5 USEFUL TIPS TO AVOID BANKRUPTCY

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According to a research by the Malaysian Consumers Associations (FOMCA), those who are facing bankruptcy due to credit card debts are mostly aged below 30. We suggest a few useful tips to prevent you from facing bankruptcy.

1. Financial literacy.

Parents should instill financial education among their children at a young age. Managing your finances should require you to be well-equipped with the knowledge and education on the ins and outs of finances.

2. Spending plan.

Living within your means is one of the effective ways one can experience financial freedom. When you have a budget, you will tend to stay on the safe side when it comes to spending. It is vital to avoid unnecessary expenses that will result in overspending. Spend within your budget. Set up some rules to keep your financial moves on track.

3. Emergency fund.

You must always have some extra cash during emergencies. Be prepared for the unexpected. You should always set aside some savings for your medical bills, car repairs etc.

4. Avoid using credit cards.

By right you should know that credit card debt is one the major contributing factors to the increasing number of bankruptcies in our country. Use a debit card instead to get yourself used to your financial management. Only use credit cards when you feel there is a need or a better discount or promotion associated with it.

5. Pay in cash.

Purchasing something in cash will prevent you from overspending. Spending irresponsibly will get you into unnecessary debt. When you pay in cash you will be able to track and monitor easily on what you can afford.

INFOGRAPHIC

Total number of bankrupts as of December 2013 was 253,635.

Number of bankruptcy cases

2007 - 13,238
2008 - 13,855
2009 - 16,228
2010 - 18,119
2011 - 16,167
2012 - 19,525
2013 - 21,987

Causes of bankruptcy between 2007 and 2013

1. Sale and purchase of vehicles – 30,451 cases (26.14%)
2. Housing loans – 20,529 cases (17.62%)
3. Personal loans – 18.053 cases (15.5%)
4. Business loans – 14.431 cases (12.39%)
5. Credit card – 4,875 cases (4.18%)

Bankrupts between 2007 and 2014

aged 25 and below - 1,895 cases
aged between 25 and 34 - 25,552 cases
aged between 25 to 55 – 126,497 cases

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WHAT YOU NEED TO KNOW ABOUT HIRE PURCHASE FINANCING

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Most people use hire purchase financing as a private motor vehicle loan or to purchase private vehicles. For hire purchase financing, you will be considered ‘the hirer’ whereas the financier that finances the vehicle is considered ‘the owner’. The financier in this context would be the financial institutions.

Becoming a hirer means you have to come to a consensus on a tenure in which you have to pay the instalments to the financier upon possessing the vehicle. Once you’ve settled all the instalments, you will have total ownership over the vehicle.

If you are interested in taking on hire purchase financing to purchase your vehicle, it can be applied from any local banking institution. You may also get this financing through the dealer of the vehicle that you want to purchase.

Among the information that is vital in a hire purchase agreement are:

a) Description of motor vehicle
b) Calculation of total sum payable
c) Minimum deposit
d) Term charges and annual percentage rate
e) Late payment charges
f) Date on which hiring commences
g) Number of instalment repayments
h) Amount of each instalment repayment
i) Person to whom repayments are to be made, time and place of
   repayments
j) Address where the motor vehicle is to be kept

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3 EFFECTIVE WAYS TO SPEND WITHIN YOUR BUDGET

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1. Make savings a priority

Focus on making every opportunity that you have, to save for your future. Try using our MyFinance Budget Portfolio to manage your budget daily, make sure that you know the amount of money you can save in a month. If needed, have a savings account particularly for the money you saved. This allows you to constantly be aware of spending within your budget.

2. Use cash

The usage of a credit card or a debit card makes it seem difficult for you to keep track of your spending. Spending within your budget requires you to be aware of your daily expenditures even the smallest ones. Making payments using cash is the absolute way for you to know the true value of money. Reduce your spending on your wants to prioritize your needs. When you see the money that you spend on something, you will learn to appreciate it more.

3. Get rid of the obvious unnecessary spending

Alcohol and cigarettes are not only dangerous for your health, but they are expensive too. Learn to be spend on what’s good and what’s bad for your life. Try as best as you can to get rid of spending on bad habits in your life. You could use the money for some of the most important things in your life or even save it for your future.

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6 CHARGES ON CREDIT CARDS THAT YOU MUST KNOW !

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Many credit card holders do not know what fees and charges that await them. Among the common fees and charges are joining fee, annual fee, cash advance fee, finance charges, late payment charges and service tax.

1. Joining fee.

In most cases, joining fee is considered a one-off payment. Different card issuers have different way of imposing this fee.

2. Annual fee.

As the name implies, this is a fee which you have to pay annually. However, the credit card issuer may exclude this fee if you meet their spending requirements.

3. Finance charges.

These charges are imposed on the remaining outstanding balance should you fail to make the payment on time. Credit card users who make on-time payments before their due date will get to enjoy these benefits

Repayment Track Record	Interest Charges
Credit card users who promptly settle their minimum payment due for 12 consecutive months	Up to 13.5% per annum
Credit card users who promptly settle their minimum payment due for 10 months or more in a 12-month cycle	Up to 16% per annum
Others	Up to 18% per annum

4. Cash advance fee.

The amount of this fee is between 3% up to as much as 5% of the total cash advanced from your credit card account. Cash advance fee is usually only charged for your cash advance transaction and not on your normal monthly spending transactions.

5. Late payment charges.

This type of penalty is imposed due to the failure of settling the minimum monthly payment before your credit card due date. Remember, even if you pay the minimum monthly payment after the payment due date, you will still be charged for the monthly finance charges on your outstanding balance together with the late payment charges.

6. Service tax.

A service tax will be charged once a year from the date your credit card account is approved. The amount of RM50 per year is imposed on a principal credit card user and RM25 for a supplementary credit card user. The service tax will be charged on the same month each year since your card has been issued to you.

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5 MYTHS ABOUT PERSONAL LOANS REVEALED

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Personal loans are one of the best solutions to your financial needs. Their high demand doesn’t mean people do not get the misconceptions of it. Misconceptions are misconceptions – they are just inevitable. Be sure to know the truth. Here are some of the myths about personal loans.

1. Personal loans are not necessary alongside existing loan(s).

One of the things to consider by the bank is your ability to make the loan repayment. Having too many loans or credit card bills doesn’t mean that you are not entitled to benefit a personal loan. Debt consolidation could give you a better control over your debt.

2. The interest rates are unreasonable.

The interest rates of loans that are without collateral are usually higher in comparison with collateral loans. Remember, personal loans are unsecured loans or loans without collateral which do not need any assurance or a guarantor. Hence the banks would be holding a higher risk in the event the loan is defaulted.

3. I can apply more than I actually need.

Personal loans should meet your requirement. A loan amount should be equivalent to your ability to make the repayment. You should not be offered something which you can’t afford. This is to ensure you have savings on unnecessary installments and benefit other loans in the future.

4. Applying for a personal loan at various lenders increases the chance of loan approval.

It’s not a wrong thing, but it’s always a smarter idea to do one thing at one time. This will result in your application process being delayed. Your application is also more likely to be rejected. Remember, the lender is required to evaluate your eligibility for your loan approval.

5. Loan approval totally depends on your credit rating.

Your credit rating is just one of the contributing factors to the approval of your loan application. There are some other factors to be evaluated by the lender such as income level, type of the company you’re working for and overall financial history.

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5 Things You Should Know About Personal Loans

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There are different types of loans that a bank can offer you – personal loans are just one of them. These loans are commonly used for general purposes depending on your own needs. However, personal loans have very strict qualification requirements. If you are interested in going for a personal loan among all, there are certain things you should know about it.

1. Personal loans are unsecured.

Personal loans don’t need you to use an asset as collateral. One of the reasons why personal loans are stricter than other collateral loans is because in the event you are not able to pay your loan, the lender is not able to straight away take any of your asset. However, they can still take other actions such as making a report to the authority and filing a lawsuit.

2. The loan amount is fixed.

Your credit rating will be one of the factors in deciding the amount of money you can borrow from personal loans. The better your credit rating is, the higher the amount is. Some banks decide to have a low maximum amount of personal loans. If you’ve patronized a certain bank, they might be able to take things into consideration.

3. The interest rates are usually fixed.

Personal loans have fixed interest rates most of the time. They don’t change for the entire period of the loan. The interest rates vary depending on your loan amount and loan tenure. However, there are personal loans in which their interest rates are not fixed.

4. The repayment period is fixed.

When you want to repay your loan, you are given a set period of time to do so. The longer the period is, the lower the amount of money you have to repay each month. However, a shorter repayment period gives you the advantage of paying less interest. Your repayment period may also affect the interest rate you get. Bear in mind, paying off your loan early could cost you a penalty as well.

5. Be smart enough when applying for it.

Getting a personal loan from a bank you have a relationship with would be much easier. They will personally ask your reasons to apply for the loan. If you have rational needs, they might even increase the loan amount. Personal loans should meet your affordability and requires you to make your decision conscientiously.

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5 Things To Consider Before Going To The Grocery Store

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1. Not when you’re hungry

If you do, there is a big likelihood that you will tend to buy more than you actually need. You would also most probably buy a lot of junk food which could not only be dangerous for your health but also to your finances.

2. List out what you want to buy

Make a list of the only things that you really want to buy. This will prevent you from overspending. Be prepared for the items that you really need. Avoid being influenced by the sales promotion that you will eventually end up buying unnecessary stuff.

3. Buy more to save more

Supermarkets always offer promotions on value buy when you buy their items in a slightly higher quantity. Check your list to determine the items that you eat or use on a regular basis. Then you could consider buying the stock for a month for example. Make use of the promotional offers. Not only will it save you financially, but it will also save your time.

4. Don’t forget your member card

Before going to the supermarke, remember to bring along your member card. It will definitely help you reduce your expenses. You will be able to enjoy the members’ privileges and additional discount offers that save you even more. Some members’ card even comes with free parking for limited hours!

5. Be a sharper shopper

Patronize the supermarket with the best value only after making the comparison in our sharper shopper page. This will allow you to benefit by saving more money from the promotions and discounts as well as knowing which supermarket has the most reasonable price for the items you intend to buy. Bear in mind, the longer you are in a supermarket, the higher the chance for you to overspend.

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4 Ways To Manage Your Personal Finances Appropriately

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1. Set your financial goals

You should set aims for your finances. Finances would have a big impact to your life as a whole. The old saying “time is money” shows how important it is for us to value time. You should set a certain period of time to achieve your goals. Whether it is venturing into a new business, going for a holiday, buying a new home, planning for a wedding or even changing a career which is all associated with your financial situation.

2. Plan your work, work your plan

Once you have set your goals, now it is time for you to plan on how to achieve them. A spending plan is without a doubt one of the effective ways to differentiate between your needs and wants. It also helps you to avoid debt and use the money for the future. You should be wise enough to prioritize your goals. Remember, do not run off track.

3. Spend within your budget

Financial management requires you to always be on the safe side. You should create your own budget and stick to it even after you have made your monthly payments. Please use our MyFinance Budget Portfolio to track your daily and monthly spending. Spend your money as wisely as possible. You are able to control your spending only if you track your spending regularly. This is also to prevent you from getting into unnecessary debt.

4. Ask for financial advice 

Being old enough doesn’t mean you are an expert. Thus, always seek for advice in your financial management. A financial planner could be the answer to your financial issues. Please visit out forum to ask around for financial advice as we have many financial planners in the forum where they are more than willing to attend to your queries.

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3 Alternatives To Personal Loans You May Want To Consider

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There are always times when you need financial help. Most people would go for personal loans. Remember, everything comes with a price – personal loans require you to pay a certain amount of interest. Here are some of the alternatives to personal loans you might want to consider.

1. Credit Cards.

What sets credit cards apart from personal loans is the fact that you are able to get the money straight away. Credit cards usually have lower interest rates too. However, you are responsible over your own spending. On the other hand, taking out cash using a credit card comes along with a withdrawal fee. You might want to think twice before taking out small amounts of money. Making on-time payments is also important to avoid having to pay higher interest.

2. Loans from Friends and Family.

These loans are probably the least expensive among all. There is even a high possibility that you are not required to pay any interest. However, these loans are rarely successful as your family and friends might not have the amount of money you need. It also takes some time for them to think about it. They also have the right to not lend you the money at any time they like.

3. Peer Lending.

When you lend certain amount of money from an individual, he or she is usually someone you are truly close to. They really trust you – probably they have lent you money before and you pay on time as agreed by both of you. Once both of you have agreed on the on the deal terms, you may get the money instantly. Again the interest may be lower than obtaining a loan from the bank.

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How To Handle The Outstanding Balance Of Your Credit Card ?

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By paying your credit outstanding balances in full, it means you can enjoy an interest free period of about 20 days for all your transactions. However, if partial payments are made, you will automatically lose this offer. Even if the outstanding balance involves less than RM 1.00, this partial payment will cause the loss of the interest free period.

You will be paying more interest for a longer period if you make only the minimum payment each month – 5% of the outstanding balance or RM 50.00 whichever is higher. Bear in mind that paying only the minimum of 5% of your credit card outstanding balance can result in a huge debt because of the interest chargeable and its compuonding effect. So be prepared that over time you will begin piling up a huge outstanding balance if you choose to only pay the required minimum amount.

Pay your credit card in full so that you are free from credit card debts and you will not be haunted by credit card interest. If you are not careful with your repayments, you might end up with overwhelming credit card debts. To prevent things from becoming bad to worse, you can ask your card issuer for a waiver of interest and finance charges and restructure the outstanding amount into a term loan with affordable repayment terms.

Besides, you can also refer to the Self Help Guide: Debt Relief Plan of Agensi Kaunseling Dan Pengurusan Kredit (AKPK) at its websitewww.akpk.org.my or call its toll free no. 1800-88-2575. You might also want to consider joining AKPK’s debt management programme. 

In conclusion, try to pay off your credit card outstanding balance in full and on time. Otherwise, you might want to switch to debit cards instead as payments for your transactions are deducted directly from your bank’s savings account.

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Avoid Becoming A Victim Of Telephone Scammers

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Please be aware on the illegal financial activities by scammers impersonating authorities from Bukit Aman and Bank Negara officers to deceive victims into disclosing their personal banking details. These scams are a serious crime with Malaysians losing tens of millions yearly resulting in more than RM60mil in losses since 2012. There are at least 2,000 victims to date in which in some of these cases the victims lose their whole life savings.

The scammers would call their victims and introducing themselves as an official representative from Bukit Aman PDRM (Polis DiRaja Malaysia) or Bank Negara Malaysia. In most cases, the Voice over Internet Protocol (VOIP) which is a system for making voice calls over the Internet is used to mimic their caller IDs.

Intended victims would receive emails or calls purportedly from Bukit Aman or Bank Negara Malaysia warning them that they are now required to transfer their money to a new and safe account. Once the money has been transferred into the scammers’ account, the money will disappear as it is withdrawn by the scammer using fake identities.

Among the financial details they would usually ask for, are credit card and debit card details which include card code verification (CCV) and other personal identification numbers (PIN).
Scare tactics are used by the syndicates to con their victims. Besides mentioning that the victim’s account is not in a “safe” condition, they would also tell their victims that they have won a huge amount of cash but they are required to pay some initial fees first before claiming their prize.

It is very important to be careful and be reminded to never fall for such scams and to avoid giving personal banking information to these scammers. Financial institutions, banks, including credit card issuers and Bank Negara Malaysia will never request for personal financial information when contacting their customers, be it via telephone calls, SMS or emails.

Phishing scams are also another form of scam that is massively used by these syndicate. The scammers trick the victims into clicking on the links they provide on the email and send them to a spoof site which looks exactly like Bank Negara Malaysia’s official website. They will ask the victims to give their account details on the website. They will then steal the victims’ banking details such as their bank account number and passwords. Malicious software is also being used to take over the victim’s computer.

These financial scams target generally every bank account holder regardless of their background, age or income levels. One of the main effective ways to get rid of this financial fraud is through prevention. You should check with the bank officers by contacting the bank directly before making any decisions with your account.

You can report a scam or file a consumer complaint with Malaysian Communications And Multimedia Commision at 03-86888000 or you can visit their website at http://www.skmm.gov.my/

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Free Medical Treatment For Senior Citizens

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Free medical treatment for senior citizens is a free outpatient treatment for senior citizens at government hospitals and clinics. Effective January 1 2012, the government abolished the token RM1 payment senior citizens needed to pay each time they sought such treatment.

Who are involved?

Patients aged 60 and above.

What are the benefits?

These patients would be exempted from making any payment for outpatient treatment at government hospitals and clinics. They will also enjoy medical consultation, check-ups and medication at no charge at all. Senior citizens would only have to pay a nominal fee if they required specialist care, treatment or hospitalisation.

Additional information

• Government hospitals and clinics receive an average of 40 million visits from patients every year and about 5% of these comprise senior citizens.

• According to the latest census report (2010), 1.5 million Malaysians (5.1% of the population) are over the age of 65.

• The latest exemption could cost an estimated RM2mil in revenue annually.

• The exemption was in appreciation of the contributions made by senior citizens.

• Civil service retirees under the Employees Provident Fund pension scheme already enjoy free medical facilities at government medical establishments.

• Many senior citizens had chronic diseases that required regular hospital visits. X-rays, medication and several tests are also already provided free for them.

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How Should Your Credit Card Repayment Behavior Be Like?

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A survey conducted by Nielsen Global Survey of Investment Attitudes 2012 shows how Malaysian ranks low in the list of Asian countries when it comes to paying credit card outstanding balances in full.

• Taiwan 89%
• Japan 87%
• South Korea 85%
• Singapore 80%
• Indonesia 59%
• Malaysia < 50%
• Vietnam 27%

The survey also showed that only 18% of Malaysians pay the minimum 5% payment every month whilst another 15% pay more than the minimum amount. Therefore, it is vital for you to check which category you are in.

Being a credit card user, you should be able to learn on how you should use your credit cards responsibly and certain behaviors you should try as best as you can to avoid in order for you to benefit most from your credit card usage.

It is advisable for you to use your credit card to pay your monthly expenses, for example utilities, food, personal stuff like clothing, medical expenses, vacation or gym membership. Not only your credit card can be used for one-off payments, but it can also be used for monthly or annual payments. Thus, it allows you to constantly supervise your recurring expenses.

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Are Credit Card Debts Bad?

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Credit cards have been getting a bad reputation because of the increasing number of credit card users falling into severe financial problems due to irresponsible spending when using credit cards. It really depends on the way you use your credit cards.

Credit card debts are just like any other debts. Debts when used for the right reasons brings good outcome but when used for the wrong purpose, debts without a doubt can bring bad consequences to our lives. Just like almost anything you have in life, credit cards can either benefit you or the other way round. Remember, everything has its pros and cons.

Credit card is the perfect alternative to cash as it smoothens the process without you having to carry heavy loads of cash to purchase expensive things you’ve been craving for. However, you have to be disciplined as much as when you’re using cash. Card cards are merely an electronic payment instrument which allows you to purchase products and services without using cash.

Research has shown that credit card debtors are recorded as the second highest debt among Malaysian young workers. Here is a survey conducted by Consumer Research & Resource Centre, Malaysia for the Central Region in July 2012 on feedback loans of 1,002 respondents aged between 18 to 35 years old:

• 51 % took car loans
• 39% possessed credit cards
• 90% had up to 2 credit cards
• 10% had 3 to 6 cards
• 33% took study loans
• 28.9% took housing loans
• 15% took personal loans

Thus, this survey clearly shows how financial behaviours and financial habits of Malaysians in general that needs to be improved.

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5 Effective Ways To Avoid Credit Card Debt

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1. Have savings for emergencies

During emergency cases like car repair or medical expenses, you would need some extra cash to help you avoid credit card debt.

2. Avoid unnecessary spending

Purchasing stuff you can’t afford to pay for means you are putting yourself in a serious trouble.

3. Avoid balance transfers

Doing balance transfer would be troublesome due to the balance transfer fee unless you were to take advantage of the other credit card’s lower interest rate.

4. Pay on time

Pay your credit card bill on time. If you need the money during unwanted circumstances, pay off your credit card balance on time very month.

5. Be the sole owner of your credit card

Don’t let someone else use your credit card even your own family members unless you really trust them. You’ll face the consequences as much as a credit card company who didn’t give that person a credit card in the first place.

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3 Big No-No’s Of Credit Card Owners

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It takes only a few simple steps to apply for a credit card these days. All youneed to qualify is a valid form of identification, a bank account and a stable job that pays you enough to qualify for the credit card you’re applying for.

But just because you can get a credit card easily, it doesn’t mean that you should get one. Like everything else in life, a credit card requires a certain degree of responsibility. If you fail to have that, be prepared to pay dearly for your irresponsible ways.

1. The shopaholic

Just because you own a credit card, it doesn’t mean that you can go on a shopping spree wildly. Bear in mind that when you use a credit card, you are borrowing money and not receiving money. Thus, try as best as you can to control your spending as much as when you’re using cash.

2. Late Payments

Credit cards in Malaysia come with late payment charges of at least RM 10 or 1% of your outstanding amount. While this amount might not be as big, the small charges will add up over time. Train yourself to make prompt payments as this will prevent you from credit card debts which can be very expensive.

3. Carelessness

Treat your credit card exactly the same way you treat your identification card, driver's license, ATM card and passport. Losing your credit card means you would expose yourself to fraudsters where they will use your credit card to buy something you do not own and end up you will be the one paying for.

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5 Ways To Spend Less Than You Usually Do

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1. Plan your spending

Before going shopping, it is advisable that you list out all of the things you want to buy first. By doing this, you will be able to differentiate between your needs and wants. You’ll end up being a wiser shopper and purchase only things that you really need.

2. Avoid shopping spree

When it comes to your wants, clothing might be one that is just irresistible. You might find yourself to spend two times more than you usually do just because you’re using the money to buy new clothes. What you can do is to really know what clothes that need replacement and what you should consider using.

3. Take advantage of coupon savings

You might know how much you save when you go shopping at hypermarkets or supermarkets. They usually provide coupons or loyalty card for their regular customers. Have one and make full use of it. Instead of spending the money that you’ve benefited from the cards, you might save them and see how much it grows over the months.

4. Keep track of your spending

One of the effective ways to monitor your spending habits is to keep track of your spending weekly or monthly. Jotting down whatever you bought using cash. Not to forget your credit card or debit card if you have one. By doing this, you’ll be able to know what you’ve spent on the most and least. You’ll then be able to learn from your spending mistakes if any.

5. Find hidden opportunities

Sometimes, you might realize there are always routines you’re used to which might not be necessary. This include some of the wants in your life. You can save more like going from a more expensive mobile plan to a less expensive one. You might also reduce the time you’re patronizing a salon or even consider spending fewer visits to the movies in a month. Remember, even the smallest expenditures can result in a huge difference.

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3 Steps To Consider Before Creating A Spending Plan

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Always keep in your mind that you may not be as this healthy forever. There may come a time when you may lose the strength mentally and physically to be able to work to earn money. But your expenses will never stop. In fact, expenses for the elderly require extra expenses like medical for health problems. You may also have family members that require your financial assistance. Thus, a spending plan help you save for a dreamed retirement life. One should realize that they should not feel overwhelmed by how a spending plan should look like as here are a few simple steps that you might consider before creating a spending plan.

1. Keep track of your spending

By right, you should know your expenses well. If you don’t, start jotting down your expenses every month even if it includes the smallest expenses in a day. Don’t forget the monthly payments as well. You spend your money on them, so you should be able to keep track of your own spending as this will literally affect your financial situation.

2. Organize your spending

At the end of the month, review your notes. Put them into categories accordingly. You will soon find that there are certain things which could stand on their own while there are some that need to be group into categories like groceries, clothing and utilities. Bear in mind, those things that you need at the unexpected times can be categorized as “miscellaneous”.

3. What’s left out?

We always forget certain expenses that do not require much of our attention. This might include insurance, memberships or subscriptions. Remember, you should also have categories for saving, giving and investing as these are also part of your spending.

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We also provide other various Financial Information such as, MyFinance Budget Portfolio, Personal Finance, Housing Loan, Personal Loan, Credit Card, Sharper Shopper, Calculators. For more information please visit our website MyFinance.com.my.

3 Steps To A Secure Financial Future

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1. Set your goals and strive for them

Once you’ve set your financial goals, it is vital that you plan to build a successful career which can promise you a stable income in the future. Thus, you have to constantly try to improve yourself in terms of the skills and capabilities required for these kind of jobs. Career advancement is one of the major contributing factors to successful financial goals. Thus, you ought to start searching for opportunities that could elevate you to a better career.

2. Be on the safe side financially

You deserve the best way on how to secure your own financial future. So, start making decisions as to prepare yourself for the unexpected in the future not only for yourself but for your family as well. Avoid yourself from getting involved in any activities that could potentially harm your financial status. This will also prevent you from asking for loans to solve your financial issues be it for your family needs or your own needs. This simply means you can use your earnings for better opportunities to enhance your income status.

3. Plan for your retirement

Each day we are getting older and older. Thus, we have to accept the fact that we have to be prepared for our retirement. This is no easy task as it involves proper planning. It’s more of a gradual process. You have to make sure that every single plan that you have will work out and benefit you in the future. A strategy is definitely needed in ensuring that the plan will be smooth for a dreamed retirement life. Old age expenses could be more than you imagine, thus it is your own responsibility to prepare yourself for the worst. Supporting your family after retirement might make you want to think twice when it comes to having a proper plan for your retirement life. Remember, it’s better to be late than never.

Read More: http://MyFinance.com.my/articles/detail/8512614072

We also provide other various Financial Information such as, MyFinance Budget Portfolio,Personal Finance,Housing Loan,Personal Loan,Credit Card,Sharper Shopper,Calculators. For more information please visit our website MyFinance.com.my.