Father Sez

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Book Review – Top Money Tips for Malaysians

Friday December 5th, 2008 by fathersez

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I have been a follower of KC Lau’s blog, kclau.com ever since I started blogging. This blog features a lot of money issues which are of particular relevance to us, Malaysians. Though we have never met, over the past year or so, I have consulted KC on various financial and insurance matters and he has always been most helpful.  

He has just come out with his first book, Top Money Tips for Malaysians and I am very happy to announce that I have just finished my first reading of the book. 

The very first thing I read made me like the book very much. He reiterated the story of compound interest and the tremendous impact on savings and investment when we start early.  This is a lesson that I dearly want to instill in my children. 

Overall the book consists of 24 chapters which have been classified into 4 groupings: 

a)    Smart Money Tips, where he gives an overview on the important money concepts like income/expenditure and net worth charts of the financially undisciplined, the more disciplined and the financial geniuses.  

b)    Money Making Tips includes some nifty ideas on increasing our income to have a better income / expenditure situation. After all as KC says, we can only reduce our expenditure that much.  

c)     Money Saving Tips. These are some simple and often overlooked or ignored methods. However the returns on some of the tips like that on manoeuvring our mortgages are really significant.  

d)    Money Protection Tips. This is about some aspects of estate planning. I must admit that my eyes were truly opened when I read about KC’s suggestions on how we should plan our insurances.  

Some of the chapters I particularly enjoyed and learnt from included the one on us calculating the worth of our time. When we compare our spending or purchases against this time value, then the significance really sinks in.  

As an example, KC mentions a guy whose hourly rate works out to RM18 per hour. He has to work 56 hours a month just to pay for his car instalment, not including the fuel and maintenance bills, road tax and insurance.  This manner of thinking each time we buy anything, will be a powerful motivator for forming more responsible spending habits.  

Another two very powerful lessons I got from the book was on how to get a return that would make our first car free, and his suggested ways to save interest on the mortgages that we may have. I personally consider that these two tips alone will have paid for the book many times over. 

I would say that this book is suitable for Malaysians of all ages. The book made easy reading and is well dispersed with some nifty illustrations, charts and graphs. 

I am thankful that this book came out at the right time for my family and me. My elder two girls and I usually discuss their goals (especially financial) for the next year at about this time. I have wanted to suggest that they should include the reading of certain personal finance books as part of their goals.  

Top Money Tips for Malaysians will be one of my suggestions. And the book’s second and possibly third reading will also be in my “to-do list” for 2009.  

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6 Comments for “Book Review – Top Money Tips for Malaysians”

by KCLau
On December 5, 2008
At 6:12 pm

Fathersez,

I am really grateful for your kind review.
Compliments from a “heavy-weight” person like you (I mean heavy in terms of experience and knowledge) certainly bright up my day!

Thanks a lot!

by Mr.Children24
On December 10, 2008
At 9:45 am

I just downloaded the preview copy and it’s really well worth to invest on buying it soon. Anyway thanks for the sharing.

[…] Father Sez » Archive » Book Review – Top Money Tips for Malaysians The very first thing I read made me like the book very much. He reiterated the story of compound interest and the tremendous impact on savings and investment when we start early. This is a lesson that I dearly want to instill in my children. […]

by FeelCheated
On January 1, 2009
At 4:49 pm

Don’t waste your money buying this book like me!

I bought this book two days ago in MPH and only find that almost 70% to 80% of the content is available online at the author’s blog : http://kclau.com. You just need to spend a little more time to read the blog posts. What’s the point to spend RM29.90 then ?

I am so regret that now I want to sell this book. Anyone interested pls leave your message here.

On January 1, 2009
At 6:19 pm

Hi, Feel Cheated,

Thanks for dropping by and making your stand known. Actually quite a lot of stuff that we read in any book can be found in the Internet. All that is needed is the time and the knowledge to know “where” and more importantly “what” to look for.

I sincerely think KC has done me a favour by saving my time and doing all the required research as well as adding in his original ideas.

For this I feel that the book is excellent value. I agree that you are completely entitled to think the way you do, but it maybe useful to look at it the other way. Perhaps KC is giving all of us great value by allowing you and me and tons of others to read his blog for free.

Thanks again, and have a great and prosperous New Year.

by FeelCheated
On January 1, 2009
At 8:24 pm

fathersez,

Happy new year to you also.
Actually I voice this out so that all other people can make informed decision, not like me to regret later on.

I also notice that someone is “shooting” one of the topic in the book. See http://kclau.com/book-reviews/top-money-tips-for-malaysian-book-review/comment-page-1/#comment-94006. Looks like am not the only one not satisfied.

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