Stage 03 - Growing Your Career, Business and Wealth
After years of hard work, your career or business is growing. Life is more comfortable, and you have more choices for your family.
But as your income grows, so do your responsibilities. Your children’s education, your retirement and your family’s protection all need some attention.
Meet Jia Wen - A New Opportunity, A Bigger Decision
Jia Wen is now 38, living in Melaka with her husband and their two children — a 9-year-old daughter and a 6-year-old son.
She still has her full-time job, while her husband has spent years building his own business. Things are going well, and the business is getting busier.
One evening, her husband brings up an idea.
“The business is growing. I’m thinking of expanding, but I can’t manage everything on my own. What if you leave your job and join me?”
Jia Wen is excited about the possibility. But leaving her stable job also means giving up a regular salary and some of the benefits that come with it.
With two children, a housing loan and future plans to think about, she wonders:
“If we both depend on the business, what happens to our family when business is slow?”
A Conversation About Their Future
That weekend, Jia Wen and her husband sit down to talk about their future.
“We’ve worked hard to grow the business,” her husband says. “If things continue going well, we should be able to provide for the children’s education and our retirement.”
Jia Wen agrees, but something is bothering her.
“What if the business needs more money to expand? What if we have a few difficult months?”
They realise that although the business is growing, much of their family’s future still depends on how well it performs.
They had started setting aside money for education, retirement and unexpected expenses when their children were younger.
But now, with two growing children and plans to expand the business, they wonder whether those savings are keeping up with their needs.
They agree to review how much they can comfortably set aside, while continuing to keep their family’s savings separate from money needed to run the business.
A growing business can create more opportunities, but their family’s future shouldn’t depend entirely on it.
Something Else They Had Overlooked
As Jia Wen thinks about leaving her job, she remembers something else.
Her current employer provides medical coverage and contributes to her EPF. If she joins her husband’s business, will she still receive similar benefits?
She also remembers the conversations they had about family protection when their children were younger.
Several years have passed. Their children are growing, household expenses have increased, and the business is much bigger than before.
Would their existing protection still be enough if either of them became seriously ill or couldn’t work?
There is also another question they haven’t fully discussed.
If Jia Wen joins the business, what would her role be? Would she receive a regular salary? Would she have any ownership in the company?
They realise that working in the family business doesn’t automatically mean becoming a business owner.
Before Jia Wen makes her decision, they agree to look at their household income, employment benefits, existing protection and how her role in the business would be arranged.
They don’t want to rush into leaving her job or buying more insurance. First, they want to understand what would actually change and what their family needs.
What I Wish I Knew When Our Income Started Growing
1. A growing business doesn’t mean all the money is available for our family.
The business needs money to operate and grow. We should keep some savings separate for our family’s needs.
2. The savings we started earlier need to grow with our responsibilities.
We had already started setting aside money for our children’s education and retirement. But as our family grows, we need to review whether those amounts are still enough and adjust them when we can afford to.
3. Changing jobs can affect more than our monthly salary.
Before leaving a stable job or joining a family business, check what happens to our income, EPF, medical benefits and responsibilities.
4. Our family’s protection should still fit our needs.
As life changes, review what we already have and whether it still meets our needs. More insurance isn’t always the answer.
5. Working in the family business doesn’t automatically make us a business owner.
Before joining, be clear about our role, salary, responsibilities and whether we will own any part of the business.
A Quick Check for Yourself
As your family and business grow, have you thought about these questions?
Children’s Education — Are we putting aside some money for our children’s future education?
Retirement — Are we saving for retirement outside our business?
Family Savings — Do we have enough savings available if the business has a difficult few months?
Family Protection — Have we reviewed our insurance as our family’s responsibilities have grown?
Career & Business — If one of us joins the family business, have we reviewed the impact on our household income, EPF and medical benefits, and clearly discussed the new role, salary, responsibilities and whether company ownership is included?
Which of these needs our attention first?
THE JOURNEY CONTINUES
Growing a business is only part of building a family's future.
Jia Wen hasn’t decided whether to join her husband’s business yet.
But she and her husband now understand that growing their business is only one part of preparing for their family’s future.
They want to make sure their children’s education, retirement savings and family protection are not overlooked along the way.
Every family moves at its own pace. What matters is knowing where you stand before making your next big decision.
As Jia Wen’s children grow older and retirement gets closer, another chapter of her financial journey begins.
Wondering if your family's finances are keeping up with your growing responsibilities?
As your career, business and family grow, it’s worth checking whether your financial arrangements are keeping up.
We can look at what you already have, what may need attention, and which step makes sense to take first.
Michelle Wan · Registered Financial Planner in Melaka