{"id":9595,"date":"2020-06-17T08:50:02","date_gmt":"2020-06-17T00:50:02","guid":{"rendered":"http:\/\/faradalemedia.com\/?p=1912"},"modified":"2020-06-17T08:50:02","modified_gmt":"2020-06-17T00:50:02","slug":"invest-in-financial-literacy","status":"publish","type":"post","link":"https:\/\/www.rakansarawak.com\/v3\/2020\/06\/17\/invest-in-financial-literacy\/","title":{"rendered":"Invest In Financial Literacy"},"content":{"rendered":"

\"art-212-01\"<\/a><\/p>\n

A concrete foundation in financial fundamentals makes such a great transformation in the quality of life for any individual and any nation.<\/p>\n

Some may suffer financial shocks and losses because they do not realize that our financial markets can go down as well as up.<\/p>\n

Numerous studies and surveys done in US show that many young adults fail to comprehend the financial basics.<\/p>\n

We, Malaysian also facing the same problem \u2013 faces a financial literacy crisis. We need to learn what questions to ask before investing, how to evaluate financial products and professionals, and how to protect themselves in the marketplace.<\/p>\n

A well-educated investor provides the best defence and offense against securities fraud.<\/p>\n

We also need to learn the mechanics and benefits of financial planning.<\/p>\n

It is a logical act when few of us develop financial plans to save for our important financial goals, such as retirement or our children\u2019s educations. Yet those who do develop a plan, regardless of income level, consistently save more.<\/p>\n

From Malaysian Department of Insolvency show that there are 41 individuals declared bankrupt every day!<\/p>\n

The main causes for declaring these individuals bankrupt are, hire purchase, 26%, personal loan, 21%, housing loan, 14% and others such as business loan, corporate guarantee<\/p>\n

Many bankruptcies can be avoided by practicing good money management. For example, avoid impulse spending, don\u2019t use a credit card unless you have the cash to pay it off, tear up credit card offers you receive in the mail, stick to a realistic budget, don\u2019t buy more house than you can comfortably afford, make sure you\u2019re adequately covered by insurance (medical, homeowners, auto), don\u2019t make speculative or high-risk investments and don\u2019t incur joint debt with others who have questionable financial habits.<\/p>\n

The good news is that education can help, and we want to be educated.<\/p>\n

Ongoing educational effort aims to motivate individuals to learn how to save and invest wisely promote and execute continuously.<\/p>\n

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