Top 10 Richest Men In Malaysia 2017

With the Ringgit sliding to a new record low since the 1997-98 crisis, and hovering around 4.30 to 4.50 against the greenback, even the billionaires are affected. However, despite the changes, some of the Forbes richest men remain rich, while others were hit quite badly.

Though who remain unchanged in their position in the Forbes’s 2017 Richest Men in Malaysia took advantage of the stronger dollars, while those who have their businesses mainly in the country or region are affected significantly. One such example is Lim Kok Thay, who saw his and his family’s net worth drop by 2.2% in the past year.

Our first update on the richest men in Malaysia was in 2014, and this is how much has changed in the past three years.

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How To Save on Interest for Credit Cards and Loans

Ever wondered how you can save on interest for your credit cards and loans? Find out our top interest-saving tips and start saving your precious cash today!

Interest rates are sneaky, if you’re not careful and vigilant about your payments, it can creep up from behind and incapacitate your finances when you least expect it. That is why if you want to minimise your debt, you should first look for ways to save by reducing interest payments on credit card and loans.

Here are some strategies you can use to significantly cut down on your interests - be it for your credit cards or loans.

Ask for a Lower Interest Rate

Few cardholders are aware of this, but you can call your credit card provider to request for a lower interest rate. Of course, the approval is subject to their discretion, but they’re usually more amenable to your request if you’re a long-term customer and have a good payment record (which means you’ve never missed a payment).

You’ll need to do a little research first; find out what the other credit card providers are offering and compare their interest rates and features against your current card. You should also check what your current provider is offering to new customers for the exact same card.

If they are reluctant to grant you your request, tell them politely that you’ve received several interesting offers from other credit card providers, and ask if they’re willing to match the offers you’ve received to retain you as a customer.

More often than not, credit card providers will be more than happy to approve your request if you meet all their requirements. Besides, you’ll never know unless you try.

Tip: Before applying for a new credit card or loan, check your credit record with CCRIS and CTOS. If you have a good credit score, you can use that as a leverage to request for a lower interest rate.

Always Pay More than the Minimum Amount

Paying the bare minimum (usually 5% of your total outstanding amount) is exactly what the banks want you to do, because the interest will constantly add up to your outstanding amount and will eventually snowball into a much larger sum than the initial debt owed.

You may think the small minimum amount is more affordable, but what you’re actually doing is paying for the accrued interest.

Instead, bite the bullet and make it a point to pay at least double the minimum amount - that is, if you can’t pay the full amount owed. If you think it’s beyond your budget, analyse your expenses and trim where necessary. Read our money saving tips for ideas if you’re not sure how you should start.

Repay Your Outstanding Amounts with Savings

Whether it’s a credit card or a loan outstanding, make it a point to pay it off as soon as you can if you have savings in your bank account. While it’s a no-brainer for credit card outstanding amounts, it’s an idea that you should consider for your loans as well.

Most personal loans charge an early settlement fee of 1% to 3% of your total outstanding amount if you make a full settlement before the end of the loan term.

But the early settlement fee is much less than the total amount of interest you will pay if you stick to the entire loan duration. You can calculate your total interest with a simple calculation formula:

Interest = Principal x Interest Rate x Tenure

For example:

Principal amount: RM20,000
Interest rate: 8% (flat rate)
Loan tenure: 48 months (4 years)
Total interest = RM20,000 x 0.08 x 4 = RM6,400

Take note that this calculation formula does not include any compounding interest or other costs that may be charged on the principal loan amount.

Here’s how much you would save if you choose to make a full settlement in the second half of the loan tenure:

Loan outstanding amount: RM10,000
Remaining tenure: 24 months (2 years)
Total interest for 2 years: RM3,200
Early settlement fee: 3% of total outstanding amount (0.03 x RM10,000 = RM300)
Amount saved by making full settlement: RM2,900

Notwithstanding any other costs that might be incurred on your principal loan, the calculation above shows that you’ll save more by paying off your loan in full when you have the funds to do so.

Tip: Ask your lender if they can waive off the early settlement fee before you make the full payment. Some lenders allow the fee waiver if full settlement is done after the second half of your loan tenure.

Consolidate Your Debt under One Loan

If you have too many credit card debts and loans and is struggling to keep up with the payments, you can apply for a debt consolidation loan with a lower interest rate and merge all of your debts under the one loan.

By consolidating your debts under a debt consolidation loan, you only need to pay for one monthly payment as opposed to several at once. The aim is to pay off your debt faster while saving your cash from paying interests, so you can focus on rebuilding your finances without too many distractions.

For this to work, your debt consolidation loan should have a lower interest rate than your existing credit card or loan’s interest rate. Also, be sure to shop around for the lowest interest rate before you apply for a debt consolidation loan.

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5 Things You Can Do To Lower Your Motor Insurance Premium

Motor insurance de-tariffication will be in effect next month, so prepare yourself with these tips on how you can lower your motor insurance premium!

If you’re a car owner, you’re probably used to paying pretty much the same amount each time you renew or purchase a new motor insurance policy. Why? That’s because the motor insurance premiums in Malaysia have always been regulated by the Bank Negara. But all that is about to change soon!

As of July 2017, motor insurance in Malaysia will be de-tariffed and the premium will vary according to your driver’s risk profile. That means even if you and your neighbour are driving the exact same car and made in the exact same year, both your motor insurance policy premiums will likely be different than one another.

This also means that there are open opportunities for you to save on your motor insurance premium! Check out our five tips on how you can lower your motor insurance premium once the de-tariffication kicks in!

1. Think Before You Switch Your Car

It goes without saying that the more expensive the car is, the higher the premium will be. But with the de-tariffication in effect, there are more to what will induce a higher motor insurance premium than just the price of the car you own.

Other factors such as the age of the vehicle, duration the car is on the road (as in its mileage), as well as safety and security features installed in your vehicle play a role in determining your motor insurance premium.

This means that if the car you’re looking to buy – whether it’s brand new or used – doesn’t have a good safety and security features or has a high mileage, you might still be paying a steep price for its motor insurance premium. So, if you’re planning to switch to a new or used car, be sure to get one that has good safety and security features and is less than 10 years old to minimise on the cost of your motor insurance premium.

2. Shop Around and Compare Prices

If you often browse and search for the best value item during grocery shopping or year-end sale to get the best of the best deals, you wouldn’t have a hard time doing the same for your motor insurance policy.

A word of caution, though; be sure to compare the prices of like-for-like coverage. Some policies may offer amazingly low prices, but they may not provide the sufficient coverage you need to protect you and your vehicle.

When in doubt, use comparison sites to help you search for the most suitable motor insurance policy to suit your needs and budget. All you need to do is key in your details and you’ll receive quotes from multiple insurers in an instant!

3. Only Get the Coverage You Need Most

Getting additional coverage is all very good and well - in theory. The reality is, the more coverage you add to your policy, the more money you’ll have to fork out for the premium. Of course, if you have the money, it’s good to have the additional protection.

There are quite a number of add-on covers to choose from, such as car accessories cover, strike, riot, or civil commotion cover, special perils (flood, typhoon, or landslide) cover, and personal accident insurance.

Some add-on coverage could be worth the additional premium – depending on your needs. For example, windshield coverage helps cover the costs of your car’s windshield repairs and replacements.

This added coverage is typically calculated as 15% of the windscreen value, which is a smaller price to pay than having to pay for the full cost of the windshield replacement if yours do get damaged. What’s more, making a claim for windshield replacement will not affect your No Claim Discount (NCD) bonus.

4. Keep Good Driving Habits and Behaviour

Always remember; the higher your driver’s risks are, the higher your motor insurance premium will be. Avoid any situation that will put you at the risk of breaking the traffic law - that includes parking at illegal and unsafe spaces too!

According to the General Insurance Association of Malaysia (PIAM), some of the factors that will influence your motor insurance premium rate include the duration on your vehicle is on the road, the geographical location of your vehicle (as in if the area you live in or park your car the most has high car theft or car collision rate or not), as well as traffic offenses recorded.

Since your car’s safety plays a role in determining your motor insurance premium (not to mention it benefits you in the long run), it makes sense to install safety and security features on your vehicle. The preventive measure will decrease the risks of your car being stolen or suffer serious damage in collisions, which results in a lower premium.

Check with your mechanic or visit an auto-accessory shop, you’ll find plenty of vehicle safety and security features to choose from such as forward-collision warning, backup camera, blind-spot warning, as well as the must-have anti-theft system.

5. Reduce Claim History

As you know, No Claim Discount (NCD) is the only way for you to reduce your motor insurance premium at the moment and the good news is that the NCD structure will remain unchanged. You can continue to transfer your NCD from one insurer to another after the de-tariffication takes effect.

So now there is more reason for you to drive responsibly and abide by the traffic laws. Not only it’s for your own safety, it also helps towards reducing your motor insurance policy premium! If you’ve never been in a car accident, you’ll be entitled to a No Claim Discount (NCD) of up to 55% of your policy premium - that’s a lot of savings you can make each year!

These are just some of the more basic things you can do to help lower your motor insurance premium, but always keep in mind that cheaper is not necessarily better. Buy a policy from an insurer that provides you sufficient cover as well as a friendly helping hand during those emergency times such as RHB Insurance.

Do you have any other tips on how we can lower motor insurance premiums? Don’t hesitate to share your thoughts and suggestions in the comment section below!

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Are You Earning Too Little at Your Job? Or Too Much? Find Out Here!

The Most Overpaid Jobs in Malaysia

Find out which positions earn immensely more when compared to jobs of similar qualifications and experience!

If somebody told you you’re making way too much money, you’d probably feel offended. We all have pride in our work, and would love to be making as much as we can, right?

But wouldn’t you also be curious to know if the pay you’re getting is on the higher end of the bell curve compared to the rest of your industry peers? Or maybe there’s a particular position you’re qualified for out there that pays way more than you’re currently getting?

We’d love to know these lucky people too. To that end, we’ve scoured through the net to look for specific jobs in Malaysia that earn way more money that you expect them to, and try to find out why that is and how to get those jobs. Here we go.

Note: Estimated salaries obtained from PayScale by industry.

1. Corporate Lawyers (RM93,000)

It’s not that lawyers don’t deserve high-salaries, the thing is – corporate lawyers are the ones making big bucks and not those in family law, public defence, appeals or estate planning which actually helps regular people in legal binds. But these numbers do make sense. Corporations have relatively more to spend, after all.

If you’re a corporate lawyer who isn’t earning that much (since the average salary is more like RM40,000 a year), you should know that this largely depends on what corporation is paying your salary. The bigger and more involved a corporate lawyer’s job is, the more they get paid. Go figure!

2. Senior Copywriter at Advertising Agencies (RM106,000)

How many copywriters do you know make this much? Not many, we bet. The job of a copywriter entails writing copy, or written material for whichever company they work for. Advertising agencies need good copywriters particularly since the advertising copy can make or break an ad campaign.

In the instance of some high-ranking Malaysian advertising agencies, it looks like you can make quite a handsome salary if your words are equally good-looking. And if you work for the right agency of course. If you’re earning around RM50,000 to RM60,000 as a senior copywriter though then you’re getting right about average.

3. IT Managers, Banking (RM132,000)

Managing the tech for any company is an important undertaking. How well the infrastructure runs can be the difference between a business turning great profit with smoothly working equipment to an office space full of dead monitors and sighing coworkers.

How much more crucial is it for a banking company to manage their IT well? Enough for them to pay 6 figures a year compared to the average 5 figures for IT managers in other industries. Looks like if you’re an IT manager, the big bucks are in banking.

4. Operations Manager, Tobacco Manufacturing (RM106,213)

Much like the other jobs that seem to get paid more than other, with this one it’s not so much the position but the industry itself. A majority of employees in the tobacco industry are better compensated than similar ones in healthcare or education for example.

So far it looks like if you need to earn more than your contemporary peers, it’s more about where you work, and not necessarily what you do.

5. Concept Artist, Entertainment or Video Game Software Development (RM253,200)

Although, coming up with a winning concept for video games is a mighty cool job and these artists should be compensated handsomely, RM0.25 million does seem excessive yet again.

Once more, looking at the data shows us that the actual average salary for related positions are about RM50k. This points to either a niche demand for a specific set of skills or a particular firm that really wants that position filled.

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Balik Kampung Promotions for Raya 2017

Worried about overspending during the upcoming Raya festivities? Save money by taking advantage of these Raya and balik kampung offers

Save Money During Your Balik Kampung Journey

Tolls discounts and rebate

• 10% discount on the roll rate for the Kuala Lumpur-Karak Expressway (KLK) and the East Coast Expressway (LPT). But the discount will only be applicable for Touch ‘n Go and Smart Tag users, which will start from 12am until 11.59pm on 25th

• If you use Damansara-Puchong Expressway (LDP) and SPRINT Expressway you will enjoy a discount of 0.60 sen and 0.20 sen on the toll rate on Sunday, 25th June in conjunction with Hari Raya Aidilfitri

• Get up to 30% toll rebate on 28th until 29th June and 3rd July when travelling at all PLUS highways. Touch ‘n Go users at PLUS highways will also enjoy 10% toll rebate when paying for toll on the dates mentioned. The 30% and 10% toll rebates (in a form of toll reloads) will be reloaded when users top-up their cards at all PLUS customer service centres between 15th July until 14th

Tip: Have a look at the travel time advisory (TTA) that will be issued by toll concessioners. TTA for PLUS highways can be found here.

 Free Coffee & Tea

Enjoy free kopi “o” and teh “o” at the food area of PLUS highways Rest and Service Area (RSA) from 10pm on 23rd June until 26thJune. The free drinks can also be enjoyed at Juru Lay-by (southbound), Nilai Lay-by (both directions) and Simpang Pulau Lay-by (southbound).

But the free drinks will not be provided at Restoran Jejantas Sungai Buloh, Restoran Jejantas Ayer Keroh, Restoran Jenjantas Penanti (Butterworth-Kulim Highway), Mambau RSA (both directions) and the Gelang Patah RSA (both directions).

Save Money When Servicing Your Car

Before you embark on the balik kampung journey with your family and loved ones, make sure safety is a priority by servicing your car. Here are some promotions to help you save money when doing so.

Shell Helix

Save up to RM30 on your oil change service for your car with Shell Helix. The promotions are as follows:

• RM30 discount for purchase of Shell Helix Ultra 4L
• RM20 discount for purchase of Shell Helix HX7 4L or Shell Helix High Mileage 4L
• RM10 discount for purchase of Shell Helix HX5 (3/4L)

To get the promo code and to see the full list of participating workshops, visit helixraya.

Michelin

Ensure you have a set of good quality tyres. If your car tyre is due for a change, why not consider Michelin tyres? Before heading back to your hometown, go to any Michelin authorized workshop to get your tyres checked, and get an exclusive cooler bag for free when you change 2 Michelin tyres. For a list of Michelin dealers, click here.

Volkswagen

Existing Volkswagen customers can enjoy a 20% discount off brake discs and brake pads starting from RM304 (prices may vary according to car model) between now till July 15. Customers will also get a free gift and Hari Raya packets with a minimum spend of RM400 on vehicle maintenance and servicing during this period.

Raya 2017 Promos

Samsung

If you’ve had your eye on some electrical goods, now might be a good time to get it with Samsung’s 2017 Raya promotion. You can save up to RM1,000 when purchasing a new Samsung TV, or even get a FREE  Samsung Galaxy S8+,  a microwave oven or La Gourmet Lunchbox when you purchase selected Samsung electrical appliances. The promotion will be on until 30th June 2017, terms and conditions apply. To have a look at the products and price list, click here.

Grab & Celcom Promo

Make travelling easier for the upcoming festive season. Get around for all the open houses and visiting relatives with this Grab & Celcom promo. The promo is for new and existing users who will get to enjoy RM5 off each ride for 5 GrabCar or GrabShare rides. But it will be limited to the first 2000 redemption only. Only valid with credit or debit card only and for bookings in Klang Valley only. Use promo code CELCOMRAYA

Toyota

If you’ve been thinking of getting a new car, why not consider Toyota. The Raya sale offers rebates of up to RM5,000 with the rebates, but this will depend on the car model and variant.

• Toyota Camry: cash rebate up to RM5,000
• Toyota Hilux: cash rebate up to RM4,000
• Toyota Vios: cash rebate up to RM3,000, free Accessories worth up to RM4,000 and RM500 duit raya.
• Toyota Corolla Altis: cash rebate up to RM3,000 and free value package up RM5,700
• Toyota Fortuner: cash rebate up to RM3,000
• Toyota Sienta: cash rebate up to RM4,000
• Toyota Avanza: cash rebate up to RM2,000

All of the offers are for the selected options and while stocks last.

Volkswagen Raya Deal

If you’re on the lookout for a new car, here are Volkswagen car deals you can consider. You can save up to RM15,000 with their Hari Raya deal as below:

Polo: RM25/day, RM7,000 savings
Polo Allstar: RM26/day, RM7,000 savings
Vento: RM25/day, RM11,000 savings
Vento Allstar: RM28/day, RM11,000 savings
Vento GT: RM32/day, RM8,000 savings
Jetta: RM35/day, RM10,000 savings
Golf: RM45/day, RM21,000 savings
Passat Comfortline: RM51/day, RM15,000 savings
Passat Trendline: RM51/day, RM15,000 savings
Tiguan Comfortline: RM51/day, RM5,000 savings

The daily cost is calculated based on a nine-year loan instalment. Additionally, customers will enjoy free maintenance for five years for any variant of the Vento and Passat family purchased now until 31st July 2017. Customers who register and receive their Volkswagen cars before 30th June 2017 will also receive RM500 petrol voucher upon collection of their car. The Hari Raya promotion ends on 31stJuly 2017.

Factory Outlet Stores

Shopping for new clothes? If you shop at Factory Outlet Stores (F.O.S), you can get a bag to bring with you to balik kampung for only RM19. All you have to do is spend RM199 in a single receipt.  But if you are an F.O.S rewards card member, you can get the bag from RM19 when you spend RM159 in a single receipt. This promotion is valid until stocks last, terms and conditions apply.

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Drowning Under Your Debts? Try This Budgeting Method To Escape The Debt Trap!

Here’s One Of The Quickest Ways To Clear Your Debts

Budgeting is one of the most basic and common method to help you manage your finances. It helps you keep track of where your money is coming and going, and it also gives you a map of how to spend your money as well as how much to save.

If you’ve been budgeting, you may have already tried a number of tactics to up your savings game, including the 50/30/20 budget as well as aiming for an income that covers your expenses and savings. But if none of these work for you, here’s another budgeting method that might help.

The elimination budget

The elimination budget has one rule, and one rule only: Eliminate a spending category to keep your spending amount below your income.

That’s it. While the rule is simple enough, implementing it takes some effort. Firstly, you will need to understand your budget and its various spending categories well. Then, combine that understanding with steely discipline to ensure that the spending category that you have eliminated remains… well, eliminated.

Confused? Let’s give you an example. Here’s a typical monthly budget with the following spending categories:

Category	Budget
Groceries	RM300
Restaurants	RM200
Cafes and Snacks	RM100
Petrol	RM250
Season Car Park	RM200
Life Insurance	RM300
Utilities	RM550
Entertainment	RM200
Total	RM2,000

Let’s say you’re currently earning a salary of RM2,200, this means you’re currently spending almost all of your income with only RM200 left for incidentals. Once you have identified your spending categories, the elimination budget requires you to remove one of these categories, starting with the least important one.

For example, based on this budget you can start by removing the cafes and snacks category. This means you have to stop spending on anything related to cafes and snacks, so you can save about RM100 a month.

Once you have successful eliminated this category, you should go through your budget again to identify the next category to eliminate. Give it a few months to get used to removing one category before you start on the next category.

If you decide to remove the entertainment category next, you will have to refrain from spending on movie tickets, music subscription, books and other forms of entertainment.

Keep removing categories until your spending becomes less than your income.

Who should do this?

This is best for those who are having severe cash flow problem, or those who are in debts. If you are living pay cheque to pay cheque while carrying a credit card balance, here’s how this elimination budget can help you manage your debt better.

Based on the sample budget above, if you have successfully eliminated cafes and snacks, as well as entertainment from your budget, you would have additional disposable cash of RM300, on top of the RM200 for incidentals every month. This bumps up your disposable cash every month to RM500.

If you are carrying a credit card balance of RM5,000, here’s how the extra RM300 makes a difference:

Items	Without eliminating any categories	After eliminating 2 categories
Total cash for credit  card payment	RM200 + RM50 (RM200 does not meet the first  minimum payment requirement)	RM500
Time to pay off  your credit card balance	5 years and 5 months	11 months
Total interest incurred	RM1,491	RM375

Without eliminating any spending categories, the budget does not even have enough left over to pay the minimum payment of a credit card balance of RM5,000.

With an additional RM300, you will be able to pay off your credit card debt faster and save 75% in interest!

What if I can’t eliminate anything?

Try to readjust your categories in your budget to see if there’s a section that you can possibly cut off. Not all expenditures are a necessity, so look for a category that you can possibly not spend on for at least a month to get you started. If you still can’t find any categories to eliminate, you may have to drill down further. For example, eating out category can be drilled down to work lunches and weekend meals.

Even things like season car parking can be eliminated if you find a solution like carpooling that could help you make eliminating a category easier. Whatever it is, though, the choice is up to you on what should and shouldn’t be eliminated. However, you will need to be completely – and sometimes, painfully honest with yourself when distinguishing what is a necessity and what is not.

Is it a long-term solution?

The elimination budget is a necessary evil if you are in a drastic situation that requires you to cut down a significant amount on your spending. Depriving yourself of any of your spending categories will be difficult to do in the long-term, so it’s best to do these things slowly and focus more on changing your lifestyle.

If you spend hundreds every month on happy hour drinks with colleagues and friends every Friday, it’s time to re-evaluate your lifestyle so it is not dragging down your finances.

The elimination budget does seem drastic, but if you are in need of a financial overhaul, this method is the most effective and you will likely see results much sooner.

However, there is a point where you may find yourself running out of categories to eliminate. At this juncture, relook at your budget and try to reduce the spending amount for certain categories. If you have been spending way too much on eating out, it’s time to look for ways to reduce that expense.

Whatever it is, the elimination budget works as long as you are disciplined and plan your budget wisely to know what you can and cannot take away. Give it a go during those drastic times, and you can see yourself putting away some money for savings as best as you can.

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