View Full Version : Personal Financial Planning

23-05-2006, 11:08 PM
Hey! Should we do financial planning or should we drift from day to day. If we opt for financial planning , big sounding word, what should we do? Discuss.

24-05-2006, 01:37 PM
Everyone should know/learn about money and financial planning and budgeting, etc. However, I donít think planning is the problem... it is the knowledge gap and lack of resolve in implementing the plan.

Seriously, how many of us are really up to the task of saving say 10% of our takehome pay for retirement? How about eating more at home than going out, and less commuting during weekends? Remember, each time you drive is money spent on petrol and most probably toll and parking too.

24-05-2006, 03:19 PM
Whatever big sounding terms are out there - please plan as SOON as you can. Then - start executing your plan. Even if it means starting with setting aside RM xxx a month.

As you get more exposed from reading, discussions with friends, relatives on the various financial vehicles, start trying lower risk/lower return.

Review your execution/results/plan regularly, say every 6 months initially, and as your investments/savings get bigger, your intervals can be further apart.

I remember someone mention this to me - for most of us in the "employee" segment, we spend 8-10 hours a day reviewing, planning and executing someone else money/investments.

Then we come home, tired - and we look at our own investment/savings and expect it to grow by itself.

Whatever your plans may be, DO SOMETHING, and start as soon as possible.

Good luck.

DISCLAIMER - this writer knows nuts about financial planning - trust me. :confused: