I heard that Yap Ming Hui is my senior who studied Industry Management at University Technology Malaysia. He founded the Whitman Independent Advisors Sdn. Bhd which specialized in providing financial planning services to high net worth client in Malaysia. I read his previous book and thus am very interested to learn more about his financial planning concepts in this new book.
This book show the MaxWealth way of managing our financial matters.
Chapter 1: What is wrong with Current Wealth Management?
Yap says that it is widely accepted that wealth management is all about how to grow the wealth you already have. This is normally associated with all sort of financial products such as insurance, unit trust and investment strategies. Yap says it is wrong to focus on what you cannot control. If wealth is the centre of your life, your family becomes a liability and an economic drain to you.
Chapter 2: What is MaxWealth?
Yap defines MaxWealth as a dynamic and integrated process to maximize your wealth for your lifeâ€™s purposes. Money is significant only to the extent that it allow you to enjoy what is truly important to you.
Chapter 3: Shift your Paradigm to MaxWealth
The right map is what we need in MaxWealth. MaxWealth is a new paradigm of a balance life.
Chapter 4: How to MaxWealth?
This is my favorite chapter because Yap is setting the clear differences between MaxWealth paradigm and Wealth Creation. If you focus on creating wealth, you feel excited. But if you are doing the MaxWealth way, you will get the peace of mind. What a great illustration!
Chapter 5: The Good and Bad Example of Wealth Management
By giving some examples, this chapter shows how our wealth can be managed within the context of our life.
Chapter 6: When do you start to MaxWealth?
Yap says creating wealth should be done in the MaxWealth way. This is an ongoing process and shouldnâ€™t be ignored. It is inappropriate to wait until we completed our wealth creation process only we start to MaxWealth. The reason is that more wealth is never enough.
Chapter 7: The Six Dimensions of MaxWealth
The six dimensions are financial, family, physical, mental, social and spiritual. All well taken care of will ensure a balanced life.
Chapter 8: The Decision Pyramid of MaxWealth
Financial decision should be made according to these priorities: Values > Priorities > Plan > Product. Notice that product is always the last consideration. Most financial planner focuses on the plan and product but ignore the values and priorities of their clients.
Chapter 9: The four Pillars of MaxWealth
Yap touches briefly about the four pillars: Wealth Protection, Wealth Distribution, Wealth Enhancement, and Wealth Preservation.
This book is an easy read since it is only 129 pages and the font is extremely big. It would be a lot better if Yap can explain the four pillars in dept. Personally, what I felt special about his concept is that he includes budget issues and tax issues as one of the practices in Wealth Protection other than the normal insurance planning.
You can buy the book online at MPH