Thursday, January 10, 2019

In/Outcome: Manage Your Income, Achieve Great Financial Outcome (2018), Book Review

In/Outcome: Manage Your Income, Achieve Great Financial Outcome (2018)
by Amelia Hong

I bought this book because I really need to manage my finance. John Newton echoes my response to this book: “I once was lost but now I'm found, was blind but now I see.” Although I’ve read Robert Kiyosaki’s Rich Dad Poor Dad and Cashflow Quadrant recently (most popular books on financial literacy), I don’t feel ‘home’ because the context of these books are mostly for American readers and very general at that. Of course, it was very helpful and I’m glad that Robert of many people help me to understand about the important of financial education. But I also desire to read financial books that are written by Malaysians in Malaysian context for ordinary Malaysians like me. Yes, I found KC Lau’s Top Money Tips for Malaysians very interesting (half way reading it) but Amelia’s In/Outcome is much more comprehensive without being too simpleton or complicated, clear and concise, refreshing and practical. Just right for me.

Amelia Hong is a licensed financial planner and has more than 10 years’ experience in the financial services industry. She earned her MBA from University of Nottingham and Bachelor of Economics from UKM. “An old saying goes: ‘When we are young, we sacrifice our health to gain wealth but when we are old, we sacrifice our wealth to gain health’,” writes Amelia, “It is a vicious cycle, but not if we are prudent in taking care of our financial health at the early stage of our lives.” By using physical health analogy, she explains financial health from eight (8) important organs or functions of the body:

Chapter 1 Heart of the Matter: Where Are You Now
Chapter 2 Heading Off: Where Do You Want to Be
Chapter 3 Keeping the Eye on the Ball: What is Your Game Plan
Chapter 4 Getting Hands On: How Do You Get There
Chapter 5 Flexing Your Muscles: What Do You Do Now
Chapter 6 Building Your Immune System: Handling Misfortunes
Chapter 7 Having Cold Feet: Dealing with Complications
Chapter 8 Peace of Mind: Wrapping It Up

For the past few years (I minimize my guilt here), I was very careless or care-less about financial freedom. I wasn’t even bother to study about money (this can be proven by my book review and book selections for the past 7-10 years). I spent money as if tomorrow never come, being generous here and there and justified my spending under the half-truth philosophy of ‘Money is not everything.’ Many time I came to the point of more month than money. This was “a vicious cycle” as Amelia puts it. No more! I stopped being an ignorance year ago and now resolve to take responsibility for my personal finance. It’s not too late. This line from the book inspired me: “Do not wait until you are older. Most people only look into their personal finances during their late thirties and mid-forties. By then, you will need a lot of catching up to do compared with starting at a younger age where efforts may seem more like a walk in the park. But fear not, it is never too late, and being prepared is always better than being ignorant.” Knock! Knock!


Interesting links:

1) Listen to Amelia’s interview talking about this book @ BFM 89.9 [CLICK HERE]
2) To read the Introduction of this book and download Cashflow, Networth and Financial Ratios spreadsheets go to the official website @ In/Outcome [CLICK HERE]

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