Andrew Chia, CENFIS correspondent
10.05am, 19 April 2023
Today's news article says that they were 1,708 suicide cases in the country for the 28-month period between January 2019 and May 2021. That is more than two cases every single day. And young people aged 18 and below accounted for half the cases.
There is a counseling center called the Befrienders where people in distress can call and get someone to talk to and tell them their problems. This group says that most of the callers call in to say they face some kind of financial problem.
Now, what do people do when they are stressed with money problems? In order to relieve the stress they may want to go shopping or go play a round of golf. They may want to go to a quiet place and practice meditation. Some may go to the gym to sweat it out. Some go to the pub to have a beer. And some may talk to counselors to find some solution. Unfortunately, all these ways can only offer temporary relief. The problem doesn't go away. The debts that they owe still need to be paid. And we still need more money in order to pay our urgent bills.
For the poor and middle-class living in a big city, the math is simple. Our folks need a minimum of say, RM3,000, in order to survive, assuming they are already very thrifty. And their income is on average, only RM2,500. So, due to high cost of living and lately high inflation rate, they need to borrow at least RM500 each month. If they are married the figure becomes higher when then need to feed their kids and let them go to school. It doesn't matter if they borrow from family and friends or from banking and financial institutions. After a year or two their debt becomes very high and they are unable to repay their loans if they do not get a pay rise. And sadly, after the pandemic, bosses and workers alike are getting paycuts instead of increases.
Not only workers or employees are having money woes. Entrepreneurs or employers are having problems, too. Some businesses do well but they are rather the exceptions than the norm. A majority of businessemen are having problems due to the soft economy and high inflation.
Employers and employees alike are looking for ways to make more money. CENFIS is able to offer some tips in this area of making more money. We have produced two books with plenty of useful tips for both employers and employees. They are "Lockdown" and "The Perfect Employee" and you can dowload these books for free. They are found in our earlier blogpost here,
Besides entrepreneurship and holding a day job, there are a hundred other ways that people make money. But entrepreneurship and being an employee accounts for more than 90% of how people make money.
And, no matter how we make money, the more important thing is our mindset and motivation. A positive and never-say-die attitude goes a long way in achieving our financial goals and dreams. And it really helps when the going gets tough.
We hope our two books above can offer you valuable tips for making more money either as a businessman or as an employee.
However, we are sad to say that these tips cannot help someone who needs cash immediately to pay his debts or to settle his urgent bills. These tips on making more money can help prevent us from getting into such desperate situations.
And here is our article for today,
Good luck and stay safe!
Learning message: Before we can save and invest, we need to first make more money.
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