Money Management

Team Focus Wealth Planner
(IP0281218-K)

35, Jalan Seenivasagam,
Wisma Prudential,
30450 Ipoh,
Perak, Malaysia.

Tel/Fax: (6) 05 - 255 2118
Mobile: (6) 016 - 422 2118

Home

Money Management

10 Basic Pointers To Manage & Grow Your Money

Save your money


	1.	Make Savings a Priority & Decide on the Amount You Want To Save. Adopt the concept of Pay Yourself First, e.g., 10% of your gross income. Set SMART goals for short-term and long-term savings, e.g., buying a car, PC, home. SMART = Specific, Motivational, Achievable, Realistic, Time-framed.

	2.	Have a Budget and a Personal Financial Statement (Balance Sheet). These are tools for mapping the roads to take in your financial journey. Your budget is your spending plan and it will help you find the money for savings. Your goal is to increase your Net-Worth.

	3.	Create a Monthly Cash Flow Statement. Knowing your In's (Income) & Out's (Expenditure) will help you control your expenditure. Gain control of your money and get out of the debt trap. Prioritise your needs & wants.

Invest your money


	4.	Use Unit Trust Funds to Grow Your Money. Open a unit trust account is a good start into the world of investment. Enjoy the benefits of potential higher returns with professional management, diversification, affordability and liquidity. Multiply your money using the power of compound interest. Use the time concept of Early Start as your ally to grow your money.

	5.	Employ the Dollar (Ringgit) Cost Averaging Investment Strategy. Ringgit Cost Averaging is investing a set amount of ringgit each month into a unit trust.

	6.	Start a Children's Higher Education Fund Using Insurance &/or Unit Trust Plans. Would you want to divert your "retirement money" to your children's higher education needs? "It's not the plan that is expensive, education is!"

	7.	Invest in Your Income Generating Ability. Upgrade your money making ability. Increase your ability to earn by being knowledgable and skillful in what you do for your living. Enrol in a course relating to your work.

Protect your money


	8.	Invest Wisely. Be Aware of the Risk-Return Trade Off. Do not fall for get-rich schemes. Ask for and read the prospectus. If in doubt, seek legal or professional advice. "Better a little caution than a great regret."

	9.	Install a Financial Safety Net. Insure yourself and your assets against potential financial loss. Insure against the four enemies of life: Premature Death, Critical Illness, Old Age and Disability.

	10.	Write a Will and/or Create a Trust. Ensure that your hard-earned money & legacy are distributed to the right persons in the right proportion and in the right time. Exercise your right to decide by leaving a will or in default, leave the distribution of your estate to the law which may be against your wish.