Wealth and legacy planning is the process of growing your money while ensuring it's protected and passed on to your loved ones. It combines building financial security today with preparing for your family's future.

This typically includes:

• Saving and investing to grow your assets

• Insurance to protect against unexpected events

• Estate planning to ensure smooth transfer to beneficiaries

• Rich: High income now, but often spent quickly

• Wealthy: Assets that generate income, provide lasting financial security, and can be passed on

Income makes you rich; strategy makes you wealthy. True wealth isn’t just about earning, it’s about preserving and growing what you have. With disciplined money management and thoughtful planning, the path from rich to wealthy is only a few steps away.

Start by spending less than you earn, saving consistently, and investing for growth. The key is to begin early – even small amounts grow significantly over time.

Basic steps to get started:

• Set a budget and save 10-20% of your income

• Build an emergency fund (3-6 months of expenses)

• Invest according to your goals and risk appetite

• Protect your wealth with adequate insurance

Manage your wealth by setting clear goals, diversifying investments, and reviewing your plan regularly. Good wealth management is ongoing, not a one-time task.

Key practices:

• Set financial goals for each life stage

• Diversify across different asset types

• Review your portfolio at least annually

• Update insurance as your wealth grows

Protect your legacy by combining smart investments with proper planning – including life insurance, a valid will, and clear beneficiary designations. This ensures your wealth reaches the right people without delays or disputes.

Essential steps:

• Write a will and keep it updated

• Ensure adequate life insurance coverage

• Name beneficiaries on all policies and accounts

• Communicate your plans with family

Insurance protects your wealth by providing a financial safety net against unexpected events like illness, disability, or death. It prevents a single incident from wiping out your savings or leaving your family in hardship.

How it works:

• Life insurance: Provides for your family if you pass away

• Medical insurance: Covers healthcare costs so you don't drain savings

• Critical illness: Lump sum payout for treatment and recovery

It ensures your family's financial security today and protects their future, even when you're no longer around. Without a plan, your loved ones could face unnecessary hardship during difficult times.

Benefits for your family:

• Financial security during emergencies

• Funds for major goals (education, home, retirement)

• Clear asset distribution without disputes

• Peace of mind for you and your loved ones

Consider a wealth planner when you have financial goals to achieve, assets to protect, or major life changes ahead – like marriage, parenthood, or retirement. The right time to start is now, regardless of your current wealth.

Signs you could benefit:

• Unsure how to invest or grow your money

• Multiple goals competing for limited resources

• Need help balancing protection and investment

• Planning for retirement or leaving a legacy

Financial planning focuses on achieving specific goals (like retirement or buying a home), while wealth management is a broader, ongoing service covering investments, tax, estate planning, and more.

• Financial planning: Goal-focused, often project-based

• Wealth management: Holistic, continuous relationship

You can start with whatever you can consistently save – even a few hundred ringgit monthly. What matters most is starting early and being consistent, not the amount.

• Small regular contributions grow significantly over time

• Many plans accept modest monthly premiums

• Speak with a wealth planner to find options that fit your budget

Yes. Investment-linked plans (ILPs) combine wealth accumulation with insurance protection in one solution – part of your premium provides coverage, while the rest is invested to grow your wealth.

Benefits:

• No need to choose between saving and protection

• Flexibility to adjust investment strategy over time

• Family stays protected while wealth grows

Without a legacy plan, your assets may be distributed according to law rather than your wishes. Your family could face frozen accounts, lengthy legal processes, and potential disputes.

Possible consequences:

• Assets frozen during estate settlement (can take years)

• Distribution may not match your intentions

• Family disputes over inheritance

• Legal costs reducing your estate's value

Choose based on your financial goals, risk appetite, budget, and family's protection needs. The best plan is one that fits your specific situation.

Consider:

• Goals: Growth, protection, retirement, or all three?

• Timeline: When will you need the money?

• Risk appetite: Comfortable with market ups and downs?

• Budget: How much can you commit regularly?

Explore Prudential's range of wealth and legacy products, or speak with a Prudential Wealth Planner for personalised advice.

An ILP is an insurance policy that combines protection with investment. Part of your premium provides life coverage, while the rest is invested in funds to grow your wealth over time.

Key features:

• Protection and investment in one plan

• Choice of funds based on your risk appetite

• Flexibility to adjust strategy as needs change

• Potential for higher returns than traditional savings

The best time to start is as early as possible – ideally in your 20s. The earlier you begin, the more time your money has to compound, and the lower your insurance premiums will be.

• 20s-30s: Time is your biggest advantage; start small but start now

• 40s-50s: Accelerate savings; ensure adequate protection

• 50s+: Focus on preservation and legacy arrangements

Regardless of age, the best time to start is today.

Prudential offers a comprehensive range of savings, investment-linked, and protection plans to help you build and protect your wealth. Our experienced Wealth Planners provide personalised guidance based on your goals.

What we offer:

• Diverse products for every need and budget

• Personalised advice from Prudential Wealth Planners

• Easy policy management via PRUServices portal

• Over 100 years of trusted experience in Malaysia

Explore our range of wealth and legacy products or connect with a Prudential Wealth Planner today.