The budget 2010 has some savings for individual. It proposed to reduce the maximu tax bracket to 26%. The personal relief is will be RM 9,000 and the EPF & Insurance relief be increased from RM 6,000 to RM 7,000 - from annuity scheme premium from insurance. Further, a tax relief of RM 500 be given for broadband subscription.
There will be a 5% capital gain tax for disposal of properties. Further, a RM 50 charges will be imposed for each credit card or debit card for principal and RM 25 for supplimentary card. Below is the link that you access for further details.
http://thestar.com.my/budget/attachment10.pdf
Tuesday
How The Rich Gets Richer!
I was given a complementary ticket to attend the above 3 days National Achievers Congress 2009 seminar on 22th to 25th. The admission ticket was sold at RM 300+ to Rm 3,000+! Crazy is it? Know what? I find it even crazier that the speakers were spending more time selling more seminars, books and CDs than delivering and sharing their knowledge and experiences! That's what I call "The Rich Gets Richer"! By the way, I was told that you can get the ticket for only RM8 on the third day.
Over the last 3 days, I saw many people just buying and signing up for courses and programs. I doubt that they are very clear of their goals and objectives. Well, this is not the message I heard during the seminar. I heard it clearly that in order to be rich, you have to sell and sell! You must have the high energy to sell. You must focus on the results and not reasons. You must take action and NOT wish and hope. I feel that's what many people believed that by signing up for more courses and seminars will make them rich. Instant rich!? Believe it or not, courses and seminars that list more than 10,000 to 30,000 or more in USD were offered less than RM 4,000 or so! Each speakers will say that their seminar seat is very limited and the early birds will get more discounts! Wow, what a great sales line! Having said all that, I respect and admire their super selling skills.
What Products? What Services? - Insurance / Takaful
There many financial products out there in the market for you to pick. Some of the products and services like insurance, unit trusts, bonds, money market funds, shares, hedge funds, properties, will writing and private trust. Normally, you can buy these from a few channels like banks, agents and financial planners.
Lets discuss a little about insurance.
Why people buy insurance and later they regret buying? Well the question is, are you buying the insurance that fits your needs OR you fits your needs to the insurance you bought? At such, many people that have bought one or more of the insurance products are stuck with it and do not know exactly what to do. Take for example, I often heard people complaining and saying that "insurance is cheating". But is it true? Is it really that insurance that cheats? Or is the person that sold that cheats? Or your needs have changed that make the insurance policy inefficient? Worst of all, you do not know what you bought! Only you will know the answer to this question.
I would advise that you evaluate your insurance policies when there is a change in your family, age, job, etc. That's a big job, right? Well, approach a qualified and knowledgable person to assist you. You can get agents from different companies or a financial planner to do that. They should offer you solutions to your problem and not mere suggestions. Please have at least 3 quotations, make comparisons and DO NOT compromise.
Typically, there are only 3 types of life insurance plans and 1 medical insurance plan. There are the whole life, endowment, investment-linked, and Hospital and Surgery Medical plan. They are marketed in many plan packages like education plan, retirement plan, savings plan, protection plan, etc.
Takaful
Not many years back, takaful was introduced for the muslims. Takaful is a scheme whereby a group of participants mutually agree among themselves to guarantee each other against a defined loss(es) or damage(s) that may be inflicted upon any of them, by contributing a tabarrau' or donations in the takaful fund. Typically, the 2 models in takaful are wakalah and mudharabah.
Lets discuss a little about insurance.
Why people buy insurance and later they regret buying? Well the question is, are you buying the insurance that fits your needs OR you fits your needs to the insurance you bought? At such, many people that have bought one or more of the insurance products are stuck with it and do not know exactly what to do. Take for example, I often heard people complaining and saying that "insurance is cheating". But is it true? Is it really that insurance that cheats? Or is the person that sold that cheats? Or your needs have changed that make the insurance policy inefficient? Worst of all, you do not know what you bought! Only you will know the answer to this question.
I would advise that you evaluate your insurance policies when there is a change in your family, age, job, etc. That's a big job, right? Well, approach a qualified and knowledgable person to assist you. You can get agents from different companies or a financial planner to do that. They should offer you solutions to your problem and not mere suggestions. Please have at least 3 quotations, make comparisons and DO NOT compromise.
Typically, there are only 3 types of life insurance plans and 1 medical insurance plan. There are the whole life, endowment, investment-linked, and Hospital and Surgery Medical plan. They are marketed in many plan packages like education plan, retirement plan, savings plan, protection plan, etc.
Takaful
Not many years back, takaful was introduced for the muslims. Takaful is a scheme whereby a group of participants mutually agree among themselves to guarantee each other against a defined loss(es) or damage(s) that may be inflicted upon any of them, by contributing a tabarrau' or donations in the takaful fund. Typically, the 2 models in takaful are wakalah and mudharabah.
Thursday
Is There A Need for Financial Planning? Why?
In general, each individual is doing some forms of financial planning in their life. He or she will save some money, buy some insurance, buy some shares, invest in unit trusts and properties, and buy many other things like gold, silver, wine and Chinese tea that they believed the value will appreciate in the future. However, some do not even invest in anything at all. Maybe just savings in the bank. Why?
The question is, is he or she really efficient use of the scarce resource of money? Is he or she buying the correct things? Will they meet his or her future needs? Is inflation being considered? In fact, everyone knows the questions and most of them will only to wonder how? Why?
In the past, there is no such profession as Financial Planner. So we will try our very best to do the financial planning ourselves as mentioned above. So who is this Financial Planner then? Well, I will consider the Financial Planner is a professional hybrid of Accountant, Economist and Lawyer professions combination.
Do you know that, the Financial Planner has to pay professional license fee, financial planning association membership fee, continue education fees, company license fee, and some even pay agent fee? They pay their fees just like any of the familiar Professionals. Why then the Financial Planner is not paid fee for their service? So, is it fair to the Financial Planner? Is Financial Planner not accepted, recognized or appreciated? Why?
The question is, is he or she really efficient use of the scarce resource of money? Is he or she buying the correct things? Will they meet his or her future needs? Is inflation being considered? In fact, everyone knows the questions and most of them will only to wonder how? Why?
In the past, there is no such profession as Financial Planner. So we will try our very best to do the financial planning ourselves as mentioned above. So who is this Financial Planner then? Well, I will consider the Financial Planner is a professional hybrid of Accountant, Economist and Lawyer professions combination.
Do you know that, the Financial Planner has to pay professional license fee, financial planning association membership fee, continue education fees, company license fee, and some even pay agent fee? They pay their fees just like any of the familiar Professionals. Why then the Financial Planner is not paid fee for their service? So, is it fair to the Financial Planner? Is Financial Planner not accepted, recognized or appreciated? Why?
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