7 Smart and Easy Way to Be Rich in Malaysia. | WMA 富道学院

7 Smart, Easy and Quick Way to Be Rich in Malaysia.

2018 so far has not been particularly positively eventful for Malaysians as many wrestle with the rising living cost and skyrocketing house prices, political stir fry. On the economic front, the ringgit continues to weaken against the US dollar, and household debt has reached 89.1%, one of the highest in the region. Below are seven quick and easy tips to help you get your finances in shape for the near future:

1) Resolve To Learn Something New.

If you are one of those “I have no idea how bonds work” or “What is an EPF?”, then it is time to get educated. You do not need to be an expert to gain a working knowledge of investment rules. Neither do you have to spend a fortune on study materials. Just choose a couple of things you do not understand and make it a goal to learn them. Most of the time, you can learn them for free. We at WMA advice to attend a workshop, preview from numerous training providers on financial education, to build the new skill. Feel free to look at out events to continue.

2) Pay More Than The Minimum on Your Credit Card.

By now you should know that the term “minimum payment” is not an excuse to take your time to clear off that outstanding credit card bill. Remember: When it comes to paying your credit card, settling for the bare minimum makes you a slave to interest. It will also very quickly negate any investment returns you may be getting elsewhere.

3) Get Insurance Coverage.

According to a study, 4 out of 10 Malaysians do not have life insurance and among those who have one, have insufficient coverage for their loved ones. Life insurance policies are designed especially for those who have people depending on them financially, such as young children or elderly parents. It helps ensure that those you care about will be provided for financially, in the event you are no longer around or lose the capacity to provide them.

4) Maximize That Lifestyle Tax.

In his Budget 2018 speech, Ex Prime Minister Datuk Seri Najib Razak unveiled the lifestyle tax relief – a combination of tax reliefs for reading materials, computers, and sports equipment – which Malaysians can claim on a yearly basis. Know what you can claim when filing your tax returns!

PHOTO CREDIT: ASTRO AWANI

5) Clear your PTPTN Loan.

The National Higher Education Fund (Perbadanan Tabung Pendidikan Tinggi National, PTPTN) was set up with the aim of providing education loans to students pursuing their studies at local higher education institutions. According to the Department of Insolvency, the country is seeing an increasing number of young bankrupts as many of them are “burdened with study loans.” Well, Good News:
  • Under the 2018 budget, graduates get a 15% discount on outstanding debt for full settlement;
  • 10% discount for payment of at least 50% of outstanding debts;
  • And 10% discount for repayment through salary deductions or direct debt.
*These take effect from October 22, 2018 to December 2019.

6) Get A Part-Time Job.

Never short of options, among the easiest side-hustles is ride-sharing. With car ownership in Malaysia at the third highest in the world, according to Nielsen Global Survey of Automotive Demand. So, you would probably own a decent car that takes you from one point to another. Turn that into a money-making machine by just working 6 trips and 4 hours a day, you can can potentially earn anywhere around RM26,976 to RM28,476 in a year!

7) Establish A No-Spend Week or Weekend.

Incorporating a spending freeze into your budget is healthy on your finances. Do this by adding a no-spend week – it is a super way to save a little cash. The best things in life are free! 8) This is the extra tip you need to uncover the secret to be rich! Click the link, you will agree!  
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