A Personal Finance Blog for Malaysian: Most Malaysian Living Paycheck to Paycheck!!

Tuesday, October 31, 2017

Most Malaysian Living Paycheck to Paycheck!!

CNBC tells us that most Americians live paycheck to paycheck. I guess not much different in Malaysia.

CNBC highlights:-

Seventy-eight percent of full time workers said they live paycheck to paycheck.
 Overal, 71 percent of all U.S. workers said they'are now in debt.
While 46 percent said their debt is manageable, the rest said they were in over their heads.
 Even those making over 6 figures said they struggle to make ends meet. Nearly 1 in 10 of hose making 6 figures or more said they usually or always live paycheck to paychecks, and 59 percent of those in that salary range said they were in the red.
Back to Malaysia, what do you think?

Why likely we are the same as American?

Globalisation.

From 2010 to 2017, few key changes in Malaysia causing more people living from paycheck to paycheck and in debt.

  • Rising property price (bubble in the making)
  • Low interest rate
  • Implementation of GST
  • Sharp depreciation of Ringgit
Cutting down lifestyle is the key for those in the red. Debt must be paid first before one can have long term healthy growth in personal Net Worth.

Consult a licensed financial planner today << Click link to WhatsApp, before it is too late to do so.

Solutions:-
1) Do Financial Planning
2) Retirement Funding with RSP and/or PRS

Image result for poor retirement

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