Be An International Supershopper Using the Powers of the Internet

Do you shop for things online? Of course you do. It’s quick, convenient, and in some cases can even be lighter on your wallet that regular shopping. But there’s one feature of buying things online that we think is often overlooked by most people: international shopping.

Why Would I Want to Shop Internationally?

That’s a fair question to ask. There’s no reason why you should purchase anything out of the country if all you want is already sold locally, right? But there’s plenty of good reason to shop internationally for things that we just don’t get here. Like:

Books
 – Some books are difficult to find locally, heavily censored or banned, or are in foreign languages that make them too niche for the local market.

Foodstuffs
 – Ingredients or brands that don’t exist here can be bought online internationally. If you ever want to check out the hundreds of KitKat flavors they have in Japan, or hard-to-find exotic spices.

Region-exclusive Merchandise
 – T-shirts, mugs, or posters of movies that you like but aren’t available locally. Some models of electronics or devices also might be regionally-exclusive and can only be bought online.

Special Interest Items
 – If you have a very specific hobby that’s not all that popular locally, going online might be the only way for you to get the gear, equipment, or materials necessary.

Shopping internationally is also a fun way to culturally enrich ourselves without ever leaving the house. We can try out popular
snacks from all over the world
, pick up new languages by reading our favourite titles in the language we want to learn, or just fill up our house with
international knick-knacks
 that guarantee to make for great conversation pieces.

Okay, But Shipping Prices Are Crazy Expensive…

They don’t have to be. There are resources online where you can search for stores that ship internationally for free.
My International Shopping
 is one such resource that collects information about all the online marketplaces that offer free shipping worldwide into a searchable index.

If you’re looking to get more specific, you can check out
DealExtreme
, a site that offer free worldwide shipping, specialising in gadgetry,
Book Depository
, which focuses on books, or
Asos
, which focuses on clothing and fashion. These sites offer free worldwide shipping above a certain threshold that’s typically more than what you’d spend on individual items anyway.

Sellers are always looking to get their wares to the most number of people. In the future, expect more of your favourite online marketplaces to offer free or at least more competitive rates for international shipping.

What if Something I Really Want Doesn’t Ship Internationally At All?

As it turns out, that’s not a unique problem. Like we said, people want to sell their goods to as many people as possible. But in some cases, the revenue they would make off of the sale don’t justify them covering the shipping costs. Thankfully, entire companies have sprung up to pick up the slack when it comes to this issue.

These services work essentially by buying items on your behalf. Typically they have headquarters in the country where you want to shop at and they’ll offer to buy the item for you and ship it to you. Popular countries that have this service that caters to international shoppers include
the US
,
France
,
The UK
,
Germany
, and
Japan
.

What About Payment? Is it Safe to Buy Things Online
And
 Internationally?

Of course. There are three major ways to go about paying for your item online that’s accepted across all online marketplaces: debit cards, credit cards, and online money transfer services like PayPal. However, among the three, we recommend the use of credit cards.

This is because with debit cards, it’s riskier if your details get stolen and with online transfer services, if your money is mistakenly sent somewhere you didn’t intend it to go, it’s much harder to get the cash bank into your account. In the case of credit cards, if you report fraud quickly, banks will typically reverse the charges without much fuss. In addition to it being safer, credit cards are also good for racking up credit rewards for your use later on.

A Word on Custom Duties

Also known as ‘import tax’, it’s the tariff everybody has to pay when purchasing items outside of the country. The good news is, you can avoid the payment completely as long as you follow some basic practices.

All you have to do is keep your purchases below RM500 and make sure that you don’t buy anything explicitly for resale purposes. Sometimes, whether or not you get taxed might be at the discretion of the customs officer your package is handled by, but so long as you keep to what we suggested, chances are good that you can avoid paying import tax entirely.

With the tips we shared with you above, you’re now ready to buy anything you want from any store in the world! Use these powers wisely. Speaking of using credit cards, check out our review of
the best ones to use for online shopping
.

Do you think you have some cool international shopping tricks we haven’t uncovered yet? Share with us your wisdom in the comments section down below!

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Top 5 things you need to know about personal loans

Personal loans are a good way to get cash on the double for

whatever you may need it for. But for many, the need may come at a time where

they are simply too hard-pressed to pay much attention to terms and conditions.

The good thing about personal loan products is that they

seldom differ, regardless if they are an [AmBank personal loan](
https://ringgitplus.com/en/personal-loan/AmBank-AmMoneyLine.html
) or from other banks. For almost every personal loan; there are only five salient

questions you need ask yourself and the bank in question to get the information

you need to make a decision.

#1: Is a personal loan necessary?

Personal loans can come with quite a few fees, charges and

some high interest rates. Consider if there is no other option besides a personal loan at present. If it is not an emergency; consider saving up over a

period of time or if that isn’t an option; refinancing property could provide

additional cash at a lower interest rate (but you will still be charged legal

fees for a new loan agreement!).

Credit cards may have a higher interest rate but there is

the added flexibility of repaying everything within a shorter period without a

penalty fee.

Before even considering the technicalities of a personal

loan, ask yourself if you’ve truly exhausted every other way to obtain the

money.

#2: Do I need security/particular relationship with the bank to qualify?

For some easy personal loan products; loans are only given to

those with a fixed deposit, investment fund, unit trust or some other account

(such as a savings or credit card) with the bank in question. Sometimes it

isn’t so much a pre-requisite for approval but a way to get a loan with a lower

interest rate.There are also loans specially for civil servants or government-linked company workers.
Find the best loan for you
.

#3: How much interest will I be paying?

For most people, loan tenures are unlikely to be just a year

and thus, it will be important to consider how much interest you will be paying

for the whole duration of the loan.

New Bank Negara guidelines have reduced tenures of personal

loan financing to 10 years. However, most loans to non-government sector

employees are not affected as tenures are usually capped at 7-8 years. Even at

this number; the level of interest paid for a 6 year loan can be extremely

high.

Typically, a loan amount of RM10,000 with a 9% p.a. interest

rate will cost you the following amount in interest depending on 2, 4 or 6

tenure.

Rate

9%

Loan amount

RM10,000

24 months

48 months

72 months

Principal repayment

RM416.67

RM208.33

RM138.89

Interest payment

RM75

RM75

RM75

Monthly repayment amount

RM491.67

RM283.33

RM213.89

Total interest paid

RM1800

RM3600

RM5400

For each year, the interest rate will be calculated based on

the opening amount and not the remaining balance for most personal loans
[1]
.

As such, you will be charged the same amount of interest every year no matter

how much of the principal you’ve repaid. As illustrated above; a six year

tenure for an RM10,000 loan is charged interest up to more than half the

borrowed amount. However, the repayment monthly only differs by a small amount.

Paying off your loan in two years saves you RM3600
[2]
.

Stretching out your loan for a longer tenure can make the monthly payments more

affordable but total cost of the loan goes up significantly.

Here’s a graphical look at the reduction of monthly

repayment versus the increased interest rate:

#4: How much can I afford to repay every month?

Looking at the interest charged above; if you can afford to

repay your loan quickly, it would be advisable to do so. Consider all

commitments. However, if the minimum is all you can afford to repay; it will be

inevitable to choose the longer repayment schedule: paying more interest but

with a lower risk of defaulting.

#5: What other fees and charges will I incur?

Many are shocked to find that the disbursed loan amount is

lower than what they had applied for after deducting the banks ‘fees and

charges’. If you were to apply for a loan at exactly the amount you require;

the shortfall may cause some inconvenience. There may also be penalties for

early settlement or late payment. Some banks even require that you take out

Takaful insurance on the loan and this will cost you in insurance premiums. Always

check the bank terms for one or more of these most common fees and charges:

1.

Processing fee

2.

Stamp duty

3.

Early termination fee

4.

Late payment penalty fee

5.

Insurance fees

Personal loans can become an even bigger burden than any

other loan product because of late payment fees and high interest rates. Always

consider these four vital points before signing on the dotted line.

[1]

Very few personal loans work on a reducing balance method. Do check with the

bank of choice which method they would employ to calculate your interest.

[2]
 Based on a comparison with a six

year loan.

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Experts: GST Good For The People, But Now Is Not The Right Time

(Image: The Star/Azlina Abdullah)

Several economic experts have said that reimplementing the Goods and Services Tax (GST) will be good for the country and, in turn, the people. However, they believe that now is not the right time for the government to do it.

Economics professor at Sunway University, Dr Yeah Kim Leng stated that the GST will help the government to broaden its tax base, and significantly boost its revenue. “It will help to narrow the fiscal deficit and allow the government to increase spending to counter any domestic or global economic shock,” he added.

However, Dr Yeah noted that reintroducing the GST at this time may likely increase the country’s inflation rate, although the impact can be moderated by setting a lower GST rate than the previous 6%. “Although it is not desirable to implement [the] GST in a rising inflation environment, the consumer price inflation projected for this year remains relatively benign at 2.2-3.2%,” he explained.

(Image: The Star)

Dr Yeah also said that reimplementing the GST now will adversely affect businesses that are still struggling from the impact of the Covid-19 pandemic, and is made worse by the ongoing Russia-Ukraine war. As such, it would be advisable to reintroduce the GST when the country’s economy is on a firmer footing.

In the meantime, Dr Yeah shared that the government may consider other alternatives to increase its revenue. These may include increasing corporate and individual income tax rates, and imposing taxes on capital gains, inheritance, and carbon or pollution. “The government can also raise revenue by selling assets and government-owned companies and privatisation of selected public services,” he added.

Similarly, economics professor at Malaysia University of Science and Technology, Geoffrey Williams also believes that the GST will be beneficial for the country. He stated that the GST will allow the government to redistribute the extra tax revenue to the lower-income groups through a negative income tax or tax credit system. The taxation model will also help to reduce income taxes on individuals, households, and companies.

(Image: The Star)

Like Dr Yeah, Williams, too, said that the GST should be reintroduced after Malaysia’s economy has recovered. Additionally, the government must first relook into the previous implementation of the GST and address its shortcomings, he said.

Williams further proposed that the GST should be part of a wider tax reform. This involves reducing other taxes, and including a separate tax on luxury goods. He noted as well that the government should reform taxes for companies, particularly as many small and medium enterprises (SMEs) purposely declare zero profits to avoid taxes. “Large companies reallocate profits using transfer pricing to avoid taxes so many wind up paying less tax than their employees. This needs to be addressed,” he commented.

(Image: Focus Malaysia)

Meanwhile, chief economist of Bank Islam, Dr Mohd Afzanizam Abdul Rashid stated that the government must ensure that the people are well-informed of the GST before reimplementing it. “It’s not about getting the prices of goods and services lower. It’s about being efficient in collecting taxes, and to avoid a shadow economy from prospering,” he explained.

Additionally, Dr Mohd Afzanizam said that the government must also introduce relevant measures to minimise the impact of the GST on the lower-income groups. These may include providing cash transfers and targeted subsidies to the identified groups.

Late last month, Prime Minister Datuk Seri Ismail Sabri Yaakob had said that the
government is keen to reintroduce the GST
 to increase the national revenue. He assured that the government will aim for a reasonable GST rate that will benefit all parties, if the taxation model is reintroduced.

(Source:
The Star
)

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Can You Walk Your Way to a Cheaper Insurance Premium?

We’ve all heard the saying that “health is wealth”. This old proverb is often taken to mean that you should value your well-being and fitness over money and material gain. However, sometimes being healthy can literally translate to having more money in your pocket. That is to say, maintaining a healthy lifestyle can actually save you money. Given a chance to stay healthy and lower your premiums, would you grab it?

Fit to Fight Away the Bills & Pills

Keeping active and fit decreases your chances of injury and contracting diseases. The boost to your immune system also means you’re less likely to fall sick or if you do, you would be able to recover much faster. All this means that you’d be saving money on expensive medication and physical therapy, since there’s less chance of you needing it.

Fit for More Freedom of Employment

Not enough people think about this, but chasing career opportunities requires one to be of good health too. Jobs that require frequent travel, long commutes, or just physical labour will be less accessible to those who don’t take good care of their health. You would definitely be a lot wealthier if you can do more jobs than you could with a fit body.

Fit to Step up for Rewards

According to the World Health Organisation, walking is a crucial pillar to lifelong health. On average, Malaysians only walk 3,963 steps a day, making it one of the lowest average daily step count countries. So why not get your feet moving and get rewarded for it? Sounds awesome, right?

RHB Insurance is collaborating with BookDoc, an online platform that operates across the healthcare continuum connecting patients to healthcare professionals anytime and anywhere, aiming to cultivate healthy living habits by introducing a special wellness programme “Live Activ” for their medical insurance customers.

This application connects patients with medical care professionals while also allowing a fitness tracker to access the user’s average daily steps alongside other measurable metrics. The programme offers attractive premiums to users who take care and maintain their health as well.

Fit to Lower Your Risk Profile

As most people know, insurance premiums depend on how risky your profile is as a policyholder. Your premiums would be lower if you’re younger, and yes, healthier. So the smoker among you might consider quitting to lower your insurance premiums.

Another way RHB Insurance encourages a healthy and active lifestyle is through their MediSure Supreme Insurance. You are entitled for a guaranteed renewal up to 100 years old in the event of no claims after 1st policy year. You can even opt for a discounted plan up to 75% of your premium if you are looking for a cheaper premium but same coverage offers.

As you can see, staying healthy can save you tons of money, even on insurance premiums. If you need more information about MediSure Supreme, you can check out RHB’s official website right here.

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Standard Chartered’s 30% discount on Liverpool FC jerseys

You’ll never walk alone with Standard Chartered. The bank is offering a pretty good
30% discount on Liverpool FC 2012/13 Home and Away jerseys.

The jerseys are not sold by cash, but may be redeemed via the bank’s
Online Rewards Redemption website.

If you don’t have sufficient reward points, you can even make a partial credit card payment to redeem the jerseys.

Promotion is valid until 31 December or while stocks last, whichever is earlier. Here are the
T&Cs
 for your consideration.

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Forbes Lists Maybank, UOB, And Standard Chartered As Top Three Banks In Malaysia

Business media giant Forbes has named Maybank, UOB Bank, and Standard Chartered Bank as the top three banks in Malaysia in its latest World’s Best Banks survey. This is followed by OCBC Bank and Citibank in the fourth and fifth spot, respectively.

On its website, Forbes explained that its global survey – which was carried out in partnership with market research firm Statista – sought to rate banks based on a few criteria. These included customers’ general satisfaction (30% of the score), their willingness to recommend the bank (30%), as well as customer ratings in five key areas (40%), such as trust, digital services, and customer service.

The media giant also noted that the numbers of banks ranked will vary based on the size of the country, the survey audience, and how many banks they named; each bank must be rated by at least 250 customers in order to make it on the list, and companies do not pay any fee to participate. So for instance, while Forbes had rated five banks for Malaysia, it assessed many more for other countries such as United States (15 banks), Australia (15 banks), and Vietnam (10 banks).

Overall, more than 48,000 customers have participated in the global survey – carried out in 14 languages across 32 countries.

As one of the banks to make it onto Forbes’ list for Malaysia, Standard Chartered’s chief executive officer Mak Joon Nien thanked the bank’s clients for the trust and continued support over the years. “We are truly honoured to have received this meaningful and prestigious recognition. As Malaysia’s first and oldest bank for 148 years, we continue to be committed towards keeping the client experience at the heart of our value offering,” he said.

Meanwhile, Maybank is Malaysia’s largest bank by market capitalisation and total assets, whereas
UOB had recently acquired Citi’s consumer banking business in Malaysia
 (as well as in Indonesia, Thailand, and Vietnam).

(Sources:
Forbes
,
Free Malaysia Today
)

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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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Income Tax Malaysia: Quick Guide to Tax Deductions for Donations and Gifts

As you begin to file your taxes this year, armed with receipts of eligible purchases to help you maximise tax reliefs, don’t forget to include your donations, gifts of money, and contributions as well. When donated or given to avenues approved by the Lembaga Hasil Dalam Negeri (LHDN), these contributions can qualify for tax deductions that can lighten your tax burdens.

That said, what constitutes LHDN-approved donations, gifts, and contributions? Is there a limit to how much you can deduct? Here, we answer some basic queries of tax deductions for donations and gifts.

What are the LHDN-approved donations and gifts?

LHDN has listed as many as nine categories of donations, gifts, and contributions that you can claim as tax deductions:

Categories

Maximum Limit Of
Tax Deduction

Gift of money to the government, state government, or local authorities
–
– Gift of money to approved institutions, organisations, or funds
– Gift of money or cost of contribution in kind for any approved sports activity or sports body
– Gift of money or cost of contribution in kind for any project of national interest approved by Ministry of Finance
– Gift of money in the form of
wakaf
 to any religious authorities, public universities; gift of money in the form of endowment to a public
university
Individuals:

(all categories combined)

10% of aggregate income

Businesses:

(all categories combined)

10% of aggregate income

Gift of artifacts, manuscripts, or paintings
–
Gift of money for provision of library facilities or to libraries (limited to RM20,000)
RM20,000
Gift of money or contribution in kind for the provision of facilities in public places for the benefit of disabled persons
–
Gift of money or medical equipment to any healthcare facility approved by the Ministry of Health (limited to RM20,000)
RM20,000
Gift of paintings to the National Art Gallery or any state art gallery
–

To find out if the institutions, organisations, and bodies that you are donating to are recognised by LHDN, you can visit its
website
 for an extensive list. Naturally, donations to organisations or charity bodies that are not recognised by LHDN will not be allowed for tax deductions.

Of particular note are contributions made for the nation’s fight against the Covid-19 pandemic; you can claim these contributions as tax deductions until the government declares the pandemic to be officially over. This includes donation made to the
Covid-19 Fund
 that was set up in 2020 to help those affected by the pandemic. Do make sure that you are able to provide supporting documents to verify your donations, such as official receipts and bank slips.

How do tax deductions for donations, gifts, and contributions work?

Like tax reliefs, tax deductions will help to reduce the amount you need to pay tax on. However, while tax reliefs are applied to your chargeable income, tax deductions are applied to your aggregate income. Your
aggregate income
 is essentially the total of all your taxable income from employment, rent, royalties, and so on.

Here’s quick scenario to briefly illustrate how the whole thing works. Ahmad has an aggregate income of RM60,000 and makes a donation of RM5,000 to an approved institution in March 2022. Since this donation is limited to 10% of his aggregate income, he can claim RM6,000 (10% x RM60,000) in tax deductions.

Thus, his chargeable income after taking the tax deduction for his donation into account is RM60,000 – RM6,000 = RM54,000 – thus lowering the amount of tax he has to pay.

Is there a minimum amount of donation required to qualify for tax deductions?

LHDN did not set any such figures; you are generally free to donate as much or as little as you like. However, some organisations will inform you that they have a certain level of administrative costs that they need to cover, such as postage and subscriptions. As such, they may require you to donate a set minimum amount if you wish to claim for tax exemptions.
WWF Malaysia
, for instance, requests for a minimum donation of RM10.

What information is needed for tax exemption receipts from approved institutions?

Individual donors need to provide the following details to organisations in order to obtain an official tax exemption receipt from them:

Donor’s name

Identity card number/passport number

Complete mailing address

This was highlighted in the revised
Guidelines for Application Of Approval Under Subsection 44(6) Of The Income Tax Act 1967
 (dated 15 May 2019). According to the document, organisations are requested to issue official tax exemption receipts only for donors who have provided all required particulars.

***

With this, we hope that you are able to understand a bit more about tax deductions for donations, gifts, and contributions, and can use it to lighten your tax burdens. If you have any other questions about filing your income tax, do check out our
Income Tax
 page.

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    chang

    2 years ago

for donor particular, does same requirement apply to non approved organisations?

0

Reply

    Wan

    2 years ago

Hi.

I’m from a registered sports body. What can I help provide to my potential sponsors that can help them in tax deduction from sponsorship?

31

Reply

    J W

    1 year ago

Hi, in the scenario above, Ahmad donated RM5000 and then deducted RM6000. Does this mean 10% can be deducted even though the donation amount is lower? Thanks.

43

Reply

    Fong

    1 year ago

Do you have info on 200% Tax Exempt matters ?

0

Reply

    Devaraja Karapanan

    1 year ago

Where do I need to download the tax exemption form from LHDN website

Tq

0

Reply

    kim

    11 months ago

Hi

I have a one question

Where is gift donation find LHDN allowed organization

0

Reply

    Partha

    6 months ago

I donated over RM 1000 for a registered temple. But later when I filed my taxes and claimed for the donated amount they did not honour because Iam a non-resident. I did not know that Malaysia does not encourage non residents to donate. I will keep this mind and spread the word so that they will be cautious.

-1

Reply

    Sarina

    3 months ago

Is donation to UN’s World Food Programme (WFP) tax deductible in Malaysia?

1

Reply


LHDN Willing To Wipe Slate Clean For Late Taxpayers Under Special Amnesty Programme

(Image: Malay Mail/Hari Anggara)

The Inland Revenue Board (LHDN) has reiterated that it is offering a full reset for taxpayers who come forward to declare past income or amend erroneous past tax filings under the upcoming Special Voluntary Disclosure 2.0 Programme (PKPS 2.0). The special amnesty programme – which is set to run for one year, from 1 June 2023 to 31 May 2024 – is organised in a bid to encourage more Malaysians to fulfil their tax obligations.

Aside from wiping the slate clean for affected taxpayers, the programme also
offers a full penalty waiver for any unreported tax voluntary disclosed
. “There will be zero penalties under PKPS 2.0. This is an opportunity for everyone to come forward openly and honestly, especially those who are aware that they have not been paying taxes and have not been declaring or over-claiming tax reliefs or rebates,” said the chief executive officer of LHDN, Datuk Mohd Nizom Sairi.

That said, Datuk Nizom emphasised that there is a caveat to the zero-penalty perk offered under the PKPS 2.0 programme; only individuals and companies that are not currently under audit or investigation by LHDN are allowed to tap into it. Otherwise, both new and existing taxpayers from all categories who did not declare their income in past years, or have incorrectly filed their taxes and would now like to amend them, are welcome to take advantage of the programme.

(Image: The Edge Markets)

For context, the PKPS 2.0 programme was proposed under the revised Budget 2023, following the good results of the first PKPS programme when it was introduced back in 2018/2019. Under PKPS 1.0, however, taxpayers were mainly allowed to enjoy a reduced penalty for previous trespasses, namely a discounted 10% or 15% penalty for the late submission of their tax returns. The reduced rate also applied to undeclared or under-declared income, as well as over-claimed expenses, rebates, and reliefs. Those who had deliberately or inadvertently under-declared their incomes were allowed to pay lower penalties as well, as compared to the usual 45% or 300%.

Given the improved benefits provided under the PKPS 2.0 programme, Datuk Nizom urged taxpayers to make the most of it. “Don’t wait till the last minute to participate in the programme. LHDN will continue doing its job of selecting high-risk cases for audit or investigation. If you don’t come forward and your case is selected and discrepancies are found, then the window of opportunity for the zero penalty will be closed,” he further said.

Datuk Nizom also reassured that LHDN will do its best to ease the tax filing process for the public. “If there are disputes, we will negotiate and see if we can come to a mutual agreement,” he noted, adding that the board will only take legal action as a last resort, if a resolution cannot be found.

(Source:
Malay Mail
)

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PM: Civil Servants To Receive Special Cash Aid, Improved Remuneration Package In 2023

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has announced several perks and improvements to the remuneration programme for civil servants and pensioners, set to take effect in January 2023. Among other things, these include an additional RM100 annual salary increment, as well as special financial assistance (BKK) of RM700 for civil servants, and RM350 for retirees and military veterans.

According to the prime minister, the additional annual salary increment of RM100 will be made available to Grade 11 to Grade 56 civil servants. “So if the annual salary increment for those in Grade 11 is currently RM80, in 2023, he will receive the basic increment of RM80 and an additional RM100, bringing the total to RM180,” he explained, adding that a total of RM1.5 billion has been allocated to benefit 1.28 million recipients via this initiative.

Meanwhile, civil servants in Grade 56 and below will receive a special financial assistance of RM700, whereas government pensioners and non-pensionable veterans are entitled to a payment of RM350. Both aids will be paid out in January 2023.

(Image: New Straits Times)

On top of that, the government is also taking steps to improve the remuneration and compensation package for civil servants. One such improvement is the increase in maximum days for the cash award in lieu of leave (GCR) benefit, up from the existing 160 days to 180 days.

“The government understands that because of the heavier tasks coming their way, many civil servants were not able to take their annual leave. With the increase in the GCR, they can save their annual leave for a cash reward for their retirement later,” said Datuk Seri Ismail Sabri.

Additionally, education service officers of more than 10 years will be entitled to 15 days of special annual leave – up from the current 10 days. This is expected to benefit approximately 500,000 teachers.

Moreover, the government is expanding the definition of family members for the unrecorded leave facility involving the death of close family members. At present, civil servants can only take unrecorded leave for funeral affairs of their spouse, biological parents, parents-in-law, and children. Come next year, they can also apply for unrecorded leave for the funeral of siblings and grandparents.

(Image: Bernama)

Not only that, officers who have achieved the maximum salary will also see improvements made to their annual salary movement. “The government has agreed to improve the fixed rate of 3% received by officers who have reached the maximum salary to a new rate, which will be standardised according to grade for all service classifications, effective 1 January 2022,” said the prime minister, adding that a circular with detailed explanation on the matter will be issued soon.

Ultimately, Datuk Seri Ismail Sabri hoped that the improved benefits will motivate civil servants to help the government achieve its aspirations. “If their productivity can be increased, the country’s economy will be strengthened, and the government will surely be able to improve infrastructure and facilities for the Malaysian Family as a whole,” he stated.

(Source:
The Edge Markets
)

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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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Are You Really Ready For the Costs of Having a Baby?

A
minister made the news not long ago for asking Malaysians to have more children
. Whilst her concern over population growth is understandable; it cannot be viewed as separate from the issue of cost of living that hampers greatly the ability of wage earning Malaysians to bear and care for more offspring.

They say each child costs about RM1 million to raise until they are able to spread their wings to fend for themselves – but what exactly are these costs that first-time parents discover along this blissful journey of parenthood?

We asked new parents and reveal some of the costs having a baby usually brings.

Medical Bills

Children in infancy have yet to build the requisite immunity to all of life’s environmental hazards and illnesses. They are most of the time more likely to contract a sickness compared to adults.

That said, newly weds or parents-to-be have to be prepared for late night trips to the local clinic or hospital and forking out varying amounts for medicine.

There is always the option of using the company medical card that covers the family, but if this is not available – a reliable
medical card
 should do the trick.

Remember, that if your insurance does not cover maternity costs during labour and after care – that too will burn a huge hole in your family coffers even before baby comes home!
Consider a women’s insurance policy
 to cover this event if you can afford it.

Education

Probably the most sizable cost in the entire list is indeed a child’s education – no doubt it does not pull a sneak-attack on parents but a certain degree of preparation in terms of funds will definitely go a long way.

Parents could opt for the investment-linked insurance maturity route or cultivate the saving habit in your child by setting up a
junior savings account
 where excess lunch money is saved or simply chucked under the mattress.

These savings eventually add up to quite a sum at the end of the day, and would most certainly take out the pinch in exorbitant tertiary education costs and especially when you have more than one kid to look after!

Daily Care

Infants grow out of clothing quickly and every month may add a new need to the list such a childproofing accessories, cots, cradles, car seats and more.

Some daily care items are a huge shock one off cost but others can continue (diapers, creams, wipes, etc) leaving hefty bills in their wake. Diapers can be very expensive especially if they are of good quality and able to care for baby’s sensitive skin.

Consider these costs because raising a healthy child, especially in the beginning is crucial… and expensive.

Nutritional Requirements

In order to build that aforementioned immune system; good nutrition is paramount. A child, depending on their needs will require suitable milk powder (soy for those children who are lactose intolerant) fortified to help them get nutrition that they won’t be getting from food anytime soon.

Once they are able to eat, baby food with the requisite vitamins can also cost a pretty penny.

Compromising on the quality of nutrition your child gets won’t really save you money in the long run when you’re faced with a child who is frequently falling ill.

Day Care

If both parents are working (and in this economy, who can afford otherwise?); you will need to get some help. Happy are those who have in-laws or parents to help take care of their children but if you do not have that option; looking up a suitable day care may be the only way.

Decent day care doesn’t come cheap. Word on the street is that the starting price is RM700 and will vary depending on the needs of the child; what is provided by the day care; how many hours of care is required; and how popular the centre is with parents (a good centre can actually have wait lists up to years long!).

Support Activities

Not all children shine at school immediately and some may need extra coaching in the form of tuition or skills development training.

Although it is something not often discussed; there may be some children who need extra support in doing the basic things like speaking, writing and communicating.

These support activities aren’t popular as parents already struggling to feed a child will simply think “it’s just a phase; he/she will grow out of it!”. But if you find your child is not quite growing out of the inability to speak or respond – it might be worth checking why.

The Miscellaneous

A child doesn’t just mean an extra mouth to feed – it means the need to buy that extra plane ticket on a holiday; that extra room when away from home; that extra want for new things and of course, an influx of toys!

All of this is extra cost that may not be visible until you actually experience them for yourself but it pays to think ahead. Can you afford an extra person in your family budget?

What Can We Take Away?

Some young parents around this writer kicked off their marriages with the confidence of a racehorse up against a turtle – but only came to realise that the child’s coming into the world would set off a chain reaction of pretty costly events.

On the other hand, some other parents prepare themselves zealously and end up with extras that help them pull through the sequential events of their kid’s livelihood – which helps tremendously in family planning.

If you at any point do realise that you are back-pedaling, you could always fall back on financial securities like a good
credit card
 or a
personal loan
 that can put you back on the desired course.

That said, it would be much better to save for it so why not
open a fixed deposit with a pool of savings
 the minute the decision to have a baby comes up?

Having a baby in trying economic times isn’t as easy as some would have us believe but it’s not impossible either! Stay focused on your goals and plan ahead. In the end, when you hold your baby for the first time, we’re sure you will find the sacrifice to be worth it.

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Alliance Bank Teases Launch Of A New Credit Card

Alliance Bank will be launching a new credit card on 21 October 2021, based on a teaser post that the bank made on its Facebook page.

Without revealing much on the product, the bank merely said that it is something “that will make you say Wah! So pro.” Meanwhile, the image shared showed the edge of what looks like the new card’s design, which follows the vertical design employed by Alliance Bank’s two latest cards, the Visa Platinum and Visa Infinite.

Beyond this teaser, there’s nothing else on Alliance Bank’s official website, YouTube channel, and Twitter account. That said, we will continue to keep an eye out for any extra clues that the bank may drop as we approach the reveal date in another 9 days.

UPDATE: it appears that the new card will be the Alliance Visa Signature, and based on the latest teaser image, it will be a black-coloured card with a green outline.

(Source:
Alliance Bank
)

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Alex Cheong Pui Yin

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Scoot Partners With The Pokémon Company, Begins Selling Tickets For Pikachu Jet Flights

Low-cost airlines Scoot has officially announced a collaboration with The Pokémon Company (TPC) to begin selling flight tickets for its very own Pokémon-themed aircraft, dubbed the Pikachu Jet. With this, Scoot – a subsidiary of Singapore Airlines (SIA) – also becomes the first ASEAN airline to join TPC’s Pokémon Air Adventures project, and to launch an exclusive livery as part of the project.

In a statement, Scoot said that its Pikachu Jet will begin flying starting from 9 September 2022, with two scheduled flights per month. At present, only two routes have been set, as detailed below:

Singapore – Tokyo (Narita)
: SG$333 (one-way, inclusive of taxes)
Singapore – Seoul (Incheon)
: SG$231 (one-way, inclusive of taxes)

These flight routes will be reviewed periodically, with adjustments made based on customer demands.

But that’s not all. Lucky passengers who are travelling on other routes may occasionally also have the chance to fly on the exclusive-themed aircraft, even if they did not specifically book to fly on one of the marketed routes! This is because the Pikachu Jet will be rostered on other routes as well, as part of regular airline operations. Scoot noted, however, that these happy coincidences will be subjected to operational and maintenance needs.

As for the Pikachu Jet itself, Scoot revealed that the airplane is a Boeing 787-9 Dreamliner, which has the capacity to fly 375 passengers at one go. Of the total number, 35 seats are allocated for ScootPlus (Pemium Economy class) passengers, while the remaining 340 seats are for Economy class passengers. The livery, meanwhile, will feature various popular Pokémon, including Pikachu and Lapras.

“At Scoot, we are constantly pushing boundaries to bring delight and a dose of Scootitude to our customers. Through this strategic partnership with TPC and hugely popular global franchise, we seek to engage our customers with unique travel experiences, creating unforgettable moments and memories while connecting them with much-loved destinations across our network,” said the chief executive officer of Scoot, Leslie Thng.

Following this announcement, Scoot and TPC are set to host a joint event soon, where they will unveil the exclusive livery, as well details regarding the scheduled flights and inflight experience. Passengers and Pokémon enthusiasts can also anticipate the launch of collectibles that are exclusive to this partnership between Scoot and TPC (can be purchased during flight bookings on Scoot’s website and mobile app, or onboard Scoot flights).

TPC first announced the Pokémon Air Adventures (Flying Pikachu Project) in June 2021 to revitalise the aviation and tourism industry in Japan following the Covid-19 pandemic. Aside from Scoot, another airline that has also recently joined in on the project is
China Airlines
. Pokémon Jets, meanwhile, made their first appearances in 1998 with ANA (All Nippon Airways).

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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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e-pay To Discontinue Its Online Prepaid Reload And Bill Payment Service

E-payment service provider e-pay has announced that it will be discontinuing its EVE platform and service, effective 15 April 2022.

In a Facebook post, e-pay reassured that the discontinuation will not impact the services that are offered by its merchants and partners, but did not share the reasons for this decision. “We will continue to be focused on innovation, so your customers can have the best experience with us as we move forward,” it said instead.

To clarify, epay’s EVE service is an online service that allows users to purchase reloads for mobile, international direct dialling (IDD), and online gaming services, as well as make various bill payments. It is accessible through both website and mobile app, with entities such as Maxis, Celcom, Digi, Astro, as well as Air Selangor and PTPTN listed as its merchant partners.

Meanwhile, e-pay itself is owned by GHL Systems Berhad, one of the pioneering payments processing companies in Malaysia. Back in February 2021, both e-pay and the EVE platform were briefly propelled into the spotlight following an
allegation of data breach
.

During the incident, the personal details of as many as 380,000 e-pay users were said to have been put up for sale on a database marketplace forum. GHL had also explained then that the EVE platform is a standalone system, and disruptions to its services will not impact other e-pay and GHL businesses or operations.

e-pay users with enquiries regarding the discontinuation of the EVE platform can contact e-pay’s Customer Care at 03-5623 6000, or email the customer service team at
[email protected]
.

(Sources:
e-pay
,
Lowyat.NET
)

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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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What is a Standing Instruction?

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Diana Chai

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Government Urges Malaysians To Spend On Local Products To Spur Economy

(Image: Bernama)

Prime Minister Tan Sri Muhyiddin Yassin has launched the Buy Malaysia campaign, along with the annual Mega Sale promotion, in a bid to revive the local economy that was subdued by the Covid-19 pandemic.

In launching the initiatives, Tan Sri Muhyiddin also urged the Malaysian public to “spend for Malaysia”, stating that every ringgit spent – especially on local products – will help maintain the competitiveness of the nation’s economy. “By spending, it will create a multiplier effect on the economy, create more job opportunities, and increase the people’s income,” he said.

The prime minister further explained that the government is now focused on boosting the domestic economy through the Buy Malaysia campaign as it wishes to reduce the nation’s dependence on imported products. This is seeing as the pandemic has also taken a toll on the global economy, causing cashflow problems in both SMEs and multinational corporations alike.

To recap, the Buy Malaysia campaign is an initiative that was introduced as part of the
PENJANA economic recovery plan
. With an allocation of RM20 million, it is intended to increase the visibility of Malaysian wares in hypermarkets and e-commerce platforms, as well as to boost the consumption of local products and services.

“Malaysia must have the capability to produce critical products such as food and beverage, medical devices, medicine, petrochemical products as well as personal protection equipment such as masks and gloves. With such capability, we can reduce currency outflow and subsequently boost export of local products,” said Tan Sri Muhyiddin.

Tan Sri Muhyiddin also noted that the domestic tourism sector could help to revive the economy. This is especially since statistics showed that as much as RM103.2 billion revenue was generated from 239.1 million domestic tourists alone in 2019.

(Image: Malay Mail/KE Ooi)

Additionally, the prime minister said that this is not the first time the Buy Malaysia campaign has been implemented in the country. The Malaysian government had previously introduced a similar programme in 1984. “The spirit of the ‘Buy Malaysian Products 2020’ campaign is similar to the one in 1984, aimed at promoting domestic spending,” he said.

The latest Buy Malaysia campaign will see the Domestic Trade and Consumer Affairs Ministry collaborating with nine other ministries to carry out the necessary steps and promotions. Other players – such as the Malaysia Retailers Association, Malaysia Retail Chains Association, Federation of Manufacturing of Malaysia, Malaysia Shopping Malls association, major retailers, and e-commerce platforms – may also be roped in to assist the effort.

(Source:
The Star
,
New Straits Times
)

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Hong Leong Partners With PayNet To Launch Visit Sekinchan 2023 Campaign

Hong Leong Bank has partnered with Payments Network Malaysia (PayNet) to launch the Visit Sekinchan 2023 campaign, in an effort to promote Sekinchan as the first cashless
kampung
in Malaysia. This continues from an earlier effort by the two entities to enable all Sekinchan residents and businesses with access to full-fledged banking and cashless payment facilities.

The Visit Sekinchan 2023 campaign will see local businesses in Sekinchan ready to now serve urban and digitally savvy tourists with the convenience of cashless payments, making good use of the facilities that they have been empowered with in the past months. Aside from public markets, restaurants, and accommodations, places of worship in Sekinchan – such as the famous Pantai Redang Datuk Kong Temple – too, have adopted cashless payment methods to provide visitors with a more convenient and discreet method of donating.

Visitors to Sekinchan during the campaign period can also take part in a digital treasure hunt called SekinGo, which is set to run until 30 April 2023. Tourists will need to visit 20 locations across the village to earn SekinCoins by scanning QR codes, which in turn allows them to win up to RM15,000 worth of prizes.

“The Visit Sekinchan 2023 campaign is an important milestone for us, not only in recognising the significance of going digital in our financial management and payment transactions, but the value it brings to the socio-economic growth of the town. It will also spur local development as our small businesses can now explore other digital business options, such as e-commerce and expand their products further afield,” said the Selangor assemblyman for Sekinchan, Ng Suee Lim.

Meanwhile, group managing director and chief executive officer of Hong Leong, Domenic Fuda said that the bank’s efforts in helping to advance Sekinchan is in line with its role as a community bank. “Part of our ESG commitments is our dedication to closing the digital gap between urban and non-urban areas, and ensuring all communities benefit from digital and financial inclusivity, which is key to fostering progress and development for the country,” he said.

Prior to this campaign, Hong Leong has worked with PayNet
since July 2022 to transform Sekinchan into a cashless
kampung
 in phases
. Among other things, the bank facilitated the opening of bank accounts and issuance of debit cards for the Sekinchan community without having to visit a bank branch. Additionally, business owners received an HLB DuitNow starter kit, consisting of a DuitNow QR and a payment terminal that accepts card and QR payments.

During the process of rolling out these initiatives, HLB staff members also made it a point to visit participating vendors and businesses to address their concerns and assist them in gaining confidence when using the digital tools. This is as Sekinchan’s merchants indicated that they understood the importance of providing cashless options, especially for visitors, but lacked the confidence to utilise the tools as they were less tech-savvy.

“We have seen how cashless payments can increase the value of sales for vendors as customers are likely to spend a little bit more without worrying about looking for an ATM in case they’ve run out of cash in hand. We hope that now, with the added convenience of being cashless-enabled, it will rejuvenate domestic tourism, entice foreigners to visit, as well as provide an opportunity to expand the business via e-commerce,” said Fuda.

Aside from Sekinchan, PayNet is also working with several other financial institutions to transform more rural areas as part of its ongoing Cashless
Kampung
project. These include
Bario in Sarawak
 (with RHB Bank) and
Changlun in Kedah
 (with TNG eWallet).

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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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Maximise Savings This 11.11 With Lazada And Shopee Credit Card Promo Codes

With the biggest online shopping festival just around the corner, we’re sure many Malaysians are already getting ready to shop on their favourite online stores come 11 November. To entice customers, e-commerce sites such as Lazada and Shopee – two of the biggest in Malaysia – frequently offer many promo codes to help customers save even when they spend.

The best part? Banks always work with these sites to reward their customers for using their credit cards. To help you save time searching, here’s a list of promo codes you can use on Lazada and Shopee, as well as general terms and conditions.

Lazada 11.11 Bank And Credit Card Promo Codes

AmBank

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: 1,500 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

Aeon Credit

Promo code:
collect here

Discount: 11% off minimum spend of RM150, capped at RM25

Quantity: 2,400 (first come, first served)

BSN

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: 500 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

CIMB

Promo code:
collect here

Discount: RM15 off minimum spend of RM150

Quantity: 4,250 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

Citi

Promo code:
collect here

Discount: RM22 off minimum spend of RM150 (Citi-Lazada Co-Brand Card Only)

Quantity: 1,000 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

Hong Leong Bank

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: 2,000 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

HSBC

Promo code:
collect here

Discount: RM20 off minimum spend of RM200

Quantity: 3,000 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

Maybank

Promo code:
collect here

Discount: RM18 off minimum spend of RM150

Quantity: 8,000 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

Public Bank

Promo code:
collect here

Discount: RM12 off minimum spend of RM150

Quantity: 2,000 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

RHB

Promo code:
collect here

Discount: RM15 off minimum spend of RM150

Quantity: 4,000 (voucher available for collection at 12am, 12pm, 4pm, 8pm)

Shopee 11.11 Bank And Credit Card Promo Codes

CIMB

Promo code:
collect here

Discount: RM30 off minimum spend of RM180

Quantity: 2,000, available from 9-11 November

Citi

Promo code:
collect here

Discount: RM20 off minimum spend of RM150

Quantity: N/A

Promo code: 11CITI

Discount: RM45 off minimum spend of RM200

Quantity: 1,300, first come first served

HSBC

Promo code:
collect here

Discount: RM20 off minimum spend of RM200

Quantity: 2,875 (first come, first served)

Public Bank

Promo code:
collect here

Discount: RM33 off minimum spend of RM200

Quantity: N/A

RHB

Promo code:
collect here

Discount: RM20 off minimum spend of RM150

Quantity: N/A

UOB

Promo code:
collect here

Discount: RM15 off minimum spend of RM120

Quantity: N/A

Shop smart and save more

For Lazada, the bank codes collected above can stack with store voucher codes
and
 Lazada-specific vouchers, allowing you to save even more when you shop on 11.11. On top of that, the e-commerce giant continues to evolve and improve with its promo codes now being distributed throughout the day, allowing more people to collect them (and not just night owls!) Plus, the introduction of
payment support for TNG eWallet
 opens up more opportunities to save as you spend.

Meanwhile, while Shopee does not allow you to stack multiple promo codes, you can offset your purchases with Shopee Coins, which are worth 1 sen each. Note also that Shopee’s bank promo codes are more valuable this time around, with Citibank and Public Bank’s codes being particularly valuable. However, the fact that Shopee’s own “coins cashback” vouchers are now only applicable for its
ShopeePay e-wallet
 (which does not accept credit cards for reloads), you won’t be able to stack Shopee vouchers with credit card perks.

Finally, don’t forget to save even more by shopping with the
right credit cards that offer cashback for online purchases
 – just make sure you combine them with the right bank promo codes!

Happy shopping!

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About THE AUTHOR

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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A Quick Guide to Submitting Your Documents Online

It’s true that applying for banking and insurance products online can be easier than tracking down a branch and scheduling an appointment. However, this makes it a little harder for the companies to verify your identity, which is why they rely so heavily on the documents you submit.

A certain standard of quality is applied on all scanned documents to prevent fraud and used as a security measure to accommodate the world going digital. So, here are some tips to help you ensure your scanned documents are up to par.

Don’t have a scanner at home or at work?

Relax, there is another way to scan your documents, sitting at your fingertips. That’s right, you just can take a photo of the documents with your phone.

Fortunately, banks and insurers will accept photos of your documents as long as they meet their requirement for a scanned copy and have a good image resolution. Here are some tips to ensure that photos of your documents will be accepted.

1)
 Place your IC on a piece of blank white paper. For this part, it is in your best interest to use a fresh piece of paper to avoid complications. (You will see why.)

2)
 Ensure the surrounding area is free from clutter. If not, the photo you take might not resemble a scanned image/ document.

3)
 When you taking the photo of your document, make sure your phone is parallel to your document. One way to help you achieve this is using the paper as the frame.

4)
 It is advisable to use natural light with no flash for the photo. Try not to use the flash to avoid blocking out certain details on the document.

5)
 For NRIC copies, you need to do the first four steps twice for both the front and back of your NRIC.

6)
 You can always use a photo editing tool to spruce it up if you need to.

The following is the end result that you should achieve.

Digital Copies

Not all documents need to be scanned for bank submissions as you might already have it in a soft copy format. Documents such as your credit report, EPF statement and salary slip can be easily obtained online.

Always Be Prepared

We hope that you have found this article useful. Remember that it is advisable to check with your bank or insurance provider on what is the acceptable in terms of document submission, before you start preparing them.

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    Kaname

    2 years ago

Brilliant!

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Government To Adjust Affordable Housing Prices, Reviews Household Income Data

(Image: The Sun Daily)

The National Housing Department has revealed that it is reviewing the latest Household Income & Basic Amenities Survey Report, as well as the new poverty line income (PLI) to help it adjust for more appropriate house prices.

According to the Deputy Housing and Local Government Minister, Datuk Seri Dr Ismail Abd Muttalib, the study is necessary following the announcement of the new PLI and classification of households by the government.

The government had recently revised the PLI from
RM980 to RM2,208
, based on the
Household Income & Basic Amenities Survey Report (2019)
 released by the Department of Statistics Malaysia almost two weeks ago. Additionally, the government has also increased the
income threshold for B40, M40, and T20 households
, as well as further break down the three main categories into another 10 sub-categories.

“(Now) the interpretation and method of measuring affordable housing in Malaysia take the median multiple methodology as the main indicator to assess the ability to own a house,” said Datuk Seri Ismail during a session with the Dewan Rakyat. He then explained that at present, affordable house prices used in affordable housing programmes are determined via the formula of median income x 12 months x 3.0.

With the reveal of new median household incomes and the PLI, the calculation will need to be duly updated to reflect the revisions as well.

(Source:
The Sun Daily
)

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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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Vegetable, Seafood Prices Expected To Spike For CNY 2023

(Image: Malay Mail/Shafwan Zaidon)

Malaysians will likely need to pay more for their vegetables and seafood in the upcoming Chinese New Year in January 2023, due to expected floods during the approaching monsoon season. Malaysia’s monsoon season is predicted to begin in mid-November 2022.

Farmers have warned that the supply of vegetables could be reduced by up to 15% as produce planted on the lowlands would be destroyed in floods. Meanwhile, the president of the Kuala Lumpur Vegetable Wholesalers’ Association, Wong Keng Fatt said that supply may likely only return to normal in February.

“Any flood later this month and the next will definitely affect the supply of vegetables in January, and that in turn, will cause prices to skyrocket when the lunar new year demand kicks in,” said Wong. Wong’s sentiment is also shared by the president of the Federation of Vegetable Farmers Association of Malaysia, Lim Ser Kwee.

Aside from vegetables, the supply of fish, too, is expected to plummet and cause prices to increase during Chinese New Year in 2023. Chairman of Kuala Lumpur Hoi Seong Fish Wholesaler Association, Sing Kian Hock said that although the supply is currently adequate, seas will turn unpredictable or rough during the monsoon season, which will then cause most fishermen to avoid going out.

(Image: Bloomberg)

Sing further said that this situation could be made worse by seafood restaurants, as they would buy up selected catches – such as the highly coveted black pomfret – directly from the fishing boats via contract. “They are snapped up [by the restaurants] as soon as the boats dock,” he said, adding that this will add to its scarcity.

Chairman of the Deepsea Fishermen Association, Mohd Yusery Mohd Yusoff also urged customers to start stockpiling their favourite seafood for Chinese New Year now instead of waiting to buy them closer to the date. “The weather is unstable right now, so anyone wanting their favourite festive dishes should start stocking up now. Otherwise, tiger prawns that cost around RM60 to RM70 per kg now may go up to RM150 or more later,” he shared as an example.

The Chinese community will celebrate the Lunar New Year on 22 January 2023.

(Source:
The Malaysian Insight
,
Yahoo Malaysia
)

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Shopee Now Allows Shoppers To Stack Vouchers To Save Even More

Shopee has finally allowed the stacking of voucher codes in a single order, which means shoppers can potentially save more money by combining seller vouchers with platform vouchers.

Effective today, shoppers can collect seller vouchers and combine them with any platform vouchers available. The seller vouchers will be automatically applied at checkout, and even better, you can still use the free shipping vouchers which means you can stack up to three vouchers in a single order.

In practice, this means you stand to save quite a lot more, and no longer need to decide between choosing the shop voucher or the Shopee platform voucher. For example, you can now apply both
F&N’s shop voucher (RM8 off RM55)
 as well as
Shopee’s platform voucher
 (15% coins cashback for Groceries and Pets via ShopeePay) to stock up on your
favourite F&N beverages
.

This is very similar to how Lazada revamped its voucher mechanism, which allows for multiple voucher stacks. That said, Lazada allows an extra voucher stack compared to Shopee: you can stack seller vouchers, payment vouchers (applicable for payment via specific banks or TNG eWallet), as well as Lazada’s own platform vouchers. On top of that, Lazada also recently offered free shipping vouchers just like Shopee.

Another thing that Lazada does better with its voucher system is the “first claim” basis: successfully claiming one means it is yours to use at any time during the validity period – but this means it can be extremely difficult to get the popular or valuable vouchers. Meanwhile, Shopee’s voucher system works on a “first redemption” basis – anyone can claim the vouchers when they are released, but unlike Lazada, claiming it doesn’t guarantee it’s yours to use anytime. You need to be among the allocated number of voucher redemptions – if you’re too late, the voucher will expire automatically. That said, Shopee’s “coins cashback” vouchers generally have higher value.

Regardless, this is an important step by Shopee that works out for the better for Malaysian consumers to get more out of their spending on both e-commerce platforms. On top of these stackable vouchers, Malaysians can save even more by using the right credit cards that offer
cashback for online shopping
.

(Source:
Shopee
)

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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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Common Investment Mistakes Even The Most Experienced Investors Make, And How To Overcome Them

Throughout an investor’s lifelong journey, there usually are moments where we wished we would have acted differently. Whether it is hesitating on an investment or worse, riding the hype train on a trade only to be badly burnt after. Investment mistakes are common, and most of the time, even the most experienced investors make them.

Whether you’re just starting out or a seasoned investor, here are some of the most common investment mistakes we usually make – and of course, we’ll share some strategies on how to overcome them.

1) Falling in love with a stock/asset/trade

(Image: The Edge Markets)

This is a fairly common mistake many new investors make. You made one, two, maybe three successful trades on this one single stock, and think of the huge gains you made – this stock is now the Apple of your eye, and you “definitely” can’t fail trading this stock after your successful trades. So when you spot another opportunity, you go in – big.

Then it happens. A material change within the company, for example. Or, like the Glove Stock Rally of 2020, the short-lived cycle was shorter than expected. Suddenly, the gains from the multiple successful trades evaporate into unrealised losses.

Can it get worse? Of course. Your love for the stock blinds you. “Look at the fundamentals” or “This is just a correction” or “Buy the dips”, you say. Except the dips keep on dipping, and dipping…

What’s most painful are the realisations:

The market always moves ahead of actual events
The market can be irrational longer than you can stay invested
You fell in love with the stock/asset/trade

2) Trusting strangers online

Let’s be honest: it’s hard to allocate time to actively monitor your investments – and it’s even harder to research new investment ideas that will yield the 10-bagger every investor dreams of.

So some of us try to “outsource” this by looking for investment tips online – there seems to be an endless stream of investment gurus who just want to share tips and ideas that are “sure win” types…because he says so. Some of them even share their ideas for free, so no losses right?

Of course
you know the answer
. And of course, some still diligently follow their tips hoping for a quick punt.

3) Over-trading

Every investor has a finite amount of funds to invest. Sure, financially-savvy ones set aside some amount every month so there’s always some funds to invest. But here’s a dilemma modern investors face: these days, there are
a lot
 of channels where an investor can get information from.

Even if you remove investment gurus out of the equation, there are various community-driven platforms where retail investors share investment ideas. Usually, these ideas are backed by extensive research and justification, and since it’s a community, the other users can weigh in and share their thoughts too.

So now you face a dilemma. You don’t have extra funds, but wow, this idea shared by this guy looks solid and you shouldn’t miss out! You decide to be smart about it and reallocate your portfolio, trimming or removing some positions to raise some funds for this investment. You don’t want to miss this train!

Fast forward a few weeks, and suddenly another user shares a gem of a company, unnoticed by the market makers. This looks huge, but alas! Your salary is not yet in and you’ve
just
 reallocated your funds to the previous wonderful idea. Maybe it makes sense to take some profit or cut losses on some of your existing holdings. Maybe the previous wonderful idea isn’t as good as this gem of a company, so you shuffle your holdings. The next month, another user shares another wonderful idea, and the cycle repeats.

With every trade, you pay a brokerage fee equivalent to a portion of the investment value, stamp duty, and some other fees – all in, they add up and eventually eat into your profits.

4) Getting emotional

Unless you’re a machine, every single investor at some point will make an investment decision based on emotion. Whether it is greed or fear, hope or pessimism, emotionally-driven investment decisions rarely go well – you end up realising significant losses or miss out on bigger gains.

Another emotion that rarely gets discussed is “revenge trading” or investing with the aim of recouping prior losses. This is an extremely dangerous emotion, because just like falling in love with a stock, revenge trading throws logic out the window and you end up taking on excessively higher risk with the goal of making back what you lost. You rarely, if ever, do.

5) Lack of patience

For most individual investors, investments should be a long-term game. Full-time investors and traders may aim for higher gains over shorter periods of time, but for the rest, wealth accumulation is a gradual process.

Unfortunately, that isn’t the case with some investors. If the investment idea doesn’t pan out within a few weeks or months, they cut their losses and move to another trade. This is sometimes exacerbated by the easy access investors have to review their portfolios – being able to trade and view your holdings from your smartphone is both a boon and a bane.

How to overcome investment mistakes

It is important to understand that investors can and do make mistakes. The more important thing is what we can do about it. We spoke to our licensed financial planners, and here’s what they have to share:

1) Have an investment plan, and stick to it

“Investing should not be thrilling or exciting,” said Hann Liew, a licensed financial planner and co-founder and director of RinggitPlus. “It is a gradual wealth accumulation exercise that, when done correctly, only gets better with time.”

Every investor should have an investment plan, which is based on their individual financial goal. This helps determine the portfolio size, allocation, and investment horizon. These clear indicators will help investors determine if their investments are performing as expected, or if tweaks are needed. Naturally, this isn’t something a common investor can do by themselves – that’s where a licensed financial planner can help.

The most important thing is to stick to the plan. Manage your expectations, review your portfolio regularly, and don’t let the market cycles change your conviction to the plan.

2) Don’t invest emotionally

As many investors can relate, emotional trades rarely go well. So how do you overcome this?

“Even for seasoned investors, emotions still do get in the way sometimes. Usually, it is fear or worry based on recent developments and how it may affect our investments,” said Azril Ikram, a licensed financial planner and Islamic financial planner.

“One strategy is to analyse whether these news or developments materially changes the investment – for example, if a company we invested in loses its CEO but already has succession plans in place, the market may over-react on this event. However, if a company suddenly announces that it cannot repay its debts, it may be time to review whether it is a short-term cash flow issue or something worse. Then, we make a decision based on the facts.”

3) Automate your investments

Another way to not be ruled by emotion is to simply automate your investments. “Dollar-cost averaging (DCA) is one of the most boring investment strategies you’ll come across, but it absolutely works. Bull or bear, simply invest a fixed amount at a fixed interval, and let Father Time do its job,” Hann said.

DCA is an age-old proven method not only to stay invested regardless of market conditions, but it also changes the narrative – with DCA, poor market conditions work for you, allowing you to purchase more units of an investment and lowering your average purchase cost. When the market recovers, you now have more units to reap benefits from.

More recently, the development of financial technology has led to the rise and popularity of digital investment management platforms, or better known as robo-advisors. These platforms take the pains of active investing away while retaining most of its benefits, using a mix of algorithms and portfolio customisation to automate your investments.

Robo-advisors, such as
MYTHEO
in Malaysia, are also more affordable and provide access to investment vehicles that most retail investors normally cannot invest in. MYTHEO goes a step further, offering features suited for both new and seasoned investors such as the exposure to over 10,000 underlying securities, an “omakase”-style approach to its dynamic portfolio allocation, and of course, a data-driven approach to your investments. Each MYTHEO investor’s portfolio is customised and auto-rebalanced to achieve an optimum combination of growth equities, income and inflation hedge asset classes. Plus, MYTHEO also offers standing instructions to further automate your investment and stay invested.

*****

Every investor’s journey comes with its ups and downs, and there isn’t a single investor who hasn’t made any of the mistakes listed in this article. What’s more important is what we do after and apply the lessons learned from making them.

What was your worst investment mistake? Share them in the comments section below!

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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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5 Cartoonishly Silly Products You Can Actually Buy

Running your own business means being aware that all products and services either fulfill a demand, or solve a problem. Once you realise this, you will begin to understand why things are made the way they are. How collapsible umbrellas solve the problem of carrying a long cumbersome thing around, how wheeled luggage solves the problem of lifting heavy bags, or how the modern smartphone consolidates different technologies into one handy device.

But sometimes, especially when you’re trawling around online, you’ll come across products that don’t immediately make sense. These are inventions that make you question what kind of market the seller was aiming for. Products that make you reconsider your understanding of your fellow humans. These items straddle the fine line between bafflingly stupid, and stunningly genius. Kind of useful, kind of not, these are 5 undeniably silly products that made it to the market.

Doggles

With their position as man’s best friend, dogs are the few animals who do quite a lot of the things that humans do, in much the way humans do them. They go out for walks, they go to the spa, and they even play sports with their buddies at the park on weekends.

But do they need to wear our clothes, too? These
dog goggles
 (goggles designed to fit the particular shape of a dog’s head) suggests that they do. According to the images on the site, the target consumer for these doggles look to be ‘dogs who ride motorcycles across highways’. We also recommend buying these for ‘lifeguard puppies’, ‘snowboarder chihuahuas’, or ‘chemistry lab assistant labradors’.

Face Blanket

Blankets are one of those inventions that aren’t really inventions. It’s a sheet of fabric meant to keep you warm at night. No technical innovation there. To be fair, since the first person to cover themselves in a blanket, there has been advancements to the product. Thicker fabric, more heat-retention, and so on. But the core design of it has never changed. Nor has it needed to.

That is, until the arrival of the
face blanket
. It looks much like a regular blanket but with smaller dimensions and a hole cut-out for the nose to poke through. With this, your face will never be cold again. Sure, you can just cover your face with a regular blanket, but why be so practical? This face blanket ensures that only your face remains warm, and that you still need a full-sized blanket to get comfortable. Comes in three fashionable colours.

Nose Gel Dispenser

What’s wrong with a regular gel dispenser? For one, it looks so
boring
. When your hand is dirty and you want some soap, pressing on a regular old dispenser just doesn’t match the pizzazz and excitement you expect from a bathroom fixture.

Good thing somebody had the clever idea to invent the
nose gel dispenser
. This dispenser looks like a giant nose, and to use it, you push down on the side of the nose to make the gel soap come out. Just like a real runny nose. Plus, attaching this to an otherwise featureless bathroom wall makes it look like one side of your bathroom is wearing a face blanket. Brilliant.

Boyfriend Pillow

Face blanket and regular blanket combo not warm enough for you? Some nights are like that. There are times when a warm face and body cannot make up for the cold loneliness one feels at the absence of a loved one to hold onto.

Enter the
boyfriend pillow
. Do you need a hug, but nobody’s willing to hug you? Why not a warm fluffy embrace of a pillow shaped like a quarter of a boyfriend? With this, you can hug and be hugged to your heart’s content. Hand-wash only.

Truck Nutz

These are
plastic testicles
 meant to be hung under your truck.

If you can figure out the thought process behind this invention, please write to us.

As you can see, now that anybody can sell anything to anybody else, there is no niche too small not to chase after. Because as silly as these products seem, somebody is still making money off of them.

Speaking of side businesses, check out our writeup on
how to turn any hobby into a side income
. You’d be surprised at the many ways the hobby you have right now can be turned into a tidy little moneymaking venture.

Do you know of any kooky products for sale out there? Maybe you sell some of them yourself? Drop us a line or leave a comment down below!

Photo credits: Amazon [
1
,
2
,
3
], and
“Operation Truck Nuts – Successful” by The359
.

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Malaysia’s Unemployment Rate In March 2022 Remains At 4.1%

(Image: Malay Mail/Choo Choy May)

The latest labour report from the Department of Statistics Malaysia (DOSM) has indicated that Malaysia’s unemployment rate in March 2022 remained the same as the
previous month
 at 4.1%. Despite the unchanged unemployment rate, the number of unemployed persons decreased by 0.4%, from 671,800 persons in February to 669,200 persons in March.

Chief statistician of DOSM, Datuk Seri Dr Mohd Uzir Mahidin noted that 83.8% of the total unemployed persons recorded in March consisted of actively unemployed persons – defined as those who are unemployed and are actively looking for jobs. The number of actively unemployed persons registered a decrease of 0.3%, from 562,500 persons in February to 561,000 persons in March. Additionally, 57.1% of the total actively unemployed persons were unemployed for less than three months, while 7.1% were unemployed for more than a year.

As for the number of inactively unemployed persons – described as those who believe that there are no jobs available – the report highlighted that there has been a decrease of 1.1%, from 109,300 persons in February to 108,100 persons in March. It further noted that the number of inactively unemployed persons had continued to decline for eight consecutive months.

Meanwhile, the number of employed persons in March recorded an increase of 0.2% to 15.77 million persons from 15.73 million persons in the previous month. On the employment categories, the employees category encompassed 76.5% of the total number of employed persons in March, posting an increase of 0.1% from February. This translates to a total of 12.06 million persons in the employees category in March, as compared to 12.05 million persons in February. The own-account workers category also increased by 0.6%, from 2.67 million persons in February to 2.69 million persons in March.

In addition to that, the number of employed persons who were temporarily not working increased by 5.6% to 93,900 persons in March from 89,000 persons in the previous month. The report noted that this was in part due to the school holiday period during the month.

Aside from the monthly labour force data, DOSM also released data on the labour force for the first quarter of 2022 (1Q22). Overall, the labour force in 1Q22 expanded by 0.7% since the fourth quarter of 2021 (4Q21), bringing the total number from 16.14 million persons to 16.25 million persons.

Of note is also the fact that the number of employed persons in 1Q22 had edged up to 15.57 million persons from 15.44 million persons in 4Q21 (0.9% increase). On the other hand, the number of unemployed persons remained on a declining trend, dropping by 3.3% from 694,400 persons in 4Q21 to 671,200 persons in 1Q22. Therefore, the unemployment rate for 1Q22 decreased to 4.1% as compared to 4.3% in 4Q21.

In view of the overall labour force situation, Datuk Seri Dr Mohd Uzir commented that the country’s transition to the endemic phase, the relaxation of Covid-19 containment measures, and the reopening of the national borders are expected to further boost the economy of the country. While the international crises, including the conflict between Russia and Ukraine, have affected the global supply chain, the direct impact on Malaysia’s trade may be minimal. “Therefore, in overall, the national economy as well as the labour market will expand further in the upcoming months as more positive signs of the economy were indicated,” he remarked.

(Source: DOSM [
1
,
2
,
3
])

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TNG eWallet Now Upgraded With Access To ASNB Funds

Touch ‘n Go (TNG) eWallet has enabled access to Amanah Saham Nasional Berhad (ASNB), allowing existing investors to conveniently view their ASNB accounts and invest in ASNB funds through the eWallet itself. The integration of this new feature is made possible via another existing investment facility on TNG eWallet, namely
GOinvest
.

According to TNG eWallet’s FAQ, this new feature will enable users to check on their existing ASNB accounts, as well as make new investments or top-up their current investments in all 17 unit trust funds offered by ASNB (categorised as either fixed price funds and variable funds). These include Amanah Saham Bumiputera (ASB), Amanah Saham Malaysia (ASM), Amanah Saham Nasional (ASN), ASN Equity Global, and
the latest shariah fund ASN Sukuk
 – just to name a few.

Here’s the full list of ASNB services that you can tap into via TNG eWallet:

Access your existing ASNB account to view your total investment, list of ASNB funds invested in, and last five transactions for each fund

Access your minor account and third-party accounts to view the list of funds invested in and last five transactions for each fund

Subscribe to new funds for own account and dependents

Invest in existing funds for own account and dependents

As you can see, the current ASNB feature on TNG eWallet is not yet able to support the opening of ASNB accounts. To do that, you’re still required to download the myASNB app or submit your application to ASNB branches and agents.

You’re also not able to redeem your ASNB investment through TNG eWallet. This, too, has to be done via the myASNB app or portal, or by visiting the nearest ASNB branch near you. Alternatively, you can speak to your agent.

Meanwhile, for those who are looking to invest in ASNB funds via TNG eWallet, note that the minimum initial investment for each ASNB fund via TNG eWallet remains unchanged at RM10. There is also a sales charge of up to 2% for variable price fund investments (but no service fee), depending on the fund that you opt for. Fixed price funds, on the other hand, have a service fee of RM1 (but no sales charge).

If you’d like to check out the new ASNB feature on TNG eWallet, you can simply tap on the “ASNB” tile on your TNG eWallet home screen. If you are unable to see the ASNB tile on your home screen, then tap on the GOinvest tile instead, and you’ll find ASNB alongside GOinvest in the navigation bar that pops up. From there, tap on “Start Now” and log into your ASNB account to enjoy any of the ASNB services that are available via TNG eWallet.

Alternatively, you may check out this video guide from TNG eWallet to help you access the ASNB feature on your eWallet app:

(Source: TNG eWallet [
1
,
2
])

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Alex Cheong Pui Yin

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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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