1 x winner for The Richest Man in Babylon by George S. Clason book + Muji 2020 Planner in Black from Suyin Invest– personal finance Youtuber!
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As part of an outreach campaign, members of the financial media – including personal finance bloggers like yours truly – were invited to the office of Life Insurance Association Malaysia and treated to a first-hand presentation of the latest update within the investment-linked products industry.
Even the CEO of Life Insurance Association of Malaysia (or LIAM for short), Mark O’Dell attended the meeting. He’s like the top boss in the insurance industry. His background is very, very impressive. Happy to report he was approachable in person.
Let me share with you how LIAM explains investment-linked products. It’s quite clever.
Investment-Linked Products, explained using Nasi Lemak
Ah, credit cards. The enabler of reckless spending, yet such a useful financial tool when utilised right.
How useful is useful? And how enabling? I had to ask. Naturally, I turn to the RoR audience – I wanted to know the biggest swipe they have ever made on their credit cards. Not just that – I also asked if they themselves thought it was a good decision.
Here are their answers. Thanks to everyone who contributed!
Isn’t it amazing that you can use your money to buy more time?
Using money to buy time, as a concept, did not come naturally to me. When I was younger, I spent a lot of hours looking for the best deals.
This money approach went on until I ran out of things to cut from my expenses. Looking back, I could’ve used all that time to make extra money, or learn high-income skills
(but hey it’s not good to dwell on the past)
The realisation that money can be used to buy time also forever changed my attitude towards money. Despite being obsessed with personal finance, I no longer glorify money in itself. What’s the point of having money if I have to work all the time? What’s the point of having money if I can’t spend time with loved ones, or make them happy?
I’m not alone in this view. Recently, I asked the RoR audience about the expenses they’re happy to pay for because it saves them time. Here are some of their answers, republished with permission.
What did you pick as your first investment? Your second? Third? And so on?
As always, when I got curious about anything personal finance, I turn to the crowd. I asked the RoR Facebook community about their first, second and third investments. How did they interpret the common advice to ‘diversify your investments’, and how does the order look like?
How do members of the Malaysian personal finance community first get interested in personal finance? What sparked this fascination for money management?
I was curious, so I asked that question during a mini-forum in Ringgit Oh Ringgit FB page one day.
The answers were as varied as you’d think. They were so interesting, I reached out and asked if I could compile them here. Here you go – why Malaysians got interested in personal finance, in their own words.
As I sat down with Rafiz Azuan Abdullah, the CEO of PIDM or Perbadanan Insurans Deposit Malaysia and asked my questions, it occurred to me that this man is truly at peace with doing a thankless job.
If you’re unfamiliar with what PIDM does, they are basically a government authority that provides protection for your deposits, as well as takaful and insurance benefits in the unlikely event a PIDM member institution fails.
For example, let’s say Bank X somehow goes bankrupt and you have RM10k saved there. As Bank X is a PIDM member bank, PIDM will make sure you get your RM10k back immediately.