Coffee Talk: Personal Financial Strategies

It was shocking news from Bank Negara Malaysia survey findings to know that most of the Malaysian is struggling to survive in their daily lives. The survey which was done in 2015 and the findings shows that 94% of respondents in Malaysia are not able to meet their financial obligations for at least six months if they were to lost their job and income. The findings shows that 75% of the Malaysian are unable to raise RM1,000 cash in cases of emergency. The findings also show that only 60% of Malaysians were not financially ready for retirement. Things were make worse when the Malaysian economic situation is not stable and lot of uncertainties. Price of goods has increased tremendously. A number of small businesses has also closed down due to high operational costs and reducing amount of profitability.

This is where the importance of personal financial planning comes into place. Personal finance is an individual fund or money management. It started when a person uses the money to pay for their expenses. It is also a matter of how the money is used for savings and investment purposes in order to increase their wealth or returns. In the midst of increasing their wealth, a person should be aware of all the financial challenges and difficulties that they are going to face in future

Thus, the ultimate goal of this book is to strive for financial independence for each individual person. By having a financial independence, a person is not going to depend on others for money. On top of that, they should be free from all debts and liabilities. Everyone should play a role in financial education in order to reduce the numbers of financial failures. The responsibility of promoting public awareness of financial literacy should not rest on government agencies alone but also financial institutions and individuals who are capable to provide financial education.

Hence, for that reasons we have come to a conclusion to publish this book for the benefits of all especially to those who are having difficulties in their financial planning. This book is divided into ten chapters and each chapter are linked to each other. The objective is to these people to return to society and contribute to the national economy as soon as possible, but they must be able and ready. Hope you enjoy reading this book and able to apply it in your work, life and financial balance. Happy reading to all.

By,

Dr. Mohd Saleh Abbas