{"id":8100,"date":"2014-01-03T14:26:49","date_gmt":"2014-01-03T06:26:49","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=8100"},"modified":"2014-08-27T14:16:25","modified_gmt":"2014-08-27T06:16:25","slug":"earning-enough-money","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/earning-enough-money","title":{"rendered":"Are You Earning Enough Money?"},"content":{"rendered":"

\"money<\/a><\/p>\n

The quest to earn \u201cenough\u201d is one that is without end. Greed or ambition aside, the amount of money a household needs to just survive is being driven up year after year by the common working man\u2019s worst enemy: inflation.<\/p>\n

As reported by Trading Economics<\/a>, inflation has increased from 1.9% in August 2013 to 2.9% in November 2013. Gleaning from the various price hikes in 2014 and the impending Goods and Service Tax (GST) to take effect on April 2015, to see a drop in this percentage is an unlikely event.<\/p>\n

The biggest contributor to price hikes in 2014 is the increase in electricity tariffs by 15% which has affected companies across all industries.<\/p>\n

In light of this revelation, are Malaysian households still earning enough money to \u201csurvive\u201d or have they fallen below the poverty line?\u00a0<\/span><\/p>\n

According to Maybank Investment Bank chief economist Suhaimi Illias to The Star<\/i>, a household income of RM3,000 was enough to keep a family\u2019s head above water 10 years ago. This figure has more than doubled since as he now estimates that a family of four living in Kuala Lumpur would need a \u201csurvivable\u201d household income of RM7,000 to RM10,000 after taking into account the cost of owning two vehicles, a home mortgage, child care expenses, day-to-day expenses, and monthly savings.<\/p>\n

On the other hand, RAM Holdings Bhd group chief economist Dr Yeah Kim Leng said the same family of four could just scrape by with RM5,000 a month.<\/p>\n

<\/span>What are the implications of this new estimation? <\/b><\/span><\/h2>\n

This new estimation is unlikely to severely affect a family of two breadwinners \u2013 which incidentally, is common in most families, earning at least RM3,500 per month per person.<\/p>\n

Conversely, a couple without children living in the Klang Valley can do with just RM2,950 a month:<\/p>\n

\"are<\/a><\/p>\n

For the majority of households still earning less than RM3,000 a month \u2013 which makes up 80% of Malaysian households or 5.2 million families however, this spells heavier financial burden and unrealistic cost-cutting.<\/p>\n

<\/span>What can one do to lighten the burden?<\/b><\/span><\/h2>\n

<\/b>In this day, age, and economy, getting a second job still makes sense \u2013 albeit with much reluctance, to most. But doing so may not be feasible when one has marital and perennial obligations to tend to.<\/span><\/p>\n

Hence, it would appear that the better solution to get above the rising costs of living is to find a better paying job. Gleaning from the\u00a02013\/14 Salary Guide by Kelly Services Malaysia<\/a>, it would appear that the three highest-paying industries are:<\/p>\n

\"are<\/a><\/p>\n

 <\/p>\n

Additionally, speaking to Forbes<\/a>, <\/i>Thomas Frey, author of Communicating With The Future<\/i> laid out six growing (and high-paying) professions of the future:<\/p>\n

    \n
  1. Logistician:<\/strong> Companies seek out logisticians to streamline production and cut costs.<\/li>\n
  2. Ethical hacker:<\/strong> Companies hire ethical hackers to purposefully hack their systems to find problems in their security measures.<\/li>\n
  3. Actuary:<\/strong> The skills of an actuary is sought after by insurance companies, banks, consulting firms, and the government.<\/li>\n
  4. Epidemiologist:<\/strong> Advancement in technology is predicted to benefit those in this field of uncovering the cause of ailments and illness, review of sterilisation techniques, and creation of containment protocols.<\/li>\n
  5. Front end engineer:<\/strong> Companies seek the skills of front end engineers to help make their websites more intuitive and effective.<\/li>\n
  6. Food chemist:<\/strong> The task of food chemists is the development and improvement of the taste and texture of food.<\/li>\n<\/ol>\n

    Time spent on job listings and attending interviews aside, landing a job in any of these industries will require you to upgrade or acquire a new skill (in some cases, even further education) to meet the requirements of the job.<\/p>\n

    Some may find that saving more money by getting a higher paying job is not enough to combat the rising inflation rate. Other ways one can create more wealth is by managing the money earned in a more intelligent way, such as investing wisely.<\/p>\n

    However, these temporary burden and inconveniences are well worth it in the long-run as cost-cutting and reliance on 1Malaysia People\u2019s Aid (BR1M) payout, despite being increased in Budget 2014, will no longer enable a family to live a comfortable lifestyle in this troubled times.<\/p>\n

    <\/span>So, are you earning enough money?<\/b><\/span><\/h2>\n

    If you fall into the group of people already earning at least RM3,500 and above, it\u2019s safe to say that with better management of your monthly expenses and some cost-cutting, you\u2019re prepared to face 2014.<\/p>\n

    For those earning minimum wage of below RM3,000, short-term sacrifices in regards to lifestyle and time must be made in the pursuit of better employment.<\/p>\n

    <\/span>Are you ready to make some cost-cutting ventures? These\u00a010 simple ways<\/a>\u00a0may help you get started.\u00a0<\/strong><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"

    The quest to earn \u201cenough\u201d is one that is without end. Here\u2019s how you can earn more this year to combat inflation. <\/p>\n","protected":false},"author":1,"featured_media":8102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[218],"tags":[219],"class_list":["post-8100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-management","tag-bi"],"acf":[],"yoast_head":"\nAre You Earning Enough Money? | iMoney<\/title>\n<meta name=\"description\" content=\"Are Malaysian households still earning enough money to \u201csurvive\u201d or have they fallen below the poverty line?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/earning-enough-money\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are You Earning Enough Money? 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