#150. Top Money Tips For Malaysians

Learn The Simple And Practical Guide To Managing Your Personal Finance, For Malaysians

KCLau has recently published his first book. This is a, as shown on the cover of the book, 'simple and practical' guide to managing your personal finance.

However, don't be fool by the word 'simple'. The keyword in my opinion for the entire content of the book is 'practical'. I wish someone has given me a book like this when I started working in my first job many, many years ago!

The practical tips and guides are so valuable that you would not have even thought of it. Reading this book will save you at least a few years of self-studying to improve your personal finance. I am such person that have constantly been trying to read up on tips to improve all areas of personal finance. However, it amazes me to find some gems in there that I have not thought of!

The book is essentially divided into four important parts that everyone should know when it comes to the betterment of our own personal finance.

1. Smart Money Tips

Of course, the first step towards riches and growing your wealth is to spend less than you earn. And once you have managed to spend less than you earn, what do you do with the extra that you have saved? Find out in the book on how to grow your wealth with the money that you have saved. And more importantly, used OPM (Other People's Money) to increase your wealth!

2. Money-Making Tips

Well, you can't stop at just spending less, and then investing the money you saved. To expand your wealth horizon further, what else can you do other than look for ways to make money!? The chapter on "Turn your passion into money making machine" itself is what I think, the best tip a person can get! I only wish someone has told me this just when I started out in the 'rat race'. I definitely will not be in a rat race today if I have followed this tip. Thanks, KCLau, I will definitely pass this tip on to my son when it's his time to earn his own bucks.

3. Money-Saving Tips

OK, this part has a lot of great practical tips that will surely blow your mind! Tips included in this part is usually not discussed even by people in the industry of unit trust, car dealers, or mortgage sales personnel.

KCLau offers valuable tips here on how to you can get your first car for FREE. Again, something I should have been told when I get my first car! I am wiser now and of course kept telling everyone about getting a used car. While my tips in my blog share on how to save a virtual RM30,000 off the purchase of your car, KCLau offers a 'practical' tip on how you really can save a real RM5,000 and more on the purchase of your car.

Next, you will learn how to minimize the sales charges when you invest in unit trust. I do share a few tips myself too, however, KCLau has now reached a wider audience when he shares the tips in his book with Malaysians. Just hope that people in the unit trust industry don't get mad with him sharing this trade secret. I am a believer in helping people to look for ways to save their money though, even if I am in the unit trust industry myself. KCLau, you have done a great job here.

Now, mortgage is something most of us will use in our lifetime. Again, this book offer a great tip in 'manoeuvre your mortgage' especially when banks are slashing their rates in this financial times. I have myself practised this tip but without realising it is actually a 'simple' practice that can help save thousands of Ringgit.

4. Money-Protection Tips

Finally, the important part of your financial journey definitely has to include these tips. Or it won't be complete.

Here, you will learn the benefits of having a good insurance plan to protect your wealth. Insurance is something that people always put off until it is too late. However, we should be thinking of this first before embarking on our journey on creating wealth at all.

I remember a friend of mine who is an insurance agent that had shared this tip with me:

"Imagine you have accumulated so much wealth throughout your life. Let's say you have RM1 million and yet without an insurance plan. Your will only leave your son with RM1 million after you leave this world.

However if you have an insurance plan that can pay you RM1 million to your beneficiary upon your 'departure', that would mean your son and wife will now be having RM2 million (your own wealth and the money from insurance).

Many people don't realise and know that insurance is also a wealth creation financial tool by itself."

Read KCLau's books to find the right plan for using insurance as a wealth protection and creation tool. Then learn how to calculate how much insurance premium you need to pay and how you can save money on the premium. Definitely a great read in this part since KCLau is sharing information from an insurance insider's (his is himself an insurance agent) point of view.

The book is sold for RM29.90 at local bookstore, or you could buy it over the net and have it delivered to you. Click here for net purchase.