 and above in Malaysia. This made up 9% of the 31 million population, with the number expected to grow to 15% in 2035. Combine that with the ever-increasing cost of healthcare, and a medical card – either as a standalone or as a rider to a life policy – becomes a very important tool to own. Some form of life insurance may be beneficial for your loved ones, but a medical card should be a priority – just as it is for young adults.

One thing that should change is for insurance companies to offer more products catered to the elderly. Besides the handful senior citizen insurance plans available, there are few “standard” plans for the mass market that make monetary sense to own. Having more choices means more flexibility to own the most suitable plan – and paying an affordable premium that’s not inflated by unnecessary benefits or add-ons.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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    Sekaran Raghavan

    2 years ago

Dear Mr Pang, Are there any reasonably good such policies for Senior citizens available in Malaysia or even overseas that can be used in Malaysia by Seniors.I wish to explore..thanks

2

Reply

    Winston PWP

    1 year ago

Can I get cover   ? I am now 72 years.

1

Reply

    tony tan

    1 year ago

Can anyone please advise which insurance company senior medical plan accept citizens above 72 years old ?

thanks

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Digi Releases New Version Of MyDigi App Which Offers 3GB For Only RM3

MyDigi, Digi’s self-care app has just released an upgraded version on
Android
 and
iOS
 that offers greater convenience and better rewards for its users. In conjunction with MyDigi’s 3million active user milestone, Digi will also be offering attractive deals from as low as RM3 in March.

One highlight that comes with the upgraded app is the new data day pass that comes with a generous 3GB of data for RM3, which is applicable to both Digi prepaid and postpaid users. All you have to do is switch over to the refreshed version of the MyDigi app.

Aside from that, deals as low as RM3.30 from KrispyKreme and Rotiboy will be offered along with Burger King’s Whopper Jr deal for only RM3. Other attractive deals include places from Moo Cow, VinegPlus, and Photobook. MyDigi app will also be introducing a Box of Surprise curated for users with special deals for data bundles and content packages.

Besides the rewards programme, the new MyDigi app will also allow users to pay bills instantly, while prepaid users will receive 10% extra credit for free when you reload via the app. For a more convenient experience, the app also allows users to save credit card details to allow you to pay instantly without obtaining a PIN from your bank. Not only that, you can now pay or top-up for a friend or family member via the My Favourites section in the MyDigi app.

For enhanced security, all existing MyDigi app users will need to sign up for a new account when switching to the upgraded version of the app. All you need to do is key in your mobile number and a one-time PIN verification password to begin using the app.

(Source:
SoyaCincau
)

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iFAST Capital Launches Stocks And ETF Brokerage Services On FSMOne

Online wealth management platform FSMOne is now able to offer a broader range of investment offerings for its investors, following the launch of iFAST Capital Sdn Bhd’s stocks and exchange-traded fund (ETF) brokerage services on the platform. FSMOne was originally the online unit trust distribution arm of iFAST Capital.

With this update, FSMOne investors will now have convenient access to the stocks and ETFs listed on Bursa Malaysia. This is on top of being able to custom build their own portfolios from a range of available products, such as unit trusts, direct bonds, managed portfolios and insurance.

The general manager of FSMOne Malaysia, Wong Weiyi said that they are grateful to be the latest Participating Organisation to be brought onboard Bursa Malaysia since 2009. A Participating Organisation is a company that carries on the business of dealing in securities, conforming to the rules of Bursa Malaysia.

“Since last year, our client base has grown to over 100,000 active accounts. Therefore, with the launch of stocks and ETF trading platform, we believe that our investors will appreciate this enhanced multi-asset platform,” added Wong. For context, FSMOne brands itself as a multi-asset platform as investors will be able to access a range of investment products all in one place, at a competitive brokerage fee of 0.05% with a minimum of RM8.80.

Meanwhile, iFAST Capital – a wholly-owned Malaysian subsidiary of iFAST Corporation Ltd – noted that this move is in line with its commitment to provide the best of wealth management all under one platform. The company also seeks to add value by providing expert research so that investors are always aware of the latest market updates and can make informed decisions when investing. This is especially given the heightened interest in financial markets by fresh investors.

“We publish periodic articles and host events with fund managers to ensure our investors are always ready to make a decision in all sorts of market conditions,” the company noted in a statement, adding that it is also looking to provide stocks and ETFs listed in the United States and Hong Kong soon. This is in hopes that investors will have the ability to create a globally diversified portfolio.

If you’d like to start investing with FSMOne, the platform is currently running a promotion where both existing and new investors can enjoy 0% commission fees for the entire month of April with no limit. You can sign up at the official
FSMOne

website.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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BNM Signs MOU With Indonesia, Thailand To Promote Bilateral Transactions In Local Currencies

Bank Negara Malaysia (BNM) has signed three memoranda of understanding (MOU) with Bank Indonesia (BI) and the Bank of Thailand (BOT) to further strengthen their cooperation in promoting bilateral transactions in local currencies between the countries. These are set to improve on the existing local currency settlement framework (LCSF) that had been signed between the three central banks back in 2015 and 2016.

To explain, the
2015/2016 version of the LCSF
 sought to encourage Malaysian, Thai, and Indonesian traders to convert their local currencies into the receiver’s local currency for payments and money transfers, instead of relying on the US dollar (USD) – as was the previous case. This was meant to help reduce foreign exchange costs, among other benefits:

This earlier framework was, however, only implemented on a few types of transactions, namely trade of goods and services, direct investments, and income transfers.

As such, the new MOU will expand the scope of the framework to cover more eligible cross-border transactions, beyond trade and direct investments. This will be implemented gradually, taking into consideration other cross-border payment initiatives that may be executed for more accessible and efficient local currency settlements as well.

“The MOUs are set to strengthen cross-border economic activities, enhance regional financial market stability, and deepen local currency markets in the three countries,” BNM said in a joint statement today, following the signing ceremony at the 10
th
 ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) in Indonesia.

On top of the successful signing of MOU to promote bilateral transactions in local currencies, the AFMGM event also saw the expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) to now include the central bank of Vietnam, the State Bank of Vietnam (SBV).

The RPC was originally signed
 between the central banks of five ASEAN countries back in 2022: Malaysia, Indonesia, Singapore, Thailand, and the Philippines. This agreement was meant to bring about faster, cheaper, more transparent, and more inclusive cross-border payment processes between the countries.

“The inclusion of SBV has increased the RPC group from five to six ASEAN central banks. This partnership aims to further support post-pandemic economic activities across the ASEAN region, including the promotion of tourism and other service industries. The expansion is also expected to benefit small and medium-sized enterprises, which are crucial to the region’s economic growth,” said BNM in a separate joint statement, adding that this effort will widen financial inclusion in the region and significantly contribute to the overall advancement of the ASEAN economic community.

Moving forward, BNM expects the RPC to be further expanded to include more neighbouring economies and other countries beyond the ASEAN region.

(Source: BNM [
1
,
2
])

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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WeChat Pay Is Now Available In Malaysia: Everything You Need To Know

WeChat Pay, one of the world’s most popular mobile payment systems, is now rolling out to users in Malaysia. The launch is taking place in stages, as the feature is rapidly being made available to the country’s 20 million users.

What’s most significant is the fact that with this rollout, Malaysia is the first foreign country in the world outside of China to have WeChat Pay enabled in a local currency. This would potentially allow for a widespread and seamless adoption of the service, allowing Malaysians to use WeChat Pay in Ringgit Malaysia.

How To Enable WeChat Pay

After a lengthy two-year beta testing period involving 10000 Malaysian WeChat users, WeChat Pay is now ready for the masses. The feature, which can be found under “Wallet” in the “Me” section, includes the popular “Quick Pay” function, which is the QR code-based mobile payment system.

To enable Quick Pay, WeChat users simply need to top up their app’s mobile wallets. This is done by adding any Visa or Mastercard debit cards issued by Malaysian banks, and transferring your desired amount to the wallet. Once this is done, you will get a QR code that can be scanned to initiate the payment process. For security purposes, the QR code is refreshed every minute. Users can also withdraw funds from this wallet, and have it back in their bank accounts in two working days.

WeChat Pay in Malaysia also supports a few other features at launch, which are powered by third-party operators. You can top up prepaid credit, or even buy bus tickets directly from within the platform. The list of features will definitely increase over time, as WeChat gets more local partners onboard.

It is likely that Tencent will be looking to push another popular feature before Hari Raya Aidilfitri next week. The “red packet” feature, which is basically a peer-to-peer money transfer service, could be adapted in Malaysia for Hari Raya. In China this year, 768 million WeChat users used this feature in just five days during the Chinese New Year celebration. With Tencent claiming that 60% of the 20 million users in Malaysia are Malay, this could be a fun party trick for Raya that may evolve into a legitimate daily usage feature for some users.

Where To Use WeChat Pay In Malaysia?

Tencent is likely to address where users can use WeChat Pay in Malaysia when it officially announces it, with rumours of a 11 June official launch date being mentioned. But this is likely to be just formalities, because the company has already engaged Hong Leong Bank as the merchant acquirer for WeChat Pay services in Malaysia late last year. This means Hong Leong Bank will be the touch point for local merchants and businesses who wish to support WeChat Pay as a payment option. Initially, this was to support the influx of Chinese tourists who use WeChat Pay, but it appears this move was also to provide end-to-end support for Malaysian users as well.

Compare the best Hong Leong credit card

Compare the best Hong Leong personal loan

In addition, Tencent is also expected to announce some merchant partners that will accept WeChat Pay at launch. Given the huge amount of WeChat users in Malaysia, there is also an incentive for retailers of all sizes to embrace WeChat Pay. After all, the process is exceptionally quick and seamless, and can easily be conducted on their smartphones.

With Bank Negara pushing for a standardised QR-based mobile payments platform, it is only a matter of time before we can use e-wallets like WeChat Pay virtually anywhere. Bank Negara has already issued dozens of e-wallet licenses since last year to a wide range of companies, from Grab to Digi, in addition to the traditional banks.

Is WeChat Pay Safe To Use?

WeChat Pay works just like any other QR-based mobile payment service. In fact, this is a much safer option than using cash. QR-based transactions can be done two ways: by the user scanning the merchant’s unique QR code, or the merchant scanning the user’s unique QR code. After scanning, the merchant or user keys in the amount to pay, and the transaction is complete.

WeChat Pay’s Quick Pay feature can also be set to have a payment PIN request upon each transaction. This means that upon scanning the QR code and keying in the transaction amount, the user is required to enter a six-digit payment PIN before the transaction is made. This can be disabled if the user prefers it.

In addition, the user’s QR code is time-limited: the app generates a new unique QR code every minute, so nobody can snap a photo of your unique QR code and try to pay using it. On top of that, each QR code is only valid for one transaction. Finally, the maximum daily amount of payment made via Quick Pay is RM4999.

Read Also:
WeChat Pay Introduces Smart Order Feature To Order And Pay At The Table

Also, WeChat Pay Malaysia cannot be used on jailbroken or rooted smartphones. There’s even a FAQ inside the WeChat Pay service, which can be found in the triple dot menu button on the top right of the app.

Why Malaysia?

It is no surprise that Tencent selected Malaysia as the first country outside of China to expand WeChat Pay’s services. In a report by Reuters last year, Tencent Senior Vice President S Y Lau, revealed that Malaysia was a great starting point for expansion, before adding that the company already has an e-payment license issued by Bank Negara Malaysia – a regulatory permit that will allow it to roll out WeChat Pay in Malaysia.

“Malaysia is actually quite large in the sense that we have 20 million WeChat users, huge potential, and the market is quite warm towards internet products from China,” Lau said at the time.

Read Also:
Frequently Asked Questions About E-Wallet Security, Answered

Time To Go Cashless

In the coming weeks, we’ll likely hear more about WeChat Pay in Malaysia, both from Tencent as well as its retail partners. Could this be the catalyst for the start of Malaysia embracing the idea of a cashless society?

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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No more "Butts" - Stop smoking and Save up Instead!

Smokers, the time has come for you to stub out that cigarette once and for all. It is bad for your health, but we all know this. A picture, as they say, is worth a thousand words.

In case you’ve forgotten about the health implications (ignorance is bliss after all), we’ll show you again some of the anti-smoking images you’ll find on any packet of death sticks.

But wait! There’s more…

There is another reason why we
suggest
you stop smoking – this costly habit is burning a big fat hole in your pocket (and lungs!). As of this week, the majority of cigarette brands in Malaysia would have raised their prices to
RM13.00
 for a pack of 20’s; an increase of RM1 since October 2013. Not that expensive, you say? But do you know what else you could purchase with only RM13.00 in your pocket?

A plateful of
chap fan
with rice, chicken, meat, vegetables, and three different types of
kuah,
and a glass of ice lemon tea.

A movie ticket for one

A bouquet of flowers for your mom (maybe not roses but gerberas’ are very pretty too)

A t-shirt at the night market or Sungei Wang Plaza (which you could wear over and over again)

Open a junior savings account for your little siblings / kids / nephew or niece

A pack of rice (5kg
super tempatan
) from Tesco

A whole chicken from Tesco; and last but not least

A hearty plate of
nasi lemak + ayam rendang

Instead, smokers are choosing 20 sticks of Dunhill over
nasi lemak
? We are appalled.

BAT, JTI, but not Philip Morris (yet)

Tobacco companies are not increasing their prices willy-nilly; they are forced to do so due to “cost pressure”. But not all companies will follow suit. So far, only two out of the three main tobacco companies in Malaysia have succumbed to the price hike – these two companies are British American Tobacco (BAT) and Japan Tobacco International (JTI). Together, they produce cigarette brands like Dunhill, Kent, Lucky Strike, Pall Mall, Winston, Mild Seven, Camel, Salem and Benson & Hedges.

But Hey-ho! Fans of Marlboro, Sampoerna, and L&M get to cough for another day since the tobacco company that these brands belong to, Philip Morris, will maintain the prices…For now.

RM1 might not mean much, but keep in mind that in 2008, a pack containing 20 cigarette sticks is around RM8.20, and now you’re paying a whopping RM10.50 to RM13.50 per pack.

The Cost of Smoking: How Much are You Burning?

Most smokers usually have this thought in mind: “I only need X packs per week, unlike that guy over there who smokes two packs per day. I’m saving tonnes of money compared to that guy!” Allow us to shatter that illusion because as long as you’re smoking, you will be burning a BIG hole in your wallet. Let us explain why (assuming that your preferred cigarette brand is Marlboro – RM12.00 per pack):

1 pack per week: RM12.00 per week x 52 weeks = RM624 per year. That’s
RM12,480
 in 20 years.

3 packs per week: RM36.00 per week x 52 weeks = RM1872 per year. That’s
RM37,440
 in 20 years.

7 packs per week: RM84.00 per week x 52 weeks = RM4384 per year. That’s
RM87,360
 in 20 years.

If you’re smoking ‘just’ one pack per week for the next 20 years (assuming cigarette prices move in line with inflation), your savings could be as much as RM12,000. The value is equivalent to a down payment for a car or a trip to Europe!

If you choose to deposit RM624 into a
12-month fixed deposit account
 instead of spending it on butts (cigarette, not Nicki Minaj’s), you could save even more money and earn up to
3.95% interest rate
 on your savings.

Other Costs To Consider

Oh yes, there’s more. So maybe you are in your 20′s now and don’t have to fret about the side effects of smoking. However, keep up your habit and in ten years’ time, you will be paying more than you bargained for. Some of these costs include:

Life Insurance Premiums
 – Smokers will be listed in the smoker risk category, which means a higher premium. This is because the mortality rate for smokers is much higher than it is for those who don’t smoke.

Medical Cost
 – Smoking obviously increases the risk of many types of long term chronic illnesses; which means that a good medical insurance is a must to cover any possible health implications. Or else, medical bills will undoubtedly cause a  huge strain in your financial budget.

Dental Care
 – Smoking causes teeth to decay faster, which means more dental bills!

So there you have it, folks: some solid reasons to put out the fire in your lungs and your wallet. We’re not trying to be preachy; but with that much
nasi lemak
 to give up to fund the habit, we just had to say something.

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British American Tobacco (BAT)

Camel

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Japan Tobacco International (JTI)

Kent

L&M

Lucky Strike

Marlboro

Mild Seven

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About THE AUTHOR

Balkish Rosly

Balkish Rosly

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