Navigating Parenthood and Financial Security: My Journey as a Wealth Manager and Expat in Malaysia

Hello there! My name is Jake, and I've been calling Malaysia my home for nearly a decade now. I work as a Wealth Manager, helping people secure their financial futures. While my professional life revolves around ensuring others' financial stability, recently, my life took a joyful turn with the arrival of our second child. My wife and I are committed to building our life here in Malaysia for the long haul. This country has so much to offer, and we both feel that bringing our kids up here will be beneficial for them in many ways. However, it does mean that I need to plan accordingly as there are some things that aren’t free or heavily subsidised like there are back home in the UK.  

In this blog post, I'd like to share my experiences and insights into how I'm ensuring my family's financial well-being during this exciting phase of our lives.

Prioritising Health Insurance.

The first lesson I learned as a parent was the importance of health insurance. Bringing a new life into the world is an incredible experience, but it also comes with expenses. Health insurance was our safety net, not just for covering the cost of childbirth but also for unforeseen complications that can quickly drain savings or investments. Having comprehensive health coverage provided us with peace of mind during this critical time. We also ensured we took an international policy that follows us should we decide to move to another country for a period of time.  

While public healthcare in Malaysia is both accessible and affordable compared to private options, I consistently advise my expat clients on the benefits of health insurance. Having international coverage is crucial as it guarantees access to private healthcare professionals fluent in English, and in certain instances, it enables you to find specialist hospitals where doctors can provide services in your native language.

Securing My Family’s Future with Life Insurance.

As the main breadwinner in the family, I understand the importance of securing our family's future in case of unforeseen circumstances. I recently took out a life insurance policy that will protect my family for the next 25 years. This gives me immense peace of mind, knowing that if anything were to happen to me, my family would receive a substantial sum of money to maintain their way of life and fund our children's education. This is something that I cannot stress enough on as generally the younger you start this the cheaper it’ll be. For example, it would cost me USD 90 per month to provide me with USD500,000 worth of insurance for the next 25 years. It works out around $3 per day which is around the same price as a cup of coffee from Starbucks. No one ever hopes to have to use it, but at least it is in place to keep the family protected at all times.  

Planning for Our Children's Education.

While my kids are still young, I'm already thinking ahead about their future higher education. Education is an investment in their potential, and I want to ensure they have the best opportunities. If we were to decide to continue living in Malaysia, my children will be treated as international students and I am acutely aware of the high standards and costs associated with international schools here. My next financial step will be setting up an education fee plan by contributing to a regular savings plan for both of them. This plan will help me build a substantial fund to send them to the university of their choice when they turn 18.  

By starting early, my money is put to work, and only 60% of the end sum is my initial capital with the remaining 40% being investment growth. Based on the calculation here, you can see that it’ll only cost me USD300 per month over the next 18 years to accumulate over USD100,000 in savings. This proactive approach will ensure that they can pursue their dreams without being burdened by student loans. If for any reason they don’t decide to pursue higher education then the money can be used for other purposes, but at least they’ll have the option.

Do you need help setting a target amount for your children? We can jump on a quick call and I can do a complimentary projection for you based on your financial goals. Simply, email me at jakemowson@melbournecapitalgroup.com and I will be in touch.

Living as an Expat Family in Malaysia.

Beyond financial planning, adapting to life in Malaysia as an expat family has its unique joys and challenges. From finding the right community to understanding the local education system, there's a lot to navigate. But with the right planning and support, Malaysia can quickly feel like home. Feel free to join one of my monthly social meet-ups by signing up to our Social Hub Mailing List. We get together over golf, drinks and even curries.

Parenthood is a remarkable journey filled with love and joy, but it also brings increased responsibilities, especially when it comes to financial planning. As a Wealth Manager in Malaysia, I've come to understand the importance of securing our family's future through health and life insurance. Additionally, I'm taking steps to ensure our children receive the best education possible by setting up an education fee plan. These financial strategies provide us with peace of mind and allow us to focus on the moments that matter most – watching our children grow and creating lasting memories in this beautiful country we call home.  

I am proud to have already helped a large number of families with some of the topics covered above, and I look forward to helping more and more families in the years ahead. Email me at jakemowson@melbournecapitalgroup.com if you would like to schedule a quick catch up over coffee to discuss your goals.