Take Control Of Your Financial Future

Growing your wealth starts with changing your attitude towards money: Here’s how to get savvy with your savings

- Larriane Sathicq

Ever wonder how some people get all the luck, and others seem trapped in a lifelong struggle just to pay the bills? There’s no secret formula for wealth, but the right attitude to money is the key to financial success, say the experts.

I’M JUST NOT GOOD WITH MONEY

THE TRUTH: It’s easy to learn.

Women in particular buy into the myth that some people just can’t acquire the skills to manage their own finances beyond their daily budget, says Deanne Carter, founder of the Women’s Money Forum. A 2015 global report by HSBC titled The Future of Retirement: A Balancing Act revealed that “69 per cent Malaysian women say they are not preparing adequately for a comfortable retirement because they are paying off their mortgage and other debts.” “Financial skills are easily learned; you don’t need to be good at maths,” says Deanne. “A financial planner can help you find the right team of professionals to advise you.”

FACT: The same study also revealed that 24 per cent of Malaysian women said their ability to save has decreased compared to a year ago while 89 per cent are concerned with the cost of healthcare in retirement.

YOU NEED MONEY TO MAKE MONEY

THE TRUTH: You don’t need a lump sum to start building wealth.