An Interesting Experience with a Malaysian Insurance Company

A few years ago, my parents and I went to the office of a Malaysian insurance company for a renewal.

Let’s start with why we went in the first place. It started when I asked my mum a few nights earlier about insurance. She then went to check the insurance policies and found out that they had expired. The thing is, this insurance company did not even bother to send renewal reminders. I mean, what sort of business are they running? Not bothering to send renewal reminders to customers translate into people forgetting to renew their insurance which translates into no money going into the company’s bank account.

In our insurance policies also, there were some mistakes. Under the beneficiary section, there was some random dude listed there. Somebody that we don’t even know. My mum had in fact called the insurance company a long time ago and they said “yeah yeah, we’ll change it right away.” At the office, we found out, the random fellow’s name is still there. So, what happens then if something happened to one of us (i.e my parents and I) ? Who’ll be getting the payout?

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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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The Automatic Millionaire by David Bach

Title: The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich
Author: David Bach
ISBN: 978-0-141-01992-5
Number of pages: approximately 195 pages

The Automatic Millionaire is an easy-to-read book written by David Bach. The book is actually catered for UK and US readers but principles laid out in the book can in fact be copied and adjusted in accordance to your own circumstances.

The book is basically about how you can just dump the usual “budget-adherence” strategy and adopt a strategy that is much easier to follow instead, to achieve financial freedom.

What strategy is it? Well, make everything AUTOMATIC. For example, making contributions to your “nest egg” automatic by implementing Standing Instuctions (SI) on your salary account.

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