How The Rich Get Richer: Financial Wisdom From The World’s Richest People

It’s always advisable to start young in any field you would want to excel in, but it is never really too late for anybody to try for success. Just like in any career, each of us needs inspiration, a mentor, or someone to look up to perceive the greatness you want to achieve.

Knowing is half the battle, and although you have the skills and talents to be a self-made millionaire, advice can help you better yourself. There are also tips worth learning especially if it’s from the people who went out there, did it, and succeeded. Here are the most well-known and best financial advice from the world’s leading money-making minds.

  1. Billionaires Stick to Budget

Most millionaires, and billionaires, still stick to a budget plan. They still live below their means as to not touch the money they are making as much as possible, for that is how they save up the money to millions. Warren Buffet once said that he doesn’t like toys because at some point they will become a pain in the neck. Yachts and cars are actually considered as distractions and mere luxuries by most of the world’s richest.

  1. Be Your Own BossA great percentage of the world richest are bosses of their own businesses by using wealth management tools by OCBC Bank

Although a bit played out advice to some, to most millionaires it is a classic mantra. A great percentage of the world richest are bosses of their own businesses, people who recognized different demands in different fields and created their own jobs. So it is important to keep an eye out for the area you want to build a career in and look to innovate.

  1. Look Out for the Long Run

As Timothy Sykes, a self-made millionaire once said, long term goals are great motivators in building a career and climbing the ladder. Having several short term goals are great if they are used to create your path to your long-term goals. Set a goal early and keep straight at it. Proper management of your money and property is key. To make it easier for you, use tools such as wealth management products by OCBC to monitor your finances.

  1. Risk for PotentialMan building leader leading to sky --- Image by © C.J. Burton/Corbis

Wealth building, just like anything in like, takes a bit of strength and confidence to take risks and get greater rewards. Gary Heavin, a college dropout by 20 and a millionaire just five years later, firmly believes this. One must be comfortable with the uncertainties that they might face, and adjust to rapid change as told by QR Pharma President, Maria Maccecchini. Surely, no one wins big by betting small.

  1. Be Debt Free

Mark Cuban, a newspaper boy who went on to persevere and now owns the NBA team Dallas Mavericks, reminds us to pay debts first before anything else to be truly free to grow. He states that being debt free is worth more than any amount of money that you will earn.

These are just some of the best financial tips and career advice from the experts. Remember that success alone is not guaranteed, so it would be advisable to get professional help too. So keep these things in mind, arm yourself with proper knowledge and take the world by storm in no time.

5 Essential Security Measures to Avoid Falling Victim to A Credit Card Scam or Theft

Credit cards chained up with padlock

It is better to be safe than sorry.  With the times changing and the technology improving, everything becomes easier for everyone, including stealing. Nowadays, all sorts of things get stolen for money: pricey gadgets, wallets, jewelry, and credit cards. Recently, there has been a rise in credit card theft and scams all over the world, including Malaysia. One should always be careful to prevent such things from happening. As it is advisable to always check for genuine Malaysia credit card promotions, it is also important to further protect yourself from harm’s way. Here are five of the most crucial things to remember to save yourself from card trouble.


  1. Keep Your Cards in a Safe Place

Just like how you keep your phone and your wallet near you, it is of utmost importance that you keep your cards in a place where it is least likely to get stolen. It is also recommended to separate your cards from your cash wallet. This way if your wallet gets stolen, you’ll still have your cards and won’t be as troubled.


  1. Check the Machine

The first advice from almost all card companies is to check the machine as a safety measure. There are technologies available today that can get your card information with just a swipe and a microchip. It is thus just right that you check the machine for any irregularities before using it. If so, report it immediately to the company so they can handle the situation.


  1. Make Stronger Passwords

Your password is the most valuable piece of information in your account. Give anyone access to it, and you are giving them permission to take your hard earned money and spend it somewhere. Eliminate the chances of being a victim by creating a password that is not available to everyone’s knowledge aside from yourself.


  1. Review Statements and Billings Carefully

Check your bill every month for any irregularities and anomalies. Take note of your spending and examine every purchase made with the card. If anything looks unusual about your card usage, or if simply you have some questions, never hesitate to call your company and ask.


  1. Report Stolen Cards Immediately

If after everything your card(s) still get stolen, report it immediately to your company and the authorities. This way you can deal with the problem as soon as possible and will know what to do as advised by the specialists.


Here are five things to do to protect yourself from credit card scams and theft. Be sure also to examine the card policies of the company you’re applying for, and always check for genuine Malaysia credit card promotions. 

Money 101: How to Manage Your Credit Card Like A Pro (Even If It’s Only Your First)


Do you dream of getting all the things you want with just a swipe? Grab everything now and pay later – this is the most incredible privilege that the Malaysian credit card can offer to you. So if you don’t have one yet, here are the things you need to know and do in getting that magic card:


  1. Look for Free-for-Life Cards

Back then, no one has to carry the burden of paying annual fees. There are instances when the bank doesn’t want to waive your annual fee. But don’t get frustrated just yet, because you can cancel your card anytime. Usually, the bank immediately waives the fees.

But you know what they say, the only constant thing in this world is change. Time flies and bank policies change. Some banks will deny your annual fee waiver even after many negotiations. So there, the ugly side of the modern banks – they can get nitty gritty with their waivers.

As a newbie, it is better to focus on “free-for-life” credit cards. In that case, you don’t have to beg for the approval of annual fee waivers.


  1. Have Cards for Different Categories

Before, credit cards were super! Some would give you  5% of your cash and an additional of 5 points on your next purchases. But the glory days of supercards came to an end. So if you are going to choose a bank, one of the things you should consider is if it is next to being super!

If you want to save money by using credit cards, the trick is you should not depend on the best or a supercard anymore. Assess the things you tend to spend most on and think of getting a cashback when purchasing them.


  1. Choose the simplest yet reasonable

In Malaysia credit card promotion is often, be it in advertisements or during direct sales. But when you try to test it for a reality check, there will be twist they didn’t tell you about. For instance, they will say that you will be given 10% of your cash back daily. But once you already hold the card, you will find out that 10% of the cash back will be rewarded if you spend a minimum amount, for example, RM 3,000 a month! What’s also frustrating is that their offers are only available in certain malls and certain weeks. So you better give some time on reading fine prints in the terms and conditions especially if your money is at stake.


So, it is recommended for you to choose the simplest cards with uncomplicated pros and cons but will still serve your purpose. Simple things are easier to understand and have lesser risks at stake.

You can have everything with just one simple card. In just a swipe, your life can greatly change. But of course, on the other side of your luxuries, don’t forget that you have responsibilities to do over your credit cards. Be wise money-wise!

Starting Them Young – 6 Ways to Help Get Your Kids Interested in Saving for the Future


When it comes to learning about finances, there is no such thing as too young. As parents, it’s our responsibility to make sure our children grow up with the right sensibilities so they can enjoy comfortable lives as professionals in the future. While it’s any parents’ joy to be able to spoil their kids now and again, constantly giving in to children’s wants can develop the idea that money is something that just comes and goes. Especially in Malaysia where shopping malls and retail outlets abound, it’s hard to pull on the reins when kids find things in storefronts and windows. If you want to teach your kids to appreciate the value of money and start them out on saving, follow these 6 tips.

Blackboard writings " A good example is the best sermon "

  1. Set a Good Example – Teaching your kids the value of money while you go out and buy extravagant unnecessary luxuries will stir up some confusion. Kids follow what their parents do, so be sure to set a good example by showing your children that you have your finances in check. Whenever possible, take them with you when you go shopping for groceries or necessities so they can take cues from you on how to choose just the right products and nothing in excess.Doctor holding piggy bank
  2. Give Them Their Own Savings Account – Banks often offer savings accounts for kids to help parents with their efforts to teach the value of money. These are usually low-interest savings accounts that set kids up with the basics. Be sure to choose the best savings account in Malaysia and check the saving progress with your child on a regular basis so they learn how to monitor their own finances.3
  3. Provide Earning Opportunities – When you work for your keep, you’re more likely to feel the value of your effort. And the same principle goes for children. Giving them opportunities to work for their savings will ultimately teach them that money doesn’t come without putting in effort. Provide a list of errands and chores they can do for a certain value and reward them when they accomplish everything based on previously set standards.4
  4. Make It Fun – Kids will always be kids, and things are more interesting for them if they find it fun. Printing out colorful savings charts, providing a nice container where they can keep their weekly savings, and discussing finances with them in terms they can understand will make increase their interest in setting money aside.5
  5. Delay Gratification – Children often believe that they can get whatever they want the moment they see it because parents are always quick to say yes to their wants. Instead of buying things for your children the moment they ask, consider telling them to save for it. For instance, if they want to buy a toy that costs 200 ringgit and they get a weekly allowance of 100 ringgit, they can set aside 20 every week to buy the toy in 10 weeks. If they want to get it sooner, they’ll have to save more. This will make them more ambitious when it comes to setting money aside and will make the purchase just that much sweeter.6
  6. Offer Rewards – Just like the other finance tools you use, you can adapt a rewards scheme to motivate your children to reach savings goals. For example, if they reach a certain value in their savings account, you can offer to take them out for dinner to their favorite restaurant. You can also offer to buy them a special little token to make them feel the fruit of their effort.

Ultimately, teaching your kids to start saving at an early age will help them become more successful and financially secure individuals in the future. Be sure to follow these 6 tips to help your kids become smart savers and to teach them the true value of money.

4 Expert Tips on Managing and Protecting Your Hard-Earned Money


According to recent statistics, 0.067% of the Malaysian population declares bankruptcy in a year. Up front, it seems like a mere fraction. But crunch those numbers, and it translates to approximately 53 Malaysians every day for 365 days. Bankruptcy is no laughing matter, and basically indicates that an individual is no longer financially capable of sustaining their debts and lifestyle. There are lots of different reasons why Malaysians declare bankruptcy, but it often points to the same conclusion – not everyone understands how to protect and manage money.


Unless you want to become part of that 0.067%, earn your keep and keep it safe with these 4 expert tips.15441_20160429-insurance-480px

  1. Insure Your Funds – Insurance doesn’t just protect your health, home, car, or your life. There are also kinds of coverage that insure your savings. Because you can never be sure about the future of your trusted financial institution, it would be wise to get a savings account in Malaysia with insurance. Ultimately, this means that if and when the bank fails or closes for whatever reason, you will be reimbursed the money you have deposited under their institution. Be careful to understand the terms however, as some banks only pay back up to a certain value. For instance, some banks only pay 250,000 Ringgit for each account, regardless of how much its contents exceed the minimum deposit required.16620338-money-in-open-safe-isolated-on-white
  2. Spread Your Deposits – There is strength in numbers, and the same goes for how many bank accounts you have. Spreading your savings across different accounts (preferably in different banks) will help you keep track of your savings goals more easily. For instance, a single account could be designated for a house fund, another for an education fund, and another for a emergency fund. What’s more, having multiple accounts will provide the security of having money available even when one of the accounts is temporarily inaccessible.retirement-fund
  3. Invest in a Retirement Fund – How will you be able to sustain your life when you’re older and unable to work? Building a comfortable future often starts in the present. By investing in a tailored retirement fund, you can be sure that your money is going to a cause that will protect you from financial worries in the future. Approach a retirement fund consultant to find out what options are available to you, and fabricate a plan that will benefit you in the future based on what you expect out of your career and
  4. Pay Amortization in Advance – If you’ve taken out a loan for your car or your house, don’t wait for your monthly due before you put out payments. If you have the financial legroom, make payments in advance so you can check those expenses off your list for a few months. This way, you can focus on your current daily spending and plan better for the money you have in your hands at the moment. If you’re earning more than you expected to, you can talk to your lender to consider shortening the loan term to reduce your interest and speed up the payment process.

Just because bankruptcies in Malaysia are common, doesn’t mean you have to fall into the same problem. Remember, you are in charge of your money as it’s in your hands to protect and preserve what you earn. Follow these 4 tips to keep your funds safe and live a worry-free financial life for many years to come.

Why More Malaysian Students Choose To Study Overseas (And What You Can Do To Fund Your Studies Abroad)


According to a 2015 poll conducted by Anderson Market Analytics, over 70% Malaysian students choose to study overseas. In the survey which involved over 1,100 local undergraduates, it was revealed that the students hope to obtain a permanent residence (PR) status once they have completed their studies. The reason being that the students view other developed countries – including Singapore, Australia, the United Kingdom, and United States – as having better work opportunities compared to Malaysia.

However, prohibitive fees, living costs and other considerations like cultural barrier have affected their plans in studying abroad. The majority of the students surveyed in the poll said that if it weren’t for financial reasons, they’d have likely immigrated to the country of their choice as soon as they completed their studies. This is not surprising, considering the fact that international students normally bear the burden of higher tuition fees, aside from other things such as higher exchange rates, accommodation, visa, or air travel. A high living cost is another cause for concern, especially if the students opt to study in expensive cities.


If you’ve always dreamed of studying abroad, be it to seek a PR status or to simply experience living in another culture, don’t let the prohibitive fees and other costs prevent you from achieving your dream. There are ways that you can do to get funding for your studies abroad, such as:


  • Obtaining an education loan –  This is often the number 1 option for most people who want to study abroad. You can either get a loan from a private bank or the government in your home country or the country which you wish to study at. Certain government bodies would even convert your loan into a scholarship if you meet specific requirements set by them, like maintaining a good GPA throughout your studies or scoring a 4.0 CGPA upon graduation. Getting a loan from the government is more favourable as they tend to have lower interest rates. The loan amount varies depending on banks or institutions. Get help with education loans in Malaysia today.


  • Obtaining a scholarship or special grants – For bright and excellent students, the best option is obviously obtaining a scholarship or special grants. The scholarships and special grants can either be obtained from the government, private companies, educational institutions, or even private banks. The scholarship amount and mandatory criteria vary.
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  • Obtaining employer sponsorship – If you plan to work with a particular company whether abroad or local, find out if the company offers sponsorships for employees to further their studies. While you don’t have to repay them upon completion of your studies, you’re required to work for them for a set amount of time. Failing to adhere to the criteria/agreement may result in a lawsuit, or you’re required to pay them back.
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  • Obtaining loans from family members – Though rare, this option is not uncommon. For those with wealthy relatives, you can ask for a loan from them and write down a legit agreement to repay them back once you’ve completed your studies. In some cases, there are also people who made a legal agreement by roping in a lawyer who would ensure the deal is taken seriously.

Once you’ve set your heart and mind to study overseas, you need to be responsible in repaying your loans. Don’t crush other people’s dreams just because you fail to repay your loans.

How Rich People Get Richer: Manage Your Finances Like The Wealthy


People with a poor man’s mentality love to show off their wealth. Many of us are envious by those around us who have the latest gadgets, flashy cars, designer handbags; keeping up with the Joneses is all in a day’s work. We’ve fallen prey to the myth that ‘the more you own, the richer you are’. In actuality, the more you flash your wealth, the less wealthy you are.

What separates the wealthy from the ‘poor’ lies in how they handle their money. You might not be a millionaire but you can manage your money like one, and certainly end up with more. Start managing your finances now with these simple tips:


  1. Start with a goal Identify your needs and what it takes to achieve them. Imagine the kind of lifestyle that you’d like to live, how much it’ll cost you, and start making plans to get there. One of the things you can think of is how you’d like to live your life when you retire. Come up with an estimate, and work out your strategy to achieve it. If you don’t start with a goal, you’re likely to spend unnecessarily, or worse, end up in poverty.[ File # csp5337177, License # 1516512 ] Licensed through in accordance with the End User License Agreement ( (c) Can Stock Photo Inc. / KZPhoto
  2. Make short-term sacrifices If you have debts that are weighing you down, start working on getting the burden off of your shoulders. What you do with your money now will greatly impact your life in the future, so manage them wisely. In order to get a better and more comfortable life, sometimes you’ve got to sacrifice a few things. Trade off the things that don’t really contribute much to your life, such as expensive coffee and regular trips to the mall. Your future self will thank you.25
  3. Build your wealth with a premier banking solution Get smarter in managing your finances and earn more by taking advantage of premier banking solutions. There are several wealth solution products to choose from, such as deposits, insurance, investments, home loan, and portfolio financing. Check out OCBC Bank’s best premier banking solution for high earners. The bank also offers several wealth solution products for you to choose from, depending on your needs and budget.percentage-interest-rate-dollar-signs_large
  4. Understand the overall cost of debt Asking how much the monthly payment will cost you is the poor person’s way when considering a purchase, particularly for expensive purchases like cars. The right way to manage your finances properly is to understand the overall cost of debt. Multiply the loan’s number of months by the monthly payment. This way you’ll get a clearer picture of what it’s going to cost you. You’ll be shocked by the total amount (excluding taxes and depreciation) which will cost more than your intended purchase. In this case, you might want to stick to your old
  5. Make smart investments Make investment a habit by automating it, like making payroll deductions to your retirement account. However, this is not enough. You can also use your money to earn more by investing in real estate, stocks or bonds. Before you start investing in something, understand what it is that you’re investing in. Come up with investment goals and figure out how much it’ll cost you to achieve them.

Start saving at least 15% of your earnings now, and do it until the day you retire. Avoid piling on consumer debts no matter how tempting it might be, and always remember to do your research and get a financial adviser to help you with managing your wealth. There’s a huge pay off for those who take the time to manage their money. It’ll help you to stay on top of your bills, release you from debt, save more money, and have comfortable retirement years.

3 Money Talks to Have With Your Family

Personal finance is one of those subjects you don’t bring up at dinner parties or family get-togethers. Far too many families are carrying this lack of conversation into the privacy of their own home as well. In a recent Fidelity study, over 40% of the people polled had no clue what their spouse’s income was. Guesses from 10% were off by more than $25,000. It’s no wonder that families have trouble balancing their budgets and saving for emergencies or retirement.

Your spouse’s financial state has a lot to do with your future security. The combined finances of a family have a lot to do with the arguments that many couples have. Take time to have the following money talks and get rid of the uncertainty and stress.

Family Picture

1 – Disclose everything to your family.

While it can be prudent to keep some finances separate, moving forward as a family unit requires knowledge of the other person’s income, debt and credit score. A young couple interested in buying their first home should not get a surprise when it comes time for the credit checks.

Revealing approximately how much money the family has can help older children learn responsible personal finance techniques. While kids don’t need to know everything, a firm idea of how much the bills are for a family and how much income you need to cover them is important for their future success.


2 – Work out a budget so everyone pays a fair amount.

A fair amount is not necessarily an equal amount. How much each person in the family pays could depend upon their income or even age. Frank conversation is needed so no one feels as if they are paying more than their fair share. Compromises need to be made on both sides in order to keep everyone satisfied with the budget.

With so many adult children moving back in with their parents these days, including their income in the budget is essential. Expect contributions and clearly outline what they are before the person unpacks.


3 – Plan for retirement together or apart.

No family wants to think about mom and dad dying and the other one being left alone. Talk about Social Security estimates, any pensions and 401(k)s, health insurance and if it will pay for continuing care, life insurance and wills. The majority of families recognize that one parent will die before the other so these conversations are important. Research personal finance options that could benefit the remaining person more than their personal retirement plan alone.

Older children should definitely know where the money for assisted living or nursing care is held, who is the executor of the will and how to take over the personal finance decisions if the parents are no longer able to do so.
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