One of my biggest fears in life is being forced to work to cover my living costs when I’m old and in pain. This article interviews people who are exactly in that situation.
Read the article, then note how you feel. For me, it was fear, helplessness and renewed motivation to work my ass off while I’m still young – in that order. If I have this much time to plan, I don’t have any excuse for letting the worst-case-scenario happen to me, do I?
First of all, the article’s accompanying image though hahahahhahahah:
The image kinda describes the e-wallet scene in Malaysia right now – there are so many players that you can’t help to wonder who will ‘disappear’ and who will make it in the end. The author’s predictions, backed with pretty solid arguments – is #5 as listed in its table of contents.
The dawn of the e-wallet infinity war
Does e-wallet provider need a license in Malaysia?
What is BNM’s policy on e-wallet?
Who are the e-wallet providers in Malaysia?
Which e-wallet providers will stay in the long run?
Will Malaysians use e-wallet?
Understanding e-wallet 1-2-3
Why should retailers & etailers care?
How to differentiate Static vs Dynamic QR payment?
Who will win: network-based or card-based e-wallet?
There’s a link in the article, right near the end, which points you to the e-wallets in Malaysia Facebook community. I’ve personally learned a few e-wallet-related money hacks from the group, can recommend *thumbs up*
I don’t agree that 10 minutes per day is enough to start and maintain a side business, but I like the idea behind the article – even if you’re swamped with work and chores, spend some time on your side business on a consistent basis because the effort adds up.
Some never get past Step #1 – decide what skills you have and what you can sell. Here are my 2 cents, for what it’s worth. Make your decision based on:
Something you’re good at, according to friends and family (if they never mentioned it, ask them)
Noticing problems that do not have solutions yet (protip: hang out with complainers for a bit and you’ll know)
Something you’ve always wanted to learn (I wanted to know how to build websites; RoR was born this way)
Skills that you learned from your job or hobby (easiest example: doctors who moonlight on the side)
A great list of money-making ideas. Some of them are not applicable to us Malaysians (do we even have mock jury duty jobs?), but most of them are possible.
I have personally done at least 11 of the ideas in the list, and in the process of doing one more – publish an (e-)book (the update). How many have you done, and what are you planning to do next to get more money?
A good summary of what you need to know about Pakatan Harapan’s #Budget2019 / #Belanjawan2019 announcement.
I like most things from Budget 2019, except:
P2P lending as a way to finance housing. From what I’ve observed so far, P2P lending’s interest rates are pretty high, from 12-18%. Why would anyone want to finance their home ownership via P2P lending, when normal housing loans are just around 4%? Also, apparently investors make their money on the appreciation value of the property. That makes the borrower a ‘custodian’ of the property, instead of for their long-term housing solution? It just doesn’t make sense, but to be fair we haven’t seen the full guidelines of the implementation method yet. So let’s see, but until then I’m highly sceptical.
Higher budget allocation for JAKIM. They got an additional RM100 million, from RM1.1 billion to RM1.2 billion. Sigh, expect more moral policing next year too I guess. Note: I’m not attacking Islam, I’m attacking Jakim. You can’t deny their actions give the religion a bad reputation, not only nationally but internationally as well.
A lot of people didn’t like the digital services tax. As a Spotify premium subscriber, this affects me too. But you know what? I’ll take the hit. First of all, I’m already paying lower because I’m in a family plan (related: 3 Ways to Get Cheaper Spotify Premium in Malaysia). Secondly, I’m just happy they didn’t increase the personal income tax, after it was lowered last year! This is pretty much the only ‘sacrifice’ I have to make, so OK la, no complaints!
MalaysiaKini has a handy tool to check how #Budget2019 will affect you personally. I can recommend it. Take it here, or click the picture below. Good job creators Lee Long Hui and Sean Ho!
Different headlines by different news publications reporting from the same source – ‘The State of Households 2018: Different Realities‘ report by Khazanah Research Institute.
There are lots of data inside both articles, but here’s what you need to know: the poor spend a much bigger portion of their income on expenses, leaving them without much safety buffer (if any) for emergencies.
With Budget 2019 coming up, I expect lots of financial support given to this income group (as it should).
When it comes to mutual funds and unit trusts, always follow this golden rule – the less fees, the better.
Those of you with mutual funds/unit trusts with 3% fees or more. You might want to check out this article. You’re losing way too much. A ridiculous amount.
I just checked my own portfolio. I have ASB (0.35% per annum management fee) and a PRS fund (1.5% per annum management fee). Both should be okay, since for the latter I got RM500 free from gomen (it’s RM1000 free now for under 30 years old) and up to RM3000 in tax rebate too.
(Out of curiosity. Those of you who took mutual funds and unit trusts by popular fund managements companies like Kenanga and Public Mutual. How much do they charge as management fee?)
EDIT: I’ve heard anecdotes that you can call them up to nego and reduce your management fees down to 2%. Worth a try if your fee now damn high and you don’t want to stop contributing there.
Surprising fact no 1: There are (at least) five active ride-sharing apps operating in the Malaysian market. Five!
They are: Grab, MyCar, MULA, EZCab and Dacsee. LOVE this article comparing the prices plus waiting times for each of them. I’m already a Grab and MyCar user – I think I’ll install EZCar too because the price looks pretty good.