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The Sun
2 hours ago
- Business
- The Sun
Don't chase job titles, focus on paychecks, job seekers told
SOMETIMES, job titles—no matter how impressive—do not necessarily translate to equally impressive pay cheques. Recently, a Threads account advised Malaysian job seekers to avoid 'chasing job titles'. The account shared that having a higher position in a company does not necessarily mean receiving a higher salary. 'I once met a manager earning only RM3,000 – I have also met an analyst with a RM21,000 salary,' the account stated in a post. The account owner further explained that despite having a 'downgraded' job title, their salary gradually increased, pushing the idea of applying for the job even when the position is on the lower rung of the company ladder. 'We do not know the company's budget. Every company and industry is different,' the account added. Most users agreed with the post, understanding that the end goal is to strive for better income, rather than focusing on job titles. 'These tips resonated with me. I went down three levels but my pay scale rose by 89%. To me, it's not about the job title because I don't need validation, but about how much I'm worth,' one user stated. 'Put aside the titles. They're just for those who want to show off at home. In the end, it's all about what helps pay the bills and puts food on the table,' another commented.
The Sun
4 hours ago
- Business
- The Sun
Job seekers advised not to 'chase titles' but focus on paychecks
SOMETIMES, job titles—no matter how impressive—do not necessarily translate to equally impressive pay cheques. Recently, a Threads account advised Malaysian job seekers to avoid 'chasing job titles'. The account shared that having a higher position in a company does not necessarily mean receiving a higher salary. 'I once met a manager earning only RM3,000 – I have also met an analyst with a RM21,000 salary,' the account stated in a post. The account owner further explained that despite having a 'downgraded' job title, their salary gradually increased, pushing the idea of applying for the job even when the position is on the lower rung of the company ladder. 'We do not know the company's budget. Every company and industry is different,' the account added. Most users agreed with the post, understanding that the end goal is to strive for better income, rather than focusing on job titles. 'These tips resonated with me. I went down three levels but my pay scale rose by 89%. To me, it's not about the job title because I don't need validation, but about how much I'm worth,' one user stated. 'Put aside the titles. They're just for those who want to show off at home. In the end, it's all about what helps pay the bills and puts food on the table,' another commented.
The Sun
3 days ago
- Business
- The Sun
Fishermen need to venture into marketing to expand income
KLANG: The Malaysian Fisheries Development Authority (LKIM) has urged fishermen nationwide to venture into marketing activities rather than focusing solely on fishing to increase their income. LKIM chairman Muhammad Faiz Fadzil said the extra step forward is necessary, taking into account that the income of fishermen remained stagnant every year, requiring assistance from many parties including the government. 'I myself have done a business review and found that many companies such as supermarkets have made huge profits to the point of being listed on the stock exchange, while they are not the ones who face the rigours of going out to sea. 'This matter indirectly raises questions about the status of local fishermen in the country's economic structure, it is very pathetic since many are still living in poverty,' he said in Bandar Bukit Tinggi here today. Muhammad Faiz said LKIM is formulating a more aggressive strategy to elevate the status of fishermen to also double up as traders who will be managed by the state fishing association. He said the initiative also has the potential to be realised through the aquaculture sector in line with the government's target to ensure that the aquaculture industry contributes 40 per cent of the national fish supply by 2030. 'With the aim ion of establishing the 'Gagasan Nelayan Jaga Nelayan' movement in the next 10 years, I call on all fishermen to increase their confidence so that they are capable of breaking out of the poverty cycle. 'From here on, fishermen through their respective associations must change their mindset to streamline the existing governance structure to prevent fishery resources from being exploited by inappropriate parties in the value chain,' he said. In another development, Muhammad Faiz also reminded the 40,000 fishermen who received fuel subsidies totalling RM1.6 billion nationwide to comply with the terms to ensure a continuation of the subsidy. He said that LKIM, which is also a statutory body under the Ministry of Agriculture and Food Security (KPKM), will not compromise but will impose strict action against fishermen who defaulted. Earlier, Muhamad Faiz officiated the 40th annual general meeting of the Selangor State Fishermen's Association (PENEGOR) which was also attended by nearly 100 leaders from area fishermen's associations (PNK) statewide. In the same event, the National Fishermen's Association (NEKMAT) also presented zakat totalling RM21,000 to PENEGOR members.
The Star
4 days ago
- Business
- The Star
Tips on how to start saving money, even if you're starting from scratch
Saving money can feel like an uphill battle, especially when you're starting from zero. But here's the good news: No matter how small your bank balance, it's never too late to start building your savings. With the right mindset, tools and strategies, you can transform your financial future one dollar at a time. About four in 10 adults in the United States (44%) could cover the cost of a US$1,000 (RM4,330) emergency with savings, according to Bankrate's recent annual emergency savings report. You might think you need to make more money in order to save, but there are actually plenty of other ways you can start your nest egg today rather than tomorrow. Here are seven tips. 1. Set clear savings goals The key to successful saving? Knowing what you're saving for. Whether it's an emergency fund, a down payment on a house, or a dream vacation, having specific goals can keep you motivated and on track. Start by writing down your savings goals, giving them names (like 'new car' or 'wedding'), and setting deadlines for when you want to achieve them. Then, calculate how much you need to save each month to reach your target amount by your deadline. 2. Create a budget that works for you Budgeting doesn't have to be scary. At its core, a budget is simply a plan for making sure you're spending less than you earn. While spreadsheets can be helpful, the key is finding a budgeting method that works for your lifestyle and personality. One popular approach is the 50/30/20 rule. Here's how it works: 50% of your income goes to needs (like housing, food and healthcare). 30% goes to wants (like dining out, hobbies and streaming services). 20% goes to savings and debt repayment. To get started, track your income and expenses for a month, then categorise them into needs, wants and savings. If your spending doesn't align with the 50/30/20 split, look for areas where you can cut back or adjust. Another helpful strategy is the 30-day rule. Before making any non-essential purchases, wait 30 days. This gives you time to assess whether the item is truly worth the cost and can help curb impulse buying. Make budgeting a habit; it helps make sure you're spending less than you earn. 3. Tackle high-interest debt High-interest debt, like credit card balances, can be a major obstacle to saving. According to a recent Bankrate survey, over half of American credit cardholders carry a balance from month to month, with annual percentage rate (APR) often ranging from 20% to 30%. (In Malaysia, interest rates for credit cards range from 15% to 18% per annum.) Let's say you have a US$5,000 (RM21,667) credit card balance with a 25% APR. Even if you pay US$300 (RM1,300) per month, you'll end up paying an extra US$1,579 (RM6,842) in interest before reaching a zero balance. That's money that could be going into your savings instead. While it might not feel like paying off debt is helping you save, eliminating those costly interest charges can free up more money to put toward your goals in the long run. 4. Build your emergency fund Life has a way of throwing curveballs when we least expect them. Whether it's a car repair, a medical bill, or a job loss, having an emergency fund can help you weather financial storms without derailing your savings progress. Aim to save enough to cover three to six months' worth of essential expenses in a separate, easily accessible account. Start small if you need to, even if it's just US$50 (RM216) or US$100 (RM433) a month. The important thing is to make saving for emergencies a regular habit. Whether it's a car repair, a medical bill or a job loss, having an emergency fund can help you weather financial storms. One of the easiest ways to save more consistently? Make it automatic. Set up recurring transfers from your checking account to your savings account each payday, so you're saving without even thinking about it. You can also take advantage of money-saving apps which can analyse your spending habits and automatically move small amounts of money into your savings when you can afford it. 6. Separate your spending and saving If you struggle with the temptation to dip into your savings for impulse purchases, consider keeping your spending and savings accounts at separate banks. This creates a psychological barrier between your spending money and your savings, making it less likely you'll raid your savings on a whim. 7. Find extra money to save Saving more doesn't always mean earning more. Take a close look at your spending habits and see if there are any areas where you can cut back, like subscriptions you don't use or impulse purchases you later regret. If combing through your expenses sounds tedious, try temptation bundling – pairing a task you don't enjoy with a reward you do enjoy. For example, only listen to your favourite podcast while reviewing your budget and cancelling unused subscriptions. 'You create a way to reward yourself for doing an unpleasant but important activity,' says Mariel Beasley, co-director of Common Cents Lab, a financial research lab at Duke University. You can also look for extra cash streams to boost your savings, like a side hustle, selling unused items or depositing gift money directly into your savings account. Starting to save can feel daunting, but the most important thing is to just start. No amount is too small, and no goal is too insignificant. By setting clear goals, creating a budget, tackling debt, and automating your savings, you can build a solid financial foundation one dollar at a time. Remember, everyone's financial journey is different. Stay open to trying new strategies and tools until you find the ones that work best for your unique situation and personality. With persistence and creativity, you can turn saving from a chore into a rewarding habit that pays off for years to come. – News Service
Malaysian Reserve
22-05-2025
- Malaysian Reserve
Americans are choosing a hot Caribbean vacation this summer
With lower airfares and value-packed luxury resorts, tropical island escapes continue to rise in popularity over pricey European trips by LEBAWIT LILY GIRMA MICHELLE Ruiz had her heart set on a trip to the south of France for her yearly summer getaway with her husband. But the US$5,000- (RM21,850)-a-night rate in mid-July at Grand-Hotel du Cap-Ferrat stopped her in her tracks. Her husband suggested they vacation in the Caribbean instead, and suggested Rockhouse, a luxury boutique property in Negril, Jamaica. A premium villa with ocean views there was available for about a tenth of the Grand-Hotel's price: US$574 per night. Given its cliffside location and access to azure swimming coves, Rockhouse 'kind of looks like it's in Europe', Ruiz said. 'It would satiate that desire to be somewhere rocky and picturesque, and be at the beach without spending thousands of dollars per night' on accommodations alone. Plus, she added, for another US$385 per person, she was able to book a five-day spa package that covers daily 50-minute treatments; for nearly the same price, you'll get just one 60-minute massage at the Grand-Hotel du Cap-Ferrat. Including airfare from New York to Montego Bay, Ruiz said her entire trip (minus meals) will cost as much as one night at the five-star French icon. With European hotspots increasingly overpriced, overcrowded and affected by the anti-tourism protests that are gearing up for a second summer, a growing number of Americans are trading the Riviera and other parts of the Mediterranean for islands that are closer to home. As of April 10, the Caribbean had experienced a 26% year-on-year (YoY) increase in overall summer bookings according to data provided exclusively to Bloomberg by the Virtuoso Travel Network, a collective of about 20,000 travel advisors. And there's still plenty of time for people to firm up their summer plans. With more Americans looking to travel closer to home, demand for a hot Caribbean vacation seems poised to keep growing as long as economic uncertainty persists. And anyway, summers in Europe are increasingly hot, too — in July 2024, coastal Mediterranean areas regularly reached 40°C, while most Caribbean islands hovered below 32°C. Plus, geopolitical tensions are creating fears that Americans will face hot tempers. Enter the 'hot Caribbean summer' trend, as we're calling it. Yes, it technically emerged amid the pandemic. But its growth has lately been so sharp that Caribbean destinations have become two of the five most popular summer destinations for Americans, accord- ing to data from aviation analytics firm Cirium. Using last year's July bookings, it declared Mexico the most popular summer vacation destination for Americans overall by a long shot — though its Caribbean coast is just one part of its broader appeal. The Dominican Republic overtook Italy and France to land in the fourth spot right behind Canada in the UK, which ranked second and third. A broader list of the top 20 destinations, shows Jamaica (No 13) and the Bahamas (No 17) ranking ahead of perennial favourite Greece (No 20). (Because Cirium primarily uses retrospective data, summer 2025 booking patterns won't be clear until the fall.) The primary draw for Caribbean-bound Americans: Savings. The average daily rate at luxury hotels across the islands has decreased by 6% compared to 2024, Virtuoso's data shows, while summer airfare is also down 3% YoY according to Kayak. The sharpest savings this summer, the company said, can be found on fares to smaller islands, such as Saint Barts (-31%), Bonaire (-28%) and Dominica (-17%). And prices should continue to fall as major US carriers and upstart discount airlines expand service to the region. Among the new options: Weekly nonstops to Punta Cana on Spirit Airlines (which started on March 20), an American Eagle route from Miami to South Caicos, and JetBlue's service from New York to Bonaire, which kicked off last November. Fowl Cay is an all-inclusive private island resort north of Grand Exuma in Bahamas Yet another 23 destinations in the Americas and the Caribbean are now connected to one another on the new Dominican national carrier Arajet, which continues to add routes. The airline's founder and CEO Victor Pacheco said fares (from US$250) are 'even more affordable than domestic travel' in some cases. Fiona Simpson, an Atlanta-based traveller who works in sales, has made the hot Caribbean summer an annual tradition since 2021. She said the value for her dollar goes much farther in the Caribbean compared to other regions — praising the region's flavourful cuisine and top-notch hospitality. 'Even in the most simple beach-side restaurant, you're getting thoughtful service,' she said. This year, for her partner's 50th birthday in July, she's planning eight days at Fowl Cay, an all-inclusive private island resort north of Grand Exuma in the Bahamas. 'I really thought it was going to be an insane, crazy cost,' said Simpson, noting that the total for plane tickets, hotel stays and daily access to a boat the resort provides came to less than US$20,000. A vacation like that in Europe over the same dates would have cost a lot more, she added. There's the convenience of shorter flights, too, with no jet lag. That's part of what drew Connecticut-based magazine editor Kristin Koch Kennedy and her family — including four children between the ages of six months and eight years — to vacation in the Caribbean twice last summer. Another was cost — for hotels and airfare alike. 'We felt like we could save Europe for when our kids are a bit older and can enjoy sightseeing and things like that,' she said. Jamaica-bound Ruiz, meanwhile, is already daydreaming about what she'll find in Negril besides the Mediterranean-like scenery — namely, the island's famed food and music. It's the type of cultural draw she seeks as well when going to Europe. The idea of it all is so tempting, she's mulling a return trip before she even sets foot on the island. After, all, she said, the villas at Rockhouse include a loft that could easily fit her family of four. It's slightly less grand than the premium ocean-view villa she booked for July, but it has extra beds and — at US$495 a night — it's an even better value. — Bloomberg This article first appeared in The Malaysian Reserve weekly print edition
