Part 2 – Financial Planning with ASB, OD and Card Credit (Perancangan Kewangan dengan ASB, OD dan Kad Kredit)

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First I heard about Aziz CFP was from my friend, who actually heard from one of Aziz’s client. Because the story was not directly from the Aziz’s client, I didn’t get clearly how financial planning with Aziz will improve my financial status. Actually my friend who told me the story also couldn’t clearly understand what it is about.

What he told to me mostly like this. Apply OD (Overdraft), draw cash from Credit Card for your monthly expenses, then put all your salary into OD. The first thing that I was very concerned is about draw cash from Credit Card. By right we should avoid the CC.

Since my friend couldn’t explain much, plus he also didn’t really understand how it works, so I did research from internet. And I found one forum explaining more details. Let me summarize as below.

1. Prepare some money in your ASB. Either from your saving or apply personal loan if you don’t have any saving.
2. Convert ASB to Sijil, then apply OD with the Sijil.
3. Once your OD approved, settle all your major loan.
4. Bank in all of your income into OD account.
5. Few days after that, withdraw 30~40% of your income’s amount from OD and put into your ASB account.
6. Use Card Credit for your monthly expenses and must be within SD (Statement Date) and DD (Due Date).
7. Pay amount used by CC on next month use OD.
8. Duplicate from step 1 again every month.

Doesn’t make sense huh?…Actually they had explained more details, but I don’t want to share all the story here to avoid you guys get confuse and wrongly manage your financial. Financial planning is not something that you can try and error. Even 1 day will give you a different result.

So I tried to figure out how with my financial status. I did a simulation, via excel, via flowchart, but I still can’t figure out how this can improve my financial. And you have to apply all steps with specific amount and date…depends on your financial status. Finally I started to forget about it and keep all my research and simulation into one folder in my PC…to be continue…

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Further signs of rising inflation – be prepare

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BBC NEWS, 14 July…The amount charged by manufacturers for their goods was 10% higher last month than a year ago in a further sign of inflationary pressure in the economy.

June’s rise in producer prices marked a further sharp jump from May’s 9.3% annual rise, official figures showed, reflecting the spiralling cost of fuel.

There is a danger that price increases could be passed onto customers, which would further boost consumer inflation.

Consumer price inflation is already at a 10-year high of 3.3%….more…

Inflation rate in Malaysia just hit 3.8% in May and the highest in 22 months. If we’re looking at other countries, their inflation are rising more higher than us. So be prepare before its too late. Save your money now.

Kadar faedah Kad Kredit rendah jika bayar ikut jadual

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KUALA LUMPUR, 10 Julai (Bernama) — Beberapa bank sedang mempertimbangkan untuk mengenakan caj pembiayaan atau kadar faedah yang lebih rendah daripada 15 peratus setahun sekarang bagi pengguna kad kredit…………..

………Mulai 1 Julai tahun ini, caj pembiayaan ke atas transaksi kad kredit dikurangkan kepada 15 peratus daripada 18 peratus setahun bagi pengguna yang melunaskan baki bulanan dengan segera selama 12 bulan berturut-turut.

Ini adalah mekanisme di bawah struktur harga bertahap yang diperkenalkan oleh BNM pada 26 Jun tahun lepas.

Caj tahap kedua ialah 17 peratus, apabila pengguna membayar tepat masa selama 10 bulan daripada 12 bulan.

Di bawah tahap ketiga, caj 18 peratus dikenakan ke atas pengguna kad kredit yang kerap gagal membuat pembayaran tepat masa.

Gan berkata penjimatan daripada caj pembiayaan itu adalah lebih daripada pembayaran balik tanpa faedah selama 20 hari, yang telah dihapuskan.

“Caj pembiayaan sebanyak 15 peratus itu juga dianggap lebih rendah berbanding pasaran serantau yang mengenakan purata 20 hingga 34 peratus.

“Struktur harga bertahap ini juga diperkenalkan bagi membantu bank menguruskan pinjaman tak berbayar daripada kad kredit,” jelasnya.

Apa faedah kepada pengguna kad kredit? Jawapannya senang sahaja, TAKDE FAEDAH. Tujuan pihak bank adalah supaya mereka boleh collect duit dari korang…dan korang pun akan lebih menggunakannya sebab rasa faedah dah rendah.

Kat bawah ni aku dh buat kira2 secara kasar beza antara 18% setahun dgn 15% setahun. Katakan korang ada 5k baki hutang dgn kad kredit, pembayaran minumim bulanan adalah 5% dari baki atau minimum RM50. Katakan bila pembayaran minimum korang dh kurang dari RM200, korang tetap bayar RM200. Berapa korang dapat jimat?….dalam masa 2 1/2 tahun, korang hanya jimat RM250. Ini ke yang korang nak?…ciput tu bro.

So kesimpulan, settlekan terus semua dan potong aje kad kredit korang.

Malaysia Will Likely Increase Interest Rates In Q3

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KUALA LUMPUR, July 9 (Bernama) — Malaysia will likely increase interest rates in the third quarter in an effort to curb inflation, having adopted a neutral stance for the whole of 2007, said an economist.

Bank Negara Malaysia’s policy setting meeting is scheduled for later this month. It has kept the overnight policy rate unchanged at 3.5 percent at its last meeting.

Malaysia’s inflation, as measured by the Consumer Price Index (CPI), was at a 22-month high at 3.8 percent year-on-year in May.

A lot of central banks in the Asia-Pacific have or will be raising rates as inflation across the region has soared in recent months and price growth momentum remains strong going into the second half of the year.

Moodys Economy.com’s economist, Sherman Chan, said the food crisis remained a central concern and continued to put upward pressures on prices. She said the fuel price increases implemented by several economies in the last two months would have a notable impact on inflation during the September quarter.

“The Asean economies are facing a similar inflation and monetary policy outlook. For Indonesia, Thailand, Malaysia, Singapore, the Philippines and Vietnam, CPI growth will likely peak in the third quarter and gradually slow in the final months of the year,” she said in a research note.

She said inflation, despite eventually cooling, would remain at uncomfortably high rates. “This will see Indonesia and the Philippines continue with their tightening agenda in coming months.

“Malaysia will likely increase interest rates in the third quarter, having adopted a neutral stance for the whole of 2007. Thailand also looks set to begin its tightening cycle this month,” said Chan. …more…