EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Tuesday, January 19, 2021
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription
Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

uLearnMONEY


Women & Finance: Your Journey to the “Financial Destination”

by Brenda Yong
June 26, 2020
in Financial Compass
0
women
Share on FacebookShare on Twitter

Women have 10 types of financial identities. A woman can reflect more than one trait in her perspective of money. Before we start going in-depth, here are the 10 types of financial identities:

  1. Slow and prudent
  2. Quiet, adaptable and sacrificial
  3. Stylish and flamboyant
  4. Prudent & aggressive diversity
  5. “I’ll live day-to-day and let my husband handle it”
  6. Secretive & flamboyant
  7. Sacrificial daughter, mother, and wife
  8. Smart & competitive 21st century
  9. Explorative – ONE life, live it UP!
  10. Royal Princess executive suite of services

In this article, I will be explaining one of the financial identities of a woman and that is “slow and prudent”.

Slow and Prudent

women

Keeping it slow and steady in a world promising “instant wealth”

Experience is a big role in shaping the mindset and this lady likely comes from a family that worked to their bones to get through hard times. It can also be a dramatic scenario where the family lost everything: due to natural causes or wrong decisions. This situation(s) would prompt them to be very cautious with money thus creating a locked mindset that “money does not on grow tree” and every penny must be accounted for.

The careful mentality reflects in her habits where she requires reassurance through money or is likely to equate her emotional quotient with the amount of material wealth in her possession. As her security comes from money: her perspective is long-term. Knowing that she will always have a stash in the event of a crisis.

Therefore, she does not account for short-term rewards she will have a lot of hard cash in long-term assets that appreciate such as property or diamonds to bequeath to her children and she is gratified by that prospect.

Types of Approach

To achieve her financial destination, the slow and prudent woman has been found to adopt different pathways; mostly depending on her environment. While her patience is admirable, the downside is she sometimes lacks awareness of the different types of investments out there and believes Fixed Deposit to be the safest.

i) The simple lady is usually in the village and works hard. She keeps her money in the tin can; hidden under the bed or is part of the”kutu” community where people in a group contribute XX amount every month and members take turns to take home the bounty. However, these methods offer no security in events of catastrophes or theft and do not experience growth.

ii) The city slick lady has a stable career which translates to a possible financial path in Fixed Deposits. She is taken up by guaranteed structured products that are locked down by time and providing her a steady return-of-investment (ROI) of 5-8%.

iii) The well-trained lady has gained exposure from looking at how people in other parts of the world view money. She might have a vested interest in different countries through Fixed Deposits or property. While returns from such investments are profitable; it takes a great deal of understanding as offshore products and extremely complex to navigate and many have gotten stuck in such endeavors.

Suggestions for the Slow and Prudent

If you are this lady, patience is definitely your virtue and you appreciate the value of working hard as you see the fruit it bears. How then, do you ensure that your finances (and yourself) remain healthy?

i) Reward yourself. It can be a daily pampering at home with good facial products or a luxury spa treatment once in a few months. Or plan for an annual vacation with your family and friends. Many women in this financial pathway category tend to put themselves last and also may lack spending family time due to her mindset of “I have to work and give my family a substantial nest”. It is rare for a slow and prudent woman to go for mid-term investments that are less than 5 years as she believes in growth through time.

ii) If you are looking into diversifying investment with regards to time, the most ideal is one that is 6-12 months where you can put in the money with little or no risk and know that it will not be bounded for a long period of time. You can think of it as an “emergency fund”  and for investments longer than 12 months, make sure your money works harder.

iii) Have a basket of variety. Property is always at the top of the list but the market is not resistant to crash. Think about buying art pieces, antiques, jewellery, even designer items to add value to your treasures on earth.

iv) Many women have lost it all when they placed deposits in different countries. Enticed by the high return rates; they neglected to check on the protection policies in that country. Don’t let it happen to you and in Malaysia, you can direct your queries about deposit protection to Perbadanan Insurans Deposit Malaysia (PIDM). The organisation protects investors’ policies and deposits in the event of an institution’s failure and you need to make sure the bank you are depositing with is a PIDM member. You can visit their website for more information on the latest criteria for guarantee.

While you can read articles about financial management, it is always beneficial to speak to a licensed financial advisor who will be able to help you identify your financial personality and recommend the optimal routes for you. As men and women have differing outlooks on money, it is an effort to find an accredited female financial advisor in Malaysia.

Should you wish to connect with one, you can contact me or read “What Successful Women do with their Money’ to learn more about the financial advisory ladies of Malaysia.

 

Read more: Women & Finance: Patience is a virtue we need in life, even in our financial journey

Tags: financial planningMoneyWomen & Finance
Share31TweetShareSendSend
Previous Post

ASEAN needs cohesive plan to shore up investments, create jobs, says Muhyiddin

Next Post

Thailand's Ungowned and Unsung Heroes Play Significant Roles in Battling COVID-19

Related Posts

Financial Compass

5 Ways to Adapt the KonMari Method by Marie Kondo in Your Financial Planning

06 Jan 2021
sustainable
Financial Compass

Sustainable Economy: Tunnel Vision

07 Dec 2020
The Queen’s Gambit
Financial Compass

A Financial Planning Perspective From Netflix’s “The Queen’s Gambit”

02 Dec 2020

Discussion about this post

loader

MOST POPULAR

  • market overview US

    How to Start Trading on the Malaysian Stock Market

    5 shares
    Share 5 Tweet 0
  • Top 100 SMEs Defy Economic Headwinds to Post Triple-Digit Growth

    0 shares
    Share 0 Tweet 0
  • PM unveils RM15bil PERMAI package to help people, ensure economic resilience

    0 shares
    Share 0 Tweet 0
  • MYDIN MOHAMED HOLDINGS BERHAD

    3 shares
    Share 3 Tweet 0
  • Customer demand is key in driving corporate sustainability

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

loader

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

loader

Career