Balance Transfer

Balance Transfer is a way to reduce financial burden.... however, the bank always seems to outsmart the consumer by manipulating the way customer perceive the deal.

RHB for example.... i have been con by them for the 6% BT plan.... it seems that i am able to save 6 % per year of interest for 1 year. IT"S A LIE.... the 6% is fixed rate. It is equivalent to about 12% "REDUCE INTEREST".

There is VERY LITTLE saving by transferring to RHB.

HSBC is offering a 6% for 6 months which is a better deal.

EON Bank is offering a 5% flat rate for a 12 month installment.

MBF offers 0% for 12 months.

Anything that BANK is conning us is the way how the "Balance is transfer". Different Bank have different way. Just as you though you are saving, indeed you are not.

RHB Bank will put your Credit Transfer amount into your deposit account.... let say, you BT 10k, your account will show 10K is utilized (with low interest), then, as times go, you go and swap 8K and pay 5K into your account. the 5K will be utilized to pay the "lowest interest" amount, meaning your BT amount. the 8K you just swap is subjected to maximum interest without the 20day grace period because you have not settle the full amount.
And you will be charged 13.5% interest on 8K and 6% (flat rate interest) on your 5K. You end up defeating the purpose of BT.

No saving at all....

The only way to save on BT is.... stop using your card that has a low interest on it. just pay the minimum amount and settle the full amount as soon as the BT low interest period has used up.

Spend smart and do your part.

Norm'C

How the Bank (Staff) Sweet Talk and Cheat Your Money

I would like to share with you my personal losses due to the following bank technique:

1. Balance Transfer and Personal Loan.

I took a balance transfer program from RHB Bank 1 year ago, with 6% /annum interest rate.... This bank is cheating..... the 6% is "FLAT RATE" which translate to about 12% "Reducing Interest Rate".

Nevermind that, they have a staff call me up asking me whether to take the personal loan..... without carefully asking for detail, i being sweet talk into it. This was one of the painful lesson I learned. Because this bank "COMBINE" both Personal Loan and Balance Transfer Program into the same account!

The results.... every month, when i make payment, it pays the personal loan..... The Balance Transfer Loan just "Stuck There" and "Suck my blood" without being pay......

As a results..... I pay MORE than the amount as compared to not making a balance transfer at all. RXX Sucks.....

And I also make mistake before with OCBC Bank. I took a home loan with Standchart. During that time, I was paying RM 850/month. After moving to OCBC, we pay only RM 720/month..... but go to hell OCBC..... For the last 2 years, we were only paying the "Interest" only. out of the RM 720 we paid, RM 600 go to interest and RM 120 go to reduce capital.....

But, every year, about RM 200 was deducted from the account for FIRE INSURANCE..... as a result..... we feed the lion only.... Now, switching to EON BANK is much better.

Hope can get better and better everyday....

Norm'C

Not everyday is a good day!

As I was winning thousands a day, I started to sabotage my success. Recently, I loss thousand a day.

Share market is a gamble. Not everyday can be or will be a good day, a winning day.

I was not demotivated or dissappointed, as i was not excited nor motivated when i won big 2 weeks ago.

Will try to strive for better results.... soon..... next week....

(guess have to pay more attention to my salary paid job to avoid redundant)

The lesson from Money Mastery

Why aren't most people wealthy?

1) They never clearly define wealth
2) They make it a moving target
3) They define it in ways that make it feel impossible to achieve.
4) Consequently, they don't believe they can ever really achieve it.
5) They never make it an absolute MUST.
6) They don't have a realistic plan.

The scary universe "SECRET"

I put down in my previous entry that..... I want to earn RM 1,000 / day....

The end results.... after putting down the entry..... i earn RM 1,000 / day for 3 consecutives day....... from the KLSE market....

Can you belief it's that powerful?

I want to make the RM 1,000 a daily affair instead of "some of the day" thing.

Let's make the effort....

Regards,

Norm'C

The stunning question..... How to earn RM 1,000/day

Most people are aiming too low or too high.

For those who aim to low, they will be satisfy at an earning of RM 1000+/month. They have this limiting believe that they doesn't have the qualification, hence, doesn't deserve the a pay of RM 3,000 per month.

For those who doesn't have the qualification (university degree), you must learn to "add value" to yourself AND OTHERS. I am not saying go and join some NGOs like Toastmasters and you will worth more, I am saying, ADD VALUE.... contributing, organise, build your social network and contribute to your piers and organisiation.

For those who have the necessary qualification, and are earning a decent salary of few K/month. You all are in the "comfort zone". you are lack in motivation and courage to step outside and try new things...... because it is risky..... once fail, you will face financial problem and so on. Just like what i did 5 years ago.

I "learn my lesson.... aka..... not successful..... aka fail".

After 5 years, I climb back to a higher point compared to 5 years ago.

Now, the stunning question that I had in my mind at the moment is : "How to earn RM 1,000 per day consistantly".

I am earning RM 100+ per day at the moment. Hopefully, I can soon earn 200+ per day, and 500+ per day and soon 1000 per day.

What is this strategy? It sounds too far for earning RM 30,000/month. if you break it down into smaller chunk, it sound achievable and hence you have the confident to do it.

Now that I have this question in my mind, I want to follow through and achieve the said target.

All the best to me!

Norm'C

Dear Shane

Thank you for following my blog!

It is a great pleasure to know you! You have a very clear idea what you want in live in such a early stage of life.

Time is money! by starting early, you have all the "extra" to fail.

Not many can really answer "what do you really want in life?" and yet, you do!

I create this blog so that I can refer back from my "previous experiece", good or bad. I didn't plan to let people know my "secret", but since you have discovered my blog, I guess i will have to kill you , you may continue to wait for my update!

I learn that I am not a blog person after my attempt to create and update my blogs.

For latest update, please be patient!

Norm'C