Students at INTI International College Subang learned about financial planning and were challenged to think out of the box at a bootcamp on ‘Intangible Financial Planning’ held on 5 November 2022 at INTI International College Subang. The students were given a case study by MCG Wealth Management, one of INTI’s industry partners, during the event.
The case study, which was designed for the students participating in the bootcamp, required them to present their understanding about financial planning for them and their parents, the career pathway of a financial consultant, and the pros and cons of a career in financial consulting.
As they showcased their findings, Jessy Chan, a Financial Planner at MCG Wealth Management advised them to prioritize their spending to ensure progression instead of just keeping the status quo. This includes creating short-term goals such as saving for a deposit on property or a car down payment, and making sure money is put aside for them.
Starting an all-cash diet was another tip given by Jessy.
Students gained invaluable knowledge at the ‘Intangible Financial Planning’ bootcamp organized by the Career Services department at INTI International College Subang on 5 October 2022.
“If you have a habit of spending excessively online, this will help you get out of it. Many people’s lives were forever changed by the cash diet. Go ahead and give it a try. We promise you it is a lot less scary than you imagine it to be,” she said.
On the career pathway of a financial consultant, she said being a financial advisor provides a range of opportunities that is available in various fields. Successful financial consultants offer valuable advice to their clients and in return, they get unlimited earning potential, a flexible work schedule, and their choice of professional specializations. However, just like other careers, working in this field also has its drawbacks such as time and effort to build a stable client base, meticulous detailing on regulatory requirements within the field and stress at times.
MCG Wealth Management’s manager and associate financial planner Mike Chang Mun Hoe emphasised on the importance of students thinking outside the box, adding that it helps them become better thinkers to learn new things and come up with new strategies, as well as create plans to implement their newfound knowledge.
“Financial planning is the process of evaluating someone’s financial situation and creating a plan to help them achieve their short-term and long-term money goals. It is comprehensive and covers virtually every aspect of a person’s financial life. A well-rounded financial plan typically includes strategies for saving and investing money, budgeting, debt repayment, retirement planning, taxes, and insurance. Financial planning for families may also include things such as homebuying and saving for college,” he explained.
Students engage with each other in groups during the case study presentation at the bootcamp.
He said financial planners work with clients to create a financial plan, but this is also something that one can do on their own.
“As young adults, you may not need to pay taxes, debts, monthly instalments, and insurance as yet, but it is good practice if knowledge on financial planning is instilled from now because it is never too early to save for your retirement. The earlier you save for retirement, the longer time your money has to grow and benefit from compound interest. Time is a powerful lead for your savings, so putting off saving for a few years might dramatically shrink your retirement funds,” he added.
Meanwhile, INTI International College Subang’s academic dean Eric Lee said bootcamps conducted at INTI aims to equip students with 21st century skill sets which include critical thinking, collaboration, communication, and creativity on top of global employability.
“Bootcamps are a platform for our students to express their ideas and thoughts through case studies which we hope gives a glimpse of what is expected from such a fast-paced industry. It will also be a learning curve for the students as they receive insightful feedback from industry partners who are also professionals in the field,” he concluded.