Been quite sometime I did not post anything here. Been very busy past 2 months. Anyway most Malays in Malaysia been asking about this ASB Loan. How does it work? Actually ASB Loan been around for few years already. Previously the maximum loan tenure is 10 years (been a while. Was approach by the back officer last time) Only recently the ASB loan tenure been stretched up to 25 years. If you ask me to do or not to do. I would definitely say go for it. Now is the best time since the BLR is -1.65% (the lowest ever). I will show you a simple calculation below how you can make & save lots of money in ASB
Apply for ASB loan - RM200,000.00
Monthly installment for 25 years - RM1,045.00
Payment to bank (loan) - RM1,045.00 x 12 = RM12,540.00
ASB dividen 8% (average) - RM200,000.00 x 8% = RM16,000.00
Different = RM3,460.00 (your free money)
From here you can see the different amount that you need to pay and how much you are getting. Basically only the first year that you need to pay money out from your pocket. 2nd year onwards you can pay the installment just by using your dividen and on top of that you still have extra. If you have enough money there is no need to take the balance. Just keep it in ASB and for the next year rate you will be getting
RM200,000 + RM3,460 = RM203,460 x 8%.
You do the math.
Some people say 25 years is long. Why not you treat this ASB loan as part of your retirement plan. Let say if now you are 30 years old. By the time you retire at the age 55 you have RM200K++ ASB Savings + EPF (KWSP) and maybe others that you have invested in. You can comfortably live with your dividen from ASB. As long you have settle all your housing loan and hire purchase :)
So what happen if the BLR goes up? You should worry!! The BLR wont go up that fast as this will effect Malaysia economy. And what happen if ASB dividen goes down. As you can see from the trend, ASB dividen range 7%-8% annually from the past few years. It would not be such big different as it is called AMANAH SAHAM BUMIPUTRA. You can get the ASB loan from RHB & Maybank. Try look at the table and see which suits your capacity.
Most people dream to be rich. But not many of us willing to put in extra effort. Everybody can actually earn some extra money. Depends on what type of income they are looking for. You can always venture into real estate, online marketing, stocks, forex or even network marketing. All these can be done during free time until you actually decide to do all mention above as your career. Maybe one fine day.
None of us actually woke up in the morning and says 'Wow Im going to go to work today, cant wait to start my job today'. But still many of us still have to go to work because of our commitment and other expenses. Even for rich people they have multiple stream of income. Why not us. Begin small and it has to start somewhere. Time is limited. We cant buy time even though we have a lot of cash.
The ideal income for a person is to have a daily income, monthly income which can come from your pay check and lastly to have a bonus income (maybe from your big projects or something).
Daily income?? How to get? Usually you can earn this income through selling a product physically or virtually. Another way is to get yourself into affiliate programs. There are many now on the internet. You can go and scout which is suitable for you. Which you are comfortable to market it. Don't be afraid to sell. We have been selling through our lifetime. During job interview you sell yourself to get the job. There are a lot more example if you want me to go on. One thing for sure, people don't like to be sell. You have to SHARE the products with your prospect customer. Remember SHARE with your friends. For those who are doing online business, you don't even have to see your customer face during the business pitch. That is the best part. You can have the luxury time to compose an email and do it nicely to share with your friends.
Monthly income is the most straight forward income for those who are working. Is it enough for you and your family? That is the first question that we will ask ourselves. As human being we have desire to be better and once in a while we do like to bring our family for holiday and wear something nice. NOW IS THE BEST TIME to source another income as part time. This also can act as a safety net if you ever get retrench especially during this financial crisis. I meet this guy which have a family and they are requested to leave the job in 2 weeks time. Luckily for him, he did start a small time business of cupcakes and pot renting which according to him can at least buy all the necessity for the family. Imagine this guy do not have any back up income resources. I can't not imagine that.
Bonus?? You can maybe working out a deal. Big deal or small deal. Maybe small time supplying equipment to an office or something. Mostly this type of income you would need to spend at 2-3 months or maybe even years to achieve. This will eventually develop your contact resources as well. From this type of income maybe you could change a new car or buy a new house just to pamper yourself after all the hard work and time commitment.
It is essential for nowadays people to earn extra income. No matter what they do. And remember to do savings as well. It is never too late to start something. Good luck to all of you to find the extra income.
