Sponsored Links


Evening with AK and friends 2017. Happening on 6 October 2017.

To retire by age 45, start with a plan.

"Is early retirement the right financial choice?" Jim Ellis discusses long-term financial growth strategies. I have blogged a...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.

Archives

"E-book" by AK

Second "e-book".

Pageviews since Dec'09

Recent Comments

ASSI's Guest bloggers

Extra cash for better control of your finances.

Saturday, April 5, 2014

Last year, in July, I blogged about how a bank offered a solution for us to "get on top of our finances". 



Today, I received an offer from another bank to give us "better control" of our finances.


Look at the E.I.R. and this is in a low interest rate environment!


Using leverage to invest could be a good idea because when it works, gains are magnified. However, when things go wrong as they sometimes do, it could be very ugly.

Now, when people borrow to fund consumption, what do we make of it?

"traditional" problems – such as people living beyond their means and racking up debt on credit cards and auto loans – drive many bankruptcies. Source: CNBC

Debt driven consumption is definitely wealth destructive. Too much of it and it could destroy lives.

"Once you get into debt, it's hell to get out. Don't let credit card debt carry over. You can't get ahead paying 18 percent." Charlie Munger

ASSI offers the basics to better financial security in 4 simple steps in:

Wage slaves should be fearful! (note publication date).

Now, this is what I call "better control".

Related posts:
1. Get on top of your finances.
2. Two questions which will help us build wealth.
3. The secret to avoiding financial ruin.
4. Mature and sophisticated consumers lease cars!
5. First time car buyer? Get a Mercedes Benz!
6. Cooling measures for cars spurned.

14 comments:

tqliang22 said...

AK! u have decided to reveal yourself come June?.... ;) ps.attended Victor Chng's talk this morning....

hydrogenperoxide said...

Actually I got more and more 0 percent offer, but I got nothing that I wanna buy.. haha

AK71 said...

Hi tqliang22,

I didn't even know that Victor and Rusmin organised a talk today until just now when someone told me on FB.

Victor said that I was going to give a talk in June, did he? Haha... Did he also say that I will be going in disguise? That is the compromise to get me to go. I will have to wear a disguise. :)

Anyway, I am surprised he revealed this so soon. I am still trying to get myself to accept it. -.-"

AK71 said...

Hi pero,

Hahaha... Ya, tell me about it.

Usually, however, there is some catch in this 0% offers. Admin fees?

If there are genuine 0% offers, I will take them! Free money for whatever period! Put the money in a fixed deposit! ;p

Capricon said...

AK,
You can sit behind a screen ... :)
Just like 慈禧垂帘听政.
While you are AK 垂帘说股.

Hahaha ...

AK71 said...

Hi Capricon,

Aiyoh, you could have compared me to Kangxi or Qianlong and that would have been flattering. Cixi? OMG! -.-"

sillyinvestor said...

Haha, AK,

I know wh u refuse to appear earlier, to create the sense of suspense. Now I really feel attending in June just to see who u are even in disguise. Hahaha. Just kidding, no offense to
Hard workers behind the June seminar.

U are the marketing guru! U make me want to part with my time, not difficult make me part with money but difficult to get me to attend AGM or seminar as I rather spend time with loved ones, friends or even quietly doing research on companies.

AK71 said...

Hi Mike,

Yikes! I assure you that it was not a marketing gimmick. I really struggled with this. -.-"

The fact that a meaningful percentage of the proceeds will go to charity is one reason why I decided to do this although I still worry about privacy issues.

Of course, the primary motivation is to reach out to the common people and to promote financial literacy. :)

Now that the cat is out of the bag, there is no u-turning for me now. Victor is the smart one here. -.-"

M SI said...

Hi AK,

*incredulous look*, may I know the date, venue and the ticket price for watching a celebrity?

I need a miracle
I wanna be your fan
Give me a chance to see ...

Ooops,
Ken

AK71 said...

Hi Ken,

Yikes. I am not some pop star. Please don't waste money on a ticket if all you want is to see me on stage. -.-"

I don't have all the details regarding the event at the moment. Apparently, it is happening on 14 June 2014. That is the only firm thing I know for now. :)

M SI said...

Hi AK,

Jkjk, don't take it to heart.

Do furnish me with more details upon confirmation on information.

Meanwhile, I would be tracking your blog post for updates.

Take Care,
Ken

AK71 said...

"From this month, banks are to review a customer's total unsecured and secured debts across all financial institutions before granting a new credit card or unsecured credit facility.

"Under the new rules, financial institutions may also conduct fresh credit assessments to review existing facilities. The banks can also discuss with borrowers who have high levels of debt how they can reduce their debt burdens."

Source:
http://www.channelnewsasia.com/news/singapore/borrowers-won-t-have-to/1135942.html

Good! :)

ray liu said...

Hey AK,


Referring you your above post, I hope it not a sign that banks would be doing margin call soon.


Best wishes,
rlecg

AK71 said...

Hi Ray,

I don't think that they would want to destabilise anything. It is more likely that they would work out viable repayment schedules for affected borrowers. It is for the borrowers' own good, really. :)

Monthly Popular Posts

 
 
Bloggy Award