Published: Thursday November 21, 2013 MYT 12:00:00 AM
Updated: Thursday November 21, 2013 MYT 7:32:41 AM
With subsidies being rolled back and with the imminent implementation of the GST, getting a rough idea on the bigger picture and how to prepare for the changes could give you a leg up in budgeting and investing for year.
And independent financial advisor Yap Ming Hui hopes to give consumers that bigger picture at his upcoming YMH 2014 Money Optimisation seminar.
The seminar, which will be held on Nov 23 at Bukit Kiara Equestrian & Country Resort, will address investment opportunities in a challenging economy, dissect investment products and look at strategies to optimise one’s money next year.
Yap hopes to give direct tips as to what one should do to prepare for 2014 given the current and projected economic landscape.
“When you are prepared, you will be able to capitalise on opportunities that come along,” he said.
Yap opines that the coming year may be a challenging one for consumers as the local economy prepares for the implementation of GST.
“I foresee a big impact on living cost and GST will affect a lot of businesses. We have to see how consumers will respond to it when the time comes. Their responses will make or break businesses,” he said.
The global economy, he added, will be no different as big consumption countries will continue to see slow growth as they have yet to fully recover from the financial crisis.
Yap noted that it will not be an easy task for Malaysia to escape the middle-income economy and government efforts are minimal.
Notably, it would be tough to find opportunities given the uncertainty. But Yap believes that there will still be opportunities to grow your money provided the right strategies are employed.
In this sense, Yap will be explaining the nitty gritty on investment products so that consumers are able decide which products would be most suitable for their investment needs.
“Every fund will come knocking on your door. We will pick a few products that could potentially be heavily promoted and we will dissect them. We will look at how these funds work, how they generate income, the risks involved and their suitability for different investment goals,” he said.
While there is growing interest in personal finance, the general public has yet to catch on the importance of managing ones finances.
“You can’t control the macro environment around you. But at the end of the day, it is about preparing and looking into what we can control. Bad investments are unnecessary and people should equip themselves with the knowledge to plan and manage their finances for their own good in the long run,” Yap said.
This seminar is the first of Yap’s attempts to educate the masses on personal finance. Entrance fee is RM50 per individual and RM80 per couple.
Proceeds from the seminar will go to the Pusat Penjagaan Kanak-Kanak Cacat Taman Megah and the payment for the seminar is tax deductable. To register, please call 012-3900048 or visit www.yapminghui.com.