Envelope Planning
.Envelope Planning
By Muhammad Ali
You're probably thinking, what the heck is that?
It's an idea that I suggested to my group here in Malaysia and I think it's great idea for those who want to take their planning to the next step.
Once you have entered all of your exchange plans into my Currency Exchange Planner software, this is the next logic step that can help you further get a clearer picture of your overall financial portfolio.
So how does this work, Muhammad?
You categorized your allocation of currency based upon your exchange plans. So let's see an example and then things will be more clear.
Below is a sample exchange plan from one of my group members. What he has done is made 16 envelopes and he put the required amount of currency in each labeled envelope based upon the amounts from his exchange planner.
What Is Your Lifestyle After The RV?
.What Is Your Lifestyle After The RV?
By Muhammad Ali
I have been getting many questions about investing after RV and creating a steady stream of income so that you can have a work free lifestyle.
So I made this post for you all to think wisely and have the opportunity to top up your currency as required before the RV.
After the RV, the perfect scenario is: we do not want to work. We want to have our money work for us.
So we need to invest our money into places that will not run away with our money nor be shut down by corrupt/greedy CEO. No more money games!!!!
So the best and safest avenue will be thru the banks.
Wealth Managers and Handling Losses
.Wealth Managers and Handling Losses
By Muhammad Ali
Imagine you invested the majority of your RV exchanged money or funds with a wealth manager and the guy lost 90% of your money.
Do you think this situation can never happen? How about telling that to this man and his wife.
He invested $250,000 with a Wealth Manger only to be left with $11,200.
So yes, it definitely can happen and it can happen to you.
What would you do?
How To Move Money After The RV
.How To Move Money After The RV
By Muhammad Ali
This article I wrote for my group here in Malaysia. Most of the information pertains to Malaysians and Singaporeans, however, the general concept of moving money can apply to anyone, anywhere.
For some of you, after the RV, you will have hundreds of millions of RM (Ringgit Malaysia) or Dollars and for security reasons you may want to park your funds in several banks in several countries.
For example, you may have an account in Malaysia, Singapore and Brunei, as well as have an IBC (International Business Center) in Labuan.
As the English express goes, don't put all your eggs in one basket.
Diversification of your money in other countries or in other currencies (as in multi-currency accounts) may be a very good thing to do.
.Private Banking and Private Bankers
.Philanthropy 101
Giving money away can be just as complicated as making it.
Private bankers help spread the wealth.
Private bankers help clients to guard their wealth; they also hold their hands when it’s time to give some of it away.
“Many times clients are interested in donating, but they don’t really have the people to sit down and have a dialogue with,” says Nicholas Stonestreet, head of Trust & Wealth Structuring at Merrill Lynch International Private Client Group. “It’s a really important part of private banking.”
Stonestreet encourages his staff to ask clients about their philanthropic intentions. Like therapists exploring personal problems, charity experts at private banks can help donors think through their altruistic inclinations and motives.
CNBC: Sudden Wealth Can Leave You Broke.
.CNBC: Sudden Wealth Can Leave You Broke.
By Ilana Polyak Wed, Oct 1 2014
At some point, we’ve all fantasized about winning the lottery and living the high life, replete with mansions, sports cars, yachts and exotic travel. But the reality of hitting the jackpot isn’t some glamorous Kardashian-style existence.
Instead of finding themselves in the lap of luxury, 70 percent of people who come into sudden money are broke within a few years, according to the National Endowment for Financial Education. Many even end up cursing their windfalls.
The reason, said Susan Bradley, founder of the Sudden Money Institute, is that people get used to their own level of wealth. Suddenly they don’t have the same limitations they had before, but many don’t realize they still do have limitations.
And it doesn’t take a Mega-Millions win to throw someone into monetary chaos.
When Do You Finally Feel Rich?
When Do You Finally Feel Rich?
By Financial Samurai
There’s a saying that goes something like this: To feel rich, take whatever you earn and triple it. Once you get there, triple it again, and again, and again. In other words, due to hedonic adaptation, it’s impossible to ever feel rich!
But I’ve noticed on my path to financial freedom that there were several times when I felt incredibly rich. The Dow reaching 20,000 wasn’t one of them by the way. Perhaps you can share when you finally felt rich as well.
When I Finally Felt Rich
1) When I went back to Malaysia. I used to live in Malaysia from 5th grade to 8th grade in the early 1990s. At the time, the exchange rate was ~2.3 Ringgit to 1 USD. When I finally paid a visit more than 20 years later, the Ringgit had depreciated to 3.7:1. One Ringgit bought the equivalent of $1 worth of stuff in the States. Therefore, I suddenly had almost 4X the amount of purchasing power during my week-long stay. So perhaps making 3X more doesn’t really make you feel rich, but making 4X more does!
In addition to the increased purchasing power aspect, it felt particularly moving to visit my old house and to realize I didn’t fall through the cracks. I was an undisciplined kid who got into way too much trouble. If I was my own father, I’d have considered sending myself to military school.
Money is Not a Four Letter Word
.Money is Not a Four Letter Word
By JJ
This post is part of the #WomenRockMoney Movement, a large group of female personal finance bloggers who have come together to inspire more women to learn about money. ***
Money can elicit a multitude of emotions. Envy, shame, ignorance, superiority, dread and anxiety, to name a few.
For many, money is a source of confusion.
Cloaked in a combination of jargon and overly complex concepts, a basic understanding of personal finance seems insurmountable when first getting started.
This feeling is disproportionately true for women.
Studies have shown that women not only have lower rates of financial literacy then men but they are also less confident in their financial abilities. With more women becoming equal contributors in the household, or even the primary breadwinner, it’s important that we get a better grasp of the personal finance basics.
On a societal level the subject of money remans taboo. Although we deal with matters of personal finance on a daily basis, most of us don’t feel comfortable discussing money, even with our best friends or romantic partner.
What If I Don’t Get Hit By A Bus?
.What If I Don’t Get Hit By A Bus?
By Steven October 14, 2019
We’re a bit extreme about saving money around here. In fact, we recommend saving so much money that you never have to work a job again if you don’t want to, preferably as early in life as possible. This is usually achieved by optimizing your everyday spending and making big, deliberate choices to reduce some of life’s biggest costs, especially during your 20s and 30s.
Over the years, we’ve heard from a lot of people who don’t think this is such a good idea. One of the most common arguments is, “but what if you get hit by a bus?”
The implication is that it’s risky and senseless to deprive yourself of life’s pleasures, especially in your “best years.” After all, life is fleeting, and it could all be taken away in the blink of an eye.
An argument against pursuing financial independence and early retirement, apparently.
Older Women Are the Best Money Mentors
.Older Women Are the Best Money Mentors
By Charlotte Cowles
I am 100 percent certain that Janna, a slightly older colleague at my first staff job, has no recollection of doling out financial wisdom that I still think about today.
About ten years ago, we were lurching upwards in our building’s hot, rickety elevator when she made an off-handed comment about how our employer, despite its general stinginess, had a pretty good 401(K) matching policy. “It’s free money,” she said. “You signed up for it, right?”
For the record, my dad had told me the exact same thing, and so had the lady in HR when she handed me my new-hire paperwork, but it was Janna’s words that actually penetrated my thick skull.
“Yeah,” I lied, and then raced home to dig out the enrollment forms. Every time I’ve started a new job since then, I’ve thought of that conversation and followed Janna’s advice.
4 Laws To Generate Wealth
.4 Laws To Generate Wealth
By The Money Mix
Want to generate wealth? Play by the rules.
Have you ever come across the phrase – ‘play by the rules’? It’s perhaps the most powerful phrase in the world we live in. Why? Because the world itself is in existence because it plays by some specific rules.
All-natural laws are just what they are; they are not there for us to judge their fairness or otherwise. The best we can do is to take advantage of them and be a blessing to ourselves and our generation.
If you want to generate wealth, for whatever reason you might need it for, these laws should be your best companion.
I have compiled these four laws because of the evergreen nature, and if they are considered with a kin eye, you are on your way to wealth.