imDavidLee Dot Com | Mr. Money’s Blog

BNM Rounding Mechanism

As you known, the rounding mechanism had started since 1st of April 08. However, i still have some question that needs to bring out for discussion here.

The rounding mechanism is to rounding up or down to the nearest 5 cent. Recently, I have paid my insurance premium about MYR 2576.64 but after rounded up I should pay MYR 2576.65. But if total bill is like MYR xx.61 then only pay MYR xx.60. May I know is it good news for a payer or not??

Why Need To Implement Such Kind of Rounding Mechanism ?

Based on my understanding, the system was implemented because the government intended to stop the production of the 1 cent coin since large amount of 1 cent coin unused in our circulation and the cost of producing 1 cent cost is more than 1 cent.

Don’t Be So Calculative In Certain Situation

If the marketer is smart enough, then every item he will put 0.98 to 0.99 cent, we are going to suffer with that unlesss you buy 3x 0.99 item, let it become 2.97, then you will save from that calculation.

On the other hand, I may feel that this will benefit to all marketer because the more user spend the more user can save! Hence, if can, try don’t buy unnecessary thing just because of want to save 1 cent or 2 cent.

How to Pay Less When Go For Filling Your Fuel ?

You can fill your fuel with MYR 50.01 or MYR 50.02. If using credit card, you will be charged the actual amount.

Don’t Get Confused With Bank FD Calculation

Here, I won’t share with you about shares and mutual fund because those are more for investing while FD is strictly for savings purposes. But, how do we count the total gain from fixed deposit for a year?

Lets say you put 10k FD for 1 year at 3.70%(p.a) which is regulated by central bank. Then at the end of the year you can get $10370.

** Take note that if you withdraw before the maturity date, you won’t get the full interest.

If monthly basis (1 month) with 3.0% interest rate, then you’ll get $300 divided by 12 months. If you add up the interest into your FD automatically, the next calculation will be based on your total FD. So, you can enjoy more as the powerful of compounding interest.

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Online Selling Jewelry, Good Or Bad?

I am not pro on this kind of stuff because I have never buy it or wear it personally or even buy it as a gift to someone before. I hope to look around for opinions, but the important thing that I should consider is whether is it workable of making it into online business?

I’ve seen a couple of websites set up for this kind of business and some of them are quite successful even. I know if want to penetrate into this type of market; you have to be creative and do custom made and not do rip-offs though.

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To Be Self Employed or Being Employee?

I’ve a permanent position from company to be a Software Engineer. Currently, i’m not keen on this permanent position as i would have to learn a lot of things which naturally takes up a lot of my time as i’m new in the field but this does good for me to expose in a lot of process in global scale. This will no doubt benefit my career in a longer run.

Most important thing is make sure that:

1. Do what you enjoy.

2. If a job is just a job, it’s not worth.

3. If a job is an opportunity for you to learn relevant skills, make useful network and gain good work experience, it’s worth.

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Super Heavyweight Boxing Match

Actually I’m just casually follow boxing and mostly like to watch boxing match when there’s a fight on an amature show. It will attract me to watch especially if there’s a fight between De La Hoya and Mayweather.

For me, De La Hoya is probably more stronger than the latter based on the history records. Equally speaking, if it goes for distance i’m thinking about Mayweather, if it’s a knockout type situation i’m going for De La Hoya. I will more prefer De La Hoya as winner of every match against Mayweather. In fact, Mayweather is an arrogant and like to underestimate someone.

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Withdraw EPF For Investment

Under new “Beyond Savings” scheme, you can now make withdrawals from EPF Account 1 for investment. You are allowed to invest 20% of the amount in excess of the required basic savings in Account 1 and minimum investment for unit trust is RM1,000. For example, the basic savings amount for a contributor who aged 25 (like me) is RM9,000. So, in order to withdraw for UT investment, I must have RM14,000. Do you know why?

Calculation:

Thus, different age may have different basic savings amount.

How much would one need for retirement?

Experts say this depends on the individual and his lifestyle. And how much he is willing to reduce consumption such as eat out less often, buy fewer things, live in a smaller house, drive less, and travel less. In fact, financing database Motley Fool have figures which show that even as little as 2% cut on monthly expenses can boost retirement funds by as much as 500%.

More younger people are becoming bankrupt as they are spending “tomorrow’s money”. Which basically means these people are not saving or building their retirement nest.

Stumble it!

Business Loan

Before running any business, you need to have good financial support so that you can get access to sufficient funds, which used to finance any business need. Small Business Loans can be secured and unsecured types depending on borrower’s requirements and ability.

In today’s economy, most of the lenders are more likely to prepare an unsecured start up business loan. This can allow entrepreneurs to get the loan without having property and assets as collateral.

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EPF Retirement Fund: Do You Have Enough?

Only Malaysians are so stupid as to being force to save and let their money goes missing without knowing how it will affect them in the future. How can anyone help this poor Malaysians from keeping fully promise on EPF?

The Employees Provident Fund (EPF) helps you save money for retiring. While you can’t withdraw your fund, EPF lets you invest some portion of your money in Unit Trust. However, we can’t rely too much since promise for higher return may comes with risk. But we still have the option to choose whether aggressive, moderate or conservative.

Generally speaking, EPF highest dividend payout is 8.5%, which was in between 1983-1987. After that, it drop to 8.0% (1988-1994). Apparently, you can see that it never pay you more than 10% dividend.

Next article will be “How to invest in Unit Trust through EPF”. Stay Tuned…

Stumble it!

Credit Cards Club

Before using credit cards, it’s better try to think on how will you make use of it. If you expect to often pay your monthly bill in full, then your best option may be no annual fee credit cards and offers a longer grace period. If you sometimes carry over a balance from month to month, then try to find a lower interest rate types.

As everybody known, credit cards are very demanding nowadays. Mostly, the average annual percentage rate is about 15%. With that kind of interest, it’s quite tough to pay down because it is consistently compounding interest if you did not clear your outstanding balance.

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Dim Sum Business

This business is labour intensive. But in Penang, it is normally run as self service way.

Many Dim Sum restaurant that hires foreign worker like Indonesian and Vietnamese and the services provided mostly are not good and many customers frustrated for not getting what they have ordered with immediate response.

If the food quality is good, I don’t think customer will have such fussy feeling and may be this will force them to even queue for seats during the peak time.

Sometimes factors like location and availability do affect people choice of restaurant.

I think the target age is from teenager to retiree. So it’s a very huge market.

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