Unconventional Personal Finance Learning by LCF

It started back in 2010, when I woke up one fine morning and felt the urge to get myself formally educated on financial matters. Not that I am deep in debt or anything. If this is in the movie, Inception, you could say someone has planted this seed of an idea deep inside my subconscious mind.

See if this resonates with you - independent, no-strings attached financial advice is few and far between. If I have a general query on life insurance, I could ask an insurance agent but after that, he will probably approach me more than a few times to introduce the latest insurance product. It is the same with investment when I talk to a unit trust agent. To add salt to the wound, banks constantly use jargons and fine prints which are too complicated for the layman to comprehend.

Anyway, the very same week, I enrolled in Certified Financial Planner program at KDU Penang, determined to demystify the seemingly complex field of personal finance. I still have 2 modules left (there are a total of 6 modules) to get certified by FPAM, but the surprising part is that I got to meet classmates with engineering background like myself who are hell-bent to improve their holistic financial knowledge. I cannot claim I am an expert but truly, my personal finance learning has been snowballing since then. About a year after I started my CFP course, I started a blog to document my learning in personal finance and around that time, Personal Money magazine contacted me for an interview for the article How to Invest RM 1k, 5k, 10k and 100k in Sept 2011 issue.

In the process, I get to know authors who have been in the financial blogosphere for years. The learning you get from other financial authors is substantial but always does your own due diligence when it comes to money. Despite Gen-Yer-er having the reputation of being spendthrift, I got the opportunity to reach out to a few like-minded people who had much success in managing and investing their own money and aren't stingy to share their experience in the public domain. ChampDog is one of them, and though he refused to meet me in person (because he wants to keep his real identity more secretive than 007), I got to give him credits for all the sweat and tears he put into this blog for the benefit of many Malaysians.

I step out further of my comfort zone and reached out to more prominent personal finance personalities like Andrew Hallam, author of the bestseller book - Millionaire Teacher, The Nine Rules of Wealth You Should Have Learned in School. I actually had a Skype video call appointment to interview him on his money and investing philosophy. The audio interview was later published as podcast in my blog. That gained the attention of Wiley, the publisher of the book (which I already had a copy), where I subsequently requested for two free copies to be given away to my blog readers. And like what they said - if you never ask, the answer is always “No”. I got a “Yes”, and couldn’t be happier to give away books to strangers who will definitely help them in financial literacy, without having to fork out a single cent.

Eventually, I garnered the attention of Malaysia’s top personal finance blog, KCLau.com. The founder, KC Lau invited me to guest post at his blog, which I graciously accepted. This has provided me an avenue to grow my blog readership and to reach out to more audience.

How do you know the content you pen down is well accepted by readers? By using the ultimate gauge nowadays- social media.  With close to 1,000 Facebook fans and counting, I believe I am delivering what many people are looking for - simplified, value-added contents with minimal use of financial jargons. For example, if you could explain, in layman terms, the amortization schedule for house loan and flat interest for car loan, people would have easier time understanding the difference between the interest rate for mortgage and hire purchase.

I hope my story inspires the younger generation to learn more about personal finance, and take charge of your finances. Myself is a good example, starting from zero and coming from non-financial background, but now I am currently an investment columnist in Money Compass (one of Malaysia’s premier wealth management and investment magazine).


This is a guest post by Lieu Ching Foo (LCF) who is the founder of HowToFinanceMoney.com and a firm believer of financial literacy. He is a frugal “early” Gen-Y who thinks differently from most of his peers, and has to battle his way every day from succumbing to the many temptations to part with his money.

Personal Finance: Tips for Those with Bad Credit

In order to achieve financial success, everyone needs to start by building good credit. The best way to insure that you have good credit is to make good financial decisions and build good credit from the beginning, but sometimes, situations arise that make a bad credit score unavoidable. For those who have bad credit, starting to improve your financial situation may seem like a daunting task, but you need to realize that your credit goals are achievable.

Follow a Budget

This is probably the most basic tip to help anyone get ahold of their financial situation, but it is also the most curtail. In order to build a better credit score, you need to pay all of your bills on time and in full. The only way you can do that and still be able to save money and feed your family is by following a strict budget. You need to break any bad habits you may have, such as spending more than you earn or living on credit cards, in order to move forward, and you can only do this if you make the daily decision to stick to your budget. You need to find every possible way you can save money each month, even if that means saving $.25 with a coupon at the grocery store. Every little bit will add up to a lot of savings in the end. It may not be easy or fun, but it is the only way you can get your finances under control.


Pay Cash

If you find that you are overspending or that you have made a habit of not following your credit card purchases, use cash for all of your purchases instead. Most people find it much harder to part with their money when they physically see it leaving their hands, and when you always pay with cash, you will be more likely to avoid buying something you can’t afford. Set aside money every month for your savings and to pay all of your bills, and then keep enough cash on hand to cover your budgeted amount for other items (groceries, entertainment, etc.).


Keep Track of Your Credit Report

No one else is going to check your credit report for you, unless they are checking it when you apply for a loan, an apartment, or even a job. It is up to you to know exactly what others will see when they review your credit report, and do everything you can to make sure that that information is up to date and accurate. You can get a free copy of your credit reports every year, so you should have no excuse as to why you can’t check your credit. When you get your credit report, you will need to find the negative items, find out why they are negative, and fix the problem before more of these items show up. Most negative items on your credit report should be removed after seven years (ten years if you file for bankruptcy). If there is outdated or false information, you have the right to notify the credit bureaus and request that they fix the mistake.


Seek Outside Help

If you have tried everything imaginable and still can’t seem to get your finances under control, it may be time to seek help from a professional. There are many credit counselors who would be willing to help you find a way to get out of debt. It may take some time and money, but you will feel much better when you know that you are debt free. Make sure you find the best counselor for you, and be aware of scams and untrustworthy people who will try to prey on those with bad credit and debt.


This is a guest post by Amanda Clark who is an author who writes guest posts on the topics of business, marketing, credit cards, and personal finance.