Why do I need a credit card?

Having credit cards in my name is very dangerous. I’m sure a lot of you would agree with me.

But why would I consider having a credit card in the first place? Well, based on what I read and what I know, there are a few reasons actually.
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Should I use a motorbike to commute?

Here’s another post in the ‘Australia or Malaysia?‘ series.

When I was in high school, I got my motorbike’s L (learner’s) license as soon as it was legal. I rode my loyal smashing red coloured Modenas Kriss everyday to school and to Pusat Tuisyen Kasturi. However, after I was done with SPM, I couldn’t be bothered with converting to full license and I let my license lapsed (Yeah, I know, dumb).

Anyway, due to the whole mumbo-jumbo of economic meltdown and the problem of expensive goods and services that we’re currently having, I am actually considering of opting for motorbike as a way of transportation to and fro work (When I get a job later on I mean).

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Bank Simpanan Nasional’s (BSN) Sijil Simpanan Premium (SSP)

Bank Simpanan Nasional or better known as BSN is an organisation that was incorporated to replace the Post Office Savings Bank, back in the old days. BSN was incorporated under the Ministry of Finance.

Talking about BSN, a product that the Malaysian public is really familiar with is Bank Simpanan Nasional’s (BSN) Sijil Simpanan Premium (SSP).

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Folks, I’m not in any way related to Permodalan Nasional Berhad (PNB)!

I need to make it clear that I am in no way related to Permodalan Nasional Berhad (PNB). In fact, I don’t have any relations whatsoever with any other financial institutions in Malaysia, apart from being an investor.

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Is it prudent to PAY YOUR BILLS now or near the due date?

Here’s a question for you.

When you get your bills, what do you do? Do you:

  1. Pay them off immediately
  2. Pay a few days later
  3. Pay them off close to the due date
  4. Pay them way past the due dates
  5. What? Bills? Should I pay them at all? 😛

Obviously options 4 and 5 should not be contemplated at all.

As for me, I have opted for option number 3.

Why Nadlique? Shouldn’t we pay our bills ASAP?

Well, here’s my rationale.

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The Richest Man in Babylon by George S. Clason

Title: The Richest Man in Babylon
Author: George S. Clason
ISBN: 0-451-20536-7
Number of pages: approximately 144 pages

This is another book that I’d categorise as a must-read. Even though the book was written a long time ago, started in 1926 as a series of informational pamphlets, the principles are useful and applicable today nonetheless.

Bear in mind though that the way this book is written, it may present as quite hard to understand due to the use of classic English (to a certain extent).

The author talks about a number of timeless principles on how to get rich through stories and parables of the ancient Babylon. Many of the ideas presented are amazingly simple, yet most of us are not aware of them, thus sealing our fate to be cursed with a financial disaster.

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Back to Basics: Paying Mortgage MONTHLY Vs. Paying Mortgage FORTNIGHTLY

Previously in the “Back to Basics” series, I wrote about:

Today let’s look at the difference between paying off your mortgage monthly versus paying off your mortgage fortnightly.

This concept can also work in the receiving money context (i.e. when you receive rental payments as a property investor, salary, and etc.). Read on and you’ll understand.

First question. Do you think that there’s any difference at all between paying once a month and paying every two weeks? There is a difference. A huge difference actually. Changing your payment method to the fortnightly basis payment method can pretty much change your life.

This little “strategy” is something that is often overlooked by many. It is in fact a proven method to reduce your mortgage faster by cheating yourself without feeling much pain in the pockets. Of course, this depends on the individuals as well. If the person is still very much unable to control his/her financial situation (i.e. struggling with having to set aside money for savings and investments), then there’s no point also.

Anyway, back to the discussion. Say your mortgage repayments every single month is $100.

If you pay the repayments once a month, by the end of the year, the total sum for 12 payments is $1,200, am I right?

However, if you adopt the pay-every-fortnight method, that means, instead of paying $100 per month, you are now paying $50 for every two weeks.

What’s the difference you ask?

Ok, how many months are there in a year? 12.

How many fortnights are there in a year? 26.

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