What is i-Saraan?As a member under this incentive, you will receive additional special incentive of 15% from government (up to RM250 each year). The special
incentive will be given from year 2018 until 2022.Requirements:-Malaysian Citizen
-Registered EPF Member-Below 55 years of age-Self-employed individuals
Self-employed Category:-Farmers/Fishermen/Taxi Drivers-Small Business Owners/Hawkers/Night Market Traders-Babysitters-Commission-receiving agents (e.g. insurance agents, real estate agents)-Freelancers (e.g. those who receive payment for services including deejays, singers, actors, fitness instructors, consultants)-Business Owners (sole proprietors/partners) involved in the trading of goods and services-Online Business Owners-Professionals with their own practice (e.g. accountants, doctors, lawyers)-Housewives-Pensionable EmployeesHow to apply i-Saraan?You can go to the branch of KWSP and tell them to you would like to apply for i-Saraan, and the counter staff give you the form to fill in.If you want to fill it out at home, you can download the form here. Then you may deposit your contribution through internet banking.
Example: Public BankStep 1: Log in to your Public Bank account.Step 2: Click Payment and select Other Payment.Step 3: Click EPF Payment.Step 4: Select i-Saraan under Payment Type.Step 5: Fill in information, then enter the deposited amount, request tac to complete it.Cover Photo: KWSP
I believe the Malaysians who have a job know that their boss will help them to deposit 13% of the total salary in the Employee Provident Fund (EPF) every month, and the employee himself will also need to deposit 11% of the salary in Inside the provident fund. An EPF account is divided into Account 1 and Account 2. Account 1 holds 70% of the deposits and most of the people consider this as their retirement fund because they are not allowed to withdraw from Account 1 if they have not reached the retirement age of 55 years old. Account 2 holds 30% of deposits. The deposits in Account 2 can be used to buy a house, pay for medical expenses, education, etc. at any time. There are as many as 14 reasons to raise a deposit in a provident fund account! Let's check it out now!
Photo Source: The Online Citizens1. Pay Off Or Reduce The Mortgage In One GoEPF members can withdraw the deposits in Account 2 to pay off or reduce the mortgage balance.2. Medical Expenses Of Yourself Or Your ChildMembers can withdraw EPF deposits to pay for medical expenses for themselves or their children.3. Education PurposeMembers can withdraw the deposit of Account 2 to pay for their own education or children's education expenses. They can also apply for Account 2 to help pay back PTPTN.
Photo Source: New Straits Times4. Loss of Working AbilityIf the EPF member loses the ability to work, such as suffering from mental problems or disability, then the full deposits in the EPF can be withdrawn to use for their living expenses. PS. A medical certificate is required.5. Investment PurposeMembers can withdraw 20% of the deposit in Account 1 for investment, but the investment must come from an institution that is recognized by the Provident Fund Board. 6. Withdrawal Of Savings With An Account Exceeding RM 1 millionEPF members with deposits of more than RM 1 million can withdraw extra money beyond one million because having one million savings is enough for the basic needs of future retirement.7. ImmigrationIf members want to immigrate to other countries and give up Malaysian citizenship, they can directly apply to the Provident Fund Board to withdraw all funds from their own provident fund accounts.
Photo Source: Forbes8. Withdrawal Before Or After RetirementEPF members can withdraw all or part of their Account 2 deposits when they reach the age of 50 to improve their lives.9. PRIMA Housing Only members who are eligible to purchase 1MDB housing under the PR1MA can use the funds from the Account 2 to pay the monthly mortgage.10. Pay The Down Payment Of HousingWhen a provident fund member wants to buy a house, he/ she can apply for a deposit of the provident fund Account 2 to pay for the down payment. (Only limited to no more than 10% of the house price and those who purchase a house for the first time)11. DeathIf a provident fund member passes away, the member’s family can apply to the provident fund bureau to withdraw all the deposits of the deceased, provided that the withdrawal person must be 18 years old or above and have a provident fund deposit.
Photo Source: Independent12. Withdrawal for House Decoration When a member needs a sum of money to decorate the house, they can apply to withdraw the provident fund deposit to decorate the house.13. Pay For Monthly Housing Loan Members can apply to withdraw their provident fund deposits to pay monthly house installments.14. Retirement age 55, full withdrawal is availableWhen a provident fund member has reached the retirement age of 55 years old, they can apply for withdrawing part or all of their provident fund deposits. (Each person has only one opportunity to apply in his life).
Photo Source: Financial Express*For more details, please click kwsp.gov.my to view**If you want to apply for withdrawal of deposits, you can go to the nearby provident fund bureau to inquire about the collection form and apply (remember to bring a copy of your personal IC card, remittance bank book, or bank statement certificate)Cover Photo: CNA | Malaysia News
How do you define financial freedom? Unlimited wealth or money? This dream is too wild. To achieve financial freedom, you need to learn how to accumulate passive income. Passive income allows you to get income without work. They can make money for you when you eat, drink, have fun, and even sleep. At first, you will think it is impossible to accumulate passive income, and you don't know where to start. But, don’t worry! Below are 4 types of passive income that can help you achieve financial freedom.
Photo Source: Passive Income M.D.1. Interest Income The source of interest income could be time deposits, national bonds, and dividends.Fixed depositSuppose you deposit $100,000 into a fixed deposit today, and the annual interest rate of the fixed deposit is 3%, then your $100,000 fixed deposit will bring you $3000 in interest income one year later.If the annual interest rate of fixed deposits decreases, interest income will decrease relatively. In this case, you can only maintain an annual interest income of $3000 if you increase the principal invested.
Photo Source: Investment PediaNational bondsWhen you buy a national bond, you are lending money to the country. The country will issue interest to you every month or year, and return your principal on the repayment date.DividendsWhen you buy a stock, you are buying a business. When this business makes money, the directors of the company have the right to decide to distribute the profit earned to all shareholders. If the directors unanimously agree that the profits are distributed to the shareholders, the shareholders of the company will receive dividends.2. Rental incomeIf you rent out the house you bought, you can get rental income. Assuming that you rent out all the rooms, this means that rent income alone can offset your monthly bank mortgage.Assuming that this method has been maintained for decades, and the previous rent income has been paid off the mortgage, then the rental income after that will completely become your passive income.
Photo Source: ArchDaily3. Business incomeThe book "Rich Dad Poor Dad" mentioned the difference between self-employed people and business people. Self-employed people make money by selling their time and services while business people make money by relying on the business system.To know whether you are a businessman or a self-employed person, the most straightforward way is to answer: "Can this business continues to operate and continue to generate income without you?" If not, then you are a self-employed person. If you don't need to operate it yourself, and this business continues to bring you income, then this is considered as passive income through business.
Photo Source: Entrepreneur Asia Pacific4. Copyright IncomeWhen you have intellectual property rights, others must pay you for using your intellectual property rights. These include patents, books, software, music, virtual characters, brands, etc.
Photo Source: RestreamHow much money is needed to achieve financial freedom? The answer is mostly "the more the better." In fact, when your passive income is greater than your living expenses, you no longer need to rely on active income to maintain expenses. That is true financial freedom.To achieve financial freedom, the most important thing is is whether you take action. And, it requires your efforts and time.Cover Photo: Medium | Property Guru
Central Credit Reference Information System CCRIS) is managed by Bank Negara Malaysia. The banks use the credit information of borrowers in the CCRIS report to determine whether to approve the loan application.A complete CCRIS report will show 3 important information, namely the loan currently owed by the borrower, the loan model, and the number of approved and rejected loans.CCRIS report only clearly lists the credit history of the borrower within 12 months and it will not directly label whether the borrower is a good borrower.
Photo Source: Ringgit PlusBank Negara launched a free eCCRIS online service, whereby the public can register for free from the Internet and request their own CCRIS report in just a few steps.Step 1: Visit https://www.bnm.gov.my/index.php?rp=ccrisform to download the registration form.
Photo Source: Bank Negara MalaysiaStep 2: Attach 1 copy of IC and 2 identification information, such as EPF statement, bank statement, driving license, credit card statement, etc.
Photo Source: Bank Negara MalaysiaStep 3: Visit https://telelink.bnm.gov.my/, fill in the information, and upload the registration form and related documents to the relevant webpage.
Photo Source: Bank Negara MalaysiaThe advantage of registering as a user of the eCCRIS system is that it allows us to keep abreast of our latest credit information and check whether our name has been stolen by criminals at any time. Generally, the CCRIS report is updated once a month. If you find that you have paid off loans, unidentified loans, or debts in the report, you can directly complain to the Bank Negara Malaysia.For any queries related to eCCRIS, please call the Bank Negara Malaysia hotline at 1300-88-5465.Cover Photo: iMoney Learning Centre | iProperty.com
The COVID-19 pandemic has caused the instability of the global economy and we began to pay attention to national and international economic developments. In fact, finance is not as difficult as we imagined, and it is closely related to our lives. Come and follow me to learn some useful financial terminologies!1. FuturesFor example, you have booked a Gucci handbag, when the goods arrive and the salesperson asks you to pay, this is called a spot transaction with a physical settlement. When you go to the store and find that the same bag on the shelf has increased in price, you decide to sell it to your peers to make a profit. This is called a cash settlement.
Photo Source: World Business Council for Sustainable DevelopmentFor futures, a trading contract is signed now, but it will be traded in the future. In other words, futures are standardized contracts that are traded on exchanges. The contract stipulates that a certain amount (contract size) will be traded at a certain price (future price) at a certain time (delivery date) in the future. commodity.For example, Mr. A is a shop selling rice balls, but Mr. A is worried that the price of rice will rise in the future. Therefore, Mr. A decided to use the current price to order the future batch of rice with the rice merchant. Therefore, Mr. A paid a deposit to the rice merchant and signed a contract to "buy future white rice", which was the predecessor of futures.
Photo Source: Business Matters2. Short SalesSpeculators believe that the price of a certain commodity, stock, bond, etc. will fall, so they sell futures, hoping to buy it back after the price falls, so as to obtain profit from the difference. Speculators have no physical objects in their hands after they have sold them but before they have bought them back or make up for them, so they are called "short positions".For example, your guest needs a Chanel bag, but you have no stock on hand, so you transfer a bag from a colleague and you promise to return your colleague in a few days. If the market price of the bag is $5,681. When you sell to a customer, the exchange rate is 3.98 and the selling price is RM22,610.38. When you buy the same type of bag and return it to your colleagues, the exchange rate is 3.67, and the buying price is RM20,849.27. So, you gain a profit of RM1,761.11. This is called a short transaction.
Photo Source: All Business Schools3. Quantitative Easing For example, during the COVID-19 period, the demand for masks greatly increased. The sales of masks in the market were very good, so the supermarket set the condition that a family can only buy one box. However, as the COVID-19 pandemic is pushed out, the demand for masks is not as large as it was at that time. When the customers are allowed to decide how much to buy, it is called quantitative easing.
Photo Source: The GuardianHope you have learned something new related to finance from this article. ^^Cover Photo: New York Times | Poole Group
Due to the spread of COVID-19, the global economy has plunged into a trough, prompting the Bank Negara Malaysia (BNM) to reduce interest rates three times this year! The economists predict that Bank Negara will cut interest rates again to around 1.25%-1.50%. The deduction of interest rate also means that you will get lesser interest for your bank deposits!
Photo Source: The StarHowever, the good news is that the average interest rate given by EPF in recent years turned out to be as high as 5.98%. If you don't want to take risks in buying stocks, then depositing money in EPF is a safe investment for you. If you are a provident fund member, you can deposit money into EPF through Maybank2u by yourself in the following few simple steps to earn higher interest!
Photo Source: The RohaniStep 1: Log in to the Maybank2u account.
Step 2: Click "Pay & Transfer"
Step 3: Select "EPF"
Step 4: Enter personal information "provided fund member number, member name, member ID number, amount", and then click "Pay"Step 5: Finally, request the TAC verification code and enter it.
If you want financial freedom quickly, saving money is really more important than making money! Hurry up and share this with your family, relatives, and friends, so that everyone can know the good news!Cover Photo: The Culture Trip | Berita Harian | AirAisa Big
In relation to the outbreak of the epidemic, many people are facing salary cuts or working without pay. Some people are also at risk of being laid off at any time. Many people have always faced the problem of insufficient money. However, external factors will not influence you too much as long as you have good financial management.If you don't want to be poor, you must remember the following 6 rules.
Photo Source: Pinterest1. Don't Plan To Be Poor And Spend Uncontrollably Most people don’t save money because they want to live in the moment and they spend as much as they want. Besides, many people with credit cards are also in debt due to the unrestrained use of cards. They seldom have money left at the end of the month.Try not to use a credit card if it is not an emergency The credit card interest you have to pay every month is a lot of money for a long time!Whether a person earns more or less, the most important thing is whether he knows how to distribute his money. For example, you can use 50% of the salary for living expenses, 20% for the savings, and 30% of entertainment consumption. At the same time, you must have the perseverance to save money.
Photo Source: Pinterest2. Make Money Down To EarthMany fresh graduates are asking for high salaries and are unwilling to do low-paying jobs. However, they need to be more practical and choose a place where they can grow and learn. 3. Don't Be Stingy With Spending Money To Learn New SkillsTake some courses to improve yourself because your value will increase and you will be more qualified to ask for a raise or find a high-paying job.
Photo Source: Pinterest4. Try To Buy Good Quality NecessitiesIt’s better to buy good quality necessities because they are things that are frequently used. If you buy products of poor quality for the sake of cheapness, you will always spend more money to buy the same product because of the short life span.
Photo Source: Pinterest5. Don't Compare With OthersMany people would buy those branded items when they see their friends buy have those items because they want to satisfy their vanity and make people feel that they are also rich and capable of buying the branded item. In fact, there is no need to spend money that you simply cannot afford the mentality of comparing yourself with others.6. Repay The Borrowed Money In timeRemember to return the money to the person in time after borrowing the money, because the person who is willing to lend you money is definitely someone who has a good relationship with you. Otherwise, it would damage your credibility and affect the original relationship between both of you.
Photo Source: PinterestRemember these and save your money now before it is too late!Cover Photo: Pinterest | Zedge
Unknowingly, it is almost the end of the year again. I wonder if you have saved money this year? I thought I could save money during the MCO period, but the temptation of online shopping is too great and my monthly income will always finish at the end of the month. T.T Have you ever wondered what causes you to spend more than your budget every day?American financial expert Tiffany Aliche once shared the "bad habits of financial management" of modern young people. Let's take a look now~1. Too Passive And Did Not Develop The Habit Of BookkeepingRecord your daily consumption regularly, so that you can understand the pattern of expenditure throughout the month. You can try to manage your money by putting the monthly budget in a multi-page transparent folder every day. Then, you can take out the daily amount needed every morning and put the cash in the wallet. After the day is over, you can put the remaining money back into the transparent folder.
Photo Source: Money Under 30When you receive any bills, you must check every consumption payment. If you feel something is wrong, you must bravely put it forward and actively check the unclear accounts with the relevant persons to protect your rights and interests. You can even ask if there are any discounts before the order is closed. 2. Putting Money In Only One AccountIf a person has only one account, it is easy to stay in the "comfort zone" and spend as much as they want because they know the salary will still come in to replace the amount used last time. You can set up 3 savings accounts: salary account, deposit account, and daily expense account so that you will be able to understand the classification of your income immediately, and will not mess up your monthly available amount.
Photo Source: Money Control3. Automatically Renew Unnecessary ServicesI believe that many young people will automatically renew the subscription of some online magazines, Spotify, Netflix, and other entertainment apps on the Internet. In fact, many of these services are sometimes not commonly used and even you forget that you have subscribed to this type of service! So, it is time for you to consider whether to continue subscribing. Don't let automatic renewal become your unnecessary expense~
Photo Source: Axero4. Easy To Be Attracted By PromotionsEvery time I see a big "Sale" word, my heart will be stunned and I want to rush into the store~ I don’t know if you have the same experience like me, that is, the quality of the items bought from the promotion is usually not very good! So, when you see discounts, don’t make an impulse shopping~ You still have to check the quality of the products to keep your wallet, so that you won’t spend so much wronged money!
Photo Source: Disruptive Advertising 5. Often Waste FoodFood and shopping are things that everyone generally spends on weekends. Sometimes, one shouldn't be greedy if he/ she doesn't eat too much. This will not only avoid wasting food but also ensure that you will not over-consume. The key point is to control your food intake and reduce fat accumulation.
Photo Souce: Eco-Business6. Buy Items Which Are In Trend We are all living in an era of advanced information. Whenever something new happens, you can turn on the phone and you can see it at a glance~ As long as there is a new product launch, there will be many online celebrities and other industry-associated endorsement information appearing on social platforms. The higher the exposure rate of this product, the higher the likelihood of consumers buying! Sometimes, you might realize that the item is useless after you bought it and you might start blaming the high-value packaging.
Photo Source: VectorVestAs long as you develop this habit, you can easily control your daily expenses and achieve your savings goal. Remember that it is always not too late to consciously start to correct bad consumption habits!
Tips 1: Make time to power down.Just like you, your computer needs to rest too.
Photo Souce: Reader's Digest Tips 2: Chores can be fun.Gather the laundry for a fuller load.
Photo Souce: The SpruceTips 3: Choose to care for the environment. Choose 5-star energy-efficient electrical appliances.
Photo Souce: AdvanceAir Global EnterpriseTips 4: Keep your loved ones safe.Set your air conditioner timer before you sleep. Tips 5: Don’t rob your skin of moisture.Use spotlights with motion sensors.Photo Souce: Tips 6: Less is more for the planet.A fridge without clutter improves airflow for better energy efficiency.Tips 7: Save your energy and your money.Iron your pile of clothes in one go.
Photo Souce: Quality Iron MaidTips 8: Connect with family.Start by switching off all your gadgets. Tips 9: The planet needs to chill.Set your air conditioner temperature at 24°C.
Photo Souce: 3BL MediaTips 10: Natural light is better for your eyes.Switch off the lights during the day.
Photo Souce: Style My SpaceTips 11: Green is in.Use LED bulbs for long-lasting usage.
Photo Souce: phys.orgTips 12: Breath in cleaner air.Clean air conditioner's filter regularly for more efficient usage.
Photo Souce: Chiang Rai TimesTips 13: Energised with little energy.Take a cold shower so that you will be energized without wasting energy.
Photo Souce: HealthlineTips 14: Defrost before making it hot.Lessen the use of oven by thawing your frozen food beforehand.Tips 15: Less wrinkle, less wastage.No ironing necessary if you fold your clothes as soon as you pick it up from the hanger. Tips 16: A good night’s sleep is within reach.Dimmer switches help the brain wind down for sleep.
Photo Souce: Times of IndiaTips 17: Keeping it shut will keep the cool in.Shut the doors and windows when using an air conditioner to cool your room faster.
Photo Souce: DIY NetworkTips 18: Keep it clean, be efficient.Clean electric kettle's heating element regularly for more efficient boiling. Tips 19: Pumping it right, keeps wastages out of sight.Use the appropriate pump according to the size of the pond or aquarium for more savings.Tips 20: Get it sun-dried.Your clothes stay fresh and long-lasting if you skip the dryer.
Photo Souce: Take Action BurlingtonSource: TNB Cover Photo: TNB | All About Japan
The United States’ sports apparel brand, Under Armour, is also facing difficulty as the revenue has dropped because of the store's closure in the COVID-19 crisis.
Photo source: New York PostAccording to Sinchew, Under Armour said that the coronavirus has caused the sales to drop sharply as the outlets are almost closed completely. Following the situation, the revenue is expected to fall by 50% to 60% in the second quarter.Under Armour reported a loss of US $ 589.7 million (approximately RM2.6 billion) in the first quarter, the adjusted share price suggested a loss of 34 cents per share.The company's revenue fell 23% to 930 million US dollars which is lower than the expected 949 million US dollars. It is also stated that North American market revenue fell 28% to 609 million US dollars.David Bergman, the company's Chief Financial Officer (CFO), said that although all sales outlets in the Asian have been reopened, 80% of the global sales outlets have been closed since April, which has caused a heavy impact to the business.It is also an uncertainty that the consumers will visit the store even it resumes operation in this situation.Cover photo: Under Armour Website || Retail News Asia
