In the latest episode of our ongoing video series “Let’s Talk About It” our three presenters Illi, Virgel and Darwin get talking to Julian Ng. In addition to being a stock market expert, a certified financial planner and blogger, Julian also hosts the popular radio show “The Breakfast Grill” on BFM89.9!
Julian spills the beans on managing your personal finance through five interesting — at times unusual — tips, which are bound to give you a fresh outlook.
Read on to get surprised!
Tip #1. “Automate your investments to get rich”
Not all cliches are redundant. Taking a leaf out of the common money tip that “you should pay yourself first”, Julian explains to our viewers the importance of automating your investments for great returns in the long term.
Related: How Investment-Ready Are You?
Tip #2. “Buy insurance policies online”
The critical consideration before choosing an insurance policy should always be about how much money your dependants should have if something happens to you. In that sense, Julian says, going online to choose an insurance policy makes more financial sense as you will come across a number of options based on your preferred “sum assured”. You can then select a policy with the cheapest premiums that will guarantee at least that much amount.
Tip #3. “Rent, don’t buy a house”
Now, this might surprise some of you. Julian says that buying a house as an investment might not give you the best returns, especially when compared to other riskier but more lucrative investment instruments (that are more suited for young investors). He says that if you’re planning to buy a house as an investment, you might want to take a step back and rather stay in rented accommodation (that will cost you less) and channel your funds to other lucrative investments.
Tip #4. “Don’t buy a car”
It’s a fact that cars make our lives convenient. But equally significant is the fact that cars are depreciating assets which come with a number of additional costs like fuel, servicing and parking. So, is buying a car the smartest financial decision? Julian has a very interesting insight into this:
Tip #5. “Learn to cook”
The last rather unusual tip that Julian gives is: it’s very important to learn cooking. Cooking is not just a survival skill, it works well for your wallet as much as it helps you maintain a healthy body (and save on potential healthcare costs too).
These tips throw a fresh perspective on better managing your investments and finances. We would love to hear from you if this was helpful and also if you want our experts to cover any specific personal finance topic in our upcoming episodes by commenting on our YouTube or Facebook pages.
Also, do go through our blog to get more tips and hacks on a number of interesting topics like credit cards, loans, budgeting, personal finance, investments, insurance, real estate, career, travel, weddings, making money, and our favourite — All Things MALAYSIA!
Do check out previous episodes: