Thread by @mrstingy2014

Money Tips for 2020 from 20 Influencers (a thread)

1. Lee Ching Wei, @iMoneyMY

"Your top priorities should be to manage your debts and improve your financial standing.

Focus on avoiding consumptive debts, which are debts on things that reduce in value."

2. KC Lau, @moneytips

"Real passive income comes from owning assets:

* Real estate that commands reasonable rents
* Businesses that produce cash flow
* Intellectual properties that earn royalty

Buy some this year. Or create one yourself!"

3. Suzardi Maulan, @Pakdi7

"2020 is the year for Malaysians to adopt fintech to manage our portfolios. Cheaper cost, better choices, and more opportunities.

With starting capital as low as RM 100, now everyone can invest!"

4. Roshan Kanesan, @RoshanKanesan

"To ensure you’re consistently investing, consider automating — so you don’t miss a deposit or 'accidentally' use up your regular investment amount.

Pro Tip: Set it up so the money leaves your account right after your salary comes in."

5. Julian Ng, @jooolean

"It’s all about getting the right mixture of assets on the one hand and how you can ramp up active employment/freelance income on the other.

Ultimately it’s about how we can gain meaning and contentment from our experiences."

6. Stev Yong, @mypf_my

"Considering the unpredictable landscape globally, asset allocation is more important than ever. One cannot simply sit on the sidelines or try to time the next downturn/recession.

This is because you’ll be missing out when you’re not investing."

7. Leigh, @DividendMagic

"As always, long-term, fundamentally sound investing would be the way to go. No matter the assets you’re investing in, remember to always stay invested.

And remember to keep a cool head when the markets start to get choppy."

8. Eza Ezamie, @majalahlabur

"It’s time you take full control of your own investments in 2020.

And it all starts with knowledge: books, seminars, and opening yourself up to the many kinds of investment vehicles that are available."

9. Wong Wai Ken, @StashAwayAPAC

"Cashing out too early and missing out on market gains before the drop is as bad as losing money during the bear market.

Stay invested in the market, and don’t try to time your entry and exits in the short term."

10. Charles Tan, kopiandproperty

"Property overhang is still high, thus market sentiment is not yet positive. If you’re looking to buy, negotiate for a better price with sellers.

Developers are also giving their best offers for unsold units."

11. David Mawer, @iProperty_my

"Tips for finding your dream property:

* Research before you buy
* Don't financially over-extend. Use home eligibility calculators
* Think long term"

12. Suraya Zainudin, @surayaror

"One of the best things I’ve done is to stop being so self-sacrificing, especially when it comes to doing thankless, unnoticed, unpaid care work — either at home or at work.

Ultimately resulted in increased earnings and life satisfaction."

13. CJ Ong, Small Change

"Combat emotional spending by applying the 48-hour rule. If you see something you like, don’t purchase it immediately.

Give yourself 48 hours to think about it."

14. Dawn, SG Budget Babe

"There will be lots of uncertainty in the markets for 2020. Look out for opportunities in the stock market when the share prices for solid companies go down.

Also, focus on building up a side income-generating gig to make yourself recession-proof."

15. Suyin Ong, Suyin Invests

Focus on building great HABITS. Daily, consistent habits unlock the doors to success.

* Wanna save more? Pay ourselves first
* Wanna earn more? Seek new income streams & negotiate our salaries
* Wanna grow wealth? Schedule 20 minutes daily to learn

16. Anna Haotanto, @thenewsavvyinc

"Invest for the long term: for more than 10 years.

Lastly, remember to build an emergency fund. It’ll help you tide hard times over until you can start working or receive some form of income again."

17. Farid Bahrudin, @faridbahrudin

"But ASB is a special kind of unit trust where your capital is preserved. 5.5% dividends are still good — especially since you bear (almost) 0% chance of losing money.

What other investment can give similar returns like ASB?"

18. Faiz Wahab, @faizwahab

"Investors should also seek for alternative investments — to have a well-diversified investment portfolio. However, if you don’t know how to handle it yourself, you may go for less-risky investments.

Making less money is better than losing money."

19. Chin Yi Xuan, No Money Lah

"If you can ONLY save RM 100/month, do it anyway.

Starting small and simple makes it easy to sustain a healthy financial habit. Little, consistent effort can lead to a massive impact on your mindset and long-term financial health."

20. Mohd. Kauthar Rozmal, @mohdkautharr

"Young Malaysians should embrace technology in managing their personal finance and investments. Through fintech, investors can save a lot on fees e.g. using robo-advisors like StashAway and Wahed Invest.

Explore, save and invest more."

21. Vincent Fong, @Vincent_FongKw @FintechNewsMy

"Keep abreast with the latest news: Malaysian regulators have been introducing new forms of investments nearly every year.

Understand these new ways of investing, their risks, and how they fit into your overall portfolio."

22. Full article here: mr-stingy.com/influencers-mo…

Thank you to everyone who participated, and may you have a wonderful 2020!