KUALA LUMPUR: Bursa Malaysia plummeted again on Wednesday, with over 900 stocks in the red, as escalating tariff wars between the U.S. and China—two of the world's biggest economies—fueled concerns, stoked recession fears, and wiped out massive amounts in market value. At closing, the FBM KLCI fell for the sixth day, plunging 42.97 points, or 2.98%, to 1,400.59, its lowest in 21 months since July 2023. The market traded within a range of 52.36 points between an intra-day high of 1,438.99 and a low of 1,386.63 during the session. All indices ended the day in negative territory. The benchmark index has lost a whopping 125.93 points, or 8.3%, since the announcement of sweeping tariffs by US President Donald Trump on April 2. In the broader market, selling overwhelmed as 919 stocks plunged, while just 224 managed to rise, pushing market breadth down to a dismal 0.24. About 3.77 billion shares, valued at RM3.8bil, changed hands. Dealers expect market sentiment to remain cauti...
Previously on Universal Rule of Personal Financial Management:-
#1 - Spend Less Than You Earn
#2 - Earn More
#3 - Never Depend On Single Income
The rule of personal financial management #4 is more on the mistake that most people made when deciding on the insurance premium that suit them, and most of the time people either over-insure themselves or pay an excessive premium for insurance because they do not know how to optimize their money. For example, consider two insurance products for a person at age 35: term insurance for RM500,000 will cost RM1,625 per annum, whereas a whole life policy will cost RM14,225 per annum.
We have to understand that the idea of getting insurance cover to protect our loved ones from financial hardship in case of an untoward event; which is the reason why we should go for the lowest possible premium and then investing the difference between the two premiums to optimize our money.
Many have chosen the wrong premium mainly due to greed, as well as lack of knowledge in the insurance product that they were about to purchase. While the objective is clear which is to protect the loved ones from financial hardship in case of something bad happen, but many will treat insurance as part of the investment.
Overall, insurance cover is needed to protect our loved ones from financial hardship, should something bad happen to us. Having said so, one should truly understand the policy before signing up for the policy and most importantly not to over insured or paying too much in insurance premiums because eventually insurance will just serve as a type of protection.
#1 - Spend Less Than You Earn
#2 - Earn More
#3 - Never Depend On Single Income
The rule of personal financial management #4 is more on the mistake that most people made when deciding on the insurance premium that suit them, and most of the time people either over-insure themselves or pay an excessive premium for insurance because they do not know how to optimize their money. For example, consider two insurance products for a person at age 35: term insurance for RM500,000 will cost RM1,625 per annum, whereas a whole life policy will cost RM14,225 per annum.
We have to understand that the idea of getting insurance cover to protect our loved ones from financial hardship in case of an untoward event; which is the reason why we should go for the lowest possible premium and then investing the difference between the two premiums to optimize our money.
Many have chosen the wrong premium mainly due to greed, as well as lack of knowledge in the insurance product that they were about to purchase. While the objective is clear which is to protect the loved ones from financial hardship in case of something bad happen, but many will treat insurance as part of the investment.
Overall, insurance cover is needed to protect our loved ones from financial hardship, should something bad happen to us. Having said so, one should truly understand the policy before signing up for the policy and most importantly not to over insured or paying too much in insurance premiums because eventually insurance will just serve as a type of protection.
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