{"id":19194,"date":"2015-09-29T10:59:50","date_gmt":"2015-09-29T02:59:50","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=19194"},"modified":"2015-12-28T10:23:47","modified_gmt":"2015-12-28T02:23:47","slug":"5-common-reasons-why-the-malaysian-middle-class-cant-achieve-financial-freedom","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/5-common-reasons-why-the-malaysian-middle-class-cant-achieve-financial-freedom","title":{"rendered":"5 Common Reasons Why The Malaysian Middle Class Can\u2019t Achieve Financial Freedom"},"content":{"rendered":"

Rewind to a decade or two ago, middle class families were living in nice double-storey homes in the suburbs, driving imported Japanese sedans or even SUVs. Plus on average they had three children. Fifty Ringgit could probably buy enough groceries to last half a month for the whole family.<\/p>\n

Fast forward to 2015, the middle class are now battling financial woes and debts as the cost of living continues to rise. Circumstances have changed. You can\u2019t get the same things that you bought with RM50 10 years ago by far. That is a fact.<\/p>\n

The sentiment is depressing and negative. The general feeling of the middle class population is that they are not earning nearly enough to cope with the rising cost of living.<\/p>\n

This struggle is likely faced by millions of Malaysians who fall into the loosely defined category of middle class. And the financial challenge may have nothing to do with their longing for pricey cars and top-shelf clothes anymore. With every penny seemingly out the door the moment it comes in due to just trying to get by, substantial long-term goals can seem pointless to even pursue.<\/p>\n

Does that mean that the middle class can now say goodbye to financial freedom? Not according to Yap Ming Hui, a bestselling author, TV personality, columnist and coach on money optimisation, who heads Whitman Independent Advisors, a licensed independent financial advisory firm.<\/p>\n

\u201cThe fact is, the middle class in Malaysia are destined for financial freedom,\u201d said Yap, \u201ceven now.\u201d<\/p>\n

Middle class earners in their 40s, earning about RM20,000 combined household income a month and tertiary educated should be able to achieve financial success in life. If you are able to save, lead a reasonably comfortable lifestyle within your means, invest your savings and be very careful about avoiding financial mistakes, then you will most probably be able to enjoy a comfortable retirement, and able to achieve most of their financial goals.<\/p>\n

Yet, not every middle class person can bridge that gap between coping with daily financial expenses, and financial freedom. Yap shares with iMoney Malaysia about the 5 most common hurdles that cause Malaysians to fail in their finances:<\/p>\n

<\/span>1. Your expenses grow faster than your income<\/strong><\/span><\/h2>\n

Parkinson\u2019s Law<\/a> is considered one of the most important laws of money and wealth accumulation. Developed by English writer C. Northcote Parkinson many years ago, the Parkinson\u2019s Law explains why most people retire poor.<\/p>\n

\u201cThe Parkinson\u2019s Law says that no matter how much our income is, somehow we will spend every Ringgit of it, and a little bit more. It is like lifestyle inflation but beyond that,\u201d explains Yap.<\/p>\n

Most fresh graduates get a starting salary of RM2,000 to RM3,000 a month. With that kind of salary, the income is naturally not enough to cover their expenses. However, even when their salaries increase to RM5,000, their expenses still surpass that.<\/p>\n

\u201cPerhaps, they will console themselves by saying that, \u2018Maybe one day when I have RM10,000 income a month, I\u2019ll have enough money to solve all my problems. I will have enough to save and I can do whatever extra hobby that I want.\u2019 But guess what? It\u2019s still not enough,\u201d adds Yap.<\/p>\n

\u201cThe truth is, there are people who earn RM100,000 income a month but it\u2019s still not enough. And they still don\u2019t have any savings.<\/p>\n

\u201cWe recently had a roundtable discussion with our advisors, and one of the advisors brought up a problem he was facing with a particular client. According to him, the client and his wife earn a combined income of about a RM1 mil a year, and he has serviced him for one year. The advisor and the client agreed that they must save some money but at the end of day, they are unable to allocate some money for savings.<\/p>\n

\u201cThis client is facing this problem because of his lifestyle and his expenses. When a middle class person said he\/she does not have enough income to save, invest, or accumulate, it\u2019s absolutely normal,\u201d says Yap.<\/p>\n

According to Yap, 99.9% Malaysians in the Klang Valley will agree with that sentiment. However, that is not the truth. If you allow that feeling to continue, it will become a reality. Even when you earn RM100,000 a month, it will still be the same.<\/p>\n

\u201cSo, when are you going to get out of the rat race?\u201d<\/p>\n

As you increase your income you need to quickly take hold of your expenses to ensure you don\u2019t fall into the trap that is Parkinson\u2019s Law. Force yourself to review your expenses and start making changes. In fact, one of the most practical ways is to channel your income into a saving vehicle before you start spending. That will force you to spend within your mean.<\/p>\n

<\/span>2. Sweeping investment troubles under the carpet <\/strong><\/span><\/h2>\n

One of the most basic investment advice is to do your research and monitor your investments at all times. However, it is not a common adage most Malaysians follow when it comes to investing their money.<\/p>\n

There are many Malaysians who do invest, but they don\u2019t know how to monitor or sustain their investments.<\/p>\n

“Most people tend to sweep their problems away under the carpet when they lose money from investing. Often enough, these investors are left in a lurch as they are unable to seek any further advice from the agent or banker who sold them the investments. In the end, they don\u2019t know what to do \u2013to hold or to sell? Nine out of 10 Malaysians would not sell.<\/p>\n

\u201cThey would just keep it, and hope that one day things will change. That doesn\u2019t work. If you leave your money there, the loss could get worse. From 20% it can go to 30% or 40%,\u201d Yap replies when asked about how inaction can hurt one\u2019s investments.<\/p>\n

Investing your savings is good, but only if you are equip with the knowledge and takes active interest in your portfolio. Not knowing what\u2019s happening with your investment is just as bad as not investing, perhaps even worse.<\/p>\n

\u201cThis is not uncommon. We have some clients who\u2019ve come to us to review their investment portfolio. Their portfolios include a long list of things they invested in in the last 15 to 20 years. When we went through the list of shares<\/a>, some of them have already delisted,\u201d shares Yap with a chuckle.<\/p>\n

Always know where your investments are and how they\u2019re doing and take an active role in their management. Money\u2019s already tight, penny pinching isn\u2019t going to help if your investments are going downhill.<\/p>\n

<\/span>3. Not proactive in property investments<\/strong><\/span><\/h2>\n

Properties are very popular investments among Malaysians. Most believe that buying properties guarantees returns, and even if returns are not immediate, investors are still able to hold a tangible property.<\/p>\n

\u201cThat is a myth,\u201d Yap breaks the hard truth.<\/p>\n

With rising prices of properties, especially in the Klang Valley, a lot of buyers are opting for properties outside of Kuala Lumpur and Selangor. Some may go as far as Genting, Port Dickson or Ipoh.<\/p>\n

However, they fail to realise that property investment is not as easy as signing on the dotted lines on agreements. It requires time and money to ensure the property makes money.<\/p>\n

Some of these investors lead a busy lifestyle, and they may not have time to take care of the property. When they get the key to the property, they want to lease it out. But when they can\u2019t, they try to sell it. And when that fails too, that\u2019s when the problem arises.<\/p>\n

\u201cAfter a year or two, they may lose their motivation, and they leave their property to languish and deteriorate. The condition will deteriorate quickly, and the property becomes unlivable. So they have to spend even more to rent it or sell it again,\u201d warns Yap.<\/p>\n

\u201cI have a client, in his 60s, who invested a house in Tanjung Malim. He didn\u2019t do anything with that house. Fifteen years later, he found that everything removable in the house was stolen, including the grille and the switchboard. Only the walls were left.\u201d<\/p>\n

Unfortunately, this is the bitter truth that most property investors face nowadays. It is easy to buy a property (if you have the cash), but if you\u2019re not proactive in your investments, you will lose money that you already cannot afford to lose in the first place.<\/p>\n

<\/span>4. Not investing at all<\/strong><\/span><\/h2>\n

It\u2019s comfortable to work a \u201csafe\u201d job and get a stable salary. The middle class thinks being comfortable means being happy, but the wealthy realise that extraordinary things happen when they put themselves in uncomfortable situations.<\/p>\n

Which is why the working class usually are more risk adverse when it comes to investing. \u201cWe are talking about the vice presidents, senior managers, and others who are earning high salary. They are generally quite risk averse,\u201d says Yap.<\/p>\n

This group of people are earning a comfortable salary, and they can save, but they don\u2019t invest.<\/p>\n

\u201cThey are busy and don\u2019t have time to research on possible investments nor monitor their investments. Their savings, if they have any, will end up in the bank, earning minimal interest, which we know with the current inflation, is not enough,\u201d Yap adds.<\/p>\n

Not investing your money means you are letting the value of your savings diminish over time. This is not apparent in the first few years, but it will have a huge impact on reaching your target of financial freedom.<\/p>\n

\u201cWhen you are 22 to 30 years old, your income is just enough to support your basic expenses. However, when you hit your 30s, that\u2019s when you hit the big income earning year, especially when you are 35 years old.<\/p>\n

This is the time that they must actually save. But most people forget. Because that\u2019s when they think they can afford to get their dream car, the big house, send their children to international school, or go to Europe for holiday. When all these happen, they forget to save or invest,\u201d Yap warns.<\/p>\n

<\/span>5. Buying insurance policies that you don\u2019t need<\/strong><\/span><\/h2>\n

Although Malaysians have not reached target insurance penetration rate, there are many in the middle class who spend a lot of their money on insurance policies. Getting the right protection is important, but spending excessively on insurance plans that you do not need is just major wealth leakage.<\/p>\n

[pollcaster widget=”poll” id=”DXCraRLSSxX2iXdikBlIoPIvBNg” width=”100%” height=”auto”]<\/p>\n

\u201cA lot of my clients are paying for protections they don\u2019t need. Based on our observations, Malaysians have a soft spot for insurance agents, especially if they are friends or relatives. So, they end up accumulating a pile of insurance policies,\u201d exclaims Yap.<\/p>\n

Overprotecting oneself is a waste of money that could have been used for investment to grow his\/her savings.<\/p>\n

\u201cSome people buy insurance for savings, such as for retirement, children\u2019s tertiary education, which is not the exactly the right financial decision because insurance is not the type of investment that generates good returns. This is a lazy approach.\u201d<\/p>\n

These are major reasons why middle class do not get to accumulate enough to achieve financial independence. It is not an impossibility for the middle class. We need to understand that having a high income is good, but it is not the only factor that impacts our financial freedom.<\/p>\n

\u201cThe first step to overcome these hurdles is to recognise that they can achieve independence in their finances. They must not be negative and think they have no hope or choice. Or think that their income is too low, or their boss is not giving them enough increment,\u201d says Yap.<\/p>\n

\u201cThe second step, they need to start learning about managing their finances. The most important lesson is to know the common financial mistakes that they can avoid \u2013 such as investment mistakes. And the third step is to apply the knowledge you\u2019ve learnt in your life. Knowing and doing are two different things, which is why establishing a saving habit is really important.\u201d<\/p>\n

Risks may stop you from growing your cash, but there are ways to manage those risks. Money optimisation is a crucial approach to put the right risk management measures in place especially when one starts to invest.<\/p>\n

\u201cMoney optimisation is a proprietary methodology that we have developed over the years. We\u2019ve been working with a lot of middle-class clients, and we realised that dilemma that all of them face when it comes to growing their money.\u201d<\/p>\n

\u201cBy applying the money optimisation concept in your investment, you will be able to learn about how to manage risks that may impact your investment success. Even though your money may not grow as fast as you speculated it to be, your money and your net worth will grow slowly and steadily.<\/p>\n

It is undeniable that to reap the fruits of your labour, sacrifice and hard work are required. Review your finances today, and kick-start your journey to financial success, despite all these hurdles.<\/p>\n

Yap Ming Hui (yapmh@whitman.com.my) is a bestselling author, TV personality, columnist and coach on money optimisation. He heads Whitman Independent Advisors, a licensed independent financial advisory firm which has helped people to optimise their wealth and achieve financial freedom since 2000.<\/div><\/div>\n

<\/span>One way to optimise expenses is to get the right credit card that rewards you for your spending. Compare and apply for the right <\/strong>credit card<\/strong><\/a> now. <\/strong>\u00a0<\/strong><\/span><\/h3>\n[sc:leadform-fa]\n","protected":false},"excerpt":{"rendered":"

Can the middle class achieve financial freedom in this day and age with the rising cost of living? Yap Ming Hui, a licensed independent financial advisor, reveals the top 5 reasons that stop us from achieving our financial goals! <\/p>\n","protected":false},"author":9,"featured_media":19197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,1,256,218],"tags":[],"class_list":["post-19194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting","category-investment","category-lifestyle","category-money-management"],"acf":[],"yoast_head":"\n5 Common Reasons Why The Malaysian Middle Class Can\u2019t Achieve Financial Freedom | iMoney<\/title>\n<meta name=\"description\" content=\"Can the middle class achieve financial freedom in this day and age with the rising cost of living? 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