Financial Planning Series Episode 1 with Penang Financial Planner

(Last Updated On: 18/07/2019)

Financial planning – why do you need it? You might retort – “I already have insurance coverage” or “I already have my money well invested”. All these are from different product providers but let’s take a step back – is investment or insurance all there are about financial planning? The truth is, our personal finance is like a huge jigsaw puzzle consisting of fragments. The jigsaw puzzle wouldn’t be whole only with one section intact. See the pyramid below.

The fact is, financial planning form the foundation of everything. Some people focus too much on the second level – insurance protection but sacrificing money for potential higher investment returns. On the other hand, some directly jump to the top sections of the pyramid (see below) – maximizing returns of their money with speculative investments. Point to ponder – if you make 1 million return but got hit by long time critical illness which eats up your portfolio (without insurance protection), all the money one made go back towards securing the financial freedom of doctors & surgeons instead. Crude & ironic way to put but, isn’t this the truth with the ever rising medical costs?

penang financial planner

Watch the video below on how I could help you directly in person, starting in 2013.

Independent financial planning and advisory aims to integrate all of these fragments together so that we have solid, sustainable pyramid structure. Quoting a page from Yap Ming Hui’s recent book – Set Yourself Free, the big word “independent” in financial planning cum advisory means having these criterion:

  • The right regulatory licenses from SC and Bank Negara
  • Charges a fee for advice and services
  • Advice is holistic in nature (integration concept)
  • No sales quota to fulfil
  • Access to a wide range of financial tools & products

It is about tailored-made solutions for clients to achieve multiple financial goals – such as buying a house, risk management, children education, retirement, conserving and distribution wealth and ultimately, accelerating closer to that goal of attaining financial freedom.

It is not too late to make these goals our financial resolutions starting now.

This Post Has 8 Comments

  1. Hi Shane, thanks. Well said. Sure thing, you haven’t replied my previous mail though 🙂

  2. Good health = more time to enjoy the fruits of your investment.
    Proper insurance coverage = no worries about having enough to pay of your medical bills!

    By the way congrats on being a certified FP! Look me up if you do come to JB.

    Cheers

  3. Hey Kris, yes I did. Starting a new in 2013.

  4. Congrats, LCF for getting your Certified Planner Cert!! I heard that the tests is very hard , and i know that he is an exceptionally academic student still not yet pass some of the exams.

    So you left the engineering world?

    Rgds,
    Kris

  5. Hi TY, you are welcome. I believe this is where it should be, and I believe being a CFP holder yourself, you would feel the same too 😉

  6. Exactly, shawal. I have this belief everyone needs need to take a step back and build the foundation of the pyramid first before anything else. Even I made this mistake, so I am correcting this now and helping others in correcting it.

  7. Hi LCF, thanks for sharing the financial planning process. Sometimes or many of people does not understand the flowchart of good personal financial. They sometimes have been manipulate by somebody for their own profit.

  8. CF, Thank you for sharing your view on financial planning process.

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