Money in Daily Life
Connecting Money Management and Time Management
“For me, retirement just means that I am able to spend more time doing the things I already find meaningful in life. I won’t have to devote X hours a day to doing tasks that earn money. Rather, I can pick and choose among things I want to do and not have to worry at all about income.
Although this post is more about time management (and a very good post to say the least), I'd like to share that quote with you. If you had all 24 hours to yourself each day, how would you spend it? What projects would you take on?
Once you have a list of those activities that get you excited, replace the idea of retiring to becoming able to do those things every day. That will definitely help in the quest of making early retirement early.
Friendships and the Financial Turnaround
Are you hanging out with a group of friends who live an extremely expensive lifestyle? Would they still accept you for who you are if you stopped trying to one-up their possessions (let alone, live a more sustainable lifestyle)?
If not, then maybe it's time to expand your friend groups to also include ones that would be able to accept you without having to impress them with possessions.
Different People, Different Goals
Some people find their calling and purpose in life through their career path, and others find their calling and purpose elsewhere. What matters is that you find your calling, not where you find it.
In the end, don’t let people who have different goals than you chide you or make you feel bad for the goals you have. Your goals are yours and yours alone, not theirs. Similarly, there’s no reason to chide others for having goals different than your own.
We all have our own goals and aspirations. And if yours requires more money or more time to make happen, you're at the right place.
image from shutterstock
Grow Your Wealth
Investing Ain’t Hard, Here’s 10 Simple Tips
The 10 tips are:
- Understand Your Current Finances
- Familiarize Yourself with the Basics
- Set Your Investing Goals/Objectives
- Determine Your Risk Tolerance
- Identify Your Investing Approach/Style
- Understand the Costs of Investing
- Have a Reputable Advisor
- What to Choose for Your Initial Investments
- Control These Two Emotions: Fear and Greed
- Periodic Review and Adjusting your Portfolio
This blog goes into it in more depth if you'd like to learn more.
Slow with debt repayments? Only 55% of Malaysians pay on time!
If you or someone you know is having trouble managing their debt or finances, AKPK’s services such as their Debt Management Program (DMP) is free of charge. A registration is all that is required to have a free counseling session with them.
The second best investment you can make (number 1 is investing in yourself) is to pay off your credit card debt. Although it may seem like you're only required to pay a small amount, they are actually charging you 20%+ in interest over the course of a year.
This also means that by paying it off, you're keeping 20% more of your money. Guaranteed (as opposed to the stock market which has no guarantees).
If you or anyone you know does have credit card debts, please see how AKPK can help you!
How Fast Can You Double Your Money?!
If you divide the world population into two groups, the first group consists of those who can double their money fast, which is the minority. The second group is the majority of the middle class and the poor, who either don’t think it is possible or don’t know how they can make it.
Which group do you belong?
Do you know what the best ways of making money are? Yes, investing can allow you to double within a few years, but for most people, the best way to double their money is to be able to command a higher salary. Become so valuable that the company you work for would be stupid not to give you the salary.
Another way to double your salary is to create your own side project that can slowly replace your current income (hence, doubling your income). This will take more work than the last suggestion, but it does have the ability to constantly double for decades.
Either way, they will both take hard work and sacrifices. The only question is if you're willing to accept it.
Cool Opportunities
BigPay – The Best Travel Credit Card for Malaysians?
If you ever travel out of Malaysia and use your credit card, then this is BIG (pun intended). AirAsia has released BigPay, a prepaid mastercard that you can easily top up through the BigPay app and be able to use instantly.
But more importantly, BigPay charges you at the real exchange rate (which means they charge no fees). This is something you won’t get if you were to go to your bank or some exchange counter.
In fact, I plan on only using this when I go to Toronto in December.
Anyway, if you don’t have one yet, you can sign up for free and get RM10 free when you use referral code B7D3YNZPGO.
Talking to an Independent Financial Adviser
A big issue when you work with someone who calls themself a financial advisor is you do not know if they really have your best interest at heart. That’s one of the main reasons why I never work with any (the other one is that most of them get trained to say what the company wants and thus, do not know of all the other cool opportunities out there).
However, I’ve been talking to an independent financial adviser the last few months and I do believe that not only is she knowledgeable, but also super open to sharing her knowledge.
If you’re interested in talking to her, join our facebook group and ask your questions. She will definitely find time to pop by and answer them.
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