MM: Make Money With Catch Eye

Today is 31st and its Baskin Robbin Day! (^_^)V
Buy a BR ice cream and get 31% discount for your purchase. Make sure you queue up earlier and pack your wallet with cash.
Well, maybe it's too late for this post. You can wait till 31st December.

Yummy @.@

Wondering where to get more money to buy ice cream? I have got a new suggestion. But hold on. I need everyone here to notice a new icon in my blog sponsor column. Can you spot it? Indeed, you will know if you're a frequent visitor as it's been there for 3 days already.

What's new in my blog?
As seen from the picture below, you will spot a red icon named "catcheye" on the right

What is CatchEye actually?
Catcheye is an online advertising platform that allows advertisers to deliver their advertisements in a highly effective manner. Their ad delivery platform guarantees that each ad is viewed by unique and voluntary viewers.

How do CatchEye help us to make money?
In return of viewing ads, we will earn Catcheye reward points which can be exchanged for cash and/or other prizes. Viewers are also required to answer 3 simple questions related to the ad being displayed. It is for the purpose of strengthening our impression and understanding of the message being conveyed.

You can also earn more reward points by inviting others to join Catcheye. They will become part of your network and contribute a portion of their points to you! (Affiliate program)
In addition, Catcheye will donate to a charity organization (of the user’s choice) everytime an ad is viewed. So, we are actually helping people out there beside earning money. (The money come from advertisers, not us)

Why I support?
Although the system is still in the initial stage, why not give it a try. Moreover, it is a Malaysia website. We as a Malaysian should join to support such activity. As it got nothing to lose, but the chances to make some extra bucks and charity at the same time.

Your Option...
After viewing this post, click here and start to earn.
Or you can choose not to join and eat BR ice cream with your hard-earned money.

Courtesy to CatchEye Official Website

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How to Calculate Interest Payment

I had often confused about the calculation of interest payment, especially for mortgage interest payment. So i sort it out today and share with my fellow comrade =).Nowadays, there are two major type of mortgage loan package in the market. One is floating rate and another is fixed rate. Of course we know that floating rate is based on Base Lending Rate plus Spread and fixed rate will not change. Most mortgage loan payment goes up to 15 - 30 years. By the way, how the mortgage interest payment being calculate?

I will give a very brief example here to illustrate the payment of mortgage loan.

The picture shown loan amount of RM100,000 with interest rate of 5%. Let's say the interest compound annually and the annual instalment is RM12,000. After 10 years you still owe bank RM22,814. Paying another 2 - 3 years then the house totally belong to you.

Your instalment payment should at least more than the interest payment in order to reduce the principal amount for calculating interest.

How to Calculate Monthly Instalment Amount?

Step 1, determine the principal amount, the interest rate.

Example, Principal Amount = RM100,000, Interest = 4%

Step 2, Find the compound interest factor. Using the formula below (inside the bracket one).

1. If the interest is 4%, then the i = 0.04

2. n = total years you need to do instalment.

3. Compute the compound interest.

Example,

 = 11.11 <-- Compound factor

 

Note: If the interest rate is compounded monthly, then you have to take the following step:

i. Divide i by 12, replace i with result.

ii. Multiply n by 12, replace n with result.

iii. Compute the compound factor

Step 3: Use the Principal Amount divide by the compound factor to find yearly payment (Pmt). If want to find monthly payment, take the yearly payment divide by 12.

Yearly payment = RM100,000 / 11.11

Yearly payment = RM9,000.90

Monthly payment = RM9,000.90 / 12 months

Monthly payment = RM750.08

Note: If the interest rate is compounded monthly, then you just have to use the principal amount divide by the compound factor. The answer is in monthly payment. No need to further divide by 12.

The above illustration assume the number of year for payment is fixed. If you want to compute based on fixed instalment payment, you will have to use different variable in the formula. Twist and turn the formula will get you the answer. If you need help, please leave a comment.

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How To Select Mortgage Loan

Housing loan a.k.a Mortgage loan

Definition of mortgage

possible root from the French verb "mourir" meaning to die. The English word "mortgage" refers a home owner's loan that is usually with you until you die. Usage of the French root is supposed to make it sound fancier than "loan" - but it doesn't really.

J'ai mort - meaning "I am dead"

Credit to urbandictionary

 

A dream home is your resting place while old. Planning to buy a house is rather easy, but you can burn a big hole in your pocket without proper knowledge in the industry. Remember not to bear any debt exceed your capacity, early termination penalty will be costly.

3 Simple steps of financing your dream house (Used in most cases)

What to consider in a loan?

Besides pricing, other features like flexible repayment terms could balance the scale or even translate into greater loan savings. Financial Institutions generally offer housing loan packages either in the form of a term loan, overdraft, or a combination of a term loan and overdraft.

Fixed rate or Floating rate?

As in the fixed rate financing, the rate is fixed and there will be no changes in repayment amount and tenure.

While with the floating rate financing, the repayment amount and/or tenure may change due to the fluctuation in BLR (Base Lending Rate).

If for me, i would choose the fixed rate financing although it's more expensive. However, considering the trouble broughtforward by rescheduling the loan and adjustment of BLR in the future when the economy return to healthy state.

I suggest you to discuss thoroughly with your in charged mortgage officer about the issue since buying a house is not similar with buying a soft toy. Any soft of negligence may be costly.

Insurance? Peace of mind?

Ever heard of housing insurance? The most common one is fire insurance and MRTA (Mortgage reducing term assurance)

In short, fire insurance cover your property against natural disasters (eg: flood, fire, riot, strike, and malicious damage). If you live in a condominium or apartment, you need not buy the fire insurance as the Management Corporation (MC) had it managed properly. Make sure you have the sub-certificate of the master policy from MC.

MRTA refer to the coverage for full settlement of the outstanding balance of the housing loan with the financial institution, in the event of total permanent disability or death of the borrower.

Both insurance also give a peace of mind by burning even my cloth. (-.-'). I stressed again that Housing Insurance is essential.

Credit to Bankinginfo =)

Visit here for more about mortgage loan.

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How To Engage In Hire Purchase

Hire Purchase (HP)?
Hire Purchase usually happen in car loan. When you buy a car, you are the hirer and the bank is the financier. Then, you have the possession of the car but at the same time have to repay the bank who is the owner of the car based on the terms of payment . When the instalment paid up, the car owner is you.

Governing Legislation
You were protected by Hire Purchase Act 1967. Refer to it when necessary.

Financing
Major banking institutions. You will receive a financial statement called Second Schedule Part 1, which state your financial obligations under the proposed HP agreement.
However, sometimes the car dealer will help you to obtain loan. You will receive Second Schedule Part 2 states that the bank is a party to the agreement. Remember you don't need to pay anything for Second Schedule, and lawyer is a white elephant in HP agreement.

Minimum Deposit
10% of the motor vehicle cash price is the minimum deposit should be required by banking institutions. However, we had heard alot of RM1 deposit or zero deposit nowadays.

Guarantor
If you default, the guarantor is liable for the unpaid portion of the HP financing and interest due. A guarantor is pre-requisite.

Insurance
The car dealers or the banking institutions will arrange insurance cover for you in the first year. For the subsequent year, you will need to find for insurance yourself. Motor vehicles under HP financing usually need a comprehensive insurance policy.

Fixed rate or Variable rate financing?
Fixed rate financing means that the interest charge is fixed. Maximum rate charge in fixed rate term capped at 10% per annum. The variable rate financing follow the movement of the base lending rate (BLR). Maximum variable rate financing interest capped at 17% per annum. Your prediction of future interest rate movement is crucial in selecting type of financing.

Generally, the banking institutions have the rights to repossess the registered vehicle if you unable to pay for instalment for 2 months consecutively.

If you have further question. visit here.

+ I am also providing car insurance renewing service, drop me a comment if you need my service =)

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How To Use Internet Banking?

What is Internet banking?
Internet banking allow us to manage personal finance through "clicks" at anytime (24 /7 ) anywhere (as long as it's earth) with Internet access. So, bank users save the time to queue and convenience from Internet banking service.

Who provide Internet banking service?

Currently, only banking institutions licensed under the banking and financial institutions act 1989 and the Islamic banking act 1983 are allowed to offer Internet banking services in Malaysia. For more details on which bank offering such services, visit here.

How to be an user?

Firstly, you need to have an account with a financial institutions. Then, the details on the application procedures are available on the banking institutions' websites.

What type of services available online?

Various transaction such as

1. Check balance and statements.

2. Submit applications for new accounts, credit cards or loans.

3. Place fixed deposits.

4. Transfer funds between accounts (own and 3rd party).

5. Create, change and cancel standing orders.

6. Request for cheque books and statements.

7. Check status or stop payment of your cheques.

8. Apply for bank draft and telegraphic transfer.

For the full lists of services offered and the additional features and channels that are available, you must check it with your banking institutions.

Before you sign up

1. Read and understand the terms and conditions

2. Make sure the terms and conditions fair to both parties (eg: information on who will be liable for unauthorised or fraudulent transaction/ information relating to how to lodge a complaint and how the complaint being investigated and resolved)

3. Knowing and understand your rights, responsibilities as well as the risk involved in using Internet banking services.

Minimize your Internet banking risk

1. Do not reveal your login ID, password and PIN.

2. Check for the right and secure website.

3. Add a second level of authentication and secure your transaction.

4. Protect your personal computer form virus, hackers, and malicious programme.

5. Be careful when downloading software.

6. Do not leave your computer unattended while logged in.

7. Always remember to log off.

8. Clear transaction records (cookies, history, etc)

If you have further questions, visit to bankinginfo site.

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How To Failed In Money Saving (7 money mistakes)

Working for years but still have little saving? Why this happen?
Mistake 1: Failed to Plan
Do you properly plan your finances? Normally we don't plan for our finances and let it run in its own course. So, we ended paying high tax and overpaying for financial products (insurance, unit trust..etc). We even leave our money sit freely at home earning nothing. Planning is usually too late when you run into serious financial deficit. Your personal financial crisis. (Boooooommmm).
Mistake 2: Spending beyond our means
Most of us need to pay for utilities, car loan, house loan, credit card bill, telephone bill, and other micellaneous monthly. However, the temptation of rich lifestyle induce us to spend on foods, high tech gadgets, fashion, magazine, entertainment and leisure. When you continue to spend more than often, you run into persnal insolvency. (Imagine your car kena pull back by bank, house being tender to third party, no mobile phone to use, have to depend on relatives or sometime no one else).
Mistake 3: Spending future money
Credit card, the best credit tool for the poor. when we buy on credt, we happy that we can buy what we like without paying money until end of month. You have 20 days to be happy before the interest count on. Further detail on credit card interest available via http://www.hsbc.com.my/1/2/personal-banking/credit-cards/credit-card-fees-charges
Mistake 4: Delaying saving for retirement
Your income increase over years, but your spending also increase over years. More often the increasein spending exceed the increment in income will drag your retirement plan. (eg: House renovation, buying new cars, expensive items)
Mistake 5: Investing in the wrong product
Have you been buying several unit trusts and insurance policies without knowing who is the management team and relied on the advise of agents? It is vital for us to equip with some basic financial knowledge to shield ourselves from misinformation and fraud. (When you buying into financial products, make sure you read through the terms and conditions and ensure a sound management team behind it)
Mistake 6: Not saving for a rainy day
Planning for risk management is important as well. Imagine the life of our family who depend on our financial support. Insurance is perhaps the best and loyal partner the would help to take care our family members when we loss the ability to generate any income. Have you already buy one?
Mistake 7: Focusing on too much money matters
Get your money with happiness. Sometime, money is not the most important matter. The most important element in life is happiness. We live longer with happiness and hence it lead us to stay healthy and possess the ability to acumulate more wealth (knowledge and money).
However, if we choose to unhappy but poor. I would rather choose to be unhappy but rich.

Conclusion:
Start early for finanial planning and enjoy the fruit of your lifetime commmitment earlier than your peers.

If you want to know further in personal wealth management, u can go to malaysia investor site.

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