Income Tax

Have my 2015 income tax filling done, and there is excess return, what a relief...

Are You Rich in Internal Assets

I found this nice article from a personal finance website, and would like to share it here.

Are You Rich in Internal Assets?

As each of you gets busy working and finding ways on how to increase your net worth, remember to pay attention to the assets that make you a unique person. I am referring to your ‘internal assets’. Your internal assets refer to your intelligence, creativity, generosity, persistence, patience, vision, compassion and all the other good qualities. Let us not forget your other skills like organizational skills, time management skills, persuasion skills, team work, etc. However, you must discard any ‘internal liabilities’ that you are carrying within you. For example, anger, laziness, selfishness, small-mindedness, etc. These negative qualities will drag you down preventing you from achieving your life’s goals.

Your children’s assets

Developing your internal assets is important. As a parent watching my young children grow, I want them to have an abundance of good internal assets. I do not tell them that I wish they would grow up to be a wealthy person with lots of money and material things. I am sure that is not what you tell your children either.
As parents, we concentrate on building our children’s character and internal assets which will ensure that they grow up to be successful and happy people. You can call this important process as building the foundation of their true wealth.
Do you agree that being wealthy also means being rich on the inside? It is not enough to be wealthy by having lots of money, properties or material things and poor in terms of internal assets. I call this having superficial wealth only. I believe we also need to be rich in internal assets to be a happy and well-rounded person.
If you know the story of “Scrooge”, then he is a perfect example of someone who is rich but totally lacking in internal assets.
So, do you want to be like Scrooge?
Read other articles by Jacquelyn at WParent.com on parenting matters and Tips4Everyone.com on solving marriage problems.
This article is posted at: KCLau's Money Tips

My Wonderful Financial Dream...

If I am going to start enter in job market in 24 (I will graduate at late 23), then I need to plan my financial goal well for my future.

Well, I wish and would like to achieve financial freedom at 50 years old. That means I have to save and accumulate a total sum of million net cash in 26 year’s time.

Emm…if start working at 24 years old, just to save a proportion of money and have the money being invested at a compounding interest rate of conservative 10% annually, I was just need to save around RM800 monthly in average, that’s seems not a big problem to me.

But~wait wait wait wait….How about asset? I also wanna purchase some property assets too, with an estimated 7% (based to current Commercial Bank BLR) mortgage rate annually, for a common middle class property of around RM200000, if I purchase at 30 and wish to fully occupy it within 10 years time (wishly between 30-40 years old), it means I need to paid a sum of RM394000 for that. In other words, I have to allocate around another RM800 monthly since 24.

What about a car? Not going to set a too high target, If only just going to get a “Middle Class National Car~:P” Perodua Kenari cost around RM40000 once I have reached 24, and finish all the installment within 5 years with an current loan rate of around 3%, that would increase my monthly saving amount of RM650.

Well, insurance is important too; maybe I will just allocate a RM200 monthly for that particular purpose and increase that proportion if it is necessary at future.

Hmm…seems like I had plan enough for my financial needs, but I think it is better to allocate more RM300 monthly for extra or emergency usage, if there is luckily nothing extraordinary happen before I reached 50 years old, huh, it will be another big sum total of RM110000 at that age.

Huh, now lets sum up all my saving needs one by one…RM800+RM800+RM650+RM200+RM300, the total is…….dang dang dang dang~RM2750, RM2750 monthly~is monthly~! And it is just saving only, not included my daily expenses…Oh shit, If I really wanna achieve that financial dream, that means I need to get a very very high paid job…walao, or either seeks for part time job?? Part time job? It will definitely kill me man~!

Sigh…seems like I have to expand my financial freedom due date to 65, or to adjust my financial goal at a lower level…well, that’s means I gonna calculate again…@.@...so now I know that’s not a easy things to become a financial planner…lol….gonna seriously consider whether want to step on to this career or not~haha~

Conclusion...wonderful dreams always hard to achieve one...sigh...so just keep on dreaming...just like what Jacky Cheung song said: "Life is Just Like a Dream"~what your say~??? :D