7 Common Money Mistakes People Make

Ni aku copy dr B-H website....


Dipetik dari tulisan Azizi Ali,

1. Not saving part of their income – 10% is a good start, and must save on consistent basis.
2. Not having a reserve fund – At least 3 months of living expenses.
3. Raiding their saving - To avoid this, allocate certain percentage of your income as “play” money.
4. Over-relying on salesman – If you don’t buy, the salesman earn no commission.
5. Rushing to invest – No matter how good an investment may be and how grand they may appear, take your time. Do your homework first.
6. Not willing to cut losses – If you can make money 8 times out of 10, that’s a fantastic achievement. Don’t forget to sell the losing two.
7. Not educating themselves about money – Read up on money matters. Ask the real experts. The more you know about it, the wealthier you will be.

B-H said (follow the above sequence),

1. Monthly cashflow -ve, then you need restructure. Cashflow +ve but having problem to save consistently, then apply for loan ASB or any other similar investment that could motivate you to save consistently.
2. No cash at all but need to have reserve cash?…then PL might be the way to have it. Even some people doesn’t like using PL as a platform, but some people move forward really fast with it…it is good to have cash in hand.
3. Hmm…in BH, there is no term “play” money…what we have is “Kedekut Taik Idung Masin”…but if you really need the “play” money, BT (Balance Transfer) might be the good choice to manipulate it.
4. This is normal. Salesman doesn’t know what is OD. Not aware on the interest rate…even it is their company product. So select your salesman. Go for salesman that really could help you…because their attitude could really impact your financial plan, especially when applying loan, etc.
5. No need to rush. Don’t just because other people already have 200k in their ASB, you would like to do the same thing with only 15k cash in hand. “Ukur baju di badan”.
6. This statement probably suitable for Forex-ian, but applicable to other investor too. For example, you won a bid for lelong house with 40k hammer price. But then, no bank offering you loan for the house. The choice is, to apply PL for 40k, OR burn the 5% deposit. If you go for PL, you will get the house, but your ROI might be smaller, nothing or probably -ve.
7. If your are reading this, you are on one of the platform to educate you about money and financial…even we’re not the real expert, but good as a start…BH concept is simple…SHARING…the more you share, the more knowledge you earn, and soon we all will become expert…insyaAllah.

credit to B-H site...