Category: Life & Others

  • How To Manage Your Quarter Life Crisis?

    How To Manage Your Quarter Life Crisis?

    As a counsellor, I have seen many young adults come in claiming that they are depressed.  From my perspective what they might actually be experiencing can be termed as ‘’quarter life crisis’’

    Then the question arises “What is quarter-life crisis?’’

    This is a new phenomenon that is happening to young adults who are in their twenties and thirties. Fresh graduates who are entering the ‘real world’, suddenly find themselves under a lot of pressure to succeed vocationally, relationally and financially even before hitting their thirties!

    Signs That Young Adults are Facing a Quarter Life Crisis

    quarter life crisis young adults
    • They are confused about what their next step in life should be – Questions like these would appear in their minds: Is this what I want in life? Will I be stuck here? What can I do next? There are tons of questions that they don’t seem to be able to answer.
    • They are overwhelmed by all the possibilities out there – The modern economy is fast and dynamic; it’s in a constant state of change. Adapting or succumbing to change is the only option. This creates high stress and anxiety effect on them.
    • They feel stuck in terms of their life choices and feel like not having control over their own future – Some may feel pressured to marry and have children before the age of 30 as some of their friends may already be married and have a high-paying job to accommodate their luxurious lifestyle whereas they are still questioning the decisions they made for their life.They keep jumping from one career to another. They spend a lot of time wondering if they should work for money or follow their passion and do what they love. They would second-guess their choice of career field and be probably wondering if they should go abroad to explore the opportunities or stay where their family and friends are. 

    Finding the Right Ways to Cope

    Become aware

    Identify which aspects of their life they struggle with and break them down into smaller segment. Look at it one by one; don’t mix relationship issues with career, and don’t compartmentalise them either.

    Don’t be hard on them

    Remember that they are a beginner and it takes time to adjust. Venturing into something new is a tough transition so be patient. 

    Don’t be afraid to let them try new things

    It is okay to make mistakes as they journey through this phase in their life. They will slowly gain experience as they go along and this will be their priceless assets. It is like learning how to ride a bicycle and once they master it, they will be able to do it without having to think of it much.

    Recognise their achievements

    quarter life crisis young adults

    Recognise their accomplishments. Take pride in them. Be grateful for them. It will provide them with the energy to keep moving forward. Take comfort in knowing that through hard work and determination, everything else will fall into place. 

    Seek help from a counsellor or a mentor

    Find a counsellor/career mentor to help them strategise what their next move should be. Counsellors/career mentors are trained to identify problems people face and will be able to empower a person who is facing difficulties find practical solutions to their problems.

    Lastly, quarter-life crisis is not a crisis! It is an expected development of personal growth and evolution of an individual. Young adults are growing, learning and noticing new talents as they grow. It is not a crisis if they have not achieved greatness by their late twenties and it is okay to make mistakes as it helps them become better human beings.

    As long as they continue to love themselves, discover their potentials, and evolve into their authentic self just remember that every step they take in life is helping them become something better.

    So, if at any point of time you come across a young adult who is facing a hurdle in their path, don’t let it overturn them, just encourage them to keep going as this is just a small dent in the road, to the beginning of the rest of their life. After all this is what is called LIFE.

    About the author

    Faith Foo (MA Counselling) is a Registered & Licensed Counsellor at Rekindle Therapy (www.rekindletherapy.com)

  • What Happens To Your Body When You Stop Exercising?

    What Happens To Your Body When You Stop Exercising?

    Exercise encourages your brain to work at optimum capacity by causing your nerve cells to multiply, strengthening their interconnections, and protecting them from damage. There are multiple mechanisms at play here, but some are becoming more understood than others.

    The rejuvenating role of brain-derived neurotrophic factor (BDNF) is one of them. BDNF activates brain stem cells to convert into new neurons. It also triggers numerous other chemicals that promote neural health.

    Promote Intelligence And Better Mood With Just 20 Minutes A Day

    A number of neurotransmitters, such as endorphins, serotonin, dopamine, glutamate, and GABA, are also triggered by exercise. Some of these are well known for their role in mood control. Exercise, in fact, is one of the most effective prevention and treatment strategies for depression.

    BDNF and endorphins are two of the primary factors triggered by exercise that help boost your mood, make you feel good, and sharpen your cognition. So, how much do you have to exercise in order to maintain a sunnier disposition and better memory long-term?

    According to a 2012 study published in the journal Neuroscience, the ‘secret’ to increased productivity and happiness on any given day is a long-term investment in regular exercise. And a little each day appears to go further than a lot once or twice a week.

    Here’s What Happens When You Stop Exercising

    You probably expect that your muscle tone will take a beating once your workouts stop, but less expected changes will occur throughout your body. One of the first places to experience the repercussions may actually be your brain.

    Research published in the journal Frontier in Aging Neuroscience revealed that endurance runners who skipped exercise for 10 days had reductions in blood flow to their brain’s hippocampus, which is a region associated with memories and emotions.

    After about two weeks, meanwhile, your endurance may suffer, which means you may find yourself slightly more winded if you need to quickly climb a few flights of stairs. This is because of changes to your VO2 max (also known as maximal oxygen intake).

    VO2 max is defined as the maximum volume of oxygen you can utilise in one minute of maximal or exhaustive exercise, and it’s used as a measure of endurance.

    If your workouts take an even longer hiatus, you can expect increasingly noticeable changes to your body, both physically and aesthetically. You may start to notice your strength slipping after about two or four weeks with no activity. And after about six to eight weeks, you may start to gain weight.

    There Are Times When You Should Skip A Workout

    Skipping workouts generally isn’t recommended – unless you have one of these five valid reasons for not working out.

    You’re sick – If you have a slight cold and you’re not overly tired, a quick workout can be beneficial in that it raises your body temperature and might help to fight off viruses;

    You’re injured – Regular exercise can help you to prevent many injuries, however you’ll want to avoid exercising an injured area of your body. If you have a shoulder injury, you may still be able to work out your lower body (or vice versa), so long as you don’t aggravate the injured area. Avoid activities that cause pain and, if the injury is going to take a long time to heal, work with a physical therapist who can provide you with a safe exercise plan that promotes healing;

    You’re exhausted – If you’ve had a poor night’s sleep, you may be better off sleeping in than getting up early for your morning workout. Like exercise, sleep is also essential for your health, and you generally don’t want to sacrifice one for the other. It’s difficult to catch up on sleep once you’re sleep-deprived, so make sleep a top priority. This isn’t an excuse to hit your snooze button daily, however;

    You overdid it and you’re extremely sore – Delayed onset muscle soreness (DOMS), or the muscle soreness you’ve experienced one to two days after exercise, is caused by inflammation stemming from microscopic tears in your muscle fibres. DOMS is normal and is not typically a sign that you should skip a workout; or

    You’re having a marathon day – We all have those days when our schedules are jam-packed. Trying to fit in a long workout on such a day may not be in the cards. It’s OK to skip your workout when you get too busy – once in a while. However, resist using this all-too-common excuse to not exercise too often. The truth is, most of us are quite busy, so you need to make exercise a priority.

    Regular workouts will help you to stay focused, think clearer and get sick less often. So, what’s not to like? It does take time, commitment and hard work, which is why the exercise programmes that last will be those you find most enjoyable. The key word is ‘enjoy’.

    The more you look forward to your workouts, the more likely you are to keep doing them. As an added bonus, most people feel great after they workout, which provides additional motivation to keep going. If you don’t feel good after your work out – for instance you feel exhausted instead of energised – this is a sign that you may be exercising too much and need to take more time for recovery.

    About the Author

    This article was brought to you by Dr Mercola, a New York Times bestselling author. For more helpful articles, please visit Mercola.com

  • 10 Common Financial Traps Millennials Fall Into

    10 Common Financial Traps Millennials Fall Into

    Money doesn’t disappear overnight but often it’s the case of losing one dollar at a time. It may not seem like a big deal when you order a Mocha Frappuccino, have a dessert in a nice cafe or subscribing for a long-waited movie, but every little item adds up in the long run.

    Being a millennial as well as a licensed financial planner, there are many financial traps I’ve also succumbed to, and now would like to remind myself (and you too) to stay away from.

    1. Instagrammable Lifestyle

    A cup of RM20 Coffee, a plate of RM30 Big Breakfast, a slice of RM20 cake, these are perfect elements to form a likeable photo, but these are also killing our bank accounts. When we chase a materialistic lifestyle, we might lose control of our finances.

    2. Crazy Shopping When There Is A Sale

    Looking for SALE is an easy job in this e-commerce era. You might wonder why buying things on sale is an issue? This is because no matter how great the bargain, if you purchased something you aren’t going to use, you’re just throwing away your money!

    Ask yourself, “Do I really need this and will be using this frequently?” or “I’m just buying it because it’s on sale?”

    3. Subscription Trap

    The most common marketing strategy nowadays is to encourage consumers to sign up for a “free” trial. You only need to activate the trial by putting in your credit card details to enjoy the service.

    The companies are hoping that people will forget to cancel, and then the monthly payments will just get charged to our account. And way too often, that’s exactly what happens. This happened to me before, and probably has to you as well.

    The effective way to avoid this is to ask ourselves: do we truly need things like movie subscription, music services or fancy gym memberships that keep us paying for months? Reconsider to see if there are cheaper ways of doing the same thing and if the subscriptions are necessary for you.

    4. Full Allocation Of Salary While Planning To ‘Save Later’

    RM300 for the latest flagship handphone, RM100 for a mobile plan, RM200 for a gym membership, RM1,000 for the dream car…  who says millennials don’t plan for their finances? We have our monthly salary “100% well-allocated” into different expenses. However, we might just be forgetful about one thing: Savings.

    The more we earn, the more we save? Unfortunately, it’s usually not the case. The first time I received my salary, I told myself to save up at least 10% every month. One year passed, I was still saving the same amount even though my salary was up more than 10%. I thought it’s due to the market inflation, so I couldn’t save more.

    In the end, I realised it’s due to my own “Lifestyle Inflation”.

    5. Using Credit Cards For Daily Expenses

    Don’t you feel it’s cool to just swipe a card/scan a code and get what you want? While we are living in an era where cashless payments are unavoidable, but the credit card is not our only choice.

    When you use your credit cards to cover the shortfalls in your spending, you can eventually run up a huge amount of debt. Besides, people tend to spend more when they are paying with credit cards. Don’t forget, you still have your debit card!

    6. Making Financial Choices Out Of FOMO

    Another common trap I face is to make a financial decision out of the fear of missing out (FOMO). When we are afraid, we might not consider all of the options available, and might end up making a costly mistake. Besides, millennials tend to have peer pressure to take a big financial step, from buying a new car to purchasing a home to getting married or having a child.

    Just stop! Take a deep breath and think whether you are ready for these moves. Rushing to accomplish these might not benefit you financially.

    7. Simply Investing And Chasing Quick Gains

    We are lucky as we have easy access to investment information compared to our parents. However, simply investing without knowledge, time and discipline can be a financial killer of our hard-earned money. I have seen some of my friends chase after quick huge gains from investments without paying attention to the risks involved.

    It would be folly for us to buy a stock or a property and just pray that it would “go up” without careful analysis. If you have no time to do this, it’s advisable to engage experts to help you instead.

    8. Thinking We Will Be Forever Young

    Many young Malaysians don’t even think about retirement:

    • In our 20s, we think retirement is far away, YOLO!
    • In our 30s, we enter a different life stage, buying a house, getting married, etc, and often we lack funds to save for the future.
    • In our 40s, we need to provide more for the family, e.g. children’s education fund.

    Commonly but sadly, people only recognise their retirement needs in their 50s, which is probably already too late. A warm reminder: the youngest millennials are already 24 years old now, and the eldest are already 39 years old.

    Another major misconception many of us have is that we choose not to buy insurance in order to save money. But this isn’t a wise financial decision. What makes a millennial so confident to think we are risk-proof from medical conditions or personal accidents?

    9. Travel Plans Are Done! How About Your Financial Plan?

    financial planning getting it right
    Image from icharts.net

    Planning for travel is always in our top bucket list, but how about our own financial plan? We spend countless hours scrolling through social media feeds, spend thousands of ringgit on getting the latest gadgets, but setting aside two hours to engage with a professional on planning our finances is rarely in the plan.

    We need this “financial waze” to lead us towards our financial goals in life. Without a financial plan, our financial future is unsecured as we are uncertain what is going on right now and where are we heading to.

    10. We Don’t Ask For Help And Choose To Ignore

    I don’t mean you should borrow money from your friends or relatives. However, most of us will be facing financial problems that we can’t handle well, for example budgeting problems or major financial decisions to make. Don’t try to adopt an “ostrich policy” and pray the problems would resolved by itself.

    Many of us get trapped because we don’t pay much attention to our finances. Every month we receive our pay cheque, pay the bills, and then spend what’s left over (if there’s anything). I understand that money is a taboo subject and we feel ashamed when we’re struggling. But there is so much help out there! Tell someone you trust or talk to a licensed financial planner to let them guide you.

    It is important to have an informed financial plan that can help us millennials achieve financial success. Remember, managing your finance is managing your life.

    Starting by monitoring all the seemingly small expenses. Think carefully before adding new debt, keep in mind that being able to make a payment (swiping your credit card) isn’t the same as being able to afford the purchase. Don’t fulfill your current desire by sacrificing your future funds.

    If you make saving a monthly priority and get the help from a licensed financial planner to work out your plan, you are more likely to enjoy life more abundantly.

    If you’ve spent time to finish reading this, take charge of your life by taking charge of your finances now. Have your personalised financial plan today!

    About the Author

    Ocean Pon is a Licensed Financial Planner with Finwealth Management Sdn Bhd.

    We at Smart Investor and Finwealth is committed to help you better manage your financials. Get a free consultation from an expert by filling in your details here: https://www.smartinvestor.com.my/SIxFinwealth

  • Understanding What We Can Control Will Help Boost Our Health

    Understanding What We Can Control Will Help Boost Our Health

    The past few years saw many unprecedented events, including a sudden change of government and a total shift in how we work, live, and interact with each other. Some have helplessly seen their rice bowls snatched away, while others have suffered losses of loved ones to Covid-19.

    Coupled with volatile stock markets, movement control orders, elections and re-elections, and working from home, it is safe to say that no one quite anticipated a year like this. While we are not sure when Covid-19 will be defeated, the one certainty is that if we are so wrapped up in our problems, we may be overlooking things in our life that we can control.

    Here are three areas where you can take some purposeful steps to remind of who is ultimately in charge of your family’s “Return on Life”:  

    1. Your Mental Health

    Diseases and health threats are nothing new, with people passing away daily even before Covid-19. The difference this time is it made us realise that none of us can control how long we have when it comes to life. In addition to very real health concerns this year, there has also been plenty of news of job cuts and losses, people going through financial struggles and more. 

    As we fight to keep hope, the news can be demoralising. With many spending more time on social media, it actually exposes us to news that may magnify our anxiety and bounces them back to us over and over again. 

    If you’re not working or checking on your friends, set some daily screen time limits. Unplugging before bed can be especially beneficial if your brain is still recovering from a full day of tweets and likes. Our electronic devices and apps are designed to attract our attention. When it’s time to sleep, there’s no better mute button than a good book and a warm cup of water. 

    It also helps a lot if we have someone to speak to regarding what’s bothering us. People tell me that it helped just knowing that there was someone on the other side listening to what they were sharing, as well as understanding the strong emotional undercurrent during the conversation. Having someone to talk to, I personally believe is very important to maintain balance in our mental wellbeing.

    2. Your Physical Health

    The pandemic and new norm has created a new breed of couch potatoes. Instead of binge-watching television or Netflix, we’re in danger of putting in unnecessary overtime, all the time. The boundary between your 9-5 identity and your real identity is becoming blurred, and it can be taxing for many people.

    Working from home has disrupted many of the routines that kept us active even on days when we weren’t heading to the gym. Simple things like moving around the office or walking down to nearby shops for a coffee break don’t happen as much when you are parked at your laptop at home.

    The physical barriers between home and work are a little blurry right now (bosses, this is real!) but you have more control over your schedule. Break up a long day of Zoom calls with ten minutes of simple exercise. When you clear your emails, take a long walk. And when it’s time to clock out for the day, turn off your computer, get up and get moving. Even if you have to convert your living room into a gym, just do it. 

    Separating yourself from your WFH routine will help you get the most out of your new exercise routine. For me, I make it a point to get down to the street and jog, even it means jogging in the basement carpark. I also took a deliberate approach on what I ate for breakfast, lunch and dinner.

    3. Your Financial Health

    People who have never set a monthly budget are often surprised by what an empowering experience it can be. The most impactful adjustment you can make to your financial plan is to limit unnecessary spending and maximise savings while continuing to invest prudently, regardless of what’s happening in the markets or on the news. Even if it feels like the one thing we don’t have control of, it could not be further from the truth.

    However, investing can make people anxious during moments of uncertainty, especially if retirement is near, or if they are used to low-risk products like fixed deposits. This is one of the reasons why we revisit the “Life Timeline” exercise with clients at least once a year.

    A financial plan is only as good as your confidence in it. Since most plans are based on assumptions and what was correct at the time of planning, most financial plans may become obsolete as we move into future; we just don’t know how it could go wrong. That is why, regular check-ins and reviews of our plans are crucial to ensure we are on the right track.

    One thing that is certain is that if we take a proactive approach to look at our financial matters and have an idea on how we want things to be managed, that will give us an advantage of being in control over our financial decisions. We are also able to better deal with shocks and surprises.

    The Things We Can Control

    Now let’s take a look at some of the things that we can control:

    • Setting aside money to prepare for future goals
    • Using credit cards to pay (and having the ability to make full payment of the outstanding sum when due)
    • Planning our income tax bill
    • Preparing a medical safety net for our family
    • Paying down our debts, especially bad debts
    • Withdrawing money from our EPF account 1 if the need arise
    • Finding out how we are doing with our money

    Being in control of your financial health, enables more flexibility in terms of how to adapt when things go wrong, resulting in less stress and better mental wellbeing. Times like this offer the best opportunity to discuss how comfortable we are with market exposure, savings goals, debt, and spending.

    The earlier we work to control these, the more we can feel excited about our plans and future. 

    About the Author

    Kevin is a NextGen Money Mentor and founder of NextGen Independent Advisors. He works with people to transform their relationship with money and be brave in their pursuit to live a meaningful life with their money. He is a CFP professional, a certified member of Financial Planning Association Malaysia (FPAM). Kevin can be contacted at www.kevinneoh.my.

  • Protecting Your Financial Needs at Different Stages of Lives

    Protecting Your Financial Needs at Different Stages of Lives

    Many people do not see the importance of insurance until they need it, or until it is too late for them to do anything with it, and what’s worse, many considers it an unnecessary expense. In reality, however, insurance is more than that – it is a useful financial tool that forms part of our wealth management planning.

    Starting Out

    Our financial needs, income and liabilities vary at different stage of our life, as shown above. Those who are young and single who have just started their working life in their 20s are only interested in investment to grow whatever little money that they have.

    Although it is good to have the desire to start accumulating wealth early, many of them are unaware that the risk of falling ill can happen any time while accumulating wealth.

    Thus, at that particular age, they should also look into wealth protection. If they are still single, they should at least have healthcare planning. 

    What is healthcare planning?  Is it just a medical card?  When someone is sick and have to be admitted to the hospital, do they stay for a longer period of time, or do they recuperate at home?

    For instance, a cancer patient who is undergoing treatment at the hospital might be required to stay at the hospital for a certain period of time. Even after being discharged, they will still be required to go for follow-up treatments, and all in all, the recovery period could take up to a year or more.

    There is a possibility that they might not be able to work like before, and thus, their income will be affected. In cases of major illnesses, besides medical expenses, many will find themselves having to spend their money on daily sustenance, alternative therapies, supplements, and sometimes they might even require a caretaker.

    A complete healthcare plan should include a medical card and critical illness coverage. Do remember that a medical card solely pays for hospital expenses while critical illness insurance pays a lump sum when one is diagnosed with any of the critical illnesses listed.

    A patient can use this lumpsum amount to cover their daily needs resulting from the loss of income as well as for alternative treatments.

    Having a Family

    Happy cheerful Asian family dad, mom and kids having fun and using digital tablet video call on sofa at house. Self-isolation, stay at home, social distancing, quarantine for coronavirus prevention.

    Thirties is the age where many people choose to start a family. At this phase of life, having children will also mean creating an education fund and protecting the family income and assets.

    This is the period when you need to look into family income protection to take care of your most important responsibility – your loved ones. Should anything unfortunate happen to you, you can rest easy knowing that they will be well taken care of.

    That being said, their financial needs – including their daily expenses and funds for their education – need to be calculated. The amount required might be several million ringgit, and most people in their 30s do not have such a large amount of money available.

    In this instance, the cheapest tool is to purchase an insurance for the required sum, which will provide a peace of mind with the knowledge that in case of any tragedy, your loved ones will be protected.

    Take this case study as an example. Mr Tan, 33, is married with two children aged two and five; his wife is a homemaker. Mr Tan, whose monthly disposable income is RM5,000, is the sole breadwinner of the family, and since this is the case, he is worried about his family’s wellbeing should anything happen to him.

    He has estimated that his family needs RM60,000 a year, and wants to ensure that his family is provided for until his youngest child is 22 years old. To achieve this, he would therefore require 20 years’ worth of funds amounting to RM1.2 mil.

    At 33, Mr Tan does not have that much savings. His house may be worth RM1.2 mil, but his family will still need to live in it. Therefore, having a life insurance coverage of RM1.2 mil to cover this risk would be the most effective financial tool.

    Bear in mind that we should review our insurance policies every 5-10 years as our financial status and priorities change. 40-50s is the prime time where we have more assets and liabilities, as well as changes to our lifestyle as we move into our retirement years.

    It is also the time when our income is more stable and we have excess funds to prepare for our golden years.

    Preparing for Golden Years

    We would want to enjoy our retirement days without worrying about whether there is sufficient money to tide us through the years. If we prepare well in our 40s or even earlier, we would not need to worry about risks or expenses that might take away our retirement funds.

    Someone once asked, “What and how to prepare financially in order to enjoy the golden years?” Well, there are three types of expenses that we need to prepare for post-retirement, namely

    • Daily living expenses (which can be from our EPF fund that many of us have accumulated during our working years);
    • Maintenance or medical expenses; and
    • Happy fund.

    Advancements in science has led to an extended life expectancy rate, but while people are now living longer, many are still unaware that older medical plans only insure a person up to the age of 70. Medical hospitalisation is becoming very costly, and therefore, we need to ensure that our healthcare insurance plan covers us until are 80, at the very least.

    Furthermore, as we age, there will be an increased risk of developing health problems such as high blood pressure, diabetes and high cholesterol. Such health conditions require daily medication which is not covered by medical cards and will eat into our retirement funds.

    On top of the daily medications, there will also be other supplements and nutritional needs required to promote better health. These are the maintenance expenses that need to be taken into consideration as well.

    To enjoy our retirement years to the fullest, we need to have a certain amount of money to do the ‘fun’ stuff like travelling and indulging in hobbies. We should start accumulating our lifestyle or ‘happy’ fund as early as possible by growing our wealth through unit trusts, shares and saving plans.

    How we choose from the different wealth accumulation tools will depend on our risk appetite and duration of investment.

    Financial planning at different stages of life is important. Insurance is one of the cheapest tools to manage risk and is only one of the many financial planning tools out there today.

    In addition to protecting your wealth, there are other financial tools in the market, each with its own purpose such as accumulating and growing wealth through savings and investments; and wealth distribution though estate planning.

    About the Author

    Andrea Siew is an Approved Financial Adviser with Harveston Wealth Management Sdn Bhd.

  • What Cooking Taught Me About Financial Planning

    What Cooking Taught Me About Financial Planning

    During the COVID-19 lockdown period, I took charge of cooking meals for my family as a measure to keep me sane, as well as to further explore my interests. In the process of thinking about what to eat every day, prepping meals, and getting feedback from my ‘patrons’. I observed there are parallels between cooking and financial planning. 

    Here are some of my findings listed down below:

    Prepare With The End In Mind

    Allow me to quote a little something from one of my favourite fairy tales: – 

    “Alice asked the Cheshire Cat, who was sitting in a tree, “What road do I take?”

    The cat asked, “Where do you want to go?”

    “I don’t know,” Alice answered.

    “Then,” said the Cat, “it really doesn’t matter, does it?”

    ― Lewis Carroll, Alice’s Adventures in Wonderland

    If you do not have a clue about what to cook next, you might as well just order takeaway. You need not plan for a grand Turkish all-day breakfast, or a Han Banquet unless you are in the mood for it. Knowing what to cook can be as simple as saying we will be having fish, vegetables, and tofu for our meal.

    If you can say we will be having chorizo con patatas (Mexican style sausage with potatoes), even better!

    The same goes for financial planning, as without an end goal, you might end up in some place you may not like. With a goal in mind, there is a good chance, you may actually like the destination. It is always better to have a general sense of where you are heading towards. Once the destination is clearly defined in your mind, the rest of the puzzle will fall into place. 

    Get The Right Tools For The Job

    Have you ever tried frying eggs with a non-stick pan, or cutting meat with a serrated blade? An amateur chef in the home kitchen should be aware what is the best tool to use for the task at hand. You would only need to improvise if you do not have the right device needed in your arsenal for a specific dish.

    In financial planning, planners often match the tools to the objective – liquid short-term tools for funds that need to be accessed within a reasonable time frame. For every purpose, there will be something that matches your needs.

    The challenge here is whether you know someone trustworthy that has your best interests at heart that you can refer to. Knowing this, I am sure you would not choose to buy life insurance plans for the purpose of retirement savings, right?

    Ask The Professionals

    When I am dealing with an unfamiliar ingredient or new method of cooking, I seek help from the pros. In my case, this would be my lovely grandmother. Her years of experience in the kitchen is a blessing for young budding cooks like myself. As you cook, you realise there are a lot of variables like how thick the meat must be sliced, how long to steam the fish, how much salt to add into the soup etc.

    Often, I must interrupt her TV viewing session to get her into the kitchen to ask questions or help me with a taste test. Even if I bring in exotic ingredients like Thai vermicelli or guanciale (cured pig’s cheek), she would have an idea about how to prep it for cooking.

    Professionals know best about how to handle certain situations that pop up and will guide us accordingly on what to do next. It is the same with financial planning; it would be good to have a panel of professionals in your contact list that you can always refer to.  

    Do Your Research

    When inspiration strikes me for what to cook next, I do not just buy the ingredients and get down to business. I will always watch a few videos and search online for an ingredient list. It would be courting disaster if I just jump over the proverbial cliff and wing it without any prior knowledge of what I am attempting.

    As we do our research, especially from online sources, we may also find many ways and methods to produce a dish. Not all will carry the same experience and cost, or require the same amount of time. Likewise, when we try to learn about personal finance online, we also need to be mindful about the source, and if it is comprehensive or contains any limitation in points of view.

    Before committing to any financial products, it is good to always do some research about what you are buying. There will always be a product disclosure sheet or a similar document to read through in a language we can all understand – government institutions like Bank Negara Malaysia or Securities Commission Malaysia makes sure of that! We can also read articles or watch video reviews about these same products by service or education providers.

    Review, Review, and Review

    Every time I serve a dish, I would get feedback from my family members on what they think about it. I would do so even if I am serving the dish for the fourth time! This helps me further refine my recipe over time.

    Usually, when clients buy a financial product, they then quickly forget about it. I believe a yearly review of finances is required to refresh what was discussed previously, and whether the current action plan is sufficient or not. A review will not necessarily mean there will be a need to buy or do something new. However, it keeps you aware of the progress made over the years. 

    What other similarities can you see between cooking and financial planning?

    About the Author

    Raymond Chan, CFP CERT TM is a licensed financial planner that believes with the right guidance anyone can achieve what they set out to do. All they need is to have a goal in mind and a nudge in the right direction. He can be reached at raymondchan@vka.com.my.

  • Changing Habits in a Cashless Society

    Changing Habits in a Cashless Society

    Are you psychosocially fit to harness fintech solutions for your financial well-being?

    The outbreak of the Covid-19 pandemic has accelerated the use of cashless payments in Malaysia. There is a surge in the usage of cashless payment as consumers start to adopt e-wallets like Touch ‘n Go, GrabPay, and MAE, besides the use of electronic payment through cards, mobile banking and internet banking during the Movement Control Order (MCO).

    A cashless society does not necessitate that cash transactions do not exist in the economy but rather, financial transactions are facilitated by electronic means in an attempt to minimise the volume of cash transactions.

    As the buzzword “fintech” is rapidly becoming a household name, early adopters may have already benefited from their early adoption of fintech solutions. There were many lengthy articles written on the benefits and risks of moving towards a cashless society as well as highlighting the risks associated with the adoption of fintech platforms such the potential compromise of client privacy, security and operational risks. In their quest for higher customer acquisition, fintech platforms provider may have overstated their claims with regards to their services.

    Not surprisingly, certain segments of the society, which are either unconvinced of the benefits or lack the ability to reconcile with the technology, are still rejecting the use of tech-based solutions despite rapid adoption by the tech-savvy generation.

     

    So, are we getting or feeling smarter as technology users? Is our digital financial literacy moving in parallel with the availability of fintech solutions to manage our finances?

    As reported by EPF, our savings are not sufficient and some EPF members are opting for early special withdrawal under i-Lestari, i-Citra and i-Sinar due to the pandemic.

    So, are cashless and fintech solutions the panacea to help us save, spend or invest better?

    The main issue does not lie with using technologies per se for financial planning but rather, a lack of awareness in understanding savings and spending behaviour. This is because, if we cannot or do not have the self-disciple to save, knowledge and skills alone will not enable us to fully capitalise on investment opportunities provided by fintech solutions.

    Let us try to understand ourselves. In this age of consumerism, by nature, it is our inherent behaviour to prefer current consumption over future consumption. The additional satisfaction known as marginal utility in Utility theory expounded that the marginal utility of current consumption is always higher compared to the marginal utility of future consumption.

    In other words, it may be difficult for some of us to save for tomorrow unless we are incentivised to do so. As most people are not self-motivated creatures, we need external push and interventions from time to time to help shape our savings behaviour. In addition to this, psychologically, we dislike waiting.

    But unfortunately, the incentive to compensate us for waiting and delaying our current consumption in the form of interest rate is negative. In this low or negative interest environment coupled with the availability of easy credit, plastic cards such as debit cards or credit cards, e-wallets or other alternative payment systems, the motivation to save becomes even lower, and spurs us to spend recklessly.

     

    While we love the constant innovations or fintech solutions by companies in their attempt to provide a seamless experience for customers, we are becoming somewhat less patient. Spoilt for choices with a button or click-away conveniences provided by companies, our impulse to spend for instant gratification is magnified.

    In addition, the theory also explicates that we tend to value current consumption even more over future  consumption during period of scarcity. Thus, it is no surprise that due to the Covid-19 pandemic, we may have the urge to spend and consume even more like there is no tomorrow.

    Some of us are being lured into adopting exuberant lifestyles that are beyond our means as we are besieged daily by spam, scam calls, marketing gimmicks or repetitive unwanted advertisements.

    While some of us are plunging deeper into the abyss of maintaining exuberant lifestyles that we find hard to extricate ourselves from, companies are getting unrelentingly creative in helping us to reduce our pain of losing money via innovations in electronic payment means. Accordingly, we do not just experience as much pain as our predecessor because we are just literally transferring the numbers or data via the electronic systems when we make our purchases. In consequence, we are inclined to spend lavishly on unnecessary items.

    Things were markedly different back then when cash was used extensively. Our grandparents or parents may have better spending habits because they get to feel, touch, smell and count the hard cash of their money in their hands before parting with their money. The painful experience associated with seeing with their own eyes that the money is actually leaving their hands or pockets may have deterred them from spending on unnecessary items. This explains why they spend more on necessities that benefit themselves to equalise the pain inflicted upon parting with their money.

    To put it in another way, if we could not be cognizant of our own innate behaviour by getting psychosocially ready, in harnessing the so called “smart” fintech solutions, we are not going to get smarter. On the contrary, we may become more mentally depressed.

    Cultivating good spending habits and resisting temptations to splurge often require self-discipline, practice and planning. To be more unsusceptible to act impulsively when our brains process words frequently used by marketers such as easy, convenient, fast, instant, and limited, we should stop being hyperconnected all the time.

    By not subscribing to this new religion of “irrational exuberance” (a popular term used by Professor Robert Shiller) in our daily spending habits, hopefully, then, perhaps, our life would be psychosocially and financially happier.

    About the author

    Dr Audrey Lim Li Chin is a lecturer and a researcher at Multimedia University (MMU) Melaka. She teaches International Finance and Derivatives. She is particularly interested in retirement planning, mental health, fintech especially in blockchain and data analytics. She is also a Certified Financial Planner, (CFP) and is currently pursuing Chartered Financial Analyst (CFA) certification. She is also the external educational advisor to Max Wealth Education Sdn Bhd.

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  • The Cause And Effect Of Anger

    The Cause And Effect Of Anger

    Everyone experiences this emotion, but knowing how to control it is crucial.

    Overblown anger usually indicates a larger underlying problem in life. Depression, anxiety, and other mental health issues are associated with many magnified negative feelings, some common culprits being worthlessness, shame, and disappointment, all of which can translate into anger.

    Addiction is also a common source of anger, showing up when we get frustrated with ourselves for not being able to stop our compulsions, or to get the fix that would soothe us temporarily.

    What Causes Anger?

    There are two sets of structures in the brain that govern us: the cortex thinks, while the limbic system takes care of the more ancient aspects such as emotions and memories. External triggers, particularly fears, are sent to a deep, central part of the brain called the amygdala.

    The amygdala decides whether to send the incoming data to the cortex for rational processing, or straight to the limbic system that generates quick knee-jerk reactions.

    Childhood maltreatment, poor social adaptation, and unchecked habits sometimes lead to an overactive amygdala, causing us to react too strongly and out of proportion to the actual gravity of the triggering event. Anger becomes an undesirable response when we keep getting uncontrollably irritated against a perceived threat, no matter how small or unfounded it is.

    What Makes Us Angry?

    Anger makes everything seem worse or more important than it actually is. It also makes us feel sure that the things that offend us are true even though we cannot know absolutely whether they are. We feel the urge to exert our will, and we feel justified to let our ego overcome others’ rights.

    Having said that, anger is nevertheless a normal response experienced by everyone in the face of unfairness. Some events in life make us feel deliberately harmed, even when on a deeper level we know that that is not true.

    Such events can cause unforgiving feelings that manifest themselves in anger:

    • Frustration — Feeling victimised when things are not going the way we want them to.
    • Injury — Feeling the need to revenge after being attacked.
    • Exploitation — Feeling the need to set things straight after being taken advantage of.
    • Lack of attention — Feeling small as a result of being ignored or dismissed.
    • Envy / jealousy — Feeling obsessed when someone else has something that we desire.
    • Lack of conformity — Feeling irritated when other people do not obey the rules that we obey or believe to be important.
    • Sympathy — Feeling troubled when seeing someone else suffer a harm that should not be allowed to happen.

    Everyone Expresses Anger Differently

    Even though anger is completely normal, it becomes a problem when we feel it too frequently, too overwhelmingly, or when we express it in ways that can hurt other people or ourselves.

    Noticing our own physical signs of anger is the best way to catch the beast before it overcomes us. Because physical signs tend to show up even when we are trying to suppress our feelings, they are highly useful for those who are used to restraining themselves, but nevertheless suffer from deep-seated and unresolved rages.

    Some of anger signs include:

    • Clenched fists
    • Fast and shallow breathing
    • Stomach in knots
    • Shaking or trembling
    • Sweating
    • Hotness
    • Pounding heart
    • Reddened face

    Apart from classical displays of anger such as verbal abuse and physical violence, many people have learned to express their anger in subtler forms due to social conditioning and habitual inhibition. These are not better or worse than other kinds of aggression, whether self-directed or interpersonal, and should also be monitored mindfully with consistent practice:

    • Passive aggression — “I want to control your emotions or behaviour but I don’t want you to notice it.”
    • Sarcasm — “I want to hurt you verbally and I will force you to take it as a joke.”
    • Contempt and disdain — “I am better than you and you are lesser than me.”
    • Disgust — “You contaminate me or the things I care about.”
    • Coldness — “I refuse to acknowledge you, and I take pleasure in your misfortune.”
    • Hostility — “I am ready to fight you if I have to.”

    How To Cope With Anger?

    Unbridled anger can form a vicious cycle that becomes more aggressive at every outburst and harder to break. The understanding that anger is usually fuelled by an overblown emotional threat is essential to rebuilding a response mechanism that is not based on defensiveness and flight-or-fight reaction, but compassion and rationality.

    Anger can be caused by real problems in our lives that need to be solved, but our ability for problem solving is weakened if we continuously fail to provide ourselves a suitable framework in which to assess life that is based on reality instead of drama.

    Many established anger management techniques are not only meant for emotional de-escalation, but also for helping us to restructure our attitudes and rebuild our empathy, so as to restrain our ego from taking centre stage on every occasion:

    • Maintain a diary to record the thinking patterns and common triggers that have led to your angry outbursts.
    • Recognise the moment anger starts appearing in your body.
    • Observe whether the angry feeling is taking over your logical mind.
    • Do not feel guilty about your anger, but accept that you need ample personal space to avoid lashing out (even though you really want to), and to let the urge flow through you.
    • Practise switching attention to your breathing until the anger feels less urgent.
    • When things have calmed, retrace and revisit the train of thought that you have experienced during the provoking situation.
    • Do not blame yourself.
    • Visualise giving yourself a pat on the shoulder or hugging yourself like a parent would to a child.

    Exploring Our Inner Thoughts

    Therapy and counselling help us understand our anger and learn how to manage it, so that we can limit its negative impact on our lives in scientifically proven ways.

    To gain more insight into our anger, it is useful to ask, “in what ways had this situation hurt me?” and, “am I overestimating the damage that can be done to me?” The answers to these might put things into perspective as we realise that our anger has more to do with our flawed beliefs about ourselves, other people, and the world, than the actual severity of the situation itself.

    After an angry episode has subsided, ask yourself the following questions, and remember your answers when the next tantrum begins to simmer:

    • Do I talk to myself in an overtly emotional language that tends to describe situations as catastrophes, exaggerated dramas, or black-and-white scenarios?
    • Was the situation worth getting angry over?
    • Did I really need to be angry at that moment? Did it solve my problems?
    • Did the pleasure of lashing out justify the harm done (or could potentially do)?
    • How did the effects of my anger impact people on the receiving end?

    We often either use anger as a tool to avoid feeling hurt, or hurt ourselves by directing the rage inwards. Neither pattern is necessarily our fault, but both can lead to bigger mental health problems and social issues. Learning how to control anger does not mean denying ourselves the freedom of expression, but that it happens to be a vital step towards gaining more inner peace and overall contentment in life. 

    Seek the help of a psychiatrist or a clinical psychologist if you often feel unsure, overwhelmed, or out of your depth when confronting difficult feelings.

    This article is adapted from an article by Sunway Medical Centre, Sunway City.

  • Restoring Symmetry – What is Breast Reconstruction?

    Restoring Symmetry – What is Breast Reconstruction?

    Dr Rica Farah Muhammad Abdullah Ichihashi, a consultant plastic and reconstructive surgeon at ParkCity Medical Centre, debunks the misconception that breast reconstruction is cosmetic or aesthetic, and explains that it is actually a procedure to restore the original breast form and symmetry.

    For women in Malaysia, breast cancer is one of the most common forms of cancer that affect them. Treatment for breast cancer sometimes includes mastectomies where part or the entire breast is removed. After the procedure, women have the option of undergoing breast reconstruction.

    Speaking to Calibre, Dr Rica acknowledges that while breast cancer patients are a main group of people that undergo breast reconstruction, any woman whose breasts have been disfigured or mutilated in some way can benefit from reconstruction.

    Consultation & Methods

    Dr Rica explains that more often than not, surgeons treating breast cancer patients would advise and educate their patients on what kind of breast reconstruction procedure to do. “It’s not really something that the patient themselves can choose, because they wouldn’t know what would be best for the situation they are in.”

    Dr Rica Farah Muhammad Abdullah Ichihashi ParkCity Medical breast reconstruction
    Dr Rica Farah Muhammad Abdullah Ichihashi

    Mainly there are three methods—an implant reconstruction whereby a saline or silicone implant is inserted, an autologous or flap reconstruction that uses a patient’s transplanted tissue, or sometimes a combination of both. Because there is also an exhaustive variant of techniques that can be used, some of which aren’t Googleable. It is best for the surgeon to determine which method is best for the patient based on their assessment. An open and comfortable consultation between the surgeon & patient is important. The decision for breast reconstruction and the type would be a joint discussion between the plastic surgeon, the patient and in some situations her family and loved ones.

    For breast cancer patients, Dr Rica stresses the importance of a quick recovery so that the patient’s cancer can be treated, which is the priority. “The aim is for an uncomplicated, quick recovery so patients are ready for any other cancer treatment such as chemo or radiotherapy.”

    Timing & Recovery

    Much like the method, Dr Rica mentions that the timing of the procedure can also vary and is dependent on many factors. Apart from the surgeon’s skill set, other factors to take into consideration are the methods used and the number of surgeons working on the patient at any one time.

    “Sometimes the reconstructive surgeon is the same surgeon taking out the patient’s tumour, so that procedure would evidently take up more time. But sometimes, if two surgeons are working simultaneously, the procedure would be completed quicker. Timing is quite subjective.” On average however, Dr Rica says a typical breast reconstruction surgery can take between an hour and a half to three to four hours.

    “Post surgery, most patients don’t stay in the wards for more than a week. They would return after being discharged a week later for a follow up and to remove their stitches, and more often than not, they are fully recovered between a month to six weeks.”

    As breast reconstruction is a surgery that’s meant to restore symmetry of the breast, there isn’t much change or adapting for the patient post-surgery. They are able to wear the same bras and clothes as before and if needed, proceed to undergoing their breast cancer treatments.

    “Patients are usually also very concerned about pain, but seeing as everyone’s pain threshold is different, I would say it is subjective,” Dr Rica remarks. “Generally however, most patients are home within the week.”

    Considering the Risks

    Like other surgeries, breast reconstructions have similar risks but also some that are specific to this particular procedure. The risk of asymmetry is more common with implant reconstructions, and also carries an increased risk of the rare cancer, anaplastic large cell lymphoma (ALCL). “If a patient undergoes radiotherapy post-reconstruction, they could sometimes be subjected to slight impact on the skin from the radiotherapy,” Dr Rica says.

    With autologous reconstructions, some risks are blood clots, necrosis of the transplanted tissue and weakness, pain or sensitivity around the donor sites. The interruption of the blood flow also can impact the way the tissue recovers post-reconstruction. However, since the tissue is the patient’s own, Dr Rica mentions that recovery might sometimes be faster with autologous reconstructions, and it might also yield better results. Some risk also include interruption of the blood flow to the reconstructed tissues, pain or sensitivity around the donor site.

    Making an Informed Choice

    Breast reconstruction offers women an opportunity for better quality of life, which is pertinent after going through an ordeal such as a mastectomy. By offering women this sense of normalcy after the loss of a breast, the procedure is one that is both healing and empowering. With so many considerations and risks to assess, it is important that women make informed choices about the procedure they choose to undergo, and to also be comfortable with the surgeon they consult with in order to get the best possible care.

  • Preventing Cardiac Catastrophe

    Preventing Cardiac Catastrophe

    Dr Chong Yoon Sin, a Consultant Cardiologist at ParkCity Medical Centre highlights the effects of heart disease and the importance of its prevention.

    Heart disease has long been acknowledged as a silent killer in Malaysia, affecting a large number of the population each year. According to the Department of Statistics Malaysia, heart disease is the main cause of death among Malaysians and has remained so for the past fifteen years. In 2019, 16,325 victims of heart attack made up 15 per cent of medically certified deaths. Furthermore, the onset age for heart disease has also alarmingly lowered in recent years, with the disease being the leading cause of death for people aged between 15 and 64 years old.

    Although there are many ways in recent years to catch heart disease quickly and ample treatment options available for patients, the adage “prevention is better than cure” holds true for the disease.

    Understanding Heart Disease

    Ischemic heart disease, also called coronary heart disease (CHD) or coronary artery disease (CAD), is the term given to heart problems caused by narrowed coronary arteries that supply blood to the heart muscle. A heart attack, or myocardial infarction, occurs when the blood supply to part of the heart muscle is severely reduced or stopped. This occurs when one of the coronary arteries is blocked by an obstruction, such as a blood clot that has formed on plaque due to atherosclerosis.

    Dr Chong Yoon Sin
    Dr Chong Yoon Sin

    When the blood supply is cut off drastically or for a long time, the heart’s muscle cells suffer irreversible injury and die, causing disability or death to the patient depending on how much of the heart muscle is damaged.

    “Sometimes, a coronary artery also temporarily contracts and goes into spasm, causing it to narrow and decrease or stop the blood flow to part of the heart muscle. The spasm can occur in blood vessels blocked by atherosclerosis or regular blood vessel, and when severe causes heart attack,” says Dr Chong.

    Effects of Heart Disease

    It is important to know the warning signs of a heart attack: chest pain, breathing difficulty, profuse sweating, giddiness, epigastric pain, and loss of consciousness. If you notice yourself or someone around you experience these symptoms, it is important to immediately rush to the hospital for treatment.

    “Upon treatment, recovering after a cardiac arrest is a process that requires patients to be committed to avoid a repeat of the incident. Most of the time, after a heart attack, there will be some degree of muscle damage. If the damage sustained by the heart is small, patients will be able to return to an almost normal life except for a stricter diet and medication. However, if the damage is significant, the heart will be weak, causing patients unable to exert themselves as much as they were able to before. Other effects even include breathlessness and inability to drink a lot of water immediately,” explains Dr Chong.

    Preventing Heart Disease

    In Malaysia, heart disease is proven to be caused by the sedentary lifestyle led by a large portion of the population. In addition, Malaysians are also prone to various heart disease risk factors, such as smoking, obesity, hypertension, diabetes, and high cholesterol.

    Many scientific studies show that certain characteristics increase the risk of coronary heart disease, with the four major modifiable risk factors being smoking, high blood cholesterol, high blood pressure and physical inactivity. It is crucial that people control their modifiable risk factors to keep heart disease at bay. Furthermore, if you experience chest pain continuously even if you practise a healthy lifestyle, it is vital that you pay a visit to the doctor.

    “Nowadays we’re seeing patients in their 30s with heart disease due to their lifestyle practices. That’s why I always emphasise on the importance of early detection by going for screenings especially if you have lifestyle or genetic risk factors. It is also important to lead a healthy lifestyle by always exercising at least 30 minutes every day, not smoking, practising a healthier diet by eating more vegetables, fruits, lean meat, fish, beans and so on. Also, cut down on high-fat food, always stay hydrated, and manage your stress better. Once you practise a healthy lifestyle and go for screenings consistently, you will be fine,” assures Dr Chong.