Tuesday, August 26, 2008

How to clear CREDIT CARDS debt? – by Mak Lai Poh

(Also taken from Adam Khoo’s Secret of Self-Made Millionaire)

What is Credit Card?

Credit Card is a convenience yet easy way to make a payment on purchasing or servicing. It helps you to purchase something or receiving a service easily with just a swipe. It can be used globally anytime and anywhere that you like. It can provide convenience and prevent trouble for you to travel with lots of cash. If you use it wisely, it can bring many benefits. For example, you can redeem free products for the bonus points that you have earned from your credit card though your purchasing. With this, you can save money too.

However, you must always pay the outstanding payment when you pay the full payment every month. This way, the bank does not earn a cent off you, but you get the bonus points mentioned above. Bankers earn interest from those credit cards owner who just pay minimum sum every month!

Do you know there are many youngsters (age between 20 to 30 years) dead broke because of credit cards?

If you choose to pay only the minimum amount per month and you thought that you can save or clear your debt easily, just forget about it! The truth is, the moment you pay only the minimum sum and allow your outstanding balance to roll, you become the bank’s best friend. This is when they will make a killing off you! Why?

This is because banks charge a 2% per month interest on your outstanding sum. This may seem small, but it is actually 24% interest a year. Just how much interest does this add up to? Let’s do the sum…

Question : Imagine if you had an outstanding balance of $2000 on your credit card statement, and you just pay the minimum sum of $60, how long will it take for you to pay off the whole balance? (this is only assuming you do not charge a single dollar more)

The shocking answer: It will take you 4.5 years! You would have paid a total of $3300, that’s $1300 in interest. In the other words, you would pay an actual interest rate of 65% off your balance.

As a conclusion, NEVER PAY A MINIMUM SUM or it will be your NEVER ENDING NIGHTMARE!

HOW TO CLEAR CREDIT CARD DEBT?

1. List down your debt (temporary and long term).

Temporary debts refer to credit cards debt, debtors from other sources, etc.

Long term debts refer to property loans, car loans or other loans that you receive for a period of time such as 5 years for car loans, 30 years for house loans, etc.

For example :

Temporary debts : Brother $3000

Credit card I $2000 minimum $60

Credit card II $5000 minimum $150

Credit card III $1000 minimum $50

Total $11000

Long term debts : House loan $1300 (30 years)

Car loan $ 500 (5 years)

2. Create a monthly estimated Cash Flow.

Your cash flow should include the following:

Debit (Income) includes salary or any source of income that you receive monthly.

Credit (Expenses) includes loans or any expenses that you spend monthly.

Balance to record the balance of your income.

(Assume that you do not have any saving or asset)

For example:

Month : January

Cash Flow

Debit ($)

Credit ($)

Balance ($)

Salary 4000

Food and utilities 1000

House loan 1300

Car loan 500

Entertainment 200

1000

3. Distribute your balance according to the priority.

Balance cash flow : $ 1000

It is advised to settle the debt from the smallest sum to the biggest sum. Here, temporary sum from brother will be put apart first. This is because, debtor from a family member does not charge any interest that will burden your debt. Try talk the relative concerned to postpone the payment later. Focus and concentrate to the credit cards or other source of debtors that charge you an interest. (Warning: Do not simply get loan from the LOAN SHARK- you do not afford to pay the high amount of interest!) Remember to pay the minimum charge of the other credit cards debts to avoid any bad listing. Focus one by one from the smallest amount to the biggest amount.

Why from smallest and not from the biggest amount? Many people made this mistake by choosing to settle the biggest amount first. If you do so, you will find that it is very stressful, burdened and difficult to settle the bill and you give up half way in the middle of doing so! So, it is advised to start from the easiest which is the smallest amount to the hardest which is the biggest amount. With this, you will definitely feel more confident and less burdened to clear the debt! Trust me, the more you settle, the lighter you feel!

Always make sure that you settle more than double of the minimum charges of the particular credit card! Set target for each debt that you want to settle. For example to settle it in 2 months or others according to your ability.

Balance Cash Flow Distribution according to priority.

Month : January

i) Credit Card III $ 500 (estimated to be finished in two months)

$ 550 estimated left

ii) Credit Card I $ 120 (double of the minimum sum)

$ 1900 estimated left

iii) Credit Card II $ 300 (double of the minimum sum)

$ 4850 estimated left

iv) Balance $ 80 (saving or clearing other debts)

4. Follow strictly on the following month.

Balance Cash Flow

Month : February

i) Credit Card III $ 550 (cleared)

ii) Credit Card I $ 120

$ 1800 estimated left

iii) Credit Card II $ 300

$ 4700 estimated left

iv) Balance $ 30 (saving or clearing other debts)

5. Just few steps to go.

Congratulations! You have managed to clear a credit card debt. How do you feel? Satisfied? Confident? More confirm? Relief? Remember, you only have few steps more to clear your debts. All the best!

Now, set new goal for the following credit card which is the second smallest sum just like you did on the first month. Please take note that you have $500 extra for this month to be used to settle your second credit card. Do not use it on other expenses. Maintain your cash flow and continue with the balance $1000.

Balance Cash Flow

Month : March

i) Credit Card I $ 500 + $ 120 = $ 620 (estimated settle in 3 months)

$ 1200 estimated left

ii) Credit Card II $ 300

$ 4500 estimated left

iii) Balance $ 80 (saving or clearing other debts)

6. Maintain your good discipline.

No matter what, be disciplined to your cash flow. Your first three months might be difficult, but if you manage to follow strictly according to your plan, you will have no problem to take the next step.

Balance Cash Flow

Month : April

i) Credit Card I $ 650 (always give more or exact amount)

$ 600 estimated left

ii) Credit Card II $ 300

$ 4300 estimated left

iii) Balance $ 50 (saving or clearing other debts)

7. You are doing fine!

Just continue your journey. You are into the right track. Are you excited? You are almost finished settling your bills!

Balance Cash Flow

Month : May

i) Credit Card I $ 650 (cleared)

ii) Credit Card II $ 300

$ 4100 estimated left

iii) Balance $ 50

(always allow balance to be used during emergency or special unexpected occasion like wedding, birthday, etc)

8. One more to go!

Hurray! Only one more credit card to go! Set goal to settle like the beginning. Now, you can start to plan to settle debts from other sources such as from debtor, brother. Put a minimum amount from the beginning just like you did on the credit cards.

Balance Cash Flow

Month : June

i) Credit Card II $ 800 (estimated settle in 5 months)

$ 3400 estimated left

ii) Brother $ 120

$ 2880 left (no interest charge)

iii) Balance $ 80 (saving or others)

9. Summary after 5 months.

Assume that you follow exactly being planned and managed to clear the debt in 5 months.

Balance Cash Flow

Month : November

i) Brother $ 900 (estimated settle in 3 months)

$ 1500 left after 5 months X $ 120

ii) Balance $ 100 (saving or others)

10. Finally, summary after 3 months.

After 3 months, you will have the following positive cash flow.

Balance Cash Flow

Month : January

i) Brother $ 600 (cleared)

ii) Balance $ 400 (saving or others)

From the cash flow, you can see positive cash flow after a well plan budget. Positive cash flow means income more than expenses. Of course, this does not covered house loan and car loan. The less debt that you have, the more positive cash flow that you generate. From the cash flow, you can see that you can settle debts in a relax way and save some at the same time!

Do you know how much have you cleared? > $12000 in just 1 year!

Do you know how much time have you saved? 3 to 8 years!

Do you know how much money that you have saved? $1230!

Not only these, by doing so, you can also generate more income by settling other debts like the house loans or can loans. Same principle, always start from the easiest to the hardest. Or on the other hand, you can also use the balance money to create more wealth by investing in share, properties, business, etc. If you wish to generate positive cash flow, you need to maintain your lifestyle by maintaining your expenses. Spending more than you earn does not provide positive cash flow. Remember to be extra careful when you spend your money next time! Spend wisely and spend only on what you need, not what you desire!! Never repeat your same mistake and trap yourself into the web of debt again!!!

So, all you have to do is plan and follow exactly!! Do not hesitate, start from today, start from now!!

Last but not least, you must be wondered why am I managed to write this out? Because I was one of the credit card holder who owed money just like all of you!! I experienced it before and I have learnt my lesson well! I do not want to see anyone trap into this web of debt anymore! So, I hope that my tips are really useful for you. If I can do it, so you can!!

All the best!!!

Regards,

Mak Lai Poh

21st August 2008 @ 12:50am

Saturday, August 9, 2008

We are Ready (Olympic Theme Song 2008)

Here is our translation of the lyrics to the Olympic song:

We Are Ready

Lyrics: Chan Siu Kei
Composer: Peter Kam Pui Tat
Singer: Jackie Chan

Waiting year after year
We can see into the future
Together with hard work and sweat, we've created
The five different [Olympic] colors

Waiting day after day
The feelings continue to surge
Building the biggest performing stage
In a bold and generous era

This land is prepared
The track is ready for you to make
your dreams come true
Let the eyes of the world
Descend and focus on us

We are ready!
Heart to heart united
We are ready!
Let sky and land unite
Excel yourself and win a glorious victory
Use time to record magical dreams
We are ready!

Waiting every second, every minute
The moment has finally arrived
Spectacular fireworks cover the sky
Flourishing in our pride

The people of our country are prepared
Smiling and asking, “How are you?”
Let the eyes of the world
Descend and focus on us

We are ready!
Heart to heart united
We are ready!
Let sky and land unite
Excel yourself and win a glorious victory
Use time to record magical dreams
We are ready!



Olympics Commercial 2008

Beijing, here we come! 080808 is a day to celebrate!! Bravo, China!! Watch this commercial led by not other that our Jackie Chan!!

Friday, August 8, 2008

Children see, children do!

As we know, being a parent is never an easy task. Never take parenting for granted. Whatever you do determine your children's future. Be extra careful with your behaviour, language and everything. Mind your behaviour. Mind your language. Mind everything that you do in front of your children! Whatever done by you in front of them will be followed by them!!
Be a role model, always...

Never take short cut.... or take things for granted, just like the video below:




Thursday, August 7, 2008

Famous Failure

Failure is really nothing. It is a process for us to learn. It is a journey before we succeed. Successful people fail too. It's up to us to decide how are we going to cope with failure in our lives! Remember, the future is in our hands to decide! No one but ourselves!!

Here, let me share this meaningful video on some of the world most famous people with their GREAT FAILURE! So, it's really no big deal to fail!! Really!!




Failure is Nothing!

Failure is just a process before we succeed!
Failure is just a lesson for us to learn!
Failure is just a test for us to understand!
Failure is just an education for us adapt!
Failure is just a journey in our lives!

Failure is not scary!
Failure is not ashamed!
Failure is not the end of the world!

Failure helps us to understand better!
Failure helps us to be more rational!
Failure helps us to be more matured!
Failure helps us to be successful!

So, go ahead and face failure bravely before we succeed!

How old are you?


Do you know that it can detect your age?
Don't believe it?
It's fun!
Come and try!


YOUR AGE BY EATING OUT


Don't tell me your age; you probably would tell a falsehood anyway- but your waiter may know!

YOUR AGE BY DINNER & RESTAURANT MATH

This is pretty neat

DON'T CHEAT BY SCROLLING DOWN FIRST!

It takes less than a minute. Work this out as you read .

Be sure you don't read the bottom until you've worked it out!

This is not one of those waste of time things, it's fun.


1. First of all, pick the number of times a week that you would like to go out to eat.

(more than once but less than 10)

2. Multiply this number by 2 (just to be bold)

3. Add 5

4. Multiply it by 50

5.. If you have already had your birthday this year add 1758...

If you haven't, add 1757.

6.. Now subtract the four digit year that you were born.

You should have a three digit number

The first digit of this was your original number.
( I. e., How many times you want to go out to restaurants in a week.)

The next two numbers are

YOUR AGE ! ------ (Oh YES, it is!)

THIS IS THE ONLY YEAR (2008) IT WILL EVER WORK, SO SPREAD IT AROUND WHILE IT LASTS

forwarded by e-mail

Wednesday, August 6, 2008

How to cope with Stress?

Stress is part of our lives. No one can escape from it. Stress can appear anytime, anywhere. It occurs when demands of our lives increase. It occurs when we fail to overcome something. There are signs informing us about stress. There are symptoms showing us about stress. We might be aware or we might not be aware at all. Stress is common among all of us. Stress always come and go. However, ignoring stress in your lives will lead to more critical and serious stress. DISASTER will be created if we ignore any symptoms of Stress. Take action immediately so that you won't trap in the web of STRESS!!

How to cope with STRESS?

1. Think positively.
2. Share feelings and burdens.
3. Change your perception and attitude.
4. Understand your needs.
5. Face it openly.
6. Rest and relax.
7. Improve yourself.
8. Mentally awareness.
9. Provide personal space.
10.Self-reflection.




P/S: this video is illustrated by one of my favourite author : Andrew Matthews, famous writer of Follow Your Heart and Being Happy.Enjoy it.

Tuesday, August 5, 2008

What is Success?

Watch this video and find out!!

Parents are Precious!!



PARENTS ARE PRECIOUS!!

This was narrated at a Seminar recently on Human Relations
:


Venkatesh Balasubramaniam (who works for IIT) describes how his gesture of booking an air ticket for his father, his maiden flight, brought forth a rush of emotions and made him (Venkatesh) realize that how much we all take for granted when it comes to our parents.

My parents left for our native place on Thursday and we went to the airport to see them off. In fact, my father had never traveled by air before, so I just took this opportunity to make him experience the same. In spite of being asked to book tickets by train, I got them tickets on Jet Airways.

The moment I handed over the tickets to him, he was surprised to see that I had booked them by air. The excitement was very apparent on his face, waiting for the time of travel. Just like a school boy, he was preparing himself on that day and we all went to the airport, right from using the trolley for his luggage, the baggage check-in and asking for a window seat and waiting restlessly for the security check-in to happen. He was thoroughly enjoying himself and I, too, was overcome with joy watching him experience all these things.

As they were about to go in for the security check-in, he walked up to me with tears in his eyes and thanked me. He became very emotional and it was not as if I had done something great but the fact that this meant a great deal to him. When he said thanks, I told him there was no need to thank me. But later, thinking about the entire incident, I looked back at my life.

As a child, how many dreams our parents have made come true. Without understanding the financial situation, we ask for cricket bats, dresses, toys, outings, etc. Irrespective of their affordability, they have catered to all our needs. Did we ever think about the sacrifices they had to make to accommodate many of our wishes? Did we ever say thanks for all that they have done for us?

Same way, today when it comes to our children, we always think that we should put them in a good school. Regardless of the amount of donation, we will ensure that we will have t give the child the best, theme parks, toys, etc. But we tend to forget that our parents have sacrificed a lot for our sake to see us happy, so it is our responsibility to ensure that their dreams are realized and what they failed to see when they were young. It is our responsibility to ensure that they experience all those and their life is complete.

Many times, when my parents had asked me some questions, I have actually answered back without patience. When my daughter asks me something, I have been very polite in answering. Now I realize how they would have felt at those moments. Let us realize that old age is a second childhood and just as we take care of our children, the same attention and same care needs to be given to our parents and elders. Quality time and politely answering them with out making them wait is important. Now I realize that I must look at their eyes and answer them pleasantly and pretend to be reading papers and answer in mono syllables. Rather than my dad saying thank you to me, I would want to say sorry for making him wait so long for this small dream. I do realize how much he has sacrificed for my sake and I will do my best to give the best possible attention to all their wishes.

Just because they are old does not mean that they will have to give up everything and keep sacrificing for their grandchildren also. They have wishes, too.

Take care of your parents. THEY ARE PRECIOUS.
(Forwarded by e-mail)


Saturday, July 26, 2008

Dearest Students



What is education?





Education is an everlasting journey.
Education is a backup for your undertakings.
Education is an opportunity towards brighter future.
Education is a key to be successful.
Education is an eye-opener.

With education,
Your life journey will be smooth.
Your future is guranteed.
Your opportunity is higher.
You will be successful.
You will see things beyond your view.
______________________________________
Dearest all Students in Malaysia & Singapore,
Good News!!
Send us an original article of yours about your school life to
The best article of the month will be entitled to win "Dearest Students" book signed by the author. Remember to include full name, contact number & full address. Results will be announced through this blog & e-mail.
Regards,
Mak Lai Poh

Dearest Students,

Wisdom according to the cartoon characters :
1. Be courage
2. Talk to someone you trust and care
3. Don't worry, be happy

Regards,
Mak Lai Poh


Friday, July 25, 2008

Dearest Parents





What is Parenthood?


Parenthood is a journey, fulled of joy and happiness.

Parenthood is a task, fulled of roles and responsibilities.

Parenthood is a challenge, fulled of obstacles and excitement.

Parenting is never an easy task. There are ups and there are downs.

Parenting is joyful, yet painful.

Parenting is difficult, yet exciting.

Parenthood will only be successful if you travel together with full commitment.

________________________________________________

Dearest all Parents in Malaysia & Singapore!

Good News!!

Send us an original article of yours about parenthood to
posi-mind@hotmail.com
The best article of the month will be entitled to win "Dearest Parents" book signed by the author.
Remember to include your full name, contact number & full address. Results will be announved through this blog and e-mail.

Regards,
Mak Lai Poh
Author or Dearest Parents















Dearest Hubby / Wife








What is marriage?

Marriage is supposed to be a happy journey.
Marriage is supposed to be a joyful track.

Marriage is supposed to be something that we cheer about.
Marriage is supposed to be our desire.
Marriage is supposed to be our sweet dream.


The fact is, it is not really as we desired.
It is not really as we expected.


It is not really as we hoped.
It is not really as we dreamt of.


We can have a marriage full of happiness and joy if...
You and your spouse play your respective role with full heartedly.

___________________________________________________

Dearest all couples in Malaysia and Singapore!


Good News!!


Send us an original article of yours about love and marriage to
The best article of the month will be entitled to win "Dearest Hubby" book signed by the author. Remember to include name, contact number and full address. Results will be announced through this blog and e-mail.

Regards,
Mak Lai Poh
Author of Dearest Hubby






Dearest all couples in the world!
I love this song very much and I want to share this with all of you. Hope you enjoy it!

Regards,
Mak Lai Poh
29th July 2008















Thursday, July 24, 2008

My Journey as a Writer / Publisher

September 2007 – December 2007 :
Sent a tip to hubby daily through e-mail in hope to improve relationship between two of us. Wrote till 58th tips and stopped. Relationship really improved!

March 2008:
Decided to write a book. Had a passion to write books since explored to first self-improvement book that was Chicken Soup when I was in Form 6. However, no action was taken after that. Did some research and chose some topics for the writing. Came out with a topic related to songs. Keen to share inspiration with others.

March 2008 – April 2008:
Wrote half way and jammed. Seek opinions from hubby. Decided to use back daily tips which were sent to him at the beginning. Continued writing until 150th tips.

April 2008 – May 2008:
Approached few publishers to publish my book which was initially called Dear Hubby. Rejected by them. Their reasons were not meet the market demand and did not suit the contemporary writing in the market. Felt discouraged and disappointed. Decided to publish myself. Did some research and survey on printing, publishing and distributing.
Completed one book. Wrote 10 to 20 tips per day. Set target and deadline for the writing. Followed strictly. Wrote until 1 am daily. Sent for editing.
Set up and registered a company called PosiMind Enterprise on 21st May 2008 just to publish books. Applied for ISBN on 29th May 2008 for my first book.
Planned to publish on 8th June (hubby's birthday). However, hubby suggested to publish the whole series (consisting of 3 books) to save cost. One was written half way. So, postponed publishing. Spent school holidays to write the other two books. Wrote 20 to 30 tips per day. Not so strict on writing, but managed to finish on time.

June 2008:
Completed two other books. Sent books for editing. Saw similar title in the market. Disappointed and almost give up. Changed name from Dear Hubby to Dearest Hubby. Second book is named Dearest Students and third book is named Dearest Parents.
Hubby did the designing and layout from A to Z all by himself. Very pleased and happy with his brilliant work!
Sent a sample to MPH. Rejected by MPH as the distributor. No reason was stated. Felt disappointed again. Good news was met a new and understanding friend there. Almost create problem by one small misunderstanding, luckily met such an understanding person.
Self-checking on vocabulary and grammar after editing. Still encountered some errors even after few checking. Final stage confirmation. (Still have some grammar mistakes, sorry)
End of June - Got some loan from parents-in-law to publish books. Sent for printing. Limited capital, limited printing, higher cost! Printed posters as well.

11th July 2008 (Friday):
Three sets of handy, small (4”L X 6” H) and adorable books were finally printed. 500 copies per set. Felt very excited, satisfied and happy to see own books. Did a listing of family members and friends to distribute to them as a token of appreciation.

12th July 2008 (Saturday):
Distributed to family members and concerned people. They were proud and happy too. Shared with friends and family members.t
Set some goals of self-distributing the books. Focused in Klang Valley. Save petrol.
Went to Shah Alam and Summit Subang shopping complex to distribute samples. Left a sample set to Smart Book Shop at Shah Alam. Got some contacts and name cards from the rest.

14th July 2008 (Monday):
Approached from door-to-door. First book store named Pustaka Shiny Jaya near KTM Klang accepted as distributor though Consignment Basic. Very happy even though only 5 sets were taken.
Left a set of samples to Book Valley, Eng Ann. Person in charge was not in. Left a set to a tuition centre in Klang. Books really suit students and parents.

15th July 2008 (Tuesday):
Went to a church nearby to promote books. Met the principal of the kindergarten and shared some inspiration from the books. She was very impressed. She wanted to help to distribute but it was not suitable. She suggested to prepare leaflet to distribute to the parents. Left a set to her.

16th July 2008 (Wednesday):
Got another consignment basic from Smart Book Shop, Shah Alam. Distributed 70 sets to seven different branches. Thanked to my hubby to be my general worker to lift up the books. Very very happy and excited.
Went to meet an old friend in Shah Alam to share this happy news with her.
Left a sample sets to Centro Klang.

17th July 2008 (Thursday):
Rest day. Went to an ex-colleague’s house to share good news.

18th July 2008 (Friday):
Appointment with Book Valley postponed to the following day. Went to Petaling Jaya. Passed a sample sets to MPH for reconsideration. Went to Salvation HQ ( A Christian Book Store) but rejected because of non-Christian books. Felt disappointed.

19th July 2008 (Saturday):
Got a consignment basic in Book Valley with 20 sets. Very happy and excited because it is the nearest place. Spread news to friends though SMS. Received some calls and replies.

21st July 2008 (Monday):
Donated 2 copies of Dearest Students and one copy of Dearest Parents to the school library. Hope many students read.

22nd July 2008 (Tuesday):
Went to ISBN office, Kuala Lumpur to surrender 5 copies of each book. 1 book to be placed in Koleksi Negara, 2 in the National Library, 1 in Pulau Pinang and 1 more in Sabah.

23rd July 2008 (Wednesday):
Created a blog just to share inspiration with others.
Accepted as consignment basic in Daily Book shop with 50 copies each for three different areas including Johor. Very happy and excited. The person in charge is pleased with my writing. Left a set to Hokkien Association to consider.

Wednesday, July 23, 2008

Happy Family Books



Dearest Hubby (or wife)
150 tips towards a better relationship for married couples


Dearest Parents (or teachers)
150 tips towards a better relationship and parenthood for parents



Dearest Students (or children)
150 tips towards better results and self-improvement

Get this complete series towards a happy family at RM14.90 each.
Books are available at the following book stores:
1 Pustaka Shiny Jaya (near KTM Klang)
2 Kedai Buku Smart : Plaza Shah Alam
Plaza Metro Kajang
Kompleks Bangi Utama
Semenyih
3 Book Valley (Opposite Delta, Taman Eng Ann)
4 Daily Book shop : The Store
Centro Klang (Grd Floor)
Johor
5 Ren Ren Book Shop (1st Floor , Klang Parade)
6 Lian Pang Stationery (Lorong Batu Nilam 3F, Bukit Tinggi Klang)
7 Syarikat Buku Formula (Persiaran Raja Muda Musa, opposite Hin Hua)