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Focus Malaysia And SkyWorld Co-Organise Financial Security Workshop

Published:

19 Aug 2019

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Focus Malaysia and SkyWorld recently collaborated to organise a workshop on attaining long-term financial security at Sky World Gallery @ Sentul. The event was also attended by SkyWorld Development Sdn Bhd general manager, sales marketing Desmond Tan.

At the event, iFAST Capital Sdn Bhd general manager, platform services Demi Chan points out that the government, aware of problems faced in retirement planning, introduced the private retirement scheme (PRS) in 2012 to complement EPF savings.

Chan explains: “Similar to EPF, there are two accounts, with 70% of your funds going into Account A and 30% into Account B. “Investors are not allowed to withdraw money from A until they reach 55. They can however withdraw from B for emergency purposes, but keep in mind that for every withdrawal, you are charged a penalty of 8% so as to encourage investors to not touch the funds until they are needed.”

KP Life Academy founder and global master trainer Brenda Yong, who also spoke at the event, says, “Straighten out your mindset and attitude first before thinking of building wealth and attaining long-term financial security.

“Adopt healthy habits like investing in appreciating assets and live within your means. If you’re earning RM10,000 a month, your house purchase instalment should be RM3,500, 35% of your income. Understand your money habits and make sure to create multiple sources of income,” she adds.

Yong's advice is for one to create multiple sources of income.

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