Financial Advisor: The Real Reason We Do Not Make Enough Money

Are you in credit card debt and don’t know where to start? You are not alone. The average Malaysian owes almost 12,000 ringgit in credit card debt. And the scary truth is, most of us don’t even realise how deep we are in it until it’s too late. In this episode, Peter sits down with Rajen, one of Malaysia’s most experienced licensed financial planners, to have the honest conversation about credit card debt that most people are too embarrassed to start. Rajen has trained debt counsellors at AKPK, written about personal finance for over 11 years in the New Straits Times, and has worked with Malaysians across every income level. And what he has found is this, earning more does not automatically get you out of debt.

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Chapter Marker:
00:00 – Teaser
00:38 – The Hidden Truth Behind Malaysia’s Debt Problem
01:12 – Low Salaries and the Global Market
02:33 – Bad Spending Habits vs. Low Income
03:42 – Using Money Ratios to Save First
05:51 – Rising Costs and Inflation Since the 1980s
07:09 – First Steps to Clear RM20,000 in Debt
09:02 – Handling Debt Across Multiple Credit Cards
17:12 – Why Small Wins and Emergency Savings Matter
18:50 – Saving and Forgetting Your Money with BSN SSP
21:24 – Common Expenses You Should Cut First
23:28 – The Simple Meaning of “Utility”
26:50 – Using Personal Loans for Credit Card Debt
30:54 – The Growing Problem with Money Discipline
32:00 – How to Stay Out of Debt for Good
35:33 – Why Credit Cards Offer Better Protection
36:28 – The Right Number of Credit Cards to Own
39:28 – Why “Buy Now, Pay Later” Can Be Dangerous

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Disclaimer:
This is not investment advice. All content produced is solely for education and entertainment purposes only. Please consult your financial adviser before making any investment decision.

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