Now that you’ve got all your ang pow money, what do you do with your newfound prosperity?

(Poll: How much did you receive or give in 2017?)

1. Pay off your credit card debt

We tend to spend more during Chinese New Year from gatherings and shopping. Make sure your year ahead is indeed debt-free. This is an 18% payment you can do without, so do go forth and clear your credit card debt!


2. Prepare emergency savings

If you don’t have any credit card debt (Yay!), prepare an emergency fund. A rough estimate would be around 6 months of your monthly income. Start your fund with what you have, and gradually grow the amount.
Tip: Work with your Personal Finances Advisor to get a clear idea as to how much is sufficient for you. 


3. Don’t blow it all

As tempting as it is to want to smugly enjoy the feeling of having packets of extra money by immediately proceeding to buy the latest gadget, clothes, or other unnecessary luxury items, do hold your horses! Splurging everything now may lead to some regrets a.k.a. buyer’s remorse.


4. Spend a little on yourself

With that said, it may be a good idea to spend a small percentage of what you received on anything you like just to scratch that itch. We recommend spending below 50% of what you received.


5. Tell NO ONE if you got a lot of your money from your ang pows

You don’t want your “family and friends” to suddenly come asking to borrow money or expect you to pay for everything.


6. Invest-lah!

You can start (or bump up) your investments with just about any amount more than a few hundred RM. If you are unsure of what to invest in, take your time to study your options and invest based on what you are competent enough to start with (or continue in). It can be paper assets like PRS, REITs, or shares. Or even funds to bootstrap your startup business!


7. Invest in knowledge

Okay, so maybe your ang pow money wasn’t in the thousands that you can make a significant investment. However, investing in knowledge is really affordable! Buy a book and subscribe to personal finances education sites (*ahem* like this one).


8. Get good Personal Finances Advise

Find a trustworthy Personal Finances Advisor who puts you and your needs first to help you grow your wealth.


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