Ever since i started working last year i have thought a lot about how to manage my money. I dont want to be boros like the last time i had a huge amount of money but the truth is that it will never go away. The more money that i realise i had the higher the tendency for me to spend it all
So what to do?
the simplest thing to do is to disperse my assets. open up several accounts so that i wouldnt spend as much when there arent that much in the bank.Setting up a buffer in my account so that i know my limit.Currently my buffer is 3K so i wouldnt withdraw if it comes to that.
I also started to get my hands into investing. started off last year with a low risk investment called fixed deposit at bank rakyat, then will go up a bit to medium risk investment in the form of unit trust. after a lot of researching and reading i will opt for a Public Mutual Fund called Public Ittikal Fund which complies with the shariah law and high long term earnings. then on to high risk investment such as stocks and bonds.
I am not looking for a get rich quick investment and all my investments so far is long term. this will keep me from spending too much haha
other than investing the most important thing to have is insurance. i recently register for a Prudential BSN Takaful Insurance which apart from the usual medical benefits, it also gives u a saving account where the money you put in will gradually grow.In 15 to 20 years i would have money i didnt realise i had hehe
My target this year is property investment. hopefully i can realise it before the middle of the year hehe
managing your finance
1. Savings - dont start investing right away if you dont have any savings. this is the basic thing to do before you try to expand your wealth.be sure to control and check your balance
2. Low risk investment - start with either ASB or Bank Rakyat as they have the highest yield
3. Medium risk investment - Unit trust.this requires more investment than the low risk as there are a lot of fees to cover
4. Property investment - this is the only stuff that when you buy it, the price increases unlike a car
5. Insurance - Not a lot of people here realise the importance of insurance as you wont see the results unless you're old or sick or dead but it is dead important (excuse the pun)
6. High risk investment - when you are financially free and you have extra dough, try the stock market or bonds or hedge funds for mo money