This is The SMARTEST Way To Manage Your Salary in Malaysia.
Summary
TLDRThis script introduces the concept of a paycheck routine as a foundation for financial stability. It emphasizes the importance of a simple system to manage finances effectively, highlighting the Touch and Go e-wallet app as a tool that simplifies money transfers, expense tracking, bill payments, and investments. The app's features, such as the Go Plus for earning daily returns and the Go Invest for accessible investing options, are discussed to illustrate how it can help users build a sustainable financial habit.
Takeaways
- 💼 A paycheck routine is a sequence of steps to manage finances upon receiving pay, which can lead to financial stability and peace of mind.
- 🏦 It's important to simplify the paycheck routine to make it a sustainable habit, which can be achieved by using a single system or tool.
- 📈 The ideal system for a paycheck routine should allow easy transfers, handle expenses, and support investment opportunities.
- 📱 The speaker recommends the Touch and Go e-wallet app as a comprehensive tool that meets the criteria for a good paycheck routine.
- 💰 After receiving a paycheck, the first step should be to pay off loans and commitments, followed by managing daily expenses, bills, and savings.
- 🔄 Touch and Go e-wallet allows for seamless money transfers from a bank account and can be used for various daily transactions.
- 🛒 Using the e-wallet helps in tracking expenses, providing a clear record of where money is spent, which is more convenient than cash.
- 📊 The e-wallet app can also pay bills, parking fees, and offers a high-yield savings account called Go Plus, which earns daily interest.
- 🚗 The app includes a quick cash-in feature that automatically sweeps e-wallet balances into Go Plus, ensuring money is always earning interest.
- 💳 Touch and Go e-wallet offers a Visa card for situations where e-wallet payments are not accepted, featuring a numberless card for enhanced security.
- 🌐 The app also provides an investment platform called Go Invest, offering a range of funds suitable for different risk appetites and the ability to automate investments.
Q & A
What is a paycheck routine?
-A paycheck routine is a sequence of steps you take upon receiving your pay to keep track of your financial life, helping you achieve your financial goals.
Why is having a paycheck routine important?
-A solid paycheck routine provides financial stability, reduces stress, helps with budgeting and planning, ensures bills and expenses are covered, and allows you to save and invest more effectively.
What are the main benefits of having a paycheck routine?
-The main benefits include financial stability, peace of mind, efficient budgeting and planning, and the ability to save and invest for future goals.
What challenges might one face when setting up a paycheck routine?
-Challenges include managing multiple accounts, keeping track of various expenses, and the complexity of maintaining the routine over time.
What are the three fundamental criteria for a good paycheck routine system?
-The system should allow easy transfer of paycheck portions, handle most or all expenses, and help invest a portion of the money.
Which app does the speaker recommend for managing a paycheck routine?
-The speaker recommends the Touch and Go e-wallet app.
How does the Touch and Go e-wallet app simplify the paycheck routine?
-The app simplifies the routine by consolidating various functions such as transferring money, tracking expenses, paying bills, and investing, all in one platform.
How does the Touch and Go e-wallet app help with expense tracking?
-The app records all transactions, allowing you to track your expenses and see where your money is going.
What feature of the Touch and Go e-wallet app helps in earning returns on your balance?
-The Go+ feature offers daily returns on the balance, acting like a high-yield savings account while providing flexibility to spend money directly.
How does the Touch and Go e-wallet app facilitate investment?
-The app includes the GoInvest feature, which offers various investment funds suitable for different risk appetites, allowing you to start investing with as little as 10 Ringgit.
Outlines
💼 Establishing a Paycheck Routine for Financial Stability
The first paragraph introduces the concept of a paycheck routine, which is a systematic approach to managing one's finances upon receiving a salary. It emphasizes the importance of this routine for achieving financial goals, such as stability, stress-free budgeting, and saving more money for investments and wealth accumulation. The speaker acknowledges the challenges of setting up and maintaining such a routine due to the complexity of juggling multiple accounts and the tendency to give up over time. To address this, the speaker proposes simplifying the process into a single system that can track all financial activities in one account. The paragraph concludes with the introduction of the Touch and Go e-wallet app as a tool that meets the three fundamental criteria for a perfect paycheck routine: easy money transfer, comprehensive expense management, and investment support.
📱 Integrating Touch and Go e-Wallet into a Paycheck Routine
The second paragraph delves into how the Touch and Go e-wallet app can be seamlessly integrated into an individual's paycheck routine. After paying off loans and commitments, the remaining funds are transferred to the e-wallet for daily expenses, bills, and savings. The convenience of transferring money from a bank account to the e-wallet is highlighted, along with the ability to save transfers as favorites for quick future transactions. The speaker also mentions the reduced need for cash due to the widespread acceptance of e-wallets, including at hawker stores and small shops. The e-wallet's expense tracking feature is praised for its ability to record all transactions, providing clarity on where money is spent and aiding in financial accountability. Additionally, the paragraph discusses the app's utility in paying bills, parking fees, and its overall convenience in daily transactions.
🏦 Earning Interest with Touch and Go's Go Plus Feature
The third paragraph focuses on the Go Plus feature of the Touch and Go e-wallet, which offers daily returns on the balance, providing a better interest rate than a regular bank savings account. The speaker explains how transactions are automatically deducted from the Go Plus balance, emphasizing the control and flexibility it offers. The 'quick cash-in' feature is introduced as a way to ensure that all e-wallet balances are swept into the Go Plus balance, maximizing the earning potential of the user's money. The convenience of using the e-wallet for various daily expenses, money transfers, and the availability of a numberless Visa card for added security are also discussed. The paragraph concludes with an overview of the Go Invest feature, which allows users to invest in funds suitable for different risk appetites, starting with as low as 10 Ringgit and offering the convenience of automatic monthly investments.
Mindmap
Keywords
💡Paycheck Routine
💡Financial Stability
💡Budgeting
💡Touch and Go e-wallet
💡Expenses
💡Investing
💡Go Plus
💡Quick Cash In
💡Auto Cash In
💡Numberless Card
💡Unit Trust
Highlights
Paycheck routine is a sequence of steps to manage finances upon receiving pay.
A solid paycheck routine is foundational for a strong financial future.
It helps in achieving financial stability, stress-free budgeting, and saving more money.
Setting up a paycheck routine can be confusing due to juggling multiple accounts.
A simple system is crucial for a sustainable paycheck routine habit.
The speaker shares their personal system and tools for creating a paycheck routine.
Three criteria for a perfect paycheck routine: easy transfers, expense management, and investment support.
Touch and Go e-wallet app is recommended for managing paycheck routine.
The app allows for seamless money transfers from bank to e-wallet.
Using e-wallets helps in tracking expenses and managing finances better than cash.
The app facilitates bill payments and parking fees, simplifying daily transactions.
Go Plus feature of the app offers daily returns on the balance, better than a regular savings account.
Quick Cash-In feature ensures money is always working hard by transferring to Go Plus balance.
The app provides convenience in daily expenses and money transfers between individuals.
Touch and Go e-wallet Visa card offers privacy and security with its numberless feature.
Go Invest feature within the app provides access to various investment funds.
Investment options range from conservative to aggressive funds, with low minimum investment requirements.
Auto Cash-In feature for investments helps in cultivating a habit of regular saving and wealth growth.
Transcripts
all right today we're going to talk
about a very important topic paycheck
routine you have probably heard of this
term paycheck routine many times about
what is it exactly basically it's a
sequence of steps that you're going to
do upon receiving your pay this will
help you keep track of your financial
life and hopefully helps you to achieve
your financial goal so why is it
important well a solid paycheck routine
is kind of like a foundation for a
strong financial future picture this you
get financial stability you are
stress-free budgeting and planning your
money you have a peace of mind knowing
that all your bills and expenses are
being covered for and more importantly
you get to save more money that way you
are able to accumulate wealth invest and
save and help you to achieve things that
truly matter to you but here's the thing
right setting up a paycheck routine is
not always a work on part it can be so
confusing sometimes because you need
juggle between different accounts you
know keeping track of one the other and
so on and so forth after one or two
months it's difficult to keep up and
most of us just give up so to make your
paycheck routine a sustainable habit
it's really important to Simply amplify
all these complicated stuff make it into
one simple system that can help you to
keep track of everything under one
account so today I want to share with
you the system and the tools that I use
to create a paycheck routine for myself
that's so much more simple and easy to
keep track of so that it can be a
sustainable habit ultimately at the end
of the day how you divide the money it's
really up to you depending on your
salary and your lifestyle and so on but
having a proper system can really help
you to stick through with the habit and
build a good financial future for
yourself when it comes to this
particular system and Tool there are
three fundamental criterias that are
needed first up we need a system that
allows us to easily transfer a portion
of our heart and paycheck from the bank
to this particular tool second it should
be a platform where we can handle most
if not all our expenses making sure that
everything is accounted for and last but
not least this tool and system must have
the ability to help us invest support
version of our money so that our money
can work hard for us transfers spend and
invest ultimately these are the three
Magic ingredients that's needed for a
perfect paycheck routine after trying
all the various apps in the market I
find this one app that fits all these
criteria The Touch and Go e-wallet app
instead of using multiple apps and
account to manage your money this one
app can do it all okay most of you may
be wondering now Touch and Go is just an
e-wallet app right What's it gonna do if
a paycheck routine is it just all about
spending well let me walk you through
how I integrate this Touch and Go
ewallup app into my whole paycheck
routine firstly once I receive the
paycheck every month the first thing I
do is to pay off my loans and
commitments after paying off all this
what's left is for me to pay my bills
spend the money and also invest so here
is where Touch and Go e-wallet comes in
handy let's say your income is 4 000
Ringgit a month and once you get a
salary you would pay off your house loan
cargo assuming what you have left is
around 2000 Ringgit for daily expenses
bills and savings here's where you
transfer this money into your touch and
go e-wallet it's also really convenient
to transfer your money from a bank
account to your touch and go e-wallet
app it's super simple and seamless just
use do it now and seamlessly transfer
the money into your touch and go
e-wallet app plus you can save the
transfer is favorite which makes it even
easier by just transferring with a few
tabs whenever you need to oh don't
forget you should also keep a small
amount of cash at hand so that you can
use cash when the place requires you to
last time I'll keep a slightly bigger
portion because many of those Hawker
stores do not have e-wallet and so on
but these days many of the Hawker stores
and small shops actually have integrated
e-wallet into their payment system and
touch and go is certainly one of the
most common ones so I keep a lot lesser
cash these days because today in most of
the places you can just scan and pay I
just love this because in the past when
you are spending cash sometimes you just
do not know where where your money is
going nothing much is recorded but when
you're using an e-wallet app like touch
and go everything is recorded you can
track all your expenses where you've
spent the money today which restaurant
or which store that you have paid for
that Nasi Lemar following it and 50 Cent
or eight Ringgit everything is trackable
by month end you are able to track your
finances and know where exactly your
money went through and in my opinion
that is way more convenient than
spending cash by the way one more reason
that I use this Touch and Go e-wallet
app so much is because it allows me to
pay all my necessary bills on the app
itself I can pay for pnb in that water
water bill phone bill whatever you can
name it it is almost all that on top of
that if you are someone who drives like
me paying for parking can be really a
hassle using the different app but guess
what Under The Touch and Go e-wallet app
you can pay for parking easily within
the app itself and that's one of the
reason why I use it almost every day for
my daily transactions by the way for
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subscribe to our Channel now let's talk
about the most interesting part of using
the touch and go e-wallet the go plus
feature imagine if you're keeping cash
in your wallet and spending it on a
daily basis the cash in your wallet is
not gonna work for you it doesn't
generate any return even when you use
other apps the money is just gonna sit
there in the wallet not earning any
return and just waiting to be spent but
here's the difference with go plus Gold
Plus offers a daily return on the
balance with a better interest than a
regular Bank savings account here's the
cool thing whenever I make any
transactions it is automatically
deducted from a go plus balance this
this means a full control to cash out
the balance from go plus anytime it
kinda acts like a high yield saving
account providing flexibility to spend
the money directly while earning daily
interest from the account but wait it
gets even better when I use Gold Plus
together with a quick cash in feature I
never miss out on my returns okay what's
this quick cash in feature okay
basically it automatically sweeps all my
e-wallet balances into the go plus
balance making sure that my money is
working hard for me at all times all
right if you're still confused imagine
this usually when you take out a portion
of the money to spend on a daily basis
you would either put it in your wallet
or either you put it in a normal saving
account but as usual your wallet doesn't
provide any return at all on the balance
inside and a saving account provides
only a very low amount of return but
when it comes to Gold Plus and quick
cash in feature what happened is that
when you put your money there in this
touch and go e-wallet the money does not
spend will be automatically transferred
to the go plus balance helping you to
earn daily returns before you spend the
money making sure that every Ringgit
that you have on you is working for you
every day isn't that great ah see I just
earned some returns today just simply by
putting in my money into the Touch and
Go e-wallet app and using it as my main
front section too okay we have covered a
part of earning daily returns using your
goal class balance but there's another
part that I really enjoy about the Touch
and Go e-wallet app which is the
convenience of using it daily for my
expenses whether is it paying for toll
using my RFID or using my NFC touch and
gold card or either going to a normal
coffee tea I'm outside and then buying
chicken rice or ordering food through
delivery apps you can use the touch and
go e-wallet app almost anywhere plus the
app also enables easy money transfer
between friends and colleagues have you
ever gone out for lunch or colleague and
someone pays the bill after that your
niece split the bill and pay them back
well the touch go eat while that app mix
paying back your friends really easy and
convenient don't even need a bank
account number by the way do you guys
know that there's also a touch and go
e-wallet Visa card so if you're in
certain places where they do not accept
e-wallet payment but they have a credit
card machine the Visa card will be able
to help you right this Visa card is just
like any normal debit card that you can
use for e-commerce purchase or swiping
it over a credit card machine but here's
the interesting part it is a numberless
car yes numberless you know how when you
have a Visa card or Mastercard and you
have that number that number is private
and when people steal that number they
can do a lot of stuff with it having a
numberless card like the Touch and Go
e-wallet app Visa card means that you
have complete privacy only you have
access to the card number via the Touch
and Go e-wallet app so you can beat
farewell to all those worries that
people will steal your card number and
do some fraudulent trans section and
even if you lose your card don't worry
you can simply lock the cut quickly in
the app to prevent any fraudulent use
not cancer is just simply locked and
after you find it back you can
reactivate it again so that's a lot more
convenient no need to keep replacing
card whenever you're worried that you
lose your card okay we have thought
about spending now let's talk about
investing a very important part of a
paycheck routine enter go invest we
didn't go invest there's an investment
fund that's suitable for all risk
appetite if you're someone with a lower
risk appetite looking for money market
fund you can go for the principal
Islamic money market fund which offers a
projected return of 3.95 per annum what
if you're looking for Investments with
potentially higher return well recently
they launched eight new unique trust
fund offering diversification based on
risk appetite and choice of sharia or
conventional fund you are spoiled with
choices within this app so now you have
multiple options to choose form ranging
from conservative to aggressive fun for
me I prefer more aggressive fun like the
principal Global Titan fund with a
historical return of 12.35 per annum
over the past three years and you know
what's the best part you can start
investing with as low as 10 Ringgit that
is truly affordable especially compared
to other unit trust provider which often
require a minimum investment of 300
Ringgit per month or either an initial
investment of 500 to 2000 Ringgit plus
the app offered a feature to set up a
monthly Auto Cash in basically it makes
it like a regular saving plan so you
don't have to remind yourself to
transfer money into investment every
month it will just automatically invest
your money into the funds of your choice
each month this helps you to cultivate a
habit of investment via automation which
can contribute to long-term wealth
growth to sum it up if you're looking
for the one app that makes it really
convenient to build a paycheck routine
app does it all from the convenience of
managing your daily transaction to
effortlessly saving and investing your
money it offers convenience and
flexibility to manage your finances
according to your personal preference
ultimately I believe I'm not the only
one who's using the Touch and Go
e-wallet app extensively into my
paycheck routine if you're one of them
and you have some creative tips and
tricks of using this Touch and Go
e-wallet app do share with us in the
comments below I'll see you next week
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