Ringgit and Sense

The government is proposing progressive wages on a voluntary basis but rather than wait, how can you earn more over the course of your career? Deepa George, Managing Consultant at MYHRC Services gives us some advice whilst telling us if job hopping is really detrimental.See omnystudio.com/listener for privacy information.

Recently there has been more talk about private equity on the back of the listing of Mr DIY. But how does a PE firm work, what are the risks and potential returns. We ask Ng Sai Kit, Chairman of the Malaysia Venture Capital and Private Equity Association these important questions.See omnystudio.com/listener for privacy information.

Deciding to have a child is one of the biggest decisions to make. However what is the cost of even having a baby. Founder of the financial blog Ringgit Oh Ringgit and new mother, Suraya Zainudin tells us.Image by: ShutterstockSee omnystudio.com/listener for privacy information.

Recently the Prime Minister announced that initiatives will be introduced to encourage family offices to start in Malaysia. But what is a family office, what can they achieve and what role do they play in the world of finance and investments? Carrie Ng, Head of Family Office Advisory, Bank of Singapore tells us.See omnystudio.com/listener for privacy information.

The EPF Belajawanku Guide says that a single person in the Klang Valley can live on RM1930. We check in with a BFM intern, Ethan Kow to see if that is true. This is then followed by financial advice provided by Idham Idris, a professional financial planner from Wealth Vantage who provides some tips to make balancing the books a little easier.See omnystudio.com/listener for privacy information.

The EPF Belajawanku Guide has suggestions on the minimum incomes for singles, couples and senior to live on depending on their location. Today we explore the figure recommended and how to balance the 'books" with Roshan Kanesan who is of course a presenter on Enterprise and also a CFP.See omnystudio.com/listener for privacy information.

Women make up half of the Malaysian population, but yet fall behind in terms of salary and often take career breaks. Should women then plan when it comes to their finances. Rejina Rahim, co-founder of Wahine Capital helps us with that question whilst giving women some important career tips.See omnystudio.com/listener for privacy information.

Money may not buy love but it often is a cause for divorces. So, what are some of the practical issues that we need to be aware before matrimony and even when the the love flounders. Siew Choon Jern, a family lawyer from the firm Douglas Yee Advocates & Solicitors gives us his views.Image by: ShutterstockSee omnystudio.com/listener for privacy information.

In 2023, baby boomers will be celebrating birthdays between the ages of 59 and 77. And by 2030, one in six people in the world will be aged 60 years or over. Malaysia is of course no exception to this global trend with the World Bank we’ll have 20% of the population to be aged by 2056, giving us the status of a “super-aged nation”. So what happens to us when we grow old in a country that is experiencing an ageing crisis? What impact does it have on our wallet and cost of living? Rajen Devadason of RD WealthCreation talks to us about how we can ride this global silver tsunami.See omnystudio.com/listener for privacy information.

Should you buy or rent a home? The arguments for and against have evolved over the years. There are now more factors in play – the pandemic and resultant work-from-home practices, for instance, have provided more incentive for people to own their own residential property. But the rising interest rate environment along with growing cost of living and low wages has made it difficult for someone to own a home. So how can we make this decision? We turn to Felix Neoh of Finwealth Management for some insights.Image by: ShutterstockSee omnystudio.com/listener for privacy information.

For many singleton nowadays, there’s something far more pressing on their minds than putting a ring on it: financial security. People with a partner or spouse generally have someone helping out with expenses, as well as a built-in caregiver to lean on. For those who are getting older, are single and childless, that lack of a default support system poses additional challenges as they age. So what do you do when you’re planning for your retirement but have no one to lean on? Joyce Chuah of Success Concepts explains. See omnystudio.com/listener for privacy information.

What’s the difference between a financial planner, advisor, wealth manager and money coach? How do you decide who is better for your financial needs? Sim Wie Boon unpacks this with Desmond Chong of the Malaysian Financial Planning Council.See omnystudio.com/listener for privacy information.

Earlier this year, credit reporting agency CTOS, in collaboration with Monash University Malaysia’s School of Business conducted a study looking into the state of consumer credit in Malaysia for 2022. The study found that the average credit score of Malaysian consumers stood at 678 points in 2022 which means that while most Malaysians will be able to qualify for a wide range of credit products, they may not be getting the best deals on the market. So to run through the key highlights of this study, Sim Wie Boon speaks to Erick Hamburger of CTOS and Professor Dr Nafis Alam of Monash University Malaysia on the show. Image by: ShutterstockSee omnystudio.com/listener for privacy information.

If you're a personal finance enthusiast, you would've heard of Financial Independence, Retire Early aka FIRE, a movement which encourages people to attain financial independence as early as possible, working hard, saving a lot, and cutting expenses extremely. All this is so one can retire as early as possible, some even as early as 30. But in the backdrop of the pandemic and changing economic landscape, is this line of thinking still hot on everyone’s mind? Financial planner, Rajen Devadason shares his thoughts and why he thinks FIRE is a flawed strategy.  See omnystudio.com/listener for privacy information.

Continuing our two part episode focusing on scams, Ooi Beng Cheang of FPAM comes on the show again this time to talk about online scams. He shares tips on how to spot online phishing scams, what to do when you're caught in one and what you can do if you fall for one.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Last week, news came out that 73% of mobile phone numbers, equivalent to more than 21 million people in Malaysia, were leaked or sold to scammers. This is especially concerning given that the cases of scams have been increasing at an exponential rate here. In a special two part episode, Sim Wie Boon speaks to Ooi Beng Cheang of FPAM to understand how these scams work and how to protect yourself from them.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Over the past decade, options for Sharia compliant investments and financing have grown tremendously cementing Malaysia as the world's third-largest Islamic banking market. We speak to Rafiq Hidayat of Wealth Vantage Advisory to understand the values behind Sharia investing and what makes Sharia investing, Sharia compliant. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Since 2020, the US Federal Reserve has been raising the federal funds rate to 4.75-5% in an attempt to tame the rampant inflation that has reached 40-year highs. As a result central banks all around followed suit and raised their interest rates as well putting an end to the era of ultra low rates which saw many making money in equity markets and properties. In Malaysia, Bank Negara has been raising the overnight policy rate to 2.75% from 1.75% in 2020, the lowest level on record. Chong Jin Yoong shares his thoughts on why the governments are raising rates and how it impacts your money.See omnystudio.com/listener for privacy information.

No matter how in love you are with your partner, money can make it or break it in your relationship. Hence it is important to talk about your finances with your other half. Licensed financial planner shares some tips and advice on how to approach this issue. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Earlier this month, Finance Minister Datuk Seri Anwar Ibrahim suggested allowing contributors of the EPF to take bank loans by using their contribution as collateral instead of adhering to calls by certain people to again allow withdrawals from the fund. Licensed financial planner Shing Yee Ling talks about the idea behind this, what kind of impact it would have and what to do to ensure you have a safe retirement.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Life is often uncertain and unpredictable, hence it is necessary to ensure you and your family are protected from any unforeseen life events. Whether it’s planning for retirement, or protecting your loved ones in your absence, a health crisis or even a car accident, these are situations that can be frustrating if you’re not prepared, hence the importance of insurance. Licensed financial planner Rajen Devadason shares his thoughts on insurance and why it's an essential cost.Image credit: PixabaySee omnystudio.com/listener for privacy information.

With the US Federal Reserve still poised to hike rates as it seeks to tame inflation and a turbulent global economy plaguing markets, how can one keep their cool and stay invested? This topic was explored in the recent BFM Ringgit and Sense Investing Through a Stormy 2023 event where we discussed the state of the market and how it impacts your financials. Tune in to catch a summarised recap of the event.See omnystudio.com/listener for privacy information.

Budget 2023 was recently re-tabled in parliament with the theme: “Developing Malaysia Madani” which encapsulates the message of upholding sustainability, prosperity, innovation, trust, respect as well as care, and compassion. The revised Budget 2023 features a slew of initiatives like tax cuts for the M40, luxury taxes and other incentives. We unpack what's in it for you with tax expert Thanneermalai Somasundaram of Thannees Tax Consulting Services.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Signs of a recession are everywhere. From your groceries getting more expensive to companies looking to tighten their belts, it's crucial that you take this time to plan out your finances. This is especially important in the event that you lose your job. Stephen Yong of Wealth Vantage Advisory shares some advice on how to prepare for a recession and what to do if you get retrenched.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

A recent finding by UCSI showed that more than 70% of Malaysian youths are in debt with factors such as financial constraint, inflation and luxurious lifestyle being the main drivers. The issue of our youth falling in debt has been a long standing issue that seems to be growing year by year. What can be done about it and why are they falling into such perils? Nirmala Supramaniam of AKPK shares her thoughts on this episode of Ringgit and Sense. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

On today’s episode of Ringgit and Sense, we look at life after retirement, do you or do you not work? Do you have a choice? Because if you look at the numbers from EPF, it looks like many of us will have to work even after we pass the retirement age of 60. Licensed financial planner Joyce Chuah of Success Concepts comes on the show to talk about retirement and how you can un-retire yourself.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

2022 was an extremely difficult year for markets and no asset class really performed exceptionally well with exception for the US dollar. The 6.5 trillion dollars ETF industry saw their fund sizes shrink, no thanks to the sharp drawdowns by investors. So how did a robo advisor like StashAway, which primarily focuses on ETFs performed? And what are the expectations for 2023?Sim Wie Boon speaks to Stephanie Leung of StashAway for some answers.See omnystudio.com/listener for privacy information.

About a month ago, RinggitPlus ran a survey last month and found that more than 70% of Malaysians save less than 500 ringgit per month or do not manage to save at all. Hann Liew of RinggitPlus comes on the show to share some thoughts on the highlights of the survey and why do Malaysians find it hard to save. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

This year we’ll say goodbye to the fierce and ferocious tiger and wave hello to the cautious and peace-loving rabbit. The rabbit has long been a symbol of longevity, peace, and prosperity in Chinese culture and with the global economy in the doldrums and political tensions still running high, will the rabbit bring much needed calm and tranquility? Master Kenny of Good Feng Shui Geomantic Research shares some insights and advice on how you can enhance your luck this year.See omnystudio.com/listener for privacy information.

Have you ever made an investment and wondered what drove you to do it? What kind of bias or preconceived notions that led you to select a certain stock or asset class? Could it be your subconscious mind? K. Gunasegaran from Wealth Street talks to Sim about how your subconscious mind can impact your financial decisions.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

As the year kicks off to a start, Stephen Yong of Wealth Vantage Advisory comes on the show again to share his outlook for 2023 and the key events to look out for that might impact your wallet. Stephen gives some tips on how to start off the new year and how to prepare for the looming recession as well as what are the opportunities to take advantage of. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

We recap some of the most interesting conversations we’ve had on the show, including a series on money and relationships, scams, personal loans and how to cope with your finances when everything is getting more expensive. Featured interviews include:Dating And Money, What To Look Out For And What To SayThe Financial Conversations To Have Before MarriageMoney And Marriage: How To Make It WorkThe Cost of A DivorceDon't Be A Fool For ScamsPersonal Loans: When To Take It And When Not To What To Do When Everything Is Getting Expensive?Image credit: Shutterstock.comSee omnystudio.com/listener for privacy information.

As the year wraps up, we take stock of how 2022 has impacted your financial goals. Stephen Yong of Wealth Vantage Advisory talks about his year end financial checklists, how the various global events would have impacted our finances and the lessons to learn from it. Image credit: Shutterstock.comSee omnystudio.com/listener for privacy information.

Do you feel overwhelmed when it comes to money? Don't know where to start? Do you feel like you're on the wrong track? Suraya Zainudin, founder of ringgitohringgit.com seeks to address all these questions in her new book, Bergaji & Pokai. The book helps readers to navigate through the complexities of managing your own money with simple straightforward tips and fun examples. On Ringgit and Sense, she talks about why she wrote it and how she hopes it can help people in their own financial journey.Image credit: rawpixel.com / FreepikSee omnystudio.com/listener for privacy information.

Our conversation with PIDM continues about how they protect your money in case of an institution failure. Rafiz Abdullah of PIDM returns on the show to talk about how banks could fail and what happens to your money when something of low likelihood but high impact happens. Rafiz also shares what's on PIDM's radar when it comes to events that can threaten our financial institutions and how they are helping to build financial resilience amongst Malaysians. See omnystudio.com/listener for privacy information.

Do you know what happens to all the money in your bank if a bank fails? Can you get it back? Or is it gone for good? Well luckily in Malaysia, banks are members of an institution called PIDM which protects bank depositors and owners insurance policies in the event of a member institution failure. Rafiz Azuan Abdullah, the CEO of PIDM talks about their role and what could cause a bank to fail.See omnystudio.com/listener for privacy information.

In his latest book, Financial Freedom Investing, licensed financial planner Yap Ming Hui compiles his decades of experience in helping Malaysians achieve financial freedom. Sim Wie Boon dives into the book to unpack what the lessons are for everyday Malaysians to achieve financial freedom and the challenges in doing so as well as possible missteps to avoid.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Estate planning is a vital but often forgotten element in a Muslim’s financial plan. We usually spend the most of our time building and protecting our assets but usually forget the last part which is legacy planning. According to the Malaysian Institute of Estate Planners, 80% of Malaysians do not possess valid wills, with many having no idea what happens if their wishes aren’t followed after death. Ahmad Shareza, Head of Islamic Wealth Management and Business Development from Maybank Islamic talks about the importance of Islamic estate planning, what are some of the issues that could crop up, and how Maybank Islamic Wealth Management can assist you.See omnystudio.com/listener for privacy information.

As difficult as it may be, sometimes relationships don't work out the way we want them to be and unfortunately a divorce may be the last option for a couple. And while the emotional aspect can be painful, there is a financial aspect to consider as well. Who gets what and how will you go about it? Rozanna Rashid of Alpine Advisory shares some thoughts on the cost of divorce in Malaysia. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

How young were you when you first had experience with money? How was it? And how has it shaped the way you view money while growing up? Sim Wie Boon speaks to Alina Amir of Fund For Life on the importance of teaching your kids about money. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

The general consensus over the past few years, even before the pandemic, is that Malaysians generally do not save a lot. Be it because of structural issues or a lack of financial planning awareness, the issue is not to be taken lightly. In part of its journey to help Malaysians build financial resilience, PIDM has been conducting surveys and multiple engagements to help raise awareness on financial planning. Wan Ahmad Ikram Wan Ahmad Lotfi, Executive Vice President of PIDM comes on the show to share some thoughts.See omnystudio.com/listener for privacy information.

Increased globalization and interconnectivity has opened up the world of investing to near unlimited opportunities. Yet, most investors in Malaysia have about 80% of their investments in Malaysian-based assets. On today's episode of Ringgit and Sense, Sim Wie Boon speaks to Matthew Stuart-Box of robo advisor MYTHEO about the importance of global diversification especially in today's uncertain environment.See omnystudio.com/listener for privacy information.

Budget 2023 was presented by Finance Minister Tengku Zafrul focusing on economic recovery and resilience with a bill of RM372.3 billion, the biggest that has been tabled in Malaysian history. Unfortunately due to the dissolution of parliament several days later, we'll likely be looking at a different one when a new government gets elected. For today's episode of Ringgit and Sense, Sim Wie Boon speaks to tax expert Thanneermalai Somasundaram about Budget 2023, and what tweaks could be made to improve it. Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

With the Covid-19 pandemic leading to more indoor time, less physical activity and stress eating, it's not surprising that many Malaysians struggle with their weight. However, most Malaysians find it expensive to eat healthy especially in the current inflationary environment. So can we eat healthier on a budget? Sim Wie Boon speaks to Prof Dr Winnie Chee at International Medical University (IMU) to get some tips on how to eat healthier with a budget.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

The 5th of October is World Financial Planning Day, a day held to raise awareness about the importance of financial planning. And in conjunction with that, we explore the world of financial planning to discuss the path of being a licensed financial planner and also the trends of financial literacy amongst Malaysians. Sim Wie Boon speaks to Rafiq Hidayat of Wealth Vantage and Rozanna Rashid of Alpine Advisory about why they are doing what they are doing and their thoughts on the industry.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

Continuing a special series on money and relationships, Dr Selina Dang of Coreplus Advisory comes on the show to discuss the kind of financial issues that might crop up in a marriage. Dr Selina shares some thoughts on how to talk to your spouse about money and what steps to take to ensure that you and your partner are on the same page.Image credit: ShutterstockSee omnystudio.com/listener for privacy information.

The Monetary Policy Committee of Bank Negara Malaysia has once again increased the overnight policy rate by 25 basis points, bringing it from 2.25% to 2.50%. Bank Negara has been gradually hiking rates from the low rate environment during the pandemic in a bid to fight rising inflation. With more hikes likely to happen in the future, Sim Wie Boon speaks to Felix Neoh, Director of Financial Planning, Finwealth Management to understand how the OPR hikes impact your finances.See omnystudio.com/listener for privacy information.

We continue our exploration of the axis between relationships and money and for this episode, we look at those at the cusp of making that everlasting commitment, getting married. Sim Wie Boon speaks to Rafiq Hidayat of Wealth Vantage Advisory about the conversations you should be having with your partner before tying the knot and the possible issues that could arise when planning a wedding.  See omnystudio.com/listener for privacy information.

With cost of living rising while wages remain stagnant and the investment markets in turmoil, how do adherents of the FIRE movement (financial independence, retire early) continue with their strategy to work hard and retire early? Is it still achievable in this day and age? Sim Wie Boon speaks to Aaron Tang of mr-stingy.com to find out more. See omnystudio.com/listener for privacy information.

EPF members' savings are at very low and worrying levels because over 145 billion ringgit had been withdrawn because of the four Covid withdrawal schemes. Half of the 13 million EPF members aged under 55, now have less than RM10,000 in savings as of June 2022 - which should trigger alarm bells. Sim Wie Boon speaks to Puteri Marjan Megat Muzafa of Khazanah Research Institute on how this impacts our elderly population, and how it affects you and me.See omnystudio.com/listener for privacy information.