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apple developer(buyappleacc.com):Insight - Five mistakes Malaysians make with their money

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,Yap Ming Hui says people can be earning more and still have little. There are also those who are earning less, but are more comfortable and secure. Why is this so? The answer is simple. Financial freedom and stability are not just about earning a decent wage. It is about navigating every single financial decision.

MANY people, especially those in their later years, wonder why they don’t have as much money as they’d like.

They can be earning a more than decent income, and still have little to no seed money to fund their bigger financial goals such as retirement, education and business.

There are also those who are earning seemingly less, but are more comfortable and secure in their financial situation in their later years. Why is this so?

The answer is simple. Financial freedom and stability are not just about earning a decent wage. It is about navigating every single financial decision.

Today, I would like to share with you five critical mistakes that you should avoid at all costs.

Mistake one: Neglecting to review your saving strategies and habits.Many people tend to start out in their first jobs with a spend-then-save strategy, meaning you save what’s left of your salary only after spending.

In your early 20s, you may still afford to make this mistake without it affecting the future of your financial strategy.

However, the longer you keep to this practice, the harder it will be to turn it around to a save-then-spend strategy, which is the more effective strategy to grow your wealth.

To do so, always put aside a portion of your income preferably into a dedicated bank account meant for savings. The rule of thumb is 30% of your gross salary if you are an Employees Provident Fund (EPF) contributor, and 35% if you’re not an EPF contributor.

However, a more effective way to ascertain the target amount you should be saving every month, is to draw up a holistic financial plan with your desired financial goals for example buying a house, funding your kids’ tertiary education, retirement, etc.

That way, you will know for certain, that every penny saved is going towards fulfilling your financial goals.

Even without a holistic financial plan, you can still continue to put aside your savings.

But the risk of going at it based on guesswork alone, can lead to two outcomes: the first, saving too little for your financial goals and finding out too late that this is the case, or the second, saving too much – of which the cost is you and your family’s unhappiness and stress.

Saving alone isn’t enough. You need to invest the savings if you want to see your wealth grow.

Therefore, my advice is to channel your savings directly into a savings plan of a good investment scheme.

Mistake two: Neglecting to review and improve your investment strategies.When it comes to investing, many people tend to invest and forget. Some may even approach investing in an ad hoc manner, choosing to invest in investments that seem to offer the highest return. Doing so would be akin to going for the bullseye with your blindfold on.

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