When you take a loan, you know the interest rate being charged. It is informed to you upfront before you sign the contract. But is it the real interest rate that you will be paying for the loan? Two types of interest rate 1. Nominal interest rate Nominal interest rate is the rate that you …
Private retirement scheme (PRS) has been around since 2012. Currently, there are nine providers, namely AHAM Capital, AIA, AmInvest, Hong Leong Asset Management Bhd, Kenanga Investors, Manulife Investment Management, Principal Asset Management, Public Mutual, and RHB Am. To know more about PRS, you may click here. Benefit The main benefit of PRS is its tax …
The tax filing season for YA2023 has started, so I have prepared this article for you as a reference. The images below show the personal tax reliefs available to be claimed. Make sure you have the receipts or proof when you claim the respective relief. Keep the proof for at least seven years in case …
Life is full of risk and insurance is an instrument to transfer the risk to the insurer. Honestly, insurance is something that most purchasers wish they do not need to claim. Why do we need insurance? Insurance will compensate us for our loss if the insured event occurs. Without insurance, we have to bear the …
Nowadays, most people are saddled with debts. If you are one of those people who do not have debt, congratulations and this article is not for you. But if you are like the majority, this article on debt management might give you some thoughts on how to reduce your debt. Types of debt There are …
I believe most people have heard about the emergency fund in personal finance. We are going to discuss about it in this article. What is emergency fund? Emergency fund is cash reserve that you use to pay for unexpected expenses or financial emergencies. It serves as a financial cushion, providing a buffer against job loss, …
Before 2023 ends, let’s see if you can reduce your income tax for this year. This article is about YA2023 income tax for individual resident. I will only touch on certain tax reliefs. For a full list of available tax reliefs, you may refer to this page from PwC Malaysia (Link). Tax reliefs to be …
Since we have discussed about personal cash flow statement and net worth statement, it is time to talk about the financial rates and ratios. Ratios using data from cash flow statement Savings ratio Savings ÷ Gross income It shows what percentage of your gross income is set aside for future consumption. The benchmark is at …
Net worth statement is one of the statements that we use in personal finance review. In this article, we will see how this statement looks like. Sample personal net worth statement The values used in the statement are taken on a specific date only, generally year-end (31 December) but it can be any date. It …
Personal cash flow statement is one of the statements that we use in personal finance review. In this article, we will see how this statement looks like. Sample cash flow statement The period of a cash flow statement is generally one year. Components of cash flow statement Cash flow statement can generally be divided into …
