Top 93 Personal Finance FAQs Book Give-away!

To celebrate a milestone in reaching 1000 facebook fans, I am giving away one copy of the book by KC Lau and Amy Sipagal, Top 93 Personal Finance FAQs in Malaysia.  It’s not exactly the latest book now, and you might have a copy already but if you don’t, here’s your chance.  This is a token of appreciation for all the likes, comments and kind words from you. They say having 100 loyal readers is better than 1000 visitors. Quality over quantity. But I am a bit greedy – I say – what’s wrong with having both? 🙂

And if you have not heard me speak before, here’s a thank-you video to go with it.

All you need to do is to post your answer to the question below:

What are your worries after retirement?

Post your Best Comment to win the book, before Friday, 9 Nov 2012 midnight! 🙂

Update 10 Nov 2012

There is no loser in this give-away, and I am hard pressed to select the winners. I hope I could give each and everyone a copy 🙂 Anyway,  it’s Wayne Kho this time.

Psst…there will be 2 give-aways direct from 2 book publishers coming in Dec 2012 and Jan 2013. Stay tuned!

Top 93 personal finance faqs book

 

This Post Has 91 Comments

  1. Worried of out of EPF saving or other saving. Not enough money to spend in a comfort way after retirement. Even retired I worried I am still thinking how to have income monthly to maintain household and to feed the children and social responsible.

  2. Worried is my financial pillar is strong enough to afford my kid’s education, my lifestyle as well as my wife and kid’s lifestyle, will I face any financial problem after my retirement?

    1. Hi Liew, I think what people find lacking is a system that answers exactly your question of “will I face any financial problem after retirement IF I do this, this and that”. Stay tuned, I have something in store for you

  3. instead of keeping a worried mind and let the fear snowballing, i prefer to take some efficient action NOW.

    1) do a proper budget controlling.
    2) knowing our debt (mortgage, credit cards , cars); anyway to reduce the interest rate? shortening the loan tenure?
    3) setting up medical protection (MOST BASIC)
    4) spend time to improve our financial literacy ( MOST IMPORTANT )
    5) save and invest with the right tool (MUST do research before we act)

    and last but not lease, stay tune with CF for his money tips hahaha…

    1. Helen, very good chronology of procedures there 🙂
      I wouldn’t put it as “money tips”, sounds like stockbroker tips.
      I believe in financial literacy and awareness. Once we have that, changes will occur, surely although it could be in baby steps for most of us.

  4. My biggest worries are before I can even retire, there are not enough money as need to send kids to oversea education, need to continue to work….
    MEDICAL bills – how to foot bills when we are old and continue to pursue Government hospital for more affordable medical bills…

    Never though about retiring as cannot afford to retire. It would be good to start planning – how to retire without worrying….How to start and where to start from? It would be good if the book can share similar thoughts of all people….

    1. Hi Erice, stay tuned for my emails…I might have something that answer your question: “How to start and where to start” 🙂

  5. My greatest worry after retirement is the medical bill. No one will know what kind of illness will happen to one self. The best way to deal with it is to take a proper diet, exercise and regular medical check-up. Also keep your finger cross!

    1. Yea Jason, health is weath indeed

  6. It is a rare occasion for an individual before the age of 30 to be thinking about retirement plans, as this group of people, particularly those that had just entered the job market, would rather spend more on consumption in the likes of purchasing a new car, or any other necessary (or unnecessary) purchases. With that in mind, insurance firms started schemes on retirement plans, not very sure if anyone is familiar with the “What’s your number?” campaign (no, this is not an advertisement) to educate and ensure that there would be a feasible plan after retirement.

    Having that said, what concerns me most after retirement would be financial freedom, which is mainly due to a halt in inflow of the main income stream. It would be desirable if passive income or other means could substantially be relied on as a new source of income, as that would generate a greater peace of mind, where children’s well being, education, and most importantly, to make the wife happy! (least to be done is not to bring about any financial burden).

    1. Yes Sean, Prudential have this exact What’s Your Number calculator to guesstimate one’s retirement nest eggs needed. But almost no people talk about post retirement money management – no matter how much one has or how much income’s flowing in, just like what you mentioned.
      Ultimately, after stripping away the figures and dollar signs, it comes down to, yes, GREATER peace of mind post retirement.
      I can see you are very much of a good family man, Sean 🙂

  7. My main worry is I have no time and energy to achieve my goal which is travel around the world for exposure while my money keep working hard for me

  8. My main worry after retirement is i couldn’t live as similar as the life prior to my retirement. I worry of i have to change my lifestyle, i can’t be who i was before, and i have to even work harder or start counting every single cent i use and keep finding the cheapest stuff in the market to cut off my expenses. I worried that the day comes where i have to hope that i rather die than live due to the increasing medical expenses, being a burden to my children and i cant live with dignity.

    1. I understand your feelings Quek. It could hardly be called golden years if you watch every single cents spent with the worry of running out of money.
      Yea, Dignity. That’s a very big word.

  9. Passive incomes not sufficient to sustain desired living lifestyle.

    1. Hi Andy. are you retired? How much passive income is enough for your desired lifestyle and how much assets is required to generate this level of income? Have you really calculated?

  10. Crazy inflation rate that is arises due to act of god or act of war incident. Where money(notes) no longer hold steady value.

  11. My worries after retirement are:
    If I have enough annuity/income to spend every month.
    If my annuity/income is enough with high inflation rate.
    If I have enough protection for my medication or unforseen illness.
    If my kids has enough earnings to have a decent life.

    Strive to achieve financial independence.

  12. I am worried about not having enough passive income and that my savings will not sustain me throughout my life. I am also worried about funding my children’s education as college fees becomes more and more expensive.

    1. Hi Andre, I hear you. I think what most people need is a system that provides the proper methods to manage retirement fund so that it could sustain throughout retirement life, including things like children education. If that system gives you clarity on how this all ties together in order to have sustainable retirement life, then the worries will be significantly lessened. What’s your take on that?

  13. I am worried about my health and my financial to support my family.

  14. Retire fund is not sufficient to cover the rest of my life.

    1. Hi dominic, are you retired? How much do you think is enough for you need for the rest of the life?

  15. My worry after retirement shall be do I have enough passsive income to support myself and my partner.

  16. i worry that i have to come out of retirement

    1. Well KSW, not too bad, if body is able and mind is still sharp..the younger generation could benefit from your wisdom, definitely. Of course, it got to be voluntary, even Michael Schumacher “came out of his retirement”.

  17. Commonly After Retirement is equal to Zero Income if we are working with someone. definitely EPF is not the real source of retirement package as we mostly are fully commit with loans and children education which is not sufficient to overcome the situations.

    If these are the case what is the comfortable passive income that we can generate if other than unit trust investment and real estate investment & gold investment ?

    To hedge the inflation after 15 -20 years , to live with the comfortable life , balanced life ( good health + good wealth) = happiness ; what we should do ?

  18. My nightmare is having to live long, poor, sick & immobile
    (requires assisted living)
    Therefore, I’m now working very hard to maintain my health,
    investing in assets like no body business & moving a lot physically

  19. Still have to work after retirement age because of insufficient savings / passive income….

  20. counting each single dollars of spending everyday in order not to overuse the remaining $$ left without any income… feel so depressed even i think of it now…

    1. Hi fairyhair, have you retired?

  21. My major concern will be cannot enjoy my retirement due to financial constraint such as house loan, education fees for kids, and medical fees for own or family.

    Without proper financial planning and financial freedom, we will not enjoy REAL retirement.

    1. Hi Patrick, how many years to retirement? What steps have you taken so far regarding proper financial and retirement planning? Care to share?

      1. Hi LCF , I am fresh graduate (23 years old) and just started my career for half year ago.
        Currently learning financial planning and control.
        1st step is to build emergency fund (3 to 6 months of expenses).
        Not yet have retirement planning but quite worry about it.
        I am worry my whole life spending on house loan, education fees, etc.

        1. Hey man, you got a whole lot of time ahead of you. No worries, you are on the right track. 🙂 But you do still sound worried. Perhaps a bad experience with your family?

          1. Not a bad experience.
            Just that my dad passed away since I was young.
            Had a hard time in financial for last time.
            But now ok already 🙂

  22. After retirement I would like to live happily but am worried about the health problems as I grow older and the high cost of medical care. We cannot always rely on our children as they have their own lives and families to take care.

  23. Not enough money of quality life

  24. One of all things that I will be worried is, whether I will be able to financially sustain my life without relying on my kids/grandkids (if I have in future, so to speak)/government/others. I deeply believe that the life after retirement can be a fruitful one by being able to pursue the life that I dreamed of, without worrying (too much) on the financial part as I will have a well built source of passive income, which is why I must work hard and smart to pave my way towards achieving this. One way to do it, continuously educate myself to be financially literate, keep learning to invest from expert like CFLieu and KCLau!! (I am one of the subscribers of REIT Method and have taken my first step to buy REIT, thanks to CFLieu and KCLau).

  25. My worries is how can I assured that my lovely government able to return my hard earned money in cpf ???

    1. Hi Alfred? I thought pension funds like CPF is capital guaranteed? Please correct me if I’m wrong.

  26. Not enough money for retirement

  27. Not enough money of retirement

  28. How to preserve capital and generate enough income during retirement.

  29. It is great to be able to retire comfortably. It is even better to have many of your friends who are also able to retire comfortably like you.
    @LieuCF, thanks for using my book as a gift 🙂

    1. Got to think KC from this FOC book, which I already have a copy prior to this 🙂

  30. What I really worry about is whether I am in the right track to achieve my financial freedom after I retire. I will just take care of now and let the future take care of itself. As long as I am on the right track there are nothing I could worry about, or even I worry also couldn’t help as my future is the result of what I did today and I just don’t expect miracle to happen.

  31. have no money and being dumped into old folk house

  32. Im worry i can’t even feed myself and that i may never retire until the end of my life!!

  33. Not adequate to sustain a comfortable and healthy lifestyle before I depart from this earth

  34. Do you have any advise on make donation to charities?
    I wish to contribute to charities that are not publicity driven but needy.

    1. Yes, I do. Stay tuned for Dec 🙂

  35. My worries during my retirement are that all my savings and investment could not surpass the future real inflation rate. Green house effect, over population, financial meltdown and limited resources all worries me now especially when i could not predict the future real inflation rate and prepare for the worse financial impact that could and may happen in the future.

  36. Finance and Health is the main worries with Health being the priority second to finance.

    1. Agreed Kang. No health cannot enjoy wealth.

  37. 1) Not enough retirement fund to see you through your retirement years.
    2) Sickness (critical illness) which will drain away a big portion if not all your retirement fund.
    3) Still have dependent children after your golden years.

  38. I am worried that I don’t have enough money to travel around the world, buy luxuries when i retired.

    1. Wow Wilson, what luxuries you were thinking? 🙂

  39. Most of the working class people are not financially ready for retirement at the age of 55. We will still need to work after 55 whether to continue with the existing company, only if you are needed, or you have to find your own way to make a living after retirement. Knowing that this is going to happen one day, I make a choice to start learning to build alternative source of income by blogging while still earning my existing one which I know it is going to end when I reach 55. I think, this is a good way to overcome my worries instead of worrying the worries.

  40. My worry is I would become unemployable and hence no income to support myself. Passive income is one thing but we need to be doing something to keep ourselves sharp otherwise we will slowly rot or even die faster.

  41. My worry is unforeseen medical expenses. Other expenses should be well taken care off.

  42. Yet to achieve financial freedom. Comitment such as children education, living expenses and lots and lots more are keep incresing. Any recommendation on passive income after retirement?

    REgards,

    1. Hi Stephanie. The answer lies in real estate investment, or if in more liquid form, REIT stocks. Provides income and after capital growth. I can go on and on on REITs but you get my point. REIT is mandated to distribute 90 percent of their net property income.

  43. Hi

    In short, just a few

    1. that the sources of passive income will dry up. or tanked.

    Today’s Apple can become tomorrow’s Palm (still remember that 1st generation of PDA ?)

    2. Passive income > expenses. Try to maintain this throughout the years.

    3. Ability to growth the passive income and perhaps recycle this income, for further growth. You don’t have to spend every cent.

    4. Most scary of all – medical expenses. I really dunno how to plan for this.

    Insurance premium will rocket with age and unsure if I am correctly and adequately covered. You know, all insurance agents cannot be trusted as they are humans (after all) and sells policies that earns them most commission or are just restricted to whatever products their company have.

    As I am still single and have no kids, I will have to prepare myself for these expensive days to come.

    5. Burden of looking after my elderly mom.

    Don’t laugh but in all talk about filial piety, it still boils down to time & money. When I retire and she is still around, sure we can still spend quality time together. BUT when she is ill, opps, thats where the bills runs up. Even at subsidized rates, it is still generous amount of $$$.

    1. Snoopy168, no I ain’t laughing, this is grave matter we are discussing here. Excellent breakdown of your thoughts.
      Yes, tied agent like insurance always have conflict of interest. After all, we are all still human looking for financial freedom like what Trevor said.

  44. One of my worries after retirement is that I will not have enough savings to pay for my living expenses

  45. My main worries about retirement is that my health might not permit me to enjoy my reti- rement. Though I am quite comfortable with my financial health, the same cannot be said of my physical health. I have to deal with a number of health issues , some of which are hereditary. I am now trying my best to secure my retirement through various kinds of investments tools: by investing in epf, stocks, reits, bonds, unit trusts, insurance, etc.
    Still this does not stop me from worrying about my future, especially when I am old and feeble. It makes me realise the importance of staying healthy. Health, after all, is wealth

  46. I’m worried that I would not be able to provide and secure the future of my family. It’s not always about money, it’s about the freedom to posses as a human being.

    1. Agreed. Very well said Trevor

  47. My main worries about retirement is that my health might not permit me to enjoy my reti- rement. Though I am quite comfortable with my financial health, the same cannot be said of my physical health. I have to deal with a number of health issues , some of which are hereditary. I am now trying my best to secure my retirement through various kinds of investments tools -by investing in epf, stocks, reits, bonds unit trusts and insurance, etc.
    Still this does not stop me from worrying my future,especially when I am old and feeble. It makes me realise the importance of staying healthyhealth. Health, after all, is wealth

    1. Agreed, Patrick. Health is indeed the real wealth.

  48. Main worries will be not enough income generating assets to generate income to cover my day to day living expenses.

  49. I have get married late. By the time I retired, my younger children will be still studying. With no income after retirement, how I able to support my children education expenses?
    This is my worry.

  50. No Income!

  51. What if I can’t save enough after retirement.How can I reduce the amount I’ll need to achive my dream after retirement.

  52. Will you continue to give away freebies?

  53. Simple, MONEY NOT ENOUGH T_T

  54. My status as a single parent with take-home pay of RM1.6K is not helping me, even more so after I retire. The salary I’m receiving is far less than expenses. This has a snowballing effect of compounding interest on my credit cards when I do not pay in full. I’m living below the poverty line. Without savings, I won’t have a chance to invest in anything that can grow my wealth. It’s a dead end situation.

    The rate of inflation is actually higher than the interest rate of financial instruments available in the market. I have to meet my child’s needs of going to college and university. As I grow older, money will be used for medical treatment, etc as well.

    Can’t see the light at the end of the tunnel!

  55. I worry about not achieving my life long goal of travelling around the world. I might retire too late for that, and I face financial problems of medical, family etc. after I retire.

  56. I am worried that I will not have enough to use after retirement and be dependent on others

  57. My main worry after retirement is that I have not saved and invested enough in Income Generating Assets (IGAs) which can generate enough passive income for me to fight off inflation and take care of my needs (medical expenses, emergency situations, etc.) during those years. If I have enough IGAs then I will have no worries as I will be self sufficient.

    1. Hi Steve, around how much IGA would be sufficient to generate passive income you desired? Mind you share?

      1. May I know what is Income Generating Assets (IGAs)?

        1. Hi CT, stocks which pay dividends, investment property which generates rental income.
          A car is not 🙂

  58. Hi, this has been a topic that kept stirring in my mind lately. As I age, I begin to think of what will happened to me after I retire, considering I am weak in planning my own financials. I do not save much and before this, thought I can solely rely on my EPF. However, after reading up a lot of articles lately, I realised that EPF is never enough, since I do not have any assets to my name now and the only car I have now is still under repayment. I also start to worry about how I will be able to provide for my family (my parents and future family) should unpredictable circumstances arise. Worse still, how long can I survive without the help of other siblings after retirement should I not have any savings by then? I definitely would like to hear a step-by-step answer but I guess nothing is that simple in this world after all. If you have the answer, I would be most willing to hear from you. Earning money is really hard these days…thank you in advance. 🙂

  59. A BIG chunk of money need to spend on children education. Balance funds for retirements, enough?

    1. HI MQ, here’s some thoughts I read from reading numerous article on retirement planning.
      If you allocate everything for children education, you are a model parent indeed as that probably means your kids need not carry any student loan debt after they graduate.
      However, that means, now your kids would have parent’s debt, as a result of relying completely on our kids after retirement because we don’t plan for our own retirement fund.
      It’s easier said than done, but most people would probably need to forego sending their children overseas just so they at least have a reasonable retirement nest egg.

  60. I am worried that I may not have enough money to cover my medical bills, living expenses, children education after i retire.

  61. My worries is do I have enough saving for my kids’ education because I was late married. I also worry about how to spent my life after retire. I like to travel but I afraid I do not have so much saving to do so many things after I retire. What should I do in order to have enough saving ? I have a lot of commitment for my own family & my own family too…
    Please advice. Thank you.

    1. Ai Lin, I don’t have a good answer myself BUT I do believe in constantly improving ourselves in whatever we are doing so that we could be compensated better. Plus keep a careful watch over unnecessary spending – go for a sub RM 600 smartphone instead of S3 or iPhone 5. 🙂 I’ve meet someone who said she don’t have money to buy a RM 40+ personal finance book but got a spanking new smartphone a few weeks later.

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