Money matters, why you should never let others manage your finances
While financial literacy is key to making informed decisions, trust plays an equally important role in managing wealth.
Managing personal finances is a crucial skill that affects every aspect of life.
While financial literacy is key to making informed decisions, trust plays an equally important role in managing wealth.
Without the right safeguards, misplaced trust can result in financial losses and setbacks.
During the She Leads 6: Crowned in Confidence – Smart Money Moves to Thrive Financially event hosted by Sinar Daily, supermodel-turned-entrepreneur and Humble Pie founder Zahnita Wilson shared that she learned this lesson the hard way.
"I can say my biggest mistake was trust," she revealed.
"Finding the right people to trust in running your business is one of the biggest challenges I’ve faced.
“I made the mistake of allowing others to control my money without proper oversight," she told the audience at the event at Karangkraf Complex recently.
Zahnita cautioned against relying on influencers or others who may not have your best interests at heart.
She explained that her biggest mistake wasn’t just trusting the wrong people but giving them control over her financial decisions.
“It’s your money, don’t let other people take advantage of you,” she added.
Financial expert and founder of Ringgit Oh Ringgit, Suraya Zainudin, echoed similar sentiments, emphasising that entrepreneurship comes with its own financial challenges.
"One of the hardest things about quitting a job and becoming an entrepreneur is the lack of structure.
“There are too many moving parts, and sometimes, people claim they can help you, but instead, they take advantage of your inexperience,” she shared.
Suraya highlighted the importance of recognising one’s value and skill set to prevent exploitation.
She shared her experience as a freelance writer, initially earning just $2 (RM8.90) for a 1,000-word article without realising she was undercharging.
It was only after speaking with other writers that she discovered her work was worth much more, eventually increasing her rates to as much as $10,000 (RM44,500) per assignment.
She stressed the importance of having open conversations about money within professional circles.
"Many people don’t even realise they’re being underpaid. Talking about salaries and freelance rates with peers can help you assess whether you’re getting what you deserve.
“Without that information, it’s tough to negotiate for better pay,” she said.
Financial literacy, she added, is crucial for making informed decisions.
Despite having a background in communications rather than finance, she learned to read financial documents and understand the fine print.
For most people, the simplest way to begin developing financial knowledge is by reading books on finance, as they are vetted and edited, making them a more reliable source of information compared to sales-driven financial advice.
She also pointed out that financial habits are often shaped by upbringing. T
hose fortunate enough to have financially literate parents gain an early advantage, while others must take the initiative to educate themselves.
Many individuals place their trust in financial advisors or agents who may have sales-driven motives, leading to investment decisions based on trust rather than proper research, which increases the risk of falling victim to scams.
She advised individuals to be cautious and well-informed before making financial commitments.
"You can’t take shortcuts in financial literacy. Read a book, do your research, and don’t blindly trust others with your money,” she added.
Both Zahnita and Suraya emphasised the importance of financial awareness and caution when entrusting others with money.
By taking charge of their finances, individuals can avoid costly mistakes and secure a more stable financial future.
Sinar Daily’s first anniversary, empowered women with financial knowledge and confidence. Suraya and Zahnita led discussions on debt psychology, financial pitfalls and stability strategies.
Beyond financial literacy, the event fostered networking and shared experiences. Attendees enjoyed a hi-tea session, curated goodie bags, and a lucky draw of a return flight ticket to Seoul.
She Leads 6 proved to be an inspiring platform for women to take charge of their financial future.
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