Don't let loans overwhelm you - Erin Adlina
Managing loans with the right mindset: Insights from She Leads 4
LOANS can often seem intimidating, but their impact depends on how they are managed and repaid, with the right mindset playing a crucial role.
During the panel discussion at Sinar Daily's "She Leads 4: Don't Go Broke in Your Golden Years" curated networking event, financial and wealth planner Erin Adlina Adnan shared insights on managing personal finances and securing a financially sustainable future.
She advised caution to avoid overextending oneself with excessive debt.
"If you see loans as a burden, it's understandable to be hesitant about taking them out.
"However, it's all about mentality. Loans aren't inherently good or bad; it's how you use, manage, and repay them that truly matters," Erin said during a panel discussion recently at the Karangkraf headquarters on Aug 27.
The fourth installment of the pocket series captivated audiences by focusing on critical topics like retirement finance management and the importance of empowering women financially.
Erin, alongside Employees Provident Fund (EPF) Policy and Strategy Department Head Balqais Yusoff and Maybank Trustees Bhd Chief Executive Officer Nor Fazlina Ghouse shared practical strategies and valuable insights to empower women in addressing financial challenges and securing their financial futures.
Erin also pointed out that loans come in various forms, such as business, personal, mortgage, and car loans, emphasising that a loan is essentially borrowing money, whether from a bank or a loan shark.
Drawing from her experience, Erin cited that many of her younger clients, under 30, often have personal loans even before getting married.
Erin added that loans are easily accessible from any bank, and with today's aggressive loan officers, receiving loan offers has become a routine part of everyday life.
"You have the choice to decide which loan to take out. If a loan helps you buy a car and you can manage the monthly payments, then go ahead.
"If you need a mortgage for a house and can handle the payments, go for it. However, always remember that interest is part of the equation as well," she said.
Erin stressed the importance of recognising that while loans can help acquire essential assets, they come with interest. She warned that loans are a form of debt and responsibility, not free money, and advised the audience to manage their finances carefully.
"I hope people educate themselves and genuinely understand the risks, and feel cautious about taking on too many loans," she said, adding that unfortunately many of her retired clients had to use their EPF funds to first pay off their debts.
She Leads, a networking series for professional women, focused on financial empowerment and sustainability. The panelists discussed practical strategies for overcoming financial challenges and ensuring a secure future, emphasising the importance of creating wills and trusts to protect assets and provide for loved ones.
