The Year of the Dragon: Time to Slay


The Year of the Dragon symbolises a new and prosperous beginning. We share 8 easily achievable tips to bring “ong” the prosperity!

As the Dragon ushers in a new zodiac cycle in 2024, it brings exciting changes and a chance to capitalise on the energy and symbolism of the Wood Dragon. Double up on prosperity with a combination of positive actions, strategic planning, and a mindset focused on abundance.

The year of the Dragon is associated with power, wealth, and good fortune. Dragon babies are considered to have good luck and possess characteristics that make them great leaders. Some famous billionaires are dragon babies (now dragon adults) like Jack Ma and Jeff Bezos, so perhaps they might want to share a bit of their ong with us. Like maybe RM1 million worth?

In Chinese culture, Dragons are associated with prosperity, abundance, good health, and protection. This year is the year of the Wood Dragon, so the characteristics of the Dragon – strength, good fortune, and luck – will be combined with the elements of wood – growth, progress, vitality, and creativity – to create the ultimate vortex of abundance. Harness the energy and symbolism of the Wood Dragon to lay the foundations for a solid financial future. Slayyy!

Here are 8 tips to enhance prosperity during this auspicious time:

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Define specific and achievable financial goals for the year. Break them down into short-term and long-term objectives and create a plan to work toward doubling your financial prosperity. The more specific you are, the clearer your path will be.

A short-term goal can be as simple as “save 20% of my salary each month”, or “finish paying off my car loan this year.”

Your long-term strategy should include legacy planning/wealth management. Putting this in place will take care of the tough stuff. Start by deciding what your aspirations and financial goals are to determine what you want to achieve through your legacy plan. Are you looking to provide for your family's financial needs, create a philanthropic impact, or both? By clarifying your objectives, you can align your legacy planning strategies with your broader vision.

Structure your assets in a way that aligns with your wishes, minimises potential tax liabilities, and ensures a smooth transfer of wealth through estate planning. Your Relationship Manager can help you connect with the right people in creating a comprehensive plan that includes wills, trusts, powers of attorney, and healthcare directives. Such planning ensures that your assets are distributed according to your wishes and that your loved ones are taken care of even beyond your lifetime.

Trusts offer a number of advantages, and they aren’t only for the ridiculously wealthy. Anyone can benefit from the flexibility, control, and tax advantages that trusts provide, allowing you to protect and preserve your wealth for future generations.
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If there’s one thing all financial experts agree on, it’s the power of diversification. Leverage the symbolism of the Dragon to seek opportunities for long-term wealth creation. Look beyond short-term market fluctuations and focus on building wealth systematically over time. There is no such thing as a shortcut to wealth, but it really isn’t difficult at all. All you need is patience and a little research.

A well-diversified portfolio that includes asset classes such as equities, fixed income, real estate, and alternative investments can help maximise returns while minimising risk. In the Year of the Dragon, there may be opportunities for significant growth in select sectors. Consider investing in areas that align with the Dragon's symbolic traits, such as technology, innovation, and emerging markets. There are even handy options that can do all the legwork for you.

If you like a bit of innovation and customisation in your approach, a structured product could be for you, as it can be tailored to provide exposure to particular assets classes, sectors, and even markets. Not only do you decide what to invest in, you can also determine the structure of the risk-return trade-off, whether you want to prioritise capital protection, income generation, or potential for enhanced returns.

If you prefer a more conventional and hands-off approach, you can’t go wrong with a unit trust fund managed by a professional fund manager.

Whatever your approach, your Relationship Manager can help you identify areas for diversification based on your goals and risk appetite.
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The Wood Dragon brings the energy of success, innovation, and creativity. If you’ve got the entrepreneurial streak, this could be your year to start being your own boss or expand your existing business.

Starting a business requires a lot of hard work and dedication, so it's essential to have a passion and purpose to sustain your drive. Take some time to explore what you love doing and what you're passionate about – then figure out how you can turn that into a business idea.

To give your business the best chance of success, thorough planning and research are essential. Evaluate market demand, competition, and potential customers. Develop a solid business plan that outlines your goals, strategies, and financial projections. Seek advice and guidance from mentors, industry experts, or business support organisations to refine your ideas and increase your chances of success.

As you start or expand your business, focus on building a strong foundation. Establish core values, define your brand identity, and craft a compelling value proposition. Invest in creating efficient processes, systems, and structures that will support sustainable growth. Surround yourself with a capable team or seek partnerships with individuals who complement your skills and share your vision.
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The stars are aligned for you to perfect your saving strategy. Identify the challenges in your current saving strategy and find ways to overcome them through changing your approach. You’ll find that your mindset will gradually shift your mindset to can-do, from can’t-do.

A solid, foolproof way to build abundance is to save strategically and consistently. Look for ways to cut unnecessary expenses such as subscriptions that you no longer use. Automate savings using your RHB Mobile Banking app and consider setting up different savings accounts for specific financial goals. Keep an eye out for special cashback offers on your RHB cards to give your savings a boost.

With the technology available today, it’s almost too easy to start saving. Take advantage of apps that allow you to allocate your spare change from everyday spending towards investments. These apps are free but bring plenty of value. Sikit-sikit, lama-lama jadi bukit!
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You are your best asset! Invest in yourself this year. Upgrade your skills and education to enhance your professional value. Become an expert in your field. Take advantage of tax incentives for skills development and pave the way for a new and exciting career path. There are plenty of free courses online as well that you can maximise in your free time.

Embrace the power of knowledge and recognise that continuous learning can help you stay relevant in a rapidly changing world. By continually upgrading your skills and knowledge, you equip yourself with the tools needed to adapt and succeed in your professional endeavours. Stay curious, seek opportunities to learn, and apply what you learn to your work.
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The Year of the Dragon is seen as a favourable time for successful negotiations. This is the time to actively seek opportunities for negotiation, whether in salary discussions, business deals, or financial agreements. Open up new pathways to positive change – you’ll be pleasantly surprised at what you can achieve.

Take advantage of this auspicious time to evaluate your worth and seek fair compensation for your skills and experience. Prepare by researching industry standards and benchmarks for your role. Consider your accomplishments, responsibilities, and the value you bring to the organisation. Whether it's negotiating a mortgage, loan terms, or investment opportunities, being proactive in financial negotiations can lead to significant benefits.
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Feeling stuck at work? Propel your career forward by taking on leadership roles. This could involve managing a team, leading a project, or taking initiative in decision-making processes. Demonstrating your ability to lead and take charge will not only enhance your skills but also make you more visible to higher-level positions and new opportunities. Instead of waiting for opportunities to come your way, actively identify areas where you can contribute and make a difference.
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Abundance isn’t only monetary – it’s also about finding happiness and purpose. One way to build a mindset of abundance is by sharing what you have with others. It sounds counterintuitive, but it’s true! Celebrate the success of others like you would your own. When you do, every day is a celebration.

Even your time is a precious commodity that can be shared. Dedicating a little bit of your time volunteering in your community can go a long way towards making others, and yourself, happy.

Consider contributing to charitable causes close to your heart. And, if you have plenty to share, why not set up a charitable foundation to benefit the cause? Some areas you can provide financial assistance in are education, health, and science.

Doubling up on prosperity involves a holistic approach, combining financial strategies with personal development and a positive mindset. By aligning your actions with the energy of the Year of the Dragon, you can create a foundation for increased prosperity and abundance.

From all of us at RHB, we wish you happiness and prosperity. Happy Chinese New Year, Gong Xi Fa Cai!
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