Based on The Sun Daily, divorce cases in Malaysia has drastically increase over the last few years since the pendemic. A failed family planning is one of the major trigger for a fight to brake between spouses which leads to miscommunication.
With that being said, we think that is is not too much to warn the ladies out there to be more careful and calculative in choosing your lifetime partner. The future will always be untold. You might feel picking needle from the hays when you are looking for the perfect man, but try your best to look for a guy that excel at managing his personal finance as they are the epitomy of a perfect partner.
These are the signs of a financially stable man that you should look out to in your man.
7 Signs of Financially Stable Man:
1. Starts savings early
First, a man who is great at personal finance management have the awareness to start saving from an early phase as an emergency fund, buying house and retirement. Not like others, they do not wait till they have a high salary to start saving up.
This is because they know that commonly, higher month salary means higher monthly commitment as well. Hence, there will never be an ‘extra money’ to be save.
2. savings before spending
Quoting Warren Buffet, “Do not save what is left after spending; instead spend what is left after saving.” A man that is financially stable and good at financial management always hold on to this words.
They will devide a sum for savings first before spending money on shopping but not to the point of affecting their nessesity and burdening their life. Here are 10 financial tips every working adult in Malaysia should know.
Of course they will set a fixed monthly budget depending on their situations. The simplest rule that they might follow is the 50:30:20: budgeting ratio where you devide 50% of your monye for necessity, 30% for wants and 20% for savings.
3. Knows his “wants and needs”
Third, guy who is financially stable and financially literate would know how to keep his priority straight in spending and have a control pf his wants. They set a solid ground between wants and needs and they are not easily swayed by the rapidly chnaging trends of owning luxurious items just for showing off on social media.
Avoid dating a man that have ‘the celebrity’ personality which they make a habit of buying in haul to make a statement of his ‘wealth’ and put it up on the social media. Try to identify this kind of man in the talking phase or the early phase of the relationship. On eof the way that you can try is by casually having them take the money personality quiz to know their financial management style.
Financially stable man does not spend money only to show off but to meet his needs. For example, purchasing car. they will list down the main features and specification of the car that they need and suitable with their budget before purchasing a car.
For example, for a single man or a man with a small family, it is enough that they own a sedan that is cheaper like Perodua Axia or Myvi. As long as the backseat can fit the children car seat. The purpose of them purchasing a car is for necessity and not because of his wants.
4. Does not bit more than he can chew
The fourth traits of a financially stable man that you should look out for is spending money not more than what they can afford. They are not easily influenced with others lifestyle that is more luxurious. They prefer to be more lowkey and private with their lifestyle.
They focuses more on budget planning. They make monthly budget planning as a habit and always aware of the in and out cash flow.
This is because small expenses might seem like a small matter but it can derail the whole fixed budget planning. Hence, they will never take up loans just to be luxurious especially with bad debt (NAK INTERLINK BAD DEBT) like credit card loan and inpractical expenses.
5. Smart investing
Financial managemeny does not only focus on the saving aspect. Warren Buffet also suggested everyone not to only depend on one source of income but also to start investing.
Futhermore, man who is financially stable and good at managing money will also devide a sum of his savings for investment. If the investement is well planned, they might receive twofold of the sum that they invested.
Financially stable man will not rush in head first into an investment just to get a fast cash. But they are smart and calculative in dividing the risk of their investment.
6. Maximizing income tax return
The sixth traits of a financially stable man has a close relation with income tax. In general, the purpose of income tax is lessen financial burden for those who still have eldery parents and children that go to school.
However, most people does not know that they can maximise their income tax return by investment planning. Only man that is good at financial managment will not miss out on this golden oppurtunity.
Some of the investments that are tax exempted are full on health check- up, EPF contribution, premium life insurance, Private Retirement Scheme (PRS), as well as health and education insurance.
For Muslims, by paying for zakat, you can get tax rebate. Different from tax exemption that have the maximum limit, tax rebate on other hand is given out depending on the amount of zakat that you pay.
7. Will drafting
One of the traits that you can never turn a blind eye to is a financially stable man will always make a preparation for the ‘exit strategy’. Any living being will surely meet their end. A man that is financially stable and smart at financial managment will make sure that all his collected assets have a will nominee.
Property division planning also can be done with other alternatives like will, waqf, grant, marital property declaration and the appointment of trustees. this preparation includes the remaining debt.
To sum it up, they will manage everything will they are still alive so that it will be easier for the heirs in the future, especially for those who already have their own offsprings, out of wedlock child, brestfed child(anak susuan), a man with more than a wife with no male heirs.
Therefore, they believe that they should prioritise this matter. Financially literate and financially stable man will not let his loved one goes poor and suffer when their asset is freezed because of their recklessness.
Financial literate builds a greater future
Do not worry if your future husband or your potential partner still does not own all 7 traits of a financially stable man. Whta matters most is the awareness to plan for a better future.
However, you need to understand that every individual have different priorities in life. So, discuss with them on your future financial planning that best suited your situation. Every small steps in the right direction counts.
This is better than those who aims for the big goals from the starts then give up halfway through. Long- term consistency trumps short- term intensity!
Watch our video to better understand!
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