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BWFN 3073 Universiti Utara Malaysia Personal Finance Case Study

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Business
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Universiti Utara Malaysia
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Case Study
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A 192 BWFN 3073 PERSONAL FINANCE
GROUP B
ASSIGNMENT 1
PREPARED FOR : DR. NORHAFIZA NORDIN
PREPARED BY :

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LIM HUI MENG
262287

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A 192 BWFN 3073 PERSONAL FINANCE GROUP B ASSIGNMENT 1 PREPARED FOR : DR. NORHAFIZA NORDIN PREPARED BY : LIM HUI MENG 262287 net worth for Jay. Asset RM RM RM Personal Possession Car 1 (Axia) 7,000 Car 2 (Jazz) 55,500 Collectibles 3,500 66000 250,000 250,000 Real Estate Current market value of home Investment Asset Emergency fund 2,500 REITs (real estate investment trust) 8,500 EPF (employee provident fund) 25,000 PRS (private retirement scheme) 5,000 41000 357000 Total Asset Liabilities Current Liabilities Outstanding credit card balance 4,500 Long-term Liabilities Home mortgage PTPN Loan (education loan) 130,000 65,500 200000 Total Liabilities 200000 Net Worth 157000 2)TWO (2) ways for Jay to increase his net worth: A) Increasing your savings - increase the emergency fund. Emergency savings can provide a debt-free means to withstand financial shocks such as long-term illness, job loss, and unforeseen auto or home repairs. Such as saving the emergency fund RM300 every month. B) Reducing the amounts you owe - pay a part of loans every month. such as pay RM400 education loan and the home mortgage per month. this is because this way can reduce the interest rate payment and the loan. 3)As a financial planner, what are some advice you can give to Jay to achieve his financial goal of decreasing his debt in 5 years : Jay can set the SMART financial goal to reduce the debt. First, Jay's financial goal must be specific. The financial goal ...
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