“Cash isn’t king. Cash flow is king.”

Last week we learnt that the Employees Provident Fund (EPF) is looking to introduce Account 3 which allows savings withdrawals to be made at any time, which is a particular concern, given the data point that “50% of Malaysian households can’t even raise RM1,000 to cover emergencies”, as noted by EPF Chief Strategy Officer Nurhisham Hussein.

One key aim here is to attract the interest of those in the informal sector to make contributions to the EPF, so that they can, as Nurmisham noted, “save and enjoy compound dividends while also meeting any immediate cash needs”.

With that in mind, on the back of this news around Account 3, we explore tips and fundamental advice on how freelancers, business owners, self-employed individuals and the informal sector can improve their personal finances and financial planning with Suraya Zainudin, Founder & Writer of ringgitohringgit.com, and Stephen Yong, Licensed Financial Planner with Wealth Vantage Advisor.