Almost all of us have taken on debt. Taking debt can help build wealth or increase income over time. Examples of good debt include mortgages, student loans, and small business loans. But debt that becomes challenging to pay off poses a long-term challenge to your finances. According to economists, as of the first half of 2021, Malaysia’s household debts are still at a worrying trend. Here are ways to pay off debt fast without forfeiting your other important financial benchmarks such as a healthy emergency fund or retirement savings. Source: Tenor Pay off the smallest debts first
Source: Quickmeme Your net worth refers to the difference between your assets and liabilities. It provides a big picture view of your current financial situation - think of it as a financial report card that allows you to evaluate your current financial health, and helps you figure out what you need to do to reach your financial goals. Source: Money Life Wax How to calculate your net worth You can do this in three easy steps. Step 1: Add up the total value of all your assets. Your assets are resources that have economic value with the expectation that
Source: Quickmeme First off, if you’re intrigued by this topic, it’s very likely you have a new addition to your family. Hence, Congratulations! Source: Giphy Having a newborn in the family is one of the biggest joys you can experience in life. It means your life will never be the same again and you’ll be embarking on a selfless transition to provide the best for your family. However, this overwhelming joy may sometimes be accompanied by an unsettling aftertaste. One minute you’ll be overjoyed by your adorable baby but the next you might be pondering how you can set a fulfilling
Source: reactiongifs The end of the year is a time for reflection. Many of us will think about the things we didn’t manage to accomplish and how we can change that in the new year. Deciding to become financially healthy is among the more common New Year’s resolutions. If you’ve been meaning to get better at managing your money, here are 4 actions you can take now to be more financially secure by the end of next year and beyond: Source: Giphy 1. Determine your financial goals Identifying your financial goals in advance is the first step towards taking control of your money.
Source: Getty Images Saving money is the foundation of financial security. It is the act of setting aside income first, which is one of the cardinal rules of personal finance. But while saving money seems relatively straightforward, many people find it a challenge just to get started for various reasons. Putting away money doesn’t have to be difficult. If you’re feeling overwhelmed or unmotivated, these simple tips can help get you in the habit and become more aware of your finances and spending habits: 1. Set up a monthly automatic savings plan One of the easiest