Your take home pay is RM3000 per month. You spend one-third (about 30 percent) of it to pay off a housing loan - RM900 (monthly). You are left with RM2100 to meet or pay for other needs including savings. Does this sound right?
You are not invisible to risk specifically to the potential of losing money. Whatever investment you make is a gamble, either you win or you lose money.
You can adopt the saying "Prevention is better than cure" and apply it in all areas of your life. The main benefit you get is being well prepared for any major or minor life events.
You feel sad, you go shopping. You are angry or disappointed, you go shopping. You feel bored, you go shopping. You hate your job or work, you go shopping. Is that you?
I spent about RM12000 - RM15000 annually to support my three kids. How much did you spend on raising your own kids?
No matter to which generation you belong to (Baby boomers, Gen X, Gen Y or Gen Z), there are some (in fact, many) money rules of thumb that remain useful and practicable.
When is a good time to overhaul your bad money management practices? The answer is 'anytime.' You do not have to wait for a brand new year to do a complete money makeover.
Finding the correct balance between saving and spending money can be tricky. If you do not save enough, you suffer during your retirement years. Totally hogging your money means you lose out from enjoying the fruits of your labor.
Do you put accumulating money a the No.1 priority in your life? Or is it one of many important life goals?
