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 Financial Literacy as a Student/Fresh Graduate

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wengherng
post Jan 19 2017, 12:39 AM

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QUOTE(codenchips @ Jan 18 2017, 12:17 PM)
Hi sir. Could you recommend me some books on this topic? Is it something like Rich Dad, Poor Dad?

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Rich Dad, Poor Dad is probably a good book to plant an idea of financial freedom in a beginner's mind, to give a paradigm shift, and to start the thought process.
But, as with any other book, take it with a wary mind, and do not believe every single advice dished out by Kiyosaki.
Just so you know, there is a lot of controversy around the Rich Dad series, particularly after it was revealed that Kiyosaki was dishonest about many aspects of his books (there is actually no rich dad or poor dad, they were just fictional characters he invented) and also, many so-called "advices" he proposed in his books are actually borderline fraud or just plain illegal.

The other books recommended by other forumers here are great reads.
I personally enjoy "The Richest Man in Babylon", and highly recommend it.
Later, when your foundation is solid enough, you can move to more advanced books, like "The Intelligent Investor".


wengherng
post Jan 19 2017, 12:44 AM

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QUOTE(Ramjade @ Jan 18 2017, 02:20 PM)
Credit card pathway > learning how to make money using credit card and exploiting banks at the same time. Gen-X was my sifu. He stop writing already. sad.gif Some may not be relevant anymore.

Because it increases my chance to open investment account in Singapore (rule by their gov - not compulsory for foreigners but will improve your chances).

I wanted a Singapore bank account. To get that you need to show them you know a thing or 2 about investments. They will denied you a bank account without opening an investment account. Cause you are not resident, you are not PR, you just started working or like me unemployed (going to graduate) tongue.gif, you have no Singapore address.

So what better way to show them then pass their test? thumbup.gif
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Gen-X was the sifu of sifus! notworthy.gif
I used to spend hours going through his posts!


playerzaki2000
post Jan 22 2017, 12:02 PM

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QUOTE(imnotabot @ Jan 18 2017, 02:30 PM)
The RM500 incentive has been officially increased to RM1000 starting this year.  smile.gif

As for books, as someone has suggested, I highly recommend The Millionaire Next Door. If you're into unit trusts, Common Sense on Mutual Funds by John C. Bogle is a great book to get you started.
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Hi, i never knew this, can you enlighten me on what prs that will allow me to get this rm1000 from the gov...

A link to read about it would suffice and i will read from there...

Thanks..


matrix88
post Jan 22 2017, 12:05 PM

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invest in share maket every month, without fail.
when time comes, you will be rich
MUM
post Jan 22 2017, 12:07 PM

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QUOTE(matrix88 @ Jan 22 2017, 12:05 PM)
invest in share maket every month, without fail.
when time comes, you will be rich
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rclxm9.gif if you said can be true.....the world would soon be out of poverty.....
thumbup.gif no more poor people in the world. thumbsup.gif
SUSMNet
post Jan 22 2017, 12:29 PM

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QUOTE(playerzaki2000 @ Jan 22 2017, 12:02 PM)
Hi, i never knew this, can you enlighten me on what prs that will allow me to get this rm1000 from the gov...

A link to read about it would suffice and i will read from there...

Thanks..
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u better trade forex.
1 day can earn more than USD100
T231H
post Jan 22 2017, 12:34 PM

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QUOTE(playerzaki2000 @ Jan 22 2017, 12:02 PM)
Hi, i never knew this, can you enlighten me on what prs that will allow me to get this rm1000 from the gov...

A link to read about it would suffice and i will read from there...

Thanks..
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try this...hope it helps
PRS Youth Incentive
http://www.ppa.my/prs/prs-youth/prs-youth-incentive/
you90
post Jan 22 2017, 12:41 PM

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QUOTE(T231H @ Jan 22 2017, 12:34 PM)
try this...hope it helps
PRS Youth Incentive
http://www.ppa.my/prs/prs-youth/prs-youth-incentive/
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6.0% per annum is quite a good rate, not sure what is the terms of withdrawing and how long is the bond?
MUM
post Jan 22 2017, 12:53 PM

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QUOTE(you90 @ Jan 22 2017, 12:41 PM)
6.0% per annum is quite a good rate, not sure what is the terms of withdrawing and how long is the bond?
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hmm.gif may I know where do you get the 6% figure?
btw,...you questions cannot be obtained from the provided links?
wengherng
post Jan 22 2017, 06:23 PM

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QUOTE(you90 @ Jan 22 2017, 12:41 PM)
6.0% per annum is quite a good rate, not sure what is the terms of withdrawing and how long is the bond?
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Technically speaking, PRS is for retirement, you're not supposed to be withdrawing it at all, hence they will charge you an exorbitant withdrawal fee.
You're supposed to keep it there until you're 55 or 60.

Fushigidane
post Jan 22 2017, 07:05 PM

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QUOTE(wengherng @ Jan 19 2017, 12:44 AM)
Gen-X was the sifu of sifus!  notworthy.gif
I used to spend hours going through his posts!
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I wonder where could find his posts? Thanks in advance! notworthy.gif
Ramjade
post Jan 22 2017, 07:14 PM

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QUOTE(Fushigidane @ Jan 22 2017, 07:05 PM)
I wonder where could find his posts? Thanks in advance!  notworthy.gif
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http://generationsxyz.blogspot.com/
https://genxgenygenz.com/
imnotabot
post Jan 22 2017, 08:30 PM

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QUOTE(playerzaki2000 @ Jan 22 2017, 12:02 PM)
Hi, i never knew this, can you enlighten me on what prs that will allow me to get this rm1000 from the gov...

A link to read about it would suffice and i will read from there...

Thanks..
*
If I'm not mistaken, you need to contribute RM1000 into a single PRS fund within 2017-2018, and then the government will contribute another RM1000 into the fund. It's a one time incentive.

But take note that PRS is for retirement, so there is a penalty if you withdraw it before 55 years old. The government is giving you that RM1000 to encourage you to invest for retirement.

This post has been edited by imnotabot: Jan 22 2017, 08:33 PM
wengherng
post Jan 22 2017, 11:01 PM

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QUOTE(Ramjade @ Jan 22 2017, 07:14 PM)
His extremely detailed and up-to-date reviews on the various credit cards in Malaysia are incredible.
I always made sure that I check in at least once every few months, to keep up with the latest credit card offers and how to maximise my savings/cashback.



Ramjade
post Jan 23 2017, 07:42 AM

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QUOTE(wengherng @ Jan 22 2017, 11:01 PM)
His extremely detailed and up-to-date reviews on the various credit cards in Malaysia are incredible.
I always made sure that I check in at least once every few months, to keep up with the latest credit card offers and how to maximise my savings/cashback.
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Same here. I read all his post (except those alcohol drinks) from the beginning. If you read this blog, you will see that he is extremely bias towards Maybank. whistling.gif Like he owns a significant amount of shares in Maybank. rolleyes.gif

This post has been edited by Ramjade: Jan 23 2017, 08:02 AM
pearl_white
post Jan 23 2017, 09:54 AM

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As a student, you would have access to the FREE lectures on finance/corp finance/economics etc and access to those people who teach and are your peers in those areas.
learn it properly.

material suggested by others may not be as great, as many of them tend to be of little value rather inspirational for a short period of time.
wengherng
post Jan 23 2017, 11:56 AM

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QUOTE(Ramjade @ Jan 23 2017, 07:42 AM)
Same here. I read all his post (except those alcohol drinks) from the beginning. If you read this blog, you will see that he is extremely bias towards Maybank. whistling.gif Like he owns a significant amount of shares in Maybank.  rolleyes.gif
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Yes indeed, I remember he said they were the best credit card combo on the PLANET...! biggrin.gif
Sadly, I think he said he will no longer update that anymore.
Not sure whether we will be able to find another blog that even comes close.

kennyplp
post Jan 23 2017, 12:50 PM

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QUOTE(codenchips @ Jan 18 2017, 11:35 AM)
Wow. Thank you everyone for you amazing replies. I've checked the links you guys gave! Really great stuffs for me to get started with! Thanks a bunch! biggrin.gif
Hi there! Lets see. I know that I should first get protection(in the form of insurance/medical plan) at younger age to avoid paying higher monthly before dwelling to investment.

As for current financial/investment instruments available, I only know of the following few (In order of increasing risks and return)
1) Fixed Deposit
2) Unit Trust/Mutual Fund - Put in money, let fund manager manage and invest into diverse assets
3) Stocks - Long Term Trading(Hold long period)
4) Stocks - Short Term Trading(Buy fast, sell fast)

As for risk appettie, I would say I'm Open. I am currently saving about RM1300 monthly on the average but I'm not sure what to do with it.
This is some seriously good stuff. Gonna spend hours on those videos. Thanks a bunch mate! smile.gif
Yup. I have came across this advice many time. Safety net as in a 6 months emergency fund right?
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Starting off with insurance/medical plan is definitely a good way to start. It is all about creating what you don't have right now so when you need it, it is there.

My opinion on investment is always based on the amount of time you have for it. If you have too little time to read and analyze, the safest way is to opt for lower risk investment like fixed income funds or possibly REIT (some might say it is risky). When you have more time to spent, you can opt to invest yourself through stock markets. Warren Buffet is that successful of an investor is because he spent most of his time reading annual reports. He wouldn't have achieved what he had if he only devote an hour of his time daily for it. So TIME is the key.

In regards of emergency fund, I would say six months of buffer can sometimes be unrealistic if you can't save that much in the beginning. But as you can save RM1300 already at your age, I assume you will be fine with it.

Just my two cents. smile.gif

 

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