How to get your personal finances sorted has got to be one of the most boring blog posts I’ve ever done, but it’s one of the most important first steps for anyone and everyone to take. So we’re going to look at what you can and should do right now, before you worry about any other aspect of investing or finances.
In an ideal world, we’d all have zero debt and plenty of savings in the bank. But reality in Malaysia is very different — many people have commitments like car loans, personal loans, credit cards, or even PTPTN. So the common question is: Should I pay off my debts first or start saving?
The short answer: do whichever you like.
The more thoughtful answer: let’s look at it properly.
Not sure if you know this, but one day you’ll die. I hope it’s not for a very long time, and then it’s a really impressive way that you do finally go. But in life it’s one of the certainties we all have to deal with. And let’s face it, when you’re dead, you probably don’t care much about money anymore. But you may like a few people who end up sticking around after you’ve gone. And this is why we have Life Cover.