Focus on What We Can Control in Our Life Transitions

Updated: Jan 21, 2021

As important as when are we going to get our vaccination here in Malaysia, we believe that a solid financial plan gives you the tools to keep improving your Return on Life no matter what’s happening next year. Instead of fretting about what may or may not happen starting in January, try to focus on these three areas of your life that will help you control major transitions.



1. You can’t control the economy … but you can control your career.


Local political instability sparks short-term volatility in the financial markets. While current government trying to balance between citizens’ safety and economy, the new normal continues to change everyday life and global business.


As companies continue to adapt to the pandemic landscape, job opportunities are becoming less centralized and more diverse. You might be able to take your dream job on the other side of the country without leaving the home your family loves. Or you might spot an emerging market in the middle of all this displacement where you can open your own company.



2. You can’t control Budget Year 2021… but you can control your saving and spending.


After much debate and dramas, Malaysia’s speaker of parliament declared the 2021 Budget passed on Thursday (Nov 26). Whether the budget was passed or not, there’s no guarantee that your taxes are going up or down. But you can anticipate when your kids will be going to college, if you’ll need to replace the family car soon, or if you want to move to a lake view condo when you retire.


New Budget 2021 will play a role in handling these transitions. But your levels of saving and spending have a bigger impact on your financial plan than any other factor. If you’ve never kept a monthly budget before, make 2021 the year that you start. Sit down with your spouse and weed out all those recurring subscriptions and memberships you’re not using. Make a weekly meal plan so you’re not eating out so often. The couple hundred Ringgit you economize every month could grow into a comfortable padding for your nest egg over time.



3. You can’t control who’s our next Prime Minister … but you can take control of your financial plan.


A 67-year-old baby boomer eyeing retirement might have taken her first part-time job when Tun Dr. Mahathir Mohamad was Prime Minister. As of 2020, that senior has lived and worked through five different Prime Ministers.


It’s very doubtful that you’re going to love every single Prime Minister who serves during your career. Yes, certain things that each one does might move the needle on your financial accounts in the short term. But it’s folks who stick to their plans and continue to save and invest regardless of what’s happening in the outside world who build long-term wealth.


No matter how you feel about our local political development, you can take action today to keep your financial plan on track. Get in touch and we’ll schedule an appointment to start planning for 2021 and beyond.



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