Making sense of money

I'm no financial guru but thanks to a collaboration with one, I co-wrote a little book on financial management. This partnership is yet another example of how important it is to have integrity in your work and to do it well. My involvement with this project came about through word-of-mouth. She needed someone to help her with the book and I was recommended to her. She called, we met and clicked, and a friendship was formed.

First, about the book:

We wrote this book for the Credit Counselling and Debt Management Agency. The book, launched in 2008, is aimed at young adults to help them manage their money. The Agency felt it necessary to produce such a book because more than 50% of those seeking its help were below the age of 40. These people got into financial trouble due to their low basic financial literacy. Written in simple English, the book guides the reader in understanding the value of money, setting financial goals and budgeting. It also provides tips on building wealth, planning for uncertainties and implementing real-life financial strategies.

About my co-writer: she is Carol Yip, a certified financial coach who now travels the world giving presentations at financial conferences and running related training programmes. You could say that she's Malaysia's Suze Orman. Carol has other money management books to her credit, one of which is Money Rules. She gave me a signed copy with a very nice message.

To young people out there, it really pays to get started on your financial plan the moment you start working. Heard of the concept 'pay yourself first'? Basically, it is about saving a percentage of your weekly or monthly salary regularly, without fail, before you pay your bills or spend it on other things. And don't touch those savings! Through the power of compound interest, i.e. additional interest earned on top of the original saving amount plus the interest received, you will see your money grow. You are actually paying yourself first now for your future financial freedom. 

I wish I had such advice when I was starting out in my career. I could have really retired by now.