PERSONAL FINANCIAL MANAGEMENT PROJECT (F1002, F1004, F1006)

Assalamualaikum and hello everyone my name is sharin isa today my group and i will make a report presentation for dpa10203 personal financial management first of all let me introduce my group members my group members consist of three percent which is me myself sharing aiza binti mama shahreen no shaminato sofia binti fakudin and urani ika saputy binti mukhiyat

We would like to thank our lecturer he is cameron islam for giving us this opportunity to make a presentation today to begin with i will start with the story time of our case the case tells the story of a man named shah who is initially had stable finances but then the situation has changed when he experienced financial problems when he had a relationship with a

Woman to begin with i will start with the strength of the financial situation according to the case above three strengths that have been stated is the first one a fixed monthly salary of 4th or seven gate a monthly allowance given to his parents and savings of 10 percent of the salary the first strength is shah has a fixed monthly salary of 4th of serengeti shah

Has worked in a private company located in kuala lumpur the company offered a salary of four thousand ringgit a month to shah and as a result with a salary of four thousand eight a month sha’s life has always been comfortable and happy with his parents without any problems next shah gives his allowance to his parents due to shah being the only son in his family

He needs to take care of and support his parents therefore shah’s adequate salary helped shah to support his parents by giving his monthly allowance to his parents with this shah’s parents can use the allowance to make their life become more easy finally shah arranged his salary perfectly by saving 10 percent of his salary shah does not have any problems and dabs

That need to be settled therefore he can easily save 10 of his monthly salary for future use now let’s move on to the weaknesses of the financial situation in this case there are three types of weaknesses in the financial situation that is he spends beyond his means has no financial planning and is unable to pay his monthly credit card payments the first one after

Shah had a relationship with his lover he had spent his money beyond his means beside that shah spent his money to buy branded goods that his labor wants without thinking about whether his money is enough or not he also tends to think about what other people would say if they did not look like upper class people he does not want to upset his devil he used his

Money drastically after he met his neighbour on the other hand shah is the type of person that acts before thinking this shows that when he wanted to spend his money he did not make any plan to control his spending moreover he also used his money without thinking about how much time that he spends his money to buy something that unimportant for instance he did

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Have a motorcycle but due to he wanted to look like an upperclass person he did not think further rather than just spending his money to buy a car last but not least another drawback in this financial situation is that he cannot afford to pay his monthly credit card as we know if we want to use our credit card we have to pay off our debts every month according to

The amount we have spent so in this case he is not wise to use credit cards in fact he is too greedy to spend his money in order to maintain a romantic relationship with his lover now let’s continue with the presentation question of any misinformation about the financial topics the correction of any misinformation about the financial topics in this case is shah

Buying things beyond his means secondly he spent most of his salary and saving to impress his lover thirdly shah did not think about the consequences of his actions that he will face in the future the first correction of misinformation is shah buying things beyond his means as stated in the case that shah already knows the extent of his ability to spend his money

Nevertheless he still wants to spend his money to buy a luxury car even though he had already has a motorcycle furthermore he also spends most of his salary and saving in order to impress his lover he is supposed to tell his level how many limits that he can afford to spend his money to buy things such as shah should tell her that he can only spend his money

According to a specific amount and the final misinformation is shah did not think about the consequences of his action that he will face in your future he is too greedy to spend his money by using his credit card to pay for the things that he bought and he is taking a risk by using his credit card without knowing what would happen in the future if he always

Spend on the credit card the comments about the cash flow at the beginning of the case it states that initially shah’s cash follow was excellent due to his having a fake salary which is rm-4000 gate moreover shah also does not have any financial problems because he did not overspend his money on his expenses unfortunately after he met the girl the expenses start

To increase drastically thus he used most of his salary and spend it on the goal true he always paid for your food when he went out with the girl nor when the girl asked him to buy something expensive now i will pass the presentation to shamila to sofia thank you very much thank you shari assalamu alaikum my name is and my matrix number is 0 1 dpm20f1004 comments

About emotional issues related to the individual or family’s financial situation the feeling felt bashar was said this is because after he used almost all his money to buy luxury items and luxury car for his lover but finally she has decided to break out with shah apart from that he bought an expensive new car that is beyond his means to impress his lover but this

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Caused shah had to use all his salary and savings to pay the car in this situation shah has experienced stress due to lack of money finally while in love with his lover he has decided to use a credit card but after the breakup he had to pay off the bank debt as a result he was very worried about not being able to pay the debt calculation of the savings required

To reach financial goals from the table we can see that shah’s income is on his salary from his new job where he being paid 3500 a month besides that his expenses are bank debt parents allowance insurance and other expenses next to get his total saving we have to sum up all his income minus with some of his expenses finally the result is shall we able to save

750 a month far recommended action step to improve the individual or family’s financial situation firstly reduce usage of credit card paying in cash can help shall stick to his budget for example shah can separate cash in different envelopes according to his expenses such as groceries clothing and entitlement secondly shah should identify financial stressor and

Make a plan shah can take stock of his financial situation and where money causes him stress next he can write down ways he can reduce expenses or manage his money more efficiently then commit a plan and review it regularly although he can be anxiety provoking in the short term but writing and sticking to a plan can reduce his stress subsequently shah should buy

Something that he can afford to pay for example if shelf wants to buy a car he has to choose and buy a car according to his ability the monthly payment of the car cannot exist 40 percent of the total monthly salary in this way he can still save a little of his salary as savings after that shah needs to track all his spending should keep a daily list of how he spent

His money therefore shall we be able to see how much he spent his money and where it is he spent his money the most it can help shah avoid spending more as well as save for his savings finally he should ask for support research show that having a support system can help anyone to reach their goals therefore shah can surround himself with people that he trusts and

Who will support his financial goals and want to help him to succeed that’s all from me now i will pass the presentation to noorani thank you thank you shamilatul my registration number is 01 dpm 20 f1006 and now i represent about the recommended financial product there are various financial products that are suitable and affordable which can be recommended to

Shah firstly amana sahanbumi putra shah can start savings in asb which can give a consistent and competitive return in terms of dividend which asb has delivered dividends of 5 percent to 14 a year since 30 years ago furthermore although malaysia has experienced a kobe 19 pandemic asb can still give 5 percent of dividend this shows that asb not only can help shah

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To improve the savings habit but also can give benefits and through asb it also can help shah by 4 savings because he needs to pay it off every month secondly income protection insurance as we all know accident can happen anytime anywhere and to anyone regardless age and gender therefore with income protection insurance shah will get benefits of regular payments

It can replace his income if he is unable to work due to illness or an accident typically income protection insurance will pay out between 50 and 65 percent of the individuals income and it also can be claimed as many times as needed while the policies last next there are various available resources that can assist shah to improve his finance firstly shah can start

A small business to gain side income for example shah can start with a simple business by selling his unused items basically it is a great way to get some extra money and apart from that shah don’t have to rely on one job only to improve his finance moreover shah also can involve with investment to improve his finance there are two common types of investment that

Available in the financial marketplace firstly you need trust fund it is an ideal option for who are new to investing have a small initial amount to invest and looking out for investment diversification in order to minimize investment risk secondly real estate investment trust reit this type of investment is similar to unit trust fund but the investment was in

Property and real estate by investing in property and real estate investors will gain their profits in the form of dividends so it is important to diversify your investments to spread the risk this is because by investing only for one type of investment and if something happens to the investment xiao lost all his money and last but not least other useful and german

Information to this case is limit and leverage income in order to avoid any temptation to get new sign up on a credit card shah need to opt out of receiving any attractive offers from new credit card then limit and leverage the current income as much as possible this can be done by cutting back on monthly expenses such as subscription of any games or movie streaming

So that shah can have more money for paying off his debt other than that evaluate the plan offend basically once shah gets started on his step payment journey shah can track the plan to make sure it still works for his lifestyle and hrs as needed while tracking the plan it can help to keep an eye on his success and also can feel a sense of momentum and positive

Changes in his payoff journey so that’s all from me and this is the end of our group presentation thank you very much

Transcribed from video
PERSONAL FINANCIAL MANAGEMENT PROJECT (F1002, F1004, F1006) By F1004 Shamila