How To Create a Budget

Creating a budget may not sound like the most exciting thing in the world to do, but it is vital in keeping your financial house in order. Before you begin to create your budget it is important to realize that in order to be successful you have to provide as much detailed information as possible. Ultimately, the end result will be able to show where your money is coming from, how much is there and where it is all going.

Here's How:

1. Gather every financial statement you can. This includes bank statements, investment accounts, recent utility bills and any information regarding a source of income or expense. The key for this process is to create a monthly average so the more information you can dig up the better.
2. Record all of your sources of income. If you are self-employed or have any outside sources of income be sure to record these as well. If your income is in the form of a regular paycheck where taxes are automatically deducted then using the net income, or take home pay, amount is fine. Record this total income as a monthly amount.
3. Create a list of monthly expenses. Write down a list of all the expected expenses you plan on incurring over the course of a month. This includes a mortgage payment, car payments, auto insurance, groceries, utilities, entertainment, dry cleaning, auto insurance, retirement or college savings and essentially everything you spend money on.
4. Break expenses into two categories: fixed and variable. Fixed expenses are those that stay relatively the same each month and are required parts of your way of living. They included expenses such as your mortgage or rent, car payments, cable and/or internet service, trash pickup, credit card payments and so on. These expenses for the most part are essential yet not likely to change in the budget.
   
   Variable expenses are the type that will change from month to month and include items such as groceries, gasoline, entertainment, eating out and gifts to name a few. This category will be important when making adjustments.
5. Total your monthly income and monthly expenses. If your end result shows more income than expenses you are off to a good start. This means you can prioritize this excess to areas of your budget such as retirement savings or paying more on credit cards to eliminate that debt faster. If you are showing a higher expense column than income it means some changes will have to be made.
6. Make adjustments to expenses. If you have accurately identified and listed all of your expenses the ultimate goal would be to have your income and expense columns to be equal. This means all of your income is accounted for and budgeted for a specific expense.
   
   If you are in a situation where expenses are higher than income you should look at your variable expenses to find areas to cut. Since these expenses are typically essential it should be easy to shave a few dollars in a few areas to bring you closer to your income.
7. Review your budget monthly. It is important to review your budget on a regular basis to make sure you are staying on track. After the first month take a minute to sit down and compare the actual expenses versus what you had created in the budget. This will show you where you did well and where you may need to improve.

小故事 --- 一锅汤的教训

有一个年轻人，他花了好几年的时间，牺牲了玩乐，牺牲了感情和家庭，只为了打造自己的企业王国，但是他辛苦建立的公司，却在一次不成功的并购案中，全然瓦解，化为乌有。

心情沮丧到谷底的他回到老家，想要寻求安慰。

刚好，他的老妈妈正在熬一锅鸡汤，就留他下来吃晚饭。

年轻人失神地坐在桌边，喃喃地说：“就差这么一点点，就差那么一点点，如果这个并购成功了，我的公司就可以更上一层楼，现在，什么都没有了。”

老妈妈听他反覆说着，没有答话。

当她拿起熬好的汤，要放在餐桌上时，却失手把整锅汤都打翻了，因此她自责不已，不停地说着：“这汤我熬了好几个小时，用的是上好的鸡和香料，太可惜了，真是太可惜了──”

年轻人赶紧从座位上起身，帮忙收拾，并且安慰老妈妈道：“算了，不过是一锅汤，打翻就算了，至少锅还没破，人也没事，汤还可以再熬啊！”

老妈妈趁机也笑着对他说：“对啊，公司没了就没了，人没事，头脑还在，公司还会再有啊！”

----------------------------------------------------------------------------------------------------------------------
接受现实，是克服任何不幸的第一步。

──美国 威廉‧詹姆士
--------------------------------------------------------------------------------------------------------------------------

心的体悟:

失败就是失败，只能接受，别无他法，再多的惋惜和不舍，也无法改变结果。学会接受自己不满意 的结果，是人人必学的一门人生功课，小到生活上的琐事，大到人生志业，总会有不如我们意的时候，该怎么辨？只能接受，不肯接受现实，只会毁了自己的生活， 甚至精神崩溃。只有接受失败的苦果，才有再来的机会。 

7个小细节 助OL减少辐射侵袭

  　1.别让电器扎堆

　　不要把家用电器摆放得过于集中或经常一起使用，特别是电视、电脑、电冰箱不宜集中摆放在卧室里，以免使自己暴露在超剂量辐射的危险中。

　　2.勿在电脑身后逗留

　　电脑的摆放位置很重要。尽量别让屏幕的背面朝着有人的地方，因为电脑辐射最强的是背面，其次为左右两侧，屏幕的正面反而辐射最弱。

　　3.用水吸电磁波

　　室内要保持良好的工作环境，如舒适的温度、清洁的空气等。因为水是吸收电磁波的最好介质，可在电脑的周边多放几瓶水。不过，必须是塑料瓶和玻璃瓶的才行，绝对不能用金属杯盛水。

　　4.减少待机

　　当电器暂停使用时，最好不让它们长时间处于待机状态，因为此时可产生较微弱的电磁场，长时间也会产生辐射积累。

　　5.及时洗脸洗手

　　电脑荧光屏表面存在着大量静电，其聚集的灰尘可转射到脸部和手部皮肤裸露处，时间久了，易发生斑疹、色素沉着，严重者甚至会引起皮肤病变等，因此在使用后应及时洗脸洗手。

　　6.补充营养

　　电脑操作者应多吃些胡萝卜、白菜、豆芽、豆腐、红枣、橘子以及牛奶、鸡蛋、动物肝脏、瘦肉等食物，以补充人体内维生素A和蛋白质。还可多饮茶水，茶叶中的茶多酚等活性物质有利于吸收与抵抗放射性物质。

　　7.接手机别性急

　　手机在接通瞬间及充电时通话，释放的电磁辐射最大，因此最好在手机响过一两秒后接听电话。充电时则不要接听电话。

　　专家表示，任何电器只要通上电流就有电磁辐射，大到空调、电视机、电脑、微波炉、加湿器，小到吹风机、手机、充电器甚至接线板都会产生电磁辐射，但各种电器产生的辐射量不尽相同。

　　关于具体的辐射量，国内还未有不同电器辐射量的标准表格出台。不过，利用可接收AM(调幅)频道的收音机，打开后将频道调在没有广播的地方，并且靠近所要测量的电视、冰箱、微波炉或电脑等家电用品，就会发现收音机所传出的噪音突然变大。走出一段距离后，才会恢复原来较小的噪音量;这样就可以测出安全距离，平常生活中与这个电器保持测量出的安全距离即可。 

5 Steps to a Good Night's Sleep

By the editors of FITNESS Magazine

We'll keep this short because we know you're exhausted. According to a recent poll by the National Sleep Foundation, 60 percent of women say they get a good night's sleep just a few days a week or less, and nearly half admit they're so beat that it interferes with daily activities. "We live in a 24-7 society with a huge amount of pressure and commitments," says Helene A. Emsellem, MD, medical director of the Center for Sleep & Wake Disorders in Chevy Chase, Maryland, and author of Snooze...Or Lose! "It's very easy to sacrifice sleep time for other things we think are more important."

Then there are all those nights we can't nod off, no matter how hard we try. Research shows that women's sleep tends to be disrupted during menstruation, pregnancy, and perimenopause. Women are also more likely than men to suffer from insomnia (about 7 out of 10 women reported having it in a recent poll). Given all this, it's no wonder that the amount of money we spend on sleeping pills has more than doubled since 2002, according to IMS Health, a healthcare information company. And it helps explain why more than a third of women chug at least three caffeinated beverages daily.

If you don't want your best rest to happen during an important meeting at work or at your desk at 3 p.m., here's how to take back your night.


Step 1: Hit the sheets.
We know, we know -- the dog needs a bath, you've got 124 e-mails to answer, and you have to do two loads of laundry before you can call it a day. But here's the thing: The chores can wait. "Adequate sleep is as essential to a woman's health as eating and exercise. Stop feeling guilty about getting it," says Lawrence Epstein, MD, author of The Harvard Medical School Guide to a Good Night's Sleep.

Is that really possible? Yes, if you prioritize what has to get done right now, and what can wait. Try this simple exercise: "About an hour before bed, type up a to-do list of all the things you need to accomplish, print out the list, then ball it up and throw it in a wastebasket," says Patricia Smith, coauthor of Sleep Disorders for Dummies. "The physical act symbolizes that you don't have to worry about these things until morning -- they'll all be there safely on your computer and you can deal with them then."

Step 2: Do z math.
"Most adults require seven to nine hours of sleep a night," says Dr. Emsellem. Since constant catch-up can make it hard to determine exactly how much your body needs, figure it out on your next vacation, when you're miles away from your alarm clock and jam-packed schedule. "You should reach a point where you're going to bed at the same time, rising at the same time, and feeling rested," says Clete Kushida, MD, PhD, director of the Center for Human Sleep Research at Stanford University. "That's your optimal sleep length." Once back home, make it a goal to stick to that amount, since skimping even a little can have a huge effect on your mood and concentration: "Studies have shown that if you cut back by about an hour just for one night, your alertness decreases by up to one-third," says Dr. Kushida.

Step 3: Zap your rest robbers.
Okay, you're ready to get your eight hours, but something else is keeping you up. In a word: pain. Backache. Headache. Cramps. "Pain is the number-one reason why people can't sleep," says Smith. If over-the-counter meds don't help, see your doctor. It sounds like a no-brainer, but, experts say, you'd be surprised how many people try to tough it out.

Other common sleep stoppers are easier to fix. For one thing, kick your kids, pets, computers, and any work-related reading out of bed. "Americans turn their bedrooms into Grand Central Station," says Smith. "Clear out the clutter." If your partner's snoring is the problem, turn on some white noise, such as a fan, to help drown out the racket. You should also send him to a sleep doctor. Loud snoring and twitching can be symptoms of serious disorders, including sleep apnea.

Step 4: Don't skimp on sleep in order to fit in exercise.
"People often think the choices are between two things that are healthy -- sleep in or get up early to exercise," says Dr. Epstein. "You need the exercise and you need the sleep, but you probably don't need those back-to-back Entourage reruns." Or all that time spent surfing the Internet. See, we just bought you an extra two hours!

Sleep secret: Wear socks to bed. According to a Swedish study, warming your feet helps your body relax, which can promote zzzs.


Step 5: Think like a kid.
Yep, even adults need a routine. Here's yours (no binkie required):
• Hit the sack within 30 minutes of the same time each night, and try to wake up at about the same time each day -- even on weekends. Experts swear it works.
• A before-bed routine can also help you chill. Try a hot shower with a favorite, scented body wash; some evidence suggests that when your body temperature is elevated that way and begins dropping, it has a calming effect that can help you sleep more soundly, explains Dr. Epstein.
• Follow your tub time with a single chapter of a relaxing book, or listen to a few soothing songs on an iPod playlist.
• Put on a pair of socks before you hop in bed: According to that Swedish study, the blood vessels in the feet naturally dilate as the body begins to relax, and warming your feet facilitates the process.
• Finally, set the thermostat to about 68 degrees, close the blinds to block out light, and pull up the covers. Sweet dreams! 

小故事---两兄弟打猎

专注投资，心无杂念

 

　　　从前，有一对猎人兄弟，到森林深处打猎。由于是冬天，多数动物都冬眠或者躲了起来，因此兄弟俩在森林里转了三四天，仍然一无所获。

　　这一天，好运突然降临了，弟弟看到不远处有一只麋鹿，立刻通知了哥哥。两兄弟同时瞄准了麋鹿，哥哥咧嘴笑道：“今天晚上可以炖鹿肉吃了！”

　　弟弟听完后立刻反驳道：“不能炖，鹿肉汤太难喝，应该把鹿肉烤着吃，鹿角留下来泡酒喝……”

　　于是，兄弟俩为了麋鹿的吃法而争吵起来。等到两人达成共识（即一半煮着吃，一半烤着吃）时，麋鹿早已消失得无影无踪。

　　“唉！”两兄弟不约而同地叹了口气。哥哥摸着饥肠辘辘的肚子对弟弟说：“走吧，回家啃树皮吧！以后等咱们把猎物打下来之后，再讨论是煮着吃还是烤着吃吧！”

　　没到手的猎物，就不是自己的猎物！既然不是自己的，那么早早地讨论如何处置，岂不有点操之过急，显得很幼稚？

　　好的投资机会通常是很难得的，唯有专注、心无旁骛的人才能够抓得住。因为没有杂念，所以才能够在最恰当的时候抓住机会，避免了许多令人追悔莫及的失误。

　　在投资、理财和创业的过程中，把握机会是至关重要的。华人巨富李嘉诚在这方面就是聪明人，他做事的风格从来都是果断、坚决。

　　20世纪50年代，欧美市场兴起塑料花的销售热潮，李嘉诚当机立断，暂时放下其他生意，投资塑料花加工、销售，结果获益颇丰。之后，他又在该市场火得不得了的时候，及时收手退出，避开了接下来的行业泡沫。在房地产市场，他更是迅速出击，不仅击败了行业龙头，还从中聚敛大笔财富。

　　李嘉诚把自己的成功经验总结为：专注出击，务求必中；能进则进，不进则退。可见，投资者的专注度和成熟度，对于投资成败的影响有多重要。

　　好的投资者，性格上要稳，急躁、心理脆弱、情绪波动大的人，是不适合从事证券投资的；

　　从事投资的人要专注，必须擅长总结，勤于思考，从以往的经历中不断摸索，吸取经验与教训。

　　投资是一项事业而不是赌博。许多投资者虽然承认这一点，但仅是嘴上说说，没有落实到行动上。他们不想自己投入很多时间、精力来用心学习和研究，也不想付出艰辛的思考，只是妄想凭借自己的“天才头脑”，依据报纸、新闻和股评得来的所谓“内幕消息”来做投资决策，并指望从中获得巨大的回报。这种情况下，连投资者自己都搞不明白会有几分胜算，患得患失自然是在所难免。而成功的投资者往往都有自己一套完整的操作体系，并且知道自己操作体系的优劣之处。

　　投资者在操盘的过程中，如果心存杂念，经常想到获利后可以得到什么结果，买什么房子、选择什么汽车，便会产生巨大的心理压力，其结果大多是事与愿违。

　 　有一位美国著名高空走钢索表演者瓦伦达，在一次重要的表演中不幸身亡。事后，瓦伦达的妻子说，她预感瓦伦达这次要出事，因为他在表演前总是不停地唠叨说 这次表演太重要了，千万不能失败。而以前每次成功的表演之前，瓦伦达只是一心想着如何走好钢索。后来心理学家把这种不专心做好事情、对结果患得患失的的心 态叫做“瓦伦达心态”。

　　对优秀的投资者而言，过程的正确，比单笔交易的得失更重要，因为投资是一场持久战。影响投资变化的因素有很多，谁也不可能事先都预见到，所以不能以一两笔交易来衡量投资成败。投资成败确实有运气的因素，但是无论环境如何变化，能够持久获利，才是成功的投资者。

等“猎物”到手后再作打算，重要的是集中全力抓住出手的时机——也许这正是迈向成功的投资心态吧。

Working together towards your investment goals.

Lancer Lim - Unit Trust Consultant
+60 19 603 9696
+65 9772 8576
Email: LL@lancerlim.com
www.lancerlim.com
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US stock market clouded by economy

The Chairman of Federal Reserve in the US, Ben Bernerke has announced QE3 fiscal stimulus package to stimulates the US market by printing money (electronic money) and purchase into bond. The last QE has given the US market a bull run for 10 months.


http://biz.thestar.com.my/news/story.asp?file=/2012/9/3/business/11954932&sec=business

A regular savings plan can help you reap benefits

Wish to know more and how its work? Please contact me as below:

Lancer Lim - Unit Trust Consultant
+60 19 603 9696
+65 9772 8576
Email: LL@lancerlim.com
www.lancerlim.com
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Staying the Course in the Long Run

Similar to how the slow and steady tortoise beats the hare in the race, the investor who remains focused on long-term goals is more likely to achieve better risk adjusted returns than the investor who has a short-term horizon.

Short-term market movements are unpredictable and in times of major swings, are often driven by sentiments of excessive pessimism or irrational exuberance. In view of the volatile nature of the stock markets, investors should be focused on riding through market cycles by having a medium- to long-term investment horizon of at least three to five years.
In addition, investors can better withstand the impact of market volatility on their investments by investing a fixed amount of money on a regular basis. This strategy is widely known as Ringgit Cost Averaging (RCA), which ensures that you buy more units of an investment when prices are low and fewer units when prices are high. Ultimately, the investor achieves a lower average cost which translates into a higher return when the market recovers.

Take Advantage of Market Downturns

RCA is, in fact, quite an effective strategy during bear markets or volatile market conditions for long-term investors. A strategy of continuing to invest a fixed amount of money when markets are sold down should enable investors to accumulate undervalued shares. Mark Mobius, emerging markets fund manager of Templeton Asset Management Ltd, once said in a Fortune magazine interview: “Investors should dollar-cost-average by investing a fixed amount on a regular basis, and hang in there. No one knows if the markets are going up, down, or sideways.”
By viewing market declines as great buying opportunities, you can enhance your long-term return potential when the market eventually rebounds. Historically the Malaysian market has trended upward over the long run and investors who bought when prices were relatively low will generally be rewarded when prices rebound (see sidebar). Thus, investors are advised to practice a disciplined investing strategy such as RCA to take advantage of the volatility in the markets.

Staying Invested May Prove Rewarding Over the Long-Term

There has been no proven method of predicting which direction the market will move over the short-term period. Nevertheless, some people still try to time market movements by selling their investments when they think the market is about to decline, and by buying in when they think the market is about to rise. By trying to time the market, you potentially miss out on market rallies that could substantially improve your overall return and long-term wealth. Thus, what is most important is not timing the market, but rather staying invested and focused on the long-term investment objectives.

Conclusion

Over the past few years, investors have seen a number of shocks and disruptions to global
financial markets caused by various economic and geopolitical factors. Markets may also
react dramatically in response to specific events. Getting – and staying – prepared for
difficult times, however, is often a determining factor for long-term success.

Seasoned investors know that in the long run, markets have shown remarkable resilience in
times of crisis. For instance, in the recent global financial crisis, stock markets fell sharply
in 2008 with the FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI) (FBM
KLCI) falling by 39.33 percent. However, markets started to rebound strongly from March
2009 onwards with the FBM KLCI registering a one-year return of 51.35 percent as at
March 31, 2010. Investors who are disciplined, well-invested, opportunistic and diversified
will have a greater degree of confidence that their investment goals will be achieved. In
comparison, sentiment-driven investors who have short-term goals may have panicked
during the market’s sharp sell-down in late 2008 and redeemed their unit trust investments,
turning an unrealised loss into a realised loss. If they held on to their investments and
continued to practise RCA, they would be able to minimise their losses and possibly
achieve positive returns.

Sidebar

Riding the Bulls and Bears

Over the past 32 years, the local stock market has experienced its fair share of ups and
downs. Since 1976, the FBM KLCI, which proxies the local market, has generated positive
returns in 21 years. Out of those, the FBM KLCI’s gains exceeded 10 percent in 15 out of
the 21 years. In comparison, the FBM KLCI declined in 11 years since its inception, with
losses ranging between 0.84 percent (2005) and 51.98 percent (1997). Nevertheless, the
KLCI enjoyed annualised returns of 6.81 percent per annum since 1976 despite the major
market correction in 2008. Over the period, the market was volatile but generally moved in
an upward direction in tandem with Malaysia’s economic growth and increase in market
capitalisation of listed companies.

So when is the best time to invest? That is a question no one, not even the experts, can answer due to the volatile nature of the markets. In fact, it is quite common for some investors to enter the market at the start of a bull market while others join in when the market hits its peak and is poised for a correction. These investors would have incurred losses in times such as the 1997/98 Asian financial crisis. However, investors who practise RCA when markets were volatile would be able to partially mitigate the sharp sell-down during bear markets.


Lancer Lim - Unit Trust Consultant
+60 19 603 9696
+65 9772 8576
Email: LL@lancerlim.com
www.lancerlim.com
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How to Manage Your Time Better

These days, it can be difficult to find time for even the smallest of tasks. People are constantly on the go, and that stressful lifestyle can lead to all sorts of problems, medical and otherwise. Instead of

living each day in chaos, follow these steps to manage your time and feel your best.

Make the most of it.

Try to kill two birds with one stone as often as possible. For example, if you have to take a day off from work to receive a delivery at home, schedule the appointment with the refrigerator repairman that you’ve been putting off. The more you can check off your to-do list at once, the better.

Just say no.

Don’t try to please everyone by accepting every invitation for dinner or drinks. Politely decline requests for your time if they interfere with precious family time or a work project you must finish. It will feel even better to reward yourself after you’ve completed several tasks.

Eat early or late.

Instead of taking lunch at the usual noon hour, grab a bite an hour earlier or an hour later. Then, you’ll be able to get work done when the office is least crowded.

Review your calendar.

At the end of every month, take a look at the calendar. Note when you fell behind schedule and what days went smoothly. Then decide how many activities, meetings, and appointments you are realistically able to manage.

Have self-awareness.

Determine when you are at your best and brightest each day. Schedule your most difficult tasks for those times, to ensure you will be alert and awake for your toughest challenges.

7 Most Important Habits That Rich People Use to Build Wealth

Aristotle said that “We are what we repeatedly do. Excellence, then, is not an act, but a habit.”

Being rich (having wealth, anyway) is not about having a lot of money or making a lot of money.

It’s about building wealth, keeping your money, and spending it wisely.

Here are the 7 best ways that rich people build wealth and keep it.

1. Learn the difference between an asset and a liability.

This is the most fundamental aspect to build wealth, yet most people have no idea what the real difference is.

A car, unless it’s a real collector’s item, is not an asset. It costs you money no matter how you look at it – it’s maintenance, upkeep, depreciation, etc. all mean you’re losing money.

A house can be either an asset or a liability, depending on its potential. The home you live in is probably not an asset, though you may have heard otherwise.

Most homes are no longer gaining value, so they are no longer assets. A home that you rent out for more than you pay in upkeep and mortgage, however, is an asset.

Learn the difference between the two fundamentals of wealth and you’ll understand that most Americans either purchase junk, spend their money on liabilities they mistakenly think of as assets, or they get wealthy by putting their money to work in things that make more money. To start making your money work for you save your money with the best bank rates.

2. Work hard and be diligent about your finances.

Don’t splurge on something you don’t need just because after months of saving you “deserve it.”

Nothing destroys good habits faster than going off the wagon. Why spend six months working hard to save up $1,500 if you’re just going to spend $800 of it on a “weekend getaway” to reward yourself?

Why not, instead, spend the money and that weekend working to improve your home’s front yard and thus raise its value? Or simply save the money and keep up the good work?

3. Live beneath your means and look poorer than you are.

If your income is $100,000 a year, live like you make $60,000 and save the rest or invest in things that will raise your income to $150,000 a year.

Living well beneath your means doesn’t mean living “poorly,” it just means you’re always prepared for when your $100,000 income suddenly drops to $65,000 because the market changed or your employer goes belly up.

Think of what that two years of $40,000 in savings would mean when your income disappears for a few months..

4. Have patience with your growth.

Most people do not make a fortune overnight and those that do often squander it the next day.

Building a fortune slowly, however, usually means that the person doing it has patience and perseverance and is willing to work hard and knows the difference between spending and investing.

5. Keep on learning and never get comfortable with your income.

In number 3, you were told to live beneath your means. Doing so gives you a feeling of comfort and stability, but also puts you in the habit of being frugal and aware of your spending.

Continue your education, whether it’s formal or informal, and keep building valuable skills you can use to build wealth. Learn to do your own auto mechanics, clean your own pool, wash your own cars, do your own handyman work, garden, or whatever else you might have an interest in learning.

Build skills and learn to whittle away at your expenses. The fewer expenses you have, the more money you’ll have to invest to make even more money. This is building wealth.

6. Live a balanced life and realize that gadgets and trinkets do not make you happy.

Truly wealthy people rarely have all of the latest gadgets and the gaudiest trinkets. In fact, the poorer a person is, the more likely they are to have a house full of dime store trinkets and baubles.

If you were to survey people who have built their own wealth and are truly balanced, happy, and wealthy, you’ll see that these rich people are rich because their lives are rich, not because they have a lot of shiny things to show off their wealth. The millionaire next door is never ostentatious.

7. Become happy and learn to only worry about what’s truly important.

Sure, getting bilked for $1,000 on a car purchase is not good. But can you do anything about it, and is it really worth the headache to?

If you need the car and it’s a good purchase regardless of the padded price tag, maybe the headache isn’t worth the trouble of making a scene. Perhaps a calm letter to the business owner explaining that you won’t be back there again and your friends won’t shop there either will be enough to both vent your frustration and get results in your favor. But obsessing over the lost thousand does no one any good. Least of all yourself.

These simple habits, which are more a lifestyle change than they are habits, are what set apart those who build wealth and those who just appear wealthy.

上班族福音！9招助上班族久坐不累

 

 

　　1.大腿与地面平行。将椅子调高，使大腿与地面平行，可以降低对肌肉、肌腱和骨骼的压力，预防肌肉骨骼疾病;选择靠背椅，在腰部放一个卷起的毛巾或靠枕;手、手腕和前臂在一条直线上，使小臂放在办公桌上时肘部成直角;头部和身体保持直线，稍微前倾;肘部应靠近身体，弯曲90—120度为宜;双肩放松，上臂自然下垂;双脚平放在地板上;椅子最好加个垫子。

　　2.经常走动。美国梅奥诊所研究发现，身体对同一坐姿的可承受时限为20分钟，之后就会产生不适感。建议每隔15分钟，站立、拉伸或走动一下，至少30秒应改变一次坐姿。

　　3.减少重复动作。重复动作必然导致疲劳和压力。电话等常用物件应保持在手臂范围内;可以左右手换着使用电脑鼠标。

　　4.与电脑屏幕保持健康距离。电脑屏幕应该位于正前方至少50厘米，屏幕高度应该略微低于双眼高度。屏幕不应正对窗口，以免反光。

　　5.经常远眺和眨眼。为了防止眼睛干涩和疲劳，眼睛焦距应经常变换，眺望远处或经常眨眼，都有助于保持眼睛湿润。

　　6.保持键盘等办公用品清洁。键盘和电话等办公设备容易滋生细菌。办公桌隐藏的细菌甚至比马桶坐垫还要多，长时间坐在其附近，呼吸道就会受伤害。

　　7.整理凌乱办公桌。办公桌上杂物太多会使人容易发脾气、暴躁。

　　8.呼吸练习。深呼吸，当腹部鼓起时，屏气3秒钟后呼气，能缓解疲劳。

　　9.放几张家人的照片。放家人或朋友的照片、一个盆景、喜爱的海报、油画，以及带来快乐记忆的纪念品等，都可以让你的心情放松。

单位信托的迷思之4

分利與砍竹子的原理

這是單位信托7個迷思的第4篇。今天要談的是迷思4︰

單位信托基金的分利越高，則該基金就是較好的基金。

讓我們來看看以下虛構的（但極具代表性的）2位朋友－傑克與姬兒的談話︰

傑克︰你看起來很開心。

姬兒︰我是開心。我的ABC飛躍單位信托基金剛宣佈要在下星期派發每單位10分的分利。這比定期存款利率好太多了。

傑克︰真的嗎？

姬兒︰我所購買的ABC飛躍單位信托基金的單位定價是1元，所以那10分的分利是相等於10％的回酬。

傑克︰噢，是的，那聽起來真不錯！它比我的DEF穩定成長單位信托基金來得好，同樣也是每單位定價為1元，剛宣佈在下星期派發每單位8分的分利。你的基金一定比我的好。我會贖回我的投資然後購買你的ABC飛躍基金。

要知道傑克的決定是否明智，我們需要看看面具下的真面目並試著比傑克與姬兒更加瞭解單位信托基金的定價與分利的操作方式。

“分利”一詞比“紅利”恰當

回溯2000年，馬來西亞証券監督委員會頒佈將一般上每年派發一次給開放式單位信托基金投資者的“紅利”一詞，不應該再繼續使用。反之，“分利”一詞是更為恰當的。它的原因是︰

一個單位信托基金的分利事實上只是將基金的總值分割歸還給投資者而已。要闡明這一點，讓我們看看傑克與姬兒的基金在下一個星期將會發生的情況。

這裡再重覆︰姬兒擁有ABC飛躍單位信托基金的單位。有關基金在分利前的價格是每單位1元。而分利為每單位10分。

傑克擁有DEF穩定成長單位信托基金的單位。其每單位定價在分利前也是1元。它的分利是每單位8分。

看看基金分利後價格

表面上，姬兒似乎投資於較好的基金。但若要知道事實上是否如此，我們需要將時間往前推進，看看每個基金在分利後（即不含已宣佈的分利）的價格。

若我們做簡單的假定，這兩項基金的相關投資組合在接下來的星期表現持平。在進行分利派發的前一天，每項基金將仍定價於馬幣1元。（這是根據基金買價或每單位的淨值。）

然而在隔日，當分利全都派發之後，這2項基金的價格會有的變化是︰姬兒的ABC飛躍單位信托基金的每單位淨值從1元減低至90分。這是因為那每單位10分的分利派發，就其定義而言，必須是從基金裡扣除！

同樣的，傑克的DEF穩定成長單位信托基金的每單位淨值在每單位8分的分利派發後，將從馬幣1元滑落至92分。

傑克的基金事實上比姬兒的基金保持更多的價值，因為在分利裡所歸還的價值較少。

這情況就好比傑克與姬兒各有棵竹子的小片土地。讓我們假設兩位朋友都是種植的一流高手。他們每人都是從小竹子起養植至大竹子。而他們的成果是令人鼓舞的。

傑克的竹子高8尺4寸。姬兒的竹子也是有8尺4寸高。這表示兩棵竹子明確地說有100寸高。

有一天，姬兒決定要砍一些竹子。她不想也不需要砍下她的整棵竹子。反而只需從竹子的頂部切下10寸即可。現在她的竹子有90寸高。

傑克也決定做同樣的事。但他只是切下8寸，那棵竹子現在則有92寸高。

傑克若要咕噥他只有8寸長的竹子，而姬兒卻有10寸長的竹子或許是滑稽的！畢竟，傑克有更多的竹子在園地裡，仍在成長著。

這就是當派發分利時，單位信托投資者會遇到的真正情況。

不提傑克與姬兒的單位信托基金，讓我們看看另外兩項基金，我們就稱它們為基金A與基金B。假設基金A在分利前的每單位價格為1.10元而基金B是85分。

基金表現好壞與分利無關

若 基金A宣佈派發每單位10分的分利和基金B是派發每單位2分的分利，在完成那些分利的派發后，基金A的單位價格將是1元（＝1.10－0.10）；而基金 B的單位價格為0.83（＝0.85－0.02）。那些調整後的價格對我們並沒有甚麼意義，因為每項基金表現的好壞與其分利派發的多寡是毫無關係的！

即然這樣，那單位信托管理公司為何常要試著派發高額的分利呢？總的來說，譏諷的答案是這對一般群眾而言，那使他們看來表現良好！一般的大眾不了解所涉及的明確定價方式，並可能被高額的分利所吸引。這樣一來也讓單位信托代理員得以較容易進行銷售。

分利本身並沒有任何不妥。但請記得兩項基金在其個別的分利派發後的表現與其分利的多寡是完全無關的。

無論如何，一位聰明的單位信托投資者將知道，當要進行比較時需要考慮的是一項基金的總回酬。有關的總回酬實際上包含了分利與資本增長。而我們的結論是︰

單位信托基金的分利越高，則該基金就是較好的基金－是錯誤的。

暗示︰要避免遭受欺騙，就經常想那竹子本身真正的成長。

单位信托的迷思之3

小規模的基金是好是壞？

這是大多數馬來西亞投資者信以為真的那7個迷思的第3篇相關文章。今日，讓我們看看第3個迷思︰

小規模的基金通常表現超越那些規模較大的基金。

我們將分析目標限定為馬來西亞股票單位信托基金。

單位信托基金經理們受相關的管理者所管束以分散投資他們的資金於不同的上市公司。基金越大，分散範圍越廣。

假設你的孩子們有2個水族缸，2個缸都注滿了清潔的水。

你的小女兒將一只半盎司重的古比魚放進水族缸A；只要注入一些水，這隻小魚就可很愉快地暢游探索它的新住處。之後，你練習舉重的10多歲兒子從寵物店裡帶回一隻20磅重的暖海魚，並將它放進水族缸B；女傭要來回好幾趟才可完成換置水缸清水的工作。

哪一隻魚在其整體的環境裡佔有較大的份量呢？是那隻暖海魚。

同 樣的，一個大規模的基金在其整體市場而言佔有較大的份量。因此，若一個基金擁有很多資金，它可以購買很多股分，而且是每支股買很多份額！現在，若你要買一 單位的馬電訊股票，這個交易並不會導致馬電訊的股價逐漸攀升。但是，若你的基金經理要買入500單位的馬電訊股票（50萬股），在一天之內，該股的價格可 能就由於此交易而上升馬幣10分（同樣的情況也發生在售出股票時，除了有關的股價或許會因大量售出而稍微下跌之外）。

大交易影響價格

一項大交易的影響是“滑動性”的︰即有關機構投資者的交易本身影響了有關的價格。

馬來西亞單位信托基金的規模越大，則基金經理要超越其投資技術的衡量標淮－基準指數就會越難。以馬來西亞的股票單位信托而言，一般上使用的基準指數為吉隆坡股票交易所綜合指數（KLSE CI）。

然而，在現實生活裡，事情並不都是事先就準備好的，尤其當有關領域的市場是相對地小。若將所有政府與私人單位信托管理公司都計算在內，它也只是占整個吉隆坡股票交易所市場資本額的大約11%而已。

目 前整個單位信托業裡，有三分之二的份額由政府基金所管轄。而剩下的三分之一由超過30家的私人單位信托管理公司瓜分。大眾信托基金是其中最大的私人單位信 托管理公司。（截至2003年3月，大眾信托基金共管理馬幣59億的基金，擁有私人單位信托領域的27%市場佔有率。）

然而，私人單位信托業在整個吉隆坡股票交易所市場資本裡所佔的比率少於5%。所以，最大的私人單位信托管理公司－大眾信托基金只有大約吉隆坡股票交易所市場資本額的1.2%。顯然地，一旦比對實際上的數目，你會發現即使是最大的單位信托業者也並不真的那麼舉足輕重了。

這麼一來，你會根據基金規模的大小去選擇一項投資基金嗎？一項摘取12項馬來西亞單位信托基金的研究揭示了一些有趣的真相。（那些基金裡有6項基金每個都擁有少過馬幣1億的價值。其餘6項則擁有超過馬幣3億的價值。）

小型基金在牛市時表現較好

在經過一個短時期後──年的牛市後─有6項小規模的基金表現在大部份的時候超越6項大規模的基金！一些基金規模大的則表現比基金規模小的來得好，但平均來說小規模的基金在市場上漲時顯得表現較好。這是為甚麼呢？

一個小規模的基金亳無選擇地只得將少數的“雞蛋”放在其藍子裡。若這些‘雞蛋’的某部份表現良好，那整個基金的優勢將大過一個大規模的基金。這個事實即使在大基金擁有相同數量的高表現“雞蛋”加上其它表現中等的“雞蛋”時仍是一樣的。

一個大規模基金本身在使它的高表現股票增加總回酬方面顯得更為困難。

那在市場處於跌勢時又如何呢？一個積極的小規模基金通常都擁有高風險股票。這些股票比整體的市場上升得快。而高風險股票的唯一缺點是︰它們不只上升得快；在市場走下坡時，它們墜落的速度也比整體市場快得多。

因此，在一個熊市裡，大小基金所擁有的高風險股都一樣會急轉直下的。但要記得的是，大基金在許多不同的公司進行投資，而那方面應可提供額外的穩定性。這在實務上是否行得通呢？

讓我們看看那12項基金在3年熊市的情形︰6項小基金的其中5項比任何一項大基金下跌得多。（而當中表現最佳的小基金也只比表現最遜色的一項大基金好而已！）

所以，小規模的股票基金在牛市時比大規模的基金佔優勢，但在熊市的時期則處於不利的地位。

投資應包含大小基金組合

要時時預測市場的走勢是不容易的。因此，投資於一個包含大基金與小基金的組合，以便取得每種基金類型的固有優點－透過多元化投資的健全資產配置是有其意義的。

但就此篇所討論的主要課題之結論是︰

小規模的基金通常表現比大規模的基金好是錯誤的。（若我們延申有關的研究，包括入息基金，例如金融市場及債券基金，則基金規模大的好處是不勝枚舉的。大規模入息基金的經濟實惠減少了基金管理投資成本，這會帶來更多的收益予投資者。）


Lancer Lim - Unit Trust Consultant
+60 19 603 9696
+65 9772 8576
www.lancerlim.com
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Achieve Early Financial Independence with Unit Trust

Why unit trust investment?

Unit trust is a form of collective investment that allows investors with similar investment objectives to pool their funds to be invested by professional fund manager in a portfolio of securities.

Benefits of Investing in Unit Trust:

Professional Fund Management
Unit trusts are managed by approved  professional fund manager, ensuring that decision making is structured and based on sound  investment principles.

Diversification
Unit trusts help you diversity your investments in a portfolio of securities to minimise risk and volatility.

Capital Appreciation/Income Stream
Unit trusts provide you with the opportunity to reap capital growth and /or income stream as return on investment.

Investment Exposure
Unit trusts make it possible to spread your investments and gain exposure to various asset classes and/or countries.

Liquidity
Unit trusts allow you to easily buy or sell your investments with minimum hassle. Investors will receive their redemption proceeds within 10days. Our priority members, Mutual Gold and Mutual Gold Elite will receive their proceeds within 2 business days.

Flexibility & Affordability
You can start your investment with as low RM1,000 and top it up with a minimum of only RM100.

Confort of Regulatory
Unit trusts are regulated by the Securities Commission to protect the interest of investors.

Advantages of Compounding
Unit trusts allow you to reinvest the income/distribution to accumulate growth.

The Power of Compounding

If you start early, your investment could grow 66% more with only half the investment outlay at age 55.The key element to compounding is time - the longer the period of time, the greater the growth.

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Mutual Gold Insurance Coverage

MUTUAL GOLD FREE PERSONAL ACCIDENT

Mutual Gold Free Personal Accident Insurance is offered to Mutual Gold Members and Elite Members who maintain a minimum of 100,000 Qualifying Points (QP) with Public Mutual. The 100,000 QP can be accumulated from various accounts held as long as the unit holder is the first holder of the various accounts. The maximum coverage is RM500,000 and RM 750,000 for Mutual Gold and Elite Members respectively. The amount of insurance is equal to the number of QP in the ratio of RM1 insurance coverage for each QP.

Eligibility

Unitholders aged between 18-64 are eligible for the free insurance coverage. The cover will cease once the insured reaches age 65. 

Effective Date Of Coverage

The coverage will take effect according to the bank-in date of the initial or additional investment. 

Termination Of Coverage

Coverage will terminate when:-

1. Insured cease to be a Mutual Gold Members
2. Total QP in the accounts (of the first registered holder) drop below 100,000 QP
3. A total claim of 100% has been paid out
4. Insured attains age 65
5. Unitholder enters full-time military, naval, airforce service of any country

Coverage For Group Personal Accident Permanent Disability (GPAPD)

This is a personal accident policy that provides the insured person with a 24 hours protection against accidental injuries that shall solely and independently of any cause result in the insured's death or permanent disablement anywhere in the world. 

Risk Excluded For GPAPD

The coverage does not cover death loss or disablement directly or indirectly caused by:- 

(A) The insured engaging or taking part in:

(i) Armed forces, naval or airforce service or operations

(ii) Professional sports, winter sports other than skating

(iii) Rock climbing or mountaineering necessitating the use of ropes or guides, potholing,hang gliding, bungee jumping, parachuting or any kind of race other than on foot

(iv) Flying or other aerial activity except as a passenger in a fully licensed aircraft operated by a licensed commercial air carrier or recognised air charter company (the word 'passenger' does not include any member of the aircrew or technician working in or upon an aircraft).

(v) Criminal acts or any illegal activities

(B) The insured being affected by a drug unless the drug is taken under the direction of a legally qualified medical practitioner provided such direction is not for the treatment of drug addiction.

(C) Provoked murder or assault, intentional self-injury, suicide or attempted suicide or any attempt thereat while sane or insane.

(D) Pregnancy, childbirth or any pre-existing physical or mental defect or infirmity.

(E) Deliberate exposure to exceptional danger (except in an attempt to save human life)

(F) HIV (Human Immunodeficiency Syndrome) and/or HIV related illness including AIDS (Acquired Immune Deficiency Syndrome) or AIDS Related Complex (ARC) however caused, and/or any mutant derivatives, variations or treatment thereof however caused.

(G) War, invasion, terrorism, act of foreign enemies, hostilities (whether war be declared or not),civil war, rebellion, revolution, direct participation in riot or civil commotion, insurrection or military or usurped power.

(H) Ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purpose of this exclusion, combustion shall include any self-sustaining of nuclear fission.

Extended Coverage

Motor cycling, strike, riot and civil commotion, hunting, hijacking, amateur sporting activities, intoxication, insect bites and animal attacks, unprovoked murder and assault, drowning, suffocation through smoke, fumes and poisonous gas, food poisoning, natural perils, i.e. earthquake, volcanic eruption, tidal waves and lightning, exposure and disappearance.

GPAPD TABLE OF BENEFITS
ACCIDENTAL DEATH & PERMANENT DISABLEMENT

EVENT	COMPENSATION (Percentage of Capital Sum Insured)
Accidental Death	100%
Loss of two limbs	100%
Loss of both hands, or of all fingers and both thumbs	100%
Total paralysis	100%
Total insanity	100%
Injuries resulting in being permanently bedridden	100%
Any other injury causing permanent total disablement	100%
Loss of arm at shoulder	100%
Loss of arm between shoulder and elbow	100%
Loss of arm at elbow	100%
Loss of arm between elbow and wrist	100%
Loss of hand at wrist	100%
Loss of leg at hip	100%
Loss of leg between knee and hip	100%
Loss of leg below knee	100%
Eye - loss of whole eye	100%
Eye - loss of sight of	100%
Eye - sight of except perception of light	50%
Eye - lens of	50%
Loss of four fingers and thumb of one hand	50%
Loss of four fingers	40%
Loss of thumb-both phalanxes	25%
Loss of thumb-one phalanx	10%
Loss of index finger-three phalanxes	10%
Loss of index finger-two phalanxes	8%
Loss of index finger-one phalanx	4%
Loss of middle finger-three phalanxes	6%
Loss of middle finger-two phalanxes	4%
Loss of middle finger-one phalanx	2%
Loss of ring finger-three phalanxes	5%
Loss of ring finger-two phalanxes	4%
Loss of ring finger-one phalanx	2%
Loss of little finger-three phalanxes	4%
Loss of little finger-two phalanxes	3%
Loss of little finger -one phalanx	2%
Loss of metacarpals-first or second(additional)	3%
Loss of metacarpals -third, fourth, fifth (additional)	2%
Loss of toes-all	15%
Loss of toes-great, both phalanxes	5%
Loss of toes-great, one phalanx	2%
Loss of toes-other than great, if more than one toe lost, each	1%
Loss of hearing-both ears	75%
Loss of hearing-one ear	15%
Loss of speech	50%

Permanent total loss of use of member shall be treated as loss of member. Loss of speech shall mean total permanent inability to communicate verbally.

The aggregate of all percentages payable in respect of any one accident shall not exceed 100%. In the event of a total of 100% having been paid, all insurance hereunder shall immediately cease to be in force. All other losses smaller than 100%, if having been paid shall reduce the coverage by that amount from the date of accident until the expiration of the policy.

Exclusion - Unacceptable Occupation

Police, Naval, Military or Air Force Personnel, Aircraft Pilots and Crews (except during off duty), Dynamite and Explosive Handlers, Horse Trainers, Grooms or Jockeys, Ship Crew and Stevedores, Timbers Logging Workers and Timber Lorry Drivers/Attendants, Tunneling or Underground Workers, Circus Performers/Stunt Men, Professional Divers, Oil Rig workers, Asbestos Workers, Fishermen, Weapons Production Workers, Offshore Workers and Armed Security Guards.

The Don’t Quite Poem

When things go wrong, as they sometimes will,
When the road you’re trudging seems all uphill,
When the funds are low and the debts are high,
And you want to smile, but you have to sigh,
When care is pressing you down a bit,
Rest, if you must, but don’t you quit.
Life is queer with its twists and turns,
As every one of us sometimes learns,
And many a failure turns about,
When he might have won had he stuck it out;
Don’t give up though the pace seems slow–
You may succeed with another blow.
Often the goal is nearer than,
It seems to a faint and faltering man,
Often the struggler has given up,
When he might have captured the victor’s cup,
And he learned too late when the night slipped down,
How close he was to the golden crown.
Success is failure turned inside out–
The silver tint of the clouds of doubt,
And you never can tell how close you are,
It may be near when it seems so far,
So stick to the fight when you’re hardest hit–
It’s when things seem worst that you must not quit.


Lancer Lim - Unit Trust Consultant
www.lancerlim.com
www.facebook.com/LancerLimUTC
+60 19 603 9696 (MYS)
+65 9772 8576 (SGP)

Should I worry about retirement?

Have you every thought of how much money that is needed for your retirement? If no, probably you want to start thinking about it now. This is an interesting article I get from “thestar” newspaper: Is savings enough for retirement?

Apparently from the survey by AXA Retirement scope 2010, Malaysian seems pretty aware of the amount of money that they will get after retirement (i.e. 54%) as compared to the rest of the countries except India is ranked number one. This is a good sign as least you still know exactly how much you will earn or get after your retirement.

On the other hand, I’m not sure if this considered to be good news or it simply means other countries have taken care of their citizen’s retirement therefore they don’t really care about it? Countries such as UK and Australia, you can see that they don’t really care about it. I think this is mainly due to the fact that their governments have taken care of their retirement. That is also one of the reasons why people like to migrate to Australia.

Having said so, if you look at the data, majority of people around the world still do not really give a damn about retirement. Because more than half the population do not aware at all how much they will earn after retirement. “Who cares? There are still plenty of time!” - this is the most common reason why people still do not want to take it seriously. But I afraid by the time you start thinking about retirement, it is probably too late…

Let’s look at this another data for Malaysian’s perception on whether their retirement income is sufficient or not. As you can see, (35% + 2%) = 37% think their retirement income is sufficient. It used to 62% in 2007 and now this drops dramatically.


Looking for Solutions?

• If you ever want to know the amount of retirement fund that you need for your retirement, you can look for me. 

• Once you know exactly how much is needed for your retirement, you have 2 solutions. First solution is to earn more and the second solution is to grow your money by investing. Let money work harder for you. 

 Contact me for more information.
Thanks!

Understanding Islamic Unit Trusts

The rising affluence of investors who are keen to invest in Islamic financial products and the expansion of Islamic Capital Market products will underpin the growth prospects of the Islamic unit trust industry over the longer term. In Malaysia, growing demand for Islamic unit trusts is evident. From a mere two Islamic funds in 1993, the number of Islamic funds in Malaysia’s private unit trust industry has increased to 146 today. As at June 30, 2010, the Islamic fund sector has a net asset value (NAV) of RM26.37 billion, which is about 31 percent of the private unit trust industry in Malaysia1.

Characteristics of Islamic Unit Trusts

The primary characteristic that distinguishes Islamic fund management from conventional investing is its compliance with Shariah law. Islamic funds must adhere to Shariah-compliant economic activities and invest only in companies that fulfill Shariah requirements. In addition, Islamic funds cannot invest in conventional banks that offer products with fixed interest rates but can invest in Islamic securities and Islamic financial institutions. The funds must also avoid making investments in companies that are involved in products restricted by Islamic laws, such as alcohol, tobacco, pork, gambling or pornography.

After eliminating companies with non-Shariah primary business activities, the quantitative filter, in the form of financial ratios, are used to ensure that a Shariah-compliant company makes its income with adequate financial resources and without excessive debt. In addition, an Islamic fund may only engage in leverage through the use of Islamic financing instruments and may not obtain or provide conventional loans nor invest in conventional interest-bearing products, including conventional debt securities. Cash held by a fund may only be invested in Shariah-compliant, short-term investment products, such as Islamic money market instruments.

Resiliency of Islamic Funds

As such, Islamic funds have been known to be more resilient than conventional unit trusts as their returns are generally less volatile. Meanwhile, there are also other advantages to "ethical" investing. For instance, Islamic funds were little affected by scandals afflicting companies such as Enron and WorldCom several years ago, as these companies' highly leveraged balance sheets kept Islamic funds from buying them. Moreover, the quantitative filter adds to the resilient nature of Islamic funds because if interest rates were to increase in a rising inflationary environment, investments in non-leveraged companies are expected to outperform.

Purification of Profits

There will also be times when certain Shariah-compliant securities are reclassified to be
Shariah non-compliant. This may be due to a company changing or expanding its
operations which can lead to an unacceptable level of activities prohibited by Shariah laws.
For instance, a restaurant or hotel may decide to start serving alcohol or pork. In this case,
the Shariah Adviser will render the securities to be disposed should their market value
exceed the original investment cost on the announcement day.

The fund management company is then supposed to purify or cleanse the profits made by
its Islamic funds by identifying the profits generated by non-permissible activities and
channel the amount to charitable bodies approved by the Shariah Adviser. Investors can
find out how fund managers purify earnings from their Islamic funds in the respective
prospectuses.

Shariah Advisory Council

In order to protect the interest of investors, the SC has set up a Shariah Advisory Council
(SACSC) to regulate Islamic funds in Malaysia. The SACSC is responsible for attending to
inquiries and proposals related to the field as well as making pronouncements to encourage
innovation in the industry.

In addition, the SC also allows the registration of both local and foreign advisers for unit
trust funds and Islamic securities to ensure that fund managers are able to tap into their
own Shariah expertise. Besides ensuring that the operations and investments of the funds
are in compliance with Shariah requirements, Shariah advisers also occasionally meet with
the fund managers to answer enquires and offer advice.
For more information, please contact me or visit www.lancerlim.com or www.facebook.com/LancerLimUTC.

单位信托的迷思之2

新基金不如舊的迷思


這是大多數馬來西亞投資者信以為真的那七個迷思的第二篇相關文章，我們今天要討論的迷思二是︰

新推出的基金的表現通常超越舊的基金。

在馬來西亞，絕大多數的單位信托基金都屬於股票基金。為找出這第二個迷思的真相，我們的焦點將放在股票基金。

對於股票基金而言，有2個特點是我們必須列入考慮的︰

1. 馬來西亞直接股票或證券投資的多變性；以及
2. 費用的影響，通常為申購手續費，這些費用會影響股票基金的報酬。

風險與多變性息息相關

讓 我們先來談談多變性（volatility）。在投資界，風險與多變性是息息相關的。我們通常是使用標準誤差（standard deviation）來作為其衡量標準。以我們在本篇所討論的重點而言，你所需知道的是標準誤差值越高，則一系列數據值的分散程度就越大。這一些價格在一 段時日後，將呈現在其平均值四周。

這是很合乎邏輯的，因此一位投資者要嘗試押注於他所喜歡的投資工具時，則應全然地依據低風險產生低回酬 而高風險產生高回酬的基本投資教條。要投資股票領域最好的作法是進行長期投資；如此一來，自然緩和短期的多變性所帶來的影響。這個結論在無數的長期股票投 資產生高利潤的實例子中表現無遺。

我們轉至第二個考慮點，即費用對基金表現的影響。值得注意的是典型的馬來西亞股票單位信托基金收取其相 關值5％至8％的費率作為投資於這個基金的基本銷售費用。國際的經驗暗示著我們這些費用將會逐漸地下降，這情形也許會在10年後發生。但在現階段，很顯 然地不管投資單位信托有多大的好處－包括擁有專業的基金管理，現成的多樣化投資以及在想要兌現時有個現成的買家等－你投資的時期越長，基金費用構成的整體 影響就越低。

假設你支付6.5%的申購費用於一項單位信托投資而它的常年增長率是9%（在所有常年管理費用都包括後）。一筆為數1萬元的 初期投資總額將被劃分為 9389.67元的投資資本與610.53元的申購費用。而你的9%常年增長率將依據9389.67元的投資資本運作。在投資的第一年結束時，你將有 10,235元；在第3年是12,160元；而第7年則是17,165元。所以，根據你投入的1萬元初期資本，以簡單的利率方式表示，你在1年賺取 2.35%的入息；3年為21.66%；而7年則是71.65%。

因此，至少在這個例子裡，越長期的投資是越好的。

2個特點都有個相同的結論，即除非你的投資時限是長期的，否則別投資於以股票為基礎的單位信托，除非你有信心市場已準備要有戲劇性的漲潮。

如何定義新舊基金？

現在，我們需要決定甚麼是‘新’的以及‘舊’的基金。

在這裡，我們將定義‘舊基金’為那些有超過7年‘實際’記錄的基金。

對‘新 基金’而言，較明智的定義方法要視基金在推介后的即時真實情況。在馬來西亞，單位信托基金經理基本上用少過1年的時間來達到2個關鍵的目標︰首先是籌得足 夠的資金進行廣泛的投資，以達至最理想的多樣化投資；其二是將幾乎全數的金額都投資於基金的目標市場或領域。因此，我們將定義‘新基金’為那些存在少過1 年的基金。

接下來是選擇一個充滿挑戰性的投資期間，它包括熊市與牛市的筥期。 1997年及1998年的亞洲經濟蕭條時期是最恰當的時期。那時期始於1997年7月，直至1998年9月資管開始實行為止，那之後經濟有迅速的複蘇。

所以，我們擇取介於1997年3月至1999年9月推出的7個真正基金。對於這7個基金，其第1年的表現細分為2種方式︰其一是與吉隆坡股票交易所綜合指數的基準點做比較；其二是與另外2個存在超過7年的代表（舊的）基金做比較。

因為每個新基金的推介日期在我們所假設的2年半時期裡都不相同，我們評估每個舊基金自推出市場以來，7年裡每隔12個月的前進表現，將之與新基金作比較。而後發現……沒有一項結論是確切的﹗

7個新基金中有2個成功表現超越綜合指數與2個舊基金。

有2個新基金表現比綜合指數與2個舊基金遜色。

而另外的3個新基金的表現與綜合指數及2個舊基金的表現不相上下。（在那些一年期的大部份基金裡─14個比較中有12個案例，有關舊基金的表現超越綜合指數）

惟一確定的結論是一個基金的歲數，不能用來作為選擇未來有最佳表現的基金的依據。惟一有用的方法是根據可靠的基金專業管理及基金的以往表現記錄來作選擇。

因此︰新推出的基金之表現通常超越舊的基金是錯誤的。

What is Rat Race?

Have you ever see a rat running in a wheel? No matter how fast the rat is running, it will still be at the same place. Rat race is a term used for an endless, self-defeating or pointless pursuit.

In financial, rat race is a term used to describe people who work endlessly with little reward or purpose. If you are working at least 8 hours per day in the company just to get a salary to pay your bill, you are more likely caught in the rat race.

Many people believe working for long hours and taking more stressful tasks will greatly increase their worth and their salary in their company. Many people will also do all sorts of thing politically in order to climb the corporate ladder. However many people always forget that they are still trading their time and health for money. Once their time or health is gone, do you think the company will still keep them? In the company point of view, do you think it is better to employ young, energetic staff with new ideas at a lower cost, or to keep old, unenergetic staff with old ideas at a higher cost?

In my opinion, it is important to get out of this rat race as soon as possible. It is because once you reach a certain age, it will be very hard to do that. In order to get out of this rat race, we must start focusing on how to make money work for us. We must learn how to do financial planning and start to save in order to accumulate capital. We must also learn how to invest in assets like properties and shares, generate passive income and create our own businesses. You may want to read other articles on this blog or my other blogs to learn more.

避 开 常 见 的 投 资 陷 阱

每 一 个 人 都 会 在 生 命 中 的 某 一 刻 犯 下 错 误。作 为 投 资 者，我 们 必 须 从 错 误 中 学 习，即 认 清 自 己 的 投 资 失 误，并 且 适 当 地 调 整 我 们 的 投 资 纪 律。

许 多 人 在 投 资 前，都 没 有 去 充 分 了 解 投 资 程 序 或 各 种 不 同 的 投 资 产 品，也 没 有 考 虑 他 们 真 正 希 望 达 到 的 长 期 目 标。这 类 投 资 者 经 常 对 股 市 的 短 期 动 荡 产 生 负 面 反 应、听 取 自 称 是 老 师 的 人 所 给 予 的 劝 告、在 不 恰 当 的 时 机 进 入 股 市，以 及 最 后 损 失 大 笔 金 钱。

以 下 是 一 些 会 影 响 投 资 表 现，投 资 者 却 常 犯 的 错 误：


1. 投 资 前 未 准 备 紧 急 备 用 金
没 有 拨 备 紧 急 基 金 就 进 行 投 资，犹 如 激 流 划 艇 不 穿 救 生 衣。进 入 股 市 之 前，投 资 者 受 促 准 备 至 少 三 至 六 个 月 的 开 销，以 应 付 财 务 危 机 (例 如 失 业) 或 意 料 之 外 的 现 金 流 动 问 题。这 项 现 金 缓 冲 的 基 本 目 的，就 是 在 个 人 经 济 出 现 变 化 时，提 供 财 务 和 情 绪 上 的 稳 定。



2. 预 测 股 市 走 势
股 市 的 走 向 也 许 有 其 周 期，但 这 不 表 示 我 们 能 确 定 什 么 时 候 是 谷 底，可 以 进 入 股 市，以 及 什 么 时 候 是 高 峰，应 该 撤 离。巴 菲 特 等 成 功 的 投 资 老 手 不 用 预 测 股 市 走 向 的 工 具，因 为 它 们 通 常 帮 不 上 忙。因 此，假 如 个 人 投 资 者 不 再 试 图 预 测 股 市，他 们 将 可 避 免 蒙 受 巨 大 的 损 失。事 实 上，由 于 个 人 投 资 者 对 金 融 市 场 了 解 不 足，把 焦 点 放 在 长 期 投 资 单 位 信 托 基 金，可 协 助 他 们 取 得 更 好 的 投 资 成 果。



3. 拖 延
投 资 者 不 应 拖 延 投 资，因 为 较 长 的 投 资 期 限 让 复 利 更 有 效 发 挥 它 的 威 力，因 此，及 早 开 始 投 资 对 将 来 的 潜 在 回 酬 有 巨 大 影 响。同 时，你 在 开 始 投 资 前 等 待 越 久，你 就 必 须 投 入 更 多 金 钱，才 能 取 得 与 比 你 早 开 始 的 人 获 得 的 同 等 回 酬。



4. 承 担 太 大 或 太 小 的 风 险
由 于 风 险 与 回 酬 成 正 比，你 在 投 资 时 所 承 担 的 风 险 可 以 决 定 你 的 潜 在 回 酬。尽 管 如 此，还 是 有 一 些 投 资 者 承 担 了 过 大 或 过 小 的 风 险。高 风 险 投 资 者 经 常 变 成 投 机 者，也 经 常 没 有 事 先 研 究 就 进 行 投 资。另 一 方 面，过 于 保 守 的 投 资 者 可 能 面 对 通 膨 蚕 食 购 买 力 的 风 险。与 其 完 全 由 你 的 风 险 承 受 度 来 决 定 你 的 投 资，你 也 应 该 考 虑 你 的 财 务 目 标 和 投 资 期 限。



5. 不 够 多 元 化
要 建 立 一 个 不 断 增 值 的 投 资 组 合，多 元 化 是 其 中 一 个 最 基 本 的 投 资 守 则。即 使 如 此，许 多 投 资 者 仍 然 疏 于 采 取 这 项 步 骤，反 而 将 所 有 的 鸡 蛋 都 放 在 同 一 个 篮 子 里。多 元 化 的 投 资 组 合 谨 守 资 产 配 置 的 所 有 部 分 - 考 虑 风 险 承 受 度、可 运 用 的 投 资 资 本、投 资 期 限 与 现 有 组 合 的 各 资 产 比 重。



6. 做 投 资 决 定 时 变 得 情 绪 化
大 多 数 投 资 者 让 情 绪 - 特 别 是 贪 婪 与 恐 惧 - 左 右 他 们 的 投 资 决 定。譬 如 在 股 价 暴 跌 时，情 绪 化 的 投 资 者 往 往 忍 不 住 抛 售 持 股。结 果 在 情 绪 和 直 觉 影 响 下，许 多 投 资 者 最 终 都 是‘买 高 卖 低’。反 之，他 们 应 评 估 股 价 下 滑 的 原 因，观 察 是 否 大 市 造 成。



7. 研 究 不 足
投 资 者 在 投 资 前 应 做 功 课。成 功 的 投 资 需 要 不 断 投 注 时 间 和 努 力，包 括 进 行 本 身 的 投 资 研 究。投 资 者 也 应 注 意，一 项 投 资 过 去 的 表 现 不 代 表 未 来 的 表 现。



8. 熊 市 时 惊 慌 失 措
大 熊 市 期 间，往 往 可 看 见 许 多 投 资 者 受 情 绪 主 宰，在 恐 慌 中 沽 清 持 股。长 期 投 资 者 则 不 受 股 市 的 起 落 影 响。反 之，他 们 可 能 把 疲 软 的 股 市 视 为 一 个 机 会，让 他 们 以 诱 人 的 价 格 累 积 遭 低 估 的 蓝 筹 股。



每 一 个 人 在 投 资 时 都 会 犯 错，但 一 个 胜 利 者 和 失 败 者 的 分 别 就 是，前 者 会 运 用 他 们 从 错 误 中 学 到 的 教 训。成 功 投 资 的 关 键 是 不 要 完 全 规 避 风 险，而 是 去 认 明 你 所 承 受 的 风 险。为 了 避 免 令 人 震 惊 的 坏 消 息，请 好 好 做 功 课。阅 读 基 金 说 明 书 及 检 查 投 资 股 项 的 长 期 表 现 是 不 二 法 门。美 国 基 金 经 理 罗 纳 德·罗 杰 就 曾 说 过：“即 使 不 了 解 自 己 买 什 么，人 们 还 是 一 窝 蜂 冲 着 去 买。人 们 买 冰 箱 或 VCR 播 放 机 时 所 做 的 研 究，比 他 们 (在 股 市) 投 入 成 千 上 万 金 钱 时 做 的 研 究 还 要 多。”


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即 使 百 万 富 翁 也 会 犯 错 (并 从 中 学 习)

作 为 一 位 投 资 者，班 杰 明·葛 拉 汉 曾 三 次 破 产。不 过 每 一 次，他 都 将 自
己 的 失 败 记 录 在 案，并 且 好 好 研 究。最 后，他 成 功 将 自 己 的 投 资 智 慧
传 授 给 无 数 人，包 括 同 样 从 自 己 的 错 误 和 失 败 中 学 习 的 华 伦 · 巴 菲
特。

职 业 生 涯 的 早 期，巴 菲 特 误 以 为 自 己 有 能 力 拯 救 一 家 垂 危 的 纺
织 厂。在 被 迫 结 束 它 的 纺 织 业 务 之 后，巴 菲 特 学 会 了 只 要 素 质 好，就
值 得 掏 钱 包。他 后 来 将 这 家 奄 奄 一 息 的 公 司 发 展 成 值 1 千 400 亿 美 元
的 大 生 意。

另 一 个 很 好 的 例 子 是 皮 克 斯 (Pixar) 的 约 翰·拉 瑟 特。他 从 学 院 毕 业 后，
迪 士 尼 聘 请 他 成 为 迪 士 尼 乐 园 丛 林 漂 流 的 船 长。后 来，公 司 让 他 成 为
动 画 制 作 人 员，而 他 很 快 意 识 到 新 电 脑 科 技 的 威 力 将 为 动 画 片 带 来
革 命 性 的 改 变。

不 过，迪 士 尼 并 不 欣 赏 他 制 作 的 第 一 部 长 片，甚 至 解 雇 了 他。于 是，他
回 到 画 板 上 继 续 努 力。他 将 动 画 程 序 修 改 得 更 加 完 善 后，加 入 一 家 后
来 转 变 成 皮 克 斯 的 公 司，并 赢 得 两 座 奥 斯 卡 金 像 奖，以 及 推 出 一 系 列
非 常 受 欢 迎 的 电 影，包 括 玩 具 总 动 员、虫 虫 危 机 和 赛 车 总 动 员。讽 刺
的 是，他 与 伙 伴 史 蒂 夫·乔 布 斯 后 来 将 皮 克 斯 以 74 亿 美 元 (251 亿 令 吉)
出 售 给 迪 士 尼。

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