7 Places to Keep and Grow Your Money

Many of my friends work (or blog) strive hard to make more money but do not have a plan for their money. They leave all their money in the bank savings account. It is not a good way to keep your money. Your money is losing its value due to the inflation. Here I share with you the places I keep my money (no, not under pillow).

Bank / Saving Account — The first place where my online revenue goes into. Saving account has very low interest rate but high flexibility (withdraw anytime). I have accounts in 3 main local banks, all with e-banking access. Saving account served as a “temporary storage” for my money before they go to other places.

Fixed Deposit — Low risk and higher interest rate than saving account. My fixed deposit (FD) served as my emergency funds. I have a 3-month FD (auto renewal) that enough for my 6 months living. I do not put a higher interest rate 12-month fixed deposit, because 3-month is more balance on flexibility and returns.

Mutual Funds / Unit Trusts — Higher risk and (generally) higher returns than Fixed Deposit. It is managed by professional fund manager and invest in stocks, bonds, money market, and/or other securities. Save time and lower the risk of doing investments by yourselves. I bought my 1st unit trust funds at the end of 2006. Now I have several unit trust funds with monthly re-investments. Most of my money goes there.

Gold — the yellow precious metal. Gold price is increasing steady in the past years. It is a long term investment. Last week, I opened a gold saving account to turn my money into gold. I plan to to buy gold at a monthly basis.

EPF — I am self-employed, can I have EPF or Employees Provident Fund? Yes, you can. My accountant tips me that I can do an EPF voluntary contribution. Not only that I can earn interest returns (5+% per annual) but also save on income tax (claim up to 6K).


Beside the above 5 places to keep and grow my money, I plan to put my money into the following 2 places:

Stocks — The fastest place to make/lose money. I plan to put some of my money into some blue chip stocks as long term investment. It is exciting to study the market.

House — Everyone needs a “shell”. I plan to buy a house (preferably landed property) as my long term investment. But, it is not easy to get an ideal house.


In the end, I do not have much cash in my bank saving accounts. My money are in different baskets, each with different risks &amp returns.

While you are working hard to make more money, don’t forget to plan for your money. Do some researches, ask your friends, or read a book like Personal Finance For Dummies.

What are your tips of personal finance?

bank, EPF, gold, house, money, mutual funds, personal finance, stocks, unit trusts

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  • Dear Liew,

    You missed out another point which is ‘Foreign Currency Time Deposit’, most foreign banks offer this service, the idea is to keep your money in a foreign currency (will appreciate accordingly if the ringgit grows stronger) and in return for a higher interest rate, say minimum Australian dollar deposit of $10,000 and you get a return of 5.3% in a year. Which is somewhat higher than fund and less risk.

    Banks like OCBC offer such service.


  • BytesWired

    There are many other investment available such as options trading, forex trading (risky) and etc. However, it’s good to diversify your money in different places.

    By the way, seems that your PR dropped to 5 now. Gosh..

  • I’m not a financial geek but I was in the accounting/auditing profession (in Malaysia and the UK) for more than 35 years. I guess I can fairly conclude that foreign currency trading, options trading, forex trading are some of the things I won’t touch.
    What about getting a good (if not the most excellent) life partner who would be able to assist in one’s money management?

  • thoughtworks

    You can also invest in stock exchange overseas. Higher return than local stock market, but of course with higher risk..

  • Rice Blogger

    foreign currency trading is mostly luck as fluctuation of money is more unpredictable compare to stocks…..but if you were to try to benefit from foreign banks which offer better interest rate…it may be a good choice…but be reminded that interest rate change and when you change from RM to other currency, you have already lost money…therefore you will have earn them back

  • Why not buy some land plots like that in Profitable Plots or UK Land Investment

  • @_@???!!!
    so many many parten??
    i not so familiar with it……..
    thx for sharing

  • this post will be much useful to me if I can that much like LiewCF. :D

  • Jonut

    well i guess before we save or invest me must recognise our risk appetite and objectives.

    so we know wat kind of investments we should put our hard earn money on and based on our objectives would it be for short, medium or a long term thing =)

    i guess the best way for long term investment and hedging against inflation unit trust does the trick pretty well =) moderate in risk managed professionally n u dun have to monitor it =P

  • How much do you need to open the Gold Savings Account, Liew?

  • Mr Henree

    I do believe always invest back certain % to your online business will grow your business as well. Invest as in buying new books, attending new courses, advertising and promotions…

  • Larry

    It’s good to diversify but over-diversification can be a bad thing… your returns are diluted and you end up having to manage lots of different things. If you had a portfolio of blue chip shares and do a little research, you should be able to achieve 15% compound over the medium to long term.

  • Ladies, should buy this “Rich Woman” by Kim Kiyosaki,who insist on being financially independent. http://www.richwoman.com/

  • I would be most cautious with Mutual Funds, because they are managed by people who really are not investors but employees that receive payments by your transactions without caring if you win or lose money. Mutual Funds only make money when the market is going up, but a better thing is be able to make money when the market is going up and when it is going down (you can read about “The options market”). I think the Real Estate assets are a great investment but we must begin by focusing on our financial education first. That is the best way to reduce the risky actions on investments.

  • LiewCF, one of my client said that you only enjoy money when it is spent :)

  • LcF

    @KCLau: the real happiness is the ability to bring happiness to other people :)

  • LcF

    @TechMalaya: it is not about how much money you have, act it now and you will get the fruit.

  • Tim

    @Omar: I agree with you.
    It’s better that we monitor the market ourself or get someone experience to manage our investment.

  • My favourite is Amanah Saham, so far I’ve been getting 7% plus every year… I know it’s not fantastic, but should be better than Fixed D. If I have time to moniter the stock market, I think I can get 30% plus, but can also lose 30% plus.

  • Buying cheap house, Cheap doesn’t mean bad, recently people advice me to buy cheap house, people said sooner and sooner land are getting less, the cheap house will increase price same with the price of normal house now

    this is my 2 cent

  • thanks for sharing it
    lots of money wow!

  • Justin

    I disagree on gold. It has a poor track record with many myths surrounding it. I would fund my mutual fund or index fund more rather than investing in gold.

  • pp

    How do you do the EPF voluntary contribution? What’s the process like? Does it have to go through the company? Can I just make in through Maybank EPF online?

    on the gold investment, what makes you invest on it? On the first look, i’m very keen on investing on it, but the thing that holding me back is that, when you want to cash it out at a later years, the buying back rate is around 7-8% lower than the selling price set by bank. And of course, base on the gold price history, this year seems to be almost at the peak…..well, that’s what i think. Which bank do you engaged to?

    perhaps you can PM me? =)

    Happy New Year to u and all!!! hip hip hooraayy!!!

  • I love unit trust / mutual funds but remember it is meant for long term usually. I don’t aware that the self-employed can contribute in EPF. Good tip and information. When I self-employed one day, I probably know what to do. Thanks for the tip.

  • Steven

    EPF voluntary contribution no need do any application at all. That day went to EPF PJ asked about the process and was told no need to do application, can simply pay at the counter. So I paid some money for Nov 07 using cash.

    For Dec 07 I paid using Maybank2u and both transactions shows on my EPF statement as Self Employed Payment.

    Hope this helps.

  • garau

    Stock and unit trust would be the best place…but buying stocks you must have proper research, or maybe you can subscribe to those reputable stock recommending company eg iCapital.biz

  • Great tips, thanks..

  • If I’m not mistaken 5 gram needed to open Gold saving passbook

  • LcF

    @Hasbullah: yes, minimum is 5 gram

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