How people make money during raya

How to make money during raya season?

Of course by getting duit raya. But duit raya will not come easily. Don't be lazy during raya. Visit your relatives but don't keep hope to high this year as the economy is not that good for anyone of your relative to give big duit raya to you except for someone who have Dato' as relatives.

This is how people make money during raya season.

1. Make raya cookies and sells them.
2. Sew Baju Melayu and Baju Kurung
3. Sell tudung and songkok
4. Sell firecracker illegally
5. Sell custom made Raya Greetings

Saving money during raya shopping

I give my own way on how to save while you can spend during raya season.

1. Buy discounted item. Save 20%-70%. Usually shopping mall will have discount during festive season. This is the time to buy your baju raya.
2. Buy long term item. I buy jeans that I intended to use for 4-5 years. Its okay if you buy 1 jeans that cost you RM 100 and above and make sure it is quality jeans. By doing this, I have my jeans for 4-5 years and ended saving by not buying another jeans. I buy a jeans during puasa a years ago and not intended to buy another as the jeans as good as new although I used it almost everyday.
3. Buy last minute. During last minute shopping, the sellers usually will slash the price aggressively to make someone buy their goods.

Have your own way to reduce raya spending? Share with us..

Parkinson's Law

The bigger our salary, the bigger we will spend. If we spend around RM 3,000 per month before this, we will use mid range car, live in medium price house, eat at the stall and having a vacation within this country only. But after our salary increase because of being promoted, our lifestyle will change from using mid range car to having a better and more expensive car, live in the bigger house, start to eat at the hotels and having a vacation overseas. But your saving did not increase as we increase our cost of life.

Our saving supposed to increase with the increment of our salary. This is what they call Parkinson's Law, the bigger the salary, the bigger your spending.

So how to avoid it? We must resist this Parkinson's Law by having a simple life just as before and try to save 10%-40% from our salary every month.

Can we resist this law? Of course we can because the main problem came from ourself. We must spend wisely and try to be dicipline in managing your personal finance.

Link Exchange

Want to do link exchange with me?

Just comment me and list down your link and your blog name.
Or you can e-mail me instead at basyir1988(at)yahoo.com.
*(at) is actually @ -just to prevent spam robot.

I preferred blog on financial issues only but if your blog is in another category, I will put your link on my Personal blog.

How to become a Certified Financial Planner

Lots of my friend ask me on how to become a Certified Financial Planner. Of course we must study first to become a certified financial planner but how?

I got my answer when I google it.

According to FPAM, the candidates must meet four requirement of the certification process that is Education, Examination, Experience and Ethics. That is 4 E that you are required to meet.

For Education, you must complete acedemic course of financial planning which consist of 6 module.

• Foundation in Financial Planning
• Risk Management and Insurance Planning
• Tax Planning
• Investment Planning
• Retirement Planning
• Financial Plan Construction and Professional Responsibilities

I have read 1/4 of the first module and the module is really though. I think the fastest that anyone can complete this course is around 6 month which mean we study 1 module per month which is only my estimation. The actual process may take longer than that.

After that, Examination which means that you are eligible to take the certificate examination after you complete your Education process. The examination should be tough as they want to produce the CFP so that they can perform on appropriate level for the public.

Next is Experience where you must understand the counselling nature of personal financial planning. You are required to have 3 years of experience, performed before of after you complete the examination. This is what FPAM define the experience requirement.

Experience requirement is defined as the supervision¹, direct support², teaching³, or the personal delivery of all or part of the personal financial planning process to a client4. Qualifying experience must be able to be categorized into the six primary elements of the personal financial planning process summarised below:

• Establishing the client-planner relationship.
• Gathering client data.
• Determining the client's financial status.
• Developing and presenting a client-specific financial plan tailored to meet the goals and objectives of the client.
• Implementing the financial plan.
• Monitoring the financial plan.

And then Ethics which you can find it here.

After all the above process, you can now receive an application form for certified membership. Once certified, you are required to study more so you will be up-to-date on planning strategies and financial trends that will affect your future clients.

Next year, I will try to take this certificate financial planning. So that one day I can become a certified financial planner myself. If want to know more on certification, you can go to FPAM website.

Motivation

Everybody hates to fail, but sometimes they conceded that they fail. They fail to do something that they want, they fail to get something that they desire, and they fail to act when necessary. After they fail, they tend to give up and did not try again. These people did not motivate themselves and they sulk when they fail. People who earn success did not sulk, if they did, they will come back stronger until they find success that they need. This people are the one who always motivate themselves that they can find something that they want and what they desire.

That's why motivation is a strong tool for success. Motivation is also tools for those who want to be debt free and free from financial difficulties. Managing and facing debts are really tough job that required you to be mentally strong. I have encounter many people who fail and just give up. This people lack motivation. They did not read motivational book thus dail to motivate themselves.

There are always source to motivate yourself. Reading motivation books or even better, reading financial motivation books. I find that Robert T. Kiyosaki books are not only increase your financial IQ, but it also motivate yourself to become stronger. Even Mr. Kiyosaki motivate himself when he is in difficult position and look where he is now. If he just give up, he will not be there to guide us.

People who dare to fail and don't give up usually find success. But motivation is an important tool to achieve what you want in life. I really recommend you to find Robert T. Kiyosaki books. Read it until you can motivate yourself and that is when you are prepared to taste success.

Planning For Puasa

Some thought that you can save more money during fasting month. But this is proven wrong if there is no dicipline in urself. The urge to spend is greater especially when u go to bazaar Ramadan. As the dusk arrive, your will get more hungry thus making ur 'nafsu makan' go higher.

Tips to save during fasting month:-

1. Don't go to bazaar Ramadan, instead you cook for yourself. This alone can save you about RM 100-200 ringgit during this month depending on your family size.
2. If you still want to go to the bazaar, bring just enough money to buy what you only need. You don't need to buy more than 2 type of dishes.
3. My friend favorite method to save money is by eating at the mosque or surau.LOL

Thats the only tips that I can think of right now, if you have ideas, you can share it by commenting this post.

Importance of saving while young

It is very important right now to educate the young generation on the financial planning subject especially to the high school students and college students. During this time, their parents tend to give weekly allowance and usually in large amount. They tend to use the money to buy something to eat during school and for entertainment purpose such as buying magazine, games, going to cinema and cyber cafe. Usually during the end of the week, there will be no money left as they spend all money to do all things that stated above.

During this time, they did not know the importance of having a saving because they rather have fun first before thinking of the future. This must be change to prevent them making financial mistake when they getting older. Parents must encourage their children to save their money by opening a unit trust account for them and tell them the benefit of having a saving for themselves.

The earlier u save, the better your future.