iWealth Basic Tutorial

Here you will find some guides that teach you how to use iWealth. Check back often for updated content!

iWealth Tutorial #13

Why and when do you need to update your roadmap?

iWealth is a dynamic, and versatile mobile application that is designed to be your financial companion. It is available 24/7 to support and help you achieve all your financial goals via the device’s proprietary Roadmap to Financial Freedom.

As such, you are encouraged to update your Roadmap to Financial Freedom from time to time (minimum at least 6 months once), or as and when a life event (marriage, buying a dream home) occurs. This is to ensure that the personalised strategies recommended to you by iWealth continue to be relevant to you, and your latest financial situation.

For example, iWealth shows that you need to save RM30,000 per year to achieve financial freedom. However, a recent life event , for example, your wife had given birth to a new child and you are inspired to provide RM100,000 for your child’s tertiary education funding. Almost instantaneously, the existing Roadmap to Financial Freedom that you have created before your child’s arrival, would become irrelevant to you. Instead, you may need to save more to ensure that you are on track to achieve your financial freedom. In order to find out how much more to save, you need to go back to iWealth to update your roadmap.

Potentially, you may even change jobs and receive a huge RM2,000 increment to your monthly income. That would mean, if all things remain status quo, that you can now afford to save more, such as an extra RM1,000 per month. Surely, that will give a positive impact to your Roadmap to Financial Freedom. You can now either afford more vacations, or better yet, retire earlier. So, it is important that you regularly update your information on iWealth to find out what possible impact or changes to your Roadmap to Financial Freedom.

In another example, you may wish to purchase something major like a car. However, you are not certain if you should buy a RM60,000 car or a RM100,000 car. iWealth can help you out. By keying in the cost of each car in the iWealth app, you can see the impact of each decision. In doing so, you would be more confident and take the stress out of your decision-making.

The situational analysis contained in iWealth’s Roadmap to Financial Freedom is not cast in stone. Meaning, the financial information found on iWealth can change and evolve as your journey through life. You can have many versions of your Roadmap to Financial Freedom on the iWealth app, which is unique to your financial situation. And the beauty of it, it is FREE. Therefore, continue to update your latest financial situation, and in turn, the app would serve as your most important partner in your journey to achieve financial freedom. 

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