TY  - JOUR
T1  - A Real Case of less than Half a Million Net Worth:
An Approach for Financial Planning
AU - Lok, Stanley Yap Peng AU - Ying, Chong Wei AU - Yee, Cheok Mui AU - Wei, Leow Hon 
JO  - The Social Sciences
VL  - 13
IS  - 4
SP  - 883
EP  - 890
PY  - 2018
DA  - 2001/08/19
SN  - 1818-5800
DO  - sscience.2018.883.890
UR  - https://makhillpublications.co/view-article.php?doi=sscience.2018.883.890
KW  - Net worth
KW  -financial planning
KW  -wealth and financial independence
KW  -retirement planning
KW  -agent-aided support system
KW  -education
AB  - In emerging market, financial planning is essential to accumulate wealth and financial independence.
However, there is lack of awareness that could cause the retiree continues their workforce due to insufficient
pension fund. This study examines how working couples with less than half a million net worth evaluated
financial decisions in retirement planning using computer-aided financial fact sheets. This study adopted a real
case of a working couple to evaluate their composition of savings and investment for financial decisions.
Numerous analysis such as net worth analysis, insurance needs analysis, investment portfolio rebalancing,
estate planning, education planning and retirement planning are applied to enhance the findings. The results
highlighted that, firstly, financial planning is vital to achieve financial independence secondly, insurance needs,
education and retirement funding are the most significant for people and thirdly, the sources are critical to
maintain lifestyle after retirement, emergency fund such as diseases attack and the long term children education
funding. Pertaining to the findings with half a million net worth is insufficient, some suggestions include
reduction of unnecessary expenses, re-allocate of cash flow, adequate insurance coverage and re-balancing
of investment portfolios to accumulate wealth. It is a challenge to obtain financial independence, hence, there
is a need to increase the literature on financial planning. To the best of our knowledge, this is the first study
that adopted a real case to provide solutions to enhance the efficiency of financial planning industry.
ER  -