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Everything You Need To Know About Malaysian Ringgit

Much like Singapore, Malaysia is a multicultural country. It has substantial influences from the British, Arabic, Persian, Indian, and Chinese culture. Aside from this, it shares land borders with Thailand, Indonesia, and Brunei.

Not to mention, we can simply travel to Malaysia by land. Whether you are travelling to Malaysia or having a business transaction, here is a list of everything you need to know about the Malaysian Ringgit!

#1: MORE THAN JUST ART

Vibrant colors sprinkled on the notes are the first things that people notice about the Malaysian Ringgit. Did you know that these colors serve a purpose? Aside from being aesthetically pleasing, the colors enable you to identify the denomination in a glance.

Now, look at the reverse side of the note. Most bills contain images of Malaysia’s infrastructure at the back. For instance, the famous Petronas Twin Towers grace the 5-ringgit note.

#2: MOVES LIKE JAGGED

In Malay, the word “ringgit” means “jagged”. It originates back to the colonial times where rough Spanish silver coins were once used. During this time, the coins were called dollars. This is why you may have seen some prices listed as “$” or “M$” before.

Currently, the currency in Malaysia is issued by the Bank Negara Malaysia (National Bank of Malaysia).

#3: SMART MONEY MOVES

When travelling to Malaysia, you have to be mindful with how you spend your money. Spare your small change to the street vendors or the people who have a problem breaking down your large notes.

Save your RM50 and RM100 banknotes to hotel, bars, mini-marts, and other establishments that carry plenty of cash flow.

#4: MUCH IS THE SAME

Interestingly, the Ringgit shares the same denomination as the Singaporean Dollar. It is divided into RM1, RM5, RM10, RM20, RM50, and RM100.

There used to be an RM500 and RM1000 denominations, but the government demonetized it in the 1990s to curb money laundering. If you see this note being handover to you, stay vigilant. Do not accept any of these notes from anyone.

#5: MONEY SPENT AND MONEY SAVED

According to a study, the top three ways that Malaysians employ to eliminate their spending include spending less on clothes, reducing entertainment costs, and switching to more affordable grocery items.

On the other hand, they spend most of their disposable income on dining out. This is followed by their petrol and housing costs.

#6: SAVE YOUR TIPS

Save your tips as most people do not expect to receive it. Tipping is not a common practice in Malaysia. Some places such as restaurants and luxury hotels may add a 10% service charge to your bill.

Image Credits: pixabay.com

Otherwise, tipping will be discretionary.

Sources: 1 & 2 & 3

Money Motivator: Its Pros And Cons In The Workplace

Faced with a target in my head, most of my decisions as a head are calculated. The coveted reward at the end of the rainbow is the bucket full of gold.

While motivating employees with money has its significant advantages, it is not the only way that employees can be truly motivated.

MONEY IS UNIVERSAL

There is a reason why many hip-hop artists rap to the tune of money. It is a universal motivator that drives people of all walks of life. Without money, how can we survive?

Its universal nature is one of the advantages of using money as a motivational tool for employees. You see, most people see bonuses as a means to purchase material possessions or personal experiences that they have been putting off for a long time. While the monetary increase is the same for each employee, its uses vary. That is what makes money fit for all!

MONEY IS COSTLY

It comes as no surprise that money is costly. A huge drawback of using money to motivate your employees is that it adds to your overhead costs. You have to give up a portion of your profit for each time you offer a bonus or a raise.

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What is even costlier? Some employees may expect to get consistent monetary rewards for each time they exceed their performance expectations. The terms of the reward should be discussed clearly to your employees.

MONEY PROVIDES STRUCTURE

Monetary rewards can be quantified and structured, unlike its counterparts. A business owner may come up with a starting point and an end point. Incentives can be achieved once the end point has been reached. Sales programs usually structure money incentive through commission or quota-based sales. These two are individualistic.

On the other hand, you can fuel up the teamwork by creating a percentage goal. Reaching a certain percentage goal at the end of the year can equate to a certain bonus. This fosters teamwork where everyone is motivated to help each other.

MONEY BREWS CONFLICTS

Last but not the least, money motivator can cause conflicts within the group and the self. It can be demoralizing for some people to consistently fail in getting a certain reward. More so, comparing your bonuses to others can brew conflicts. Some team members may resent others when they do not automatically get their slice of the “cake”.

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As a leader, understanding your team is far greater than any monetary incentive. Know what is important for each employee and try your best to keep them happy and healthy. Find the best incentive program that will work for your team whether it involves money or not.

Sources: 1 & 2

Dark Attitudes On Money

“You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.”
– Maya Angelou

Maya Angelou is right. Sprinkling love in what you do attracts accomplishments and money. Our attitudes towards money play an important part in either attracting it or driving it away.

Growing in a supportive environment where you can talk about money matters openly will enable you to attract money in various ways. On the flip side,it can be more difficult to attract money if you are underestimating your skills. Moreover, dark attitudes toward money can contribute to the lack of self-esteem and motivation.

Having a negative attitude towards money will hinder you from tackling opportunities and will steer you to make errors in your judgement. These may cause you to lose money in the process. Hence, it is important to identify your money attitudes.

Here are just some negative attitudes that you should stop:

I DO NOT DESERVE MONEY

Believing that you do not deserve money or that money is the root of evil causes you to avoid money. For people with this attitude, money can evoke feelings of anxiety and disgust.

I PRAISE MONEY

Believing that money can solve all your problems is a bad attitude to have. People who are trapped by this “money worship” attitude can carry an outstanding debt. Greed can course through your veins when you worship money too much.

I AM DEFINE BY MY WEALTH

Believing that self-worth is tied to your net worth is unhealthy. You can keep up with others as much as you want, but you cannot be fully satisfied.

I AM SECRETIVE ABOUT MY FINANCES

Lack of openness in one’s finances can potentially brew an issue between couples. While people with this attitude are often financially stable, they often do not allow themselves to enjoy the benefits of having money. Extreme cases of having this attitude can lead to under-spending and hoarding. Talk about extreme cheapskate!

Sources: 1 & 2

Surefire Ways To Save Money As A Student In 2019

As a student, keeping a budget may sound intimidating or boring. However, you must understand that having a budget is essential to enjoying your academic life. Saving extra cash while sticking to your budget will help you gain control over your finances, especially in Poly or Uni.

May the following tips aid in keeping your wallet afloat!

TAKE ADVANTAGE OF YOUR STUDENT ID

Not many of us take pride in our student identification cards (ID). Do not get me started with the image attached to it! Well, your perception may change upon knowing how powerful your ID is. The potency of your ID may pour outside the halls of the school. Many retailers offer discounts or freebies upon the presentation of the student ID. For instance, I used to take advantage of the ticket discount in the nearby cinema. While, my sister’s Alumni ID doubles as a Nets FlashPay card.

Image Credits:pixabay.com

Check with your student services department to learn more about the discounts that are readily available to you.

EAT AT HUMBLE PLACES

With a youthful spirit, dining among friends is a common pastime. Consider eating at kopitiams rather than spending your allowance on restaurants. Gain a sense of nostalgia by searching for the nearest kopitiam.

Kopitiam in shopping centers allow you to go cashless. Kopitiam cards are available for top up in denominations of S$2, S$5, S$10, S$20, S$50 and S$100. Use this card to eliminate 10% off your transactions!

LOOK FOR A PART-TIME JOB

Widening your streams of income beyond your monthly allowance allows you to save more. If your academic load and schedule permits, you may consider acquiring a part-time position. Begin by asking for the vacancies in your university.

Some universities provide students with convenient jobs such as in libraries or computer labs. The administrators at such places understand the importance of attending classes and making extra income. Otherwise, you may consider various home tutoring options.

Image Credits:pixabay.com

Fulfill your academic and financial responsibilities this coming year by finding efficient ways to stick to your budget, to save extra cash, and to widen your streams of income. Good luck! 🙂

How To Become A Money Magnet

Equipped with a best-selling spirituality book, you realized that there was a secret to cultivating the life you want. I know how bizarre this sounds, but hear me out! Rhonda Byrne, The Secret’s author, claims that our thoughts can influence the world we live in. This concept of manifesting destiny is called “Law of Attraction”. According to this concept, investing positive energy and belief can lead to a desired outcome. In contrast, negative thoughts may attract negative outcomes.

Similar to other philosophies, the Law of Attraction stresses how the universe and its creations are made of flowing energy. Your energy can be used to either attract or repel money. To attract money based on the Law of Attraction, you may follow these steps.

STEP #1: OBSERVE YOUR THOUGHTS

How can you lure money into your life, if you feel negative about it? What goes around comes around. Before changing your thought patterns, awareness of your thoughts on money is important. Be mindful with how you speak about money and wealthy people.

Image Credits: pixabay.com

Do not be quick to diminish your worth. Instead, appreciate what you have. Law of Attraction entails that you train the universe to send you more money by receiving and appreciating it.

STEP #2: RE-FRAME YOUR THOUGHTS

Have you noticed that whatever you do in two weeks straight usually becomes a habit? The act of repetition is essential to reprogram the minds of animals as well as humans. Reprogram your mind to attract money by wishing for abundance.

Law of Attraction encourages you to send positive signals to the universe by dressing the part, by surrounding yourself with money savvy individuals, and so on. Behave in a way that is directed towards your desires.

STEP #3: MAKE A LIST

Visualization is one of the key tools of the Law of Attraction. It allows you to create a path that you can reach for. You are empowered to create a vision for your financial life. Be clear about the amount of success and abundance that you want to achieve. It is recommended to practice visualization on a daily basis.

Dive into the feelings of abundance by either making a financial list or by making a money vision board. Practicing visualization on a daily basis may open opportunities to manifest these items.

Sources: 1 & 2

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