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Consumption & Saving Planning

The difference between income and consumption is the amount of the savings. Those savings, plus interest, are available to you next year, so next year you can consume in excess of your income. This is essential part of achieving a lifelong goals. Two important activities to make consumptions and saving planning are prepare periodic personal financial statement and annual budget.

Debt Planning

Managing debt is a key component of how a financial advisor can help you plan for a healthy financial future. The relevant documents to make debt planning includes bank statements, credit card bills, installment loan statements, pay stubs, tax returns for the past few years, and anything else that may have an impact on your financial situation. Debt planning allow us to have lifelong consumption and shopping convenience.

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Retirement Planning

Involving the process of estimating future consumption and other needs and determining how these can be met if we are no longer working. Many popular investment vehicles such as IRAs and 401(k)s allow retirement savers to grow their money with certain tax advantages. Retirement planning takes into account not only assets and income but also future expenses, liabilities, and life expectancy.

Estate Planning

It is essential to some people to buy houses for shelters and at the same time buy lands. Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death or in the event they become incapacitated. Planning tasks include making a will, setting up trusts and/or making charitable donations to limit estate taxes, naming an executor and beneficiaries, and setting up funeral arrangements. A will is a legal document that provides instructions on how an individual’s property and custody of minor children, if any, should be handled after death.

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Insurance Planning

Insurance Planning is for your protection to against a certain loss of ability. You should have strategies in place to protect yourself. From life insurance to personal umbrella policies to ensure they are up-to-date and aligned with your needs.

For example, life insurance, disability income insurance, medical and health insurance.

Investment Planning

Investment Planning can help you fund your goals. Individual can invest money to get returns.

For example, buying Amanah Saham Bumiputra or  any corporate shares

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Assets (liquid assets, lifestyle/ personal property assets, investment assets)

LIQUID ASSETS

cash on hand

bank account

LIFESTYLE/ PERSONAL PROPERTY ASSETS

jewelry

textbooks

school supply

tv

stereo

car

residence

clothing

INVESTMENT ASSETS

investment

retirement plans

personal property

trust funds

corporate funds

common stock

preferred stocks

Liabilities

CURRENT LIABILITIES

utility bills (known as bills for direct purchases and credit funds)

installments that are due within 1 year

Credit card

NON CURRENT LIABILITIES

Debts with maturity more than 1 year. Divide into 2 group:

a) Non current portion of loans with specific repayment schedules.

-          Instalment loans on cars

-          Equipment

-          Houses

-          Other properties

b) Non current portion of liabilities without specific repayment schedule

-mortgage loans

Instalment loan balance due after 1 year

Loan on life insurance policies

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MEANING

It is a financial statement that shows you how profitable your business was over a given reporting period. It shows your revenue, minus your expenses and losses

It detailed breakdown of cash income & expenses

DETAILS
- Expenses: inflexible/ fixed expenses flexible/ variable expenses

- The income statement consists of revenues (money received from the sale of products and services, before expenses are taken out, also known as the “top line”) and expenses, along with the resulting net income or loss over a period of time due to earning activities.