Ten Reasons You Aren't Rich

Here are ten possible reasons you aren't a millionaire:-

1. You Care What Your Neighbors Think: If you're competing against them and their material possessions, you're wasting your hard-earned money on toys to impress them instead of building your wealth.

- This is what we called 'envy'. Envy could even make you go bankrupt without you knowing.


2. You Aren't Patient: Until the era of credit cards, it was difficult to spend more than you had. That is not the case today. If you have credit card debt because you couldn't wait until you had enough money to purchase something in cash, you are making others wealthy while keeping yourself in debt.

- Lots of people spent beyond what they could afford to pay. They are not worried that they are owing the banks due to the excessive usage of their credit cards. Such consumers thought that being able to pay the minimum monthly payment and interest charged are considered good enough and they considered themselves 'risk takers'.


3. You Have Bad Habits: Whether it's smoking, drinking, gambling or some other bad habit, the habit is using up a lot of money that could go toward building wealth. Most people don't realize that the cost of their bad habits extends far beyond the immediate cost. Take smoking, for example, it costs a lot more than the pack of cigarettes purchased. It also negatively affects your wealth in the form of higher insurance rates and decreased value of your home.

- Will consumers realise this? Or the related advertisings are so good that it continued to draw more attention.


4. You Have No Goals: It's difficult to build wealth if you haven't taken the time to know what you want. If you haven't set wealth goals, you aren't likely to attain them. You need to do more than state, "I want to be a millionaire." You need to take the time to set saving and investing goals on a yearly basis and come up with a plan for how to achieve those goals.

- Most people will tell you that they barely survive with their current salaries especially with the higher cost of living nowadays. Besides the cost of living, some have to squeeze out from somewhere to pay for their 'bad habits' as above.


5. You Haven't Prepare: Bad things happen to the best of people from time to time, and if you haven't prepared for such a thing to happen to you through insurance, any wealth that you might have built can be gone in an instant.

- At times, we may have to acquire the right kind of insurance that meets our needs.


6. You Try to Make a Quick Buck: For the vast majority of us, wealth doesn't come instantly. You may believe that people winning the lottery are a dime a dozen, but the truth is you're far more likely to get struck by lightning than win the lottery. This desire to get rich quickly likely extends into the way you invest, with similar results.

- Many people who have fell for those quick bucks scheme are easily susceptible to another scheme if not careful. Why lotteries can afford high pay outs to one in a million winner is because it's very rare to win.


7. You Rely on Others to Take Care of Your Money: You believe that others have more knowledge about money matters, and you rely exclusively on their judgment when deciding where you should invest your money. Unfortunately, most people want to make money themselves, and this is their primary objective when they tell you how to invest your money. Listen to other people's advice to get new ideas, but in the end you should know enough to make your own investing decisions.

- You need to know what kind of investments is suitable for yourself as others won't know what sort of commitment you have.


8. You Invest in Things You Don't Understand: Your hear that Bob has made a lot of money doing it, and you want to get in on the gravy train. If Bob really did make money, he did so because he understood how the investment worked. Throwing in your money because someone else has made money without fully understanding how the investment works will keep you from being wealthy.

- In any investments, it's good that you know how it operates and you have to keep track of its performances as it's your hard earned money.


9. You're Financially Afraid: You are so scared of risk that you keep all your money in a savings account that is actually losing money when inflation is put into the equation, yet you refuse to move it to a place where higher rates of return are possible because you're afraid that you will lose money.

- Put it this way, this group of people is not risk takers. On the other hand, they build their financial wealth slowly slowly ........ can't be millionaires but can live a moderate life without much worries.


10. You Ignore Your Finances: You take the attitude that if you make enough, the finances will take care of themselves. If you currently have debt, it will somehow resolve itself in the future. Unfortunately, it takes planning to become wealthy. It doesn't magically happen to the vast majority of people.

- Lots of people failed to plan. They couldn't care less about obtaining the easiest financing schemes and would pay more for services compared to others.

(extracted from TheStreet.com)
Tags: Millionaire, Finance, No Goals, Credit Card Debt, Building Wealth, Financial Health

Honda's Latest MPV in Malaysia

Honda Malaysia will provide the toughest challenge to Malaysia's local car manufacturer, Proton. Proton has in their plans a new MPV model on their drawing board and rumours are saying that it will be launched in 2009.

Honda is one step ahead of them now, with the launching of their new MPV model that could seat twelve persons and the price is even more shocking .......... retailing at RM56,000 ...........

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Tags: Proton, Honda, Car, MPV

Michelangelo Finally Back in Italy

After a two year visit to the United States, Michelangelo's David is now returning to Italy . .. .



Tags: Michelangelo, McDonalds, KFC, Burger King, Starbucks Coffee, Funny, Humour, Italy, United States

Theft at Coronade Hotel, KL

Received this via email about a theft that happened while the guests were sleeping in their hotel room.
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Dear Friends and travel colleques and travel partners,

As you all know I am an experienced traveler and this is my 15th year in the tourism industry. My company has expanded from a travel agent to sea sports, river cruise, rainforest resort. The following incident happened to me personally, not a story I heard from someone. I DON'T want this to happen to anyone else. Please let your friends, colleques, love ones know about it.

I booked into: THE CORONADE HOTEL KUALA LUMPUR, (Achi Jaya Properties Sdn Bhd), Jalan Walter Grenier, 55100 Kuala Lumpur, MALAYSIA (located next to Lot 10) from 6th Sept to 9th Sept 2008.

We (me and a friend) have stayed in this hotel 2-3 times this year. It is in a good location and the cost is reasonable. I booked for "The Summit Room" as they have free internet and a bigger room.

We were busy right from day 1 as we have a long "to do list". On the 8th Septemper morning, when I came out of the toilet, I saw the latch and the lock switch in the "open position. The door is closed. I was sure I closed the latch and lock the security lock. I ask my friend to check if there's anything missing and there wasn't, so we thought its just us being forgetful. After a busy day from 830am to 10pm, we arrived back to the hotel tired and packed up as we are leaving the next day in the morning. We counted the monies and packed everything accordingly. I personally made sure this time the door is locked on the security lock and the latch. we were so tired and went to sleep. I dozed off around 11pm.

At around 7.00-7.20 am, I woke up and went to the toilet. I remember my phone alarm going off at 730am. Coming out of the toilet, I notice again the latch and the lock in the open position (the door is closed). I immediately ask myfriend to check the bags and found our brunei and Malaysian dollars gone except for 30 plus Malaysian ringgit.

I called the manager on duty immediately and he arrived with a security officer to make a report. The Manager on duty, Raj and the security officer, Harun did not apologise nor was symphtatic. They took my report and looked around and leave. After they leave, I realize, my diamond ring, goldchain and watch which was placed on the table is gone, my mobile phone placed on the table is luckily still there.

I called the manager to make the additional report. They called the police and we found out we had to go to the tourist police station which we went to make the report by Sergeant Shahar. As we had to go get our medical report, we went after we got our report. By the time we came back to the hotel, it was already 1140hrs, we have a flght to catch at 1440hrs.

I expect the hotel to act professionally and to clear this matter up but they didn't not even apologise as our lives and safety was compromised. Someone can enter our room even when we latch it and security lock it!!!!

Imagine if the person had a knife or it's a single woman alone in the room. I am still shocked and thank god no harm came to me and my friend. I overheard the police man asking for the security camera and I AM SHOCKED TO KNOW THERE IS NO CCTV CAMERA ON THE HALLWAY ONLY IN THE LIFT AND STAIRWAYS FOR A 4 STAR HOTEL.

Has the hotel compromise cost at the risk of hotel guest's safety/security. Today is the 11th September 2008, I have no response from The CORONADE hotel and also I tried to call the General Manager and was informed he is on leave from 10th sept for a few days!!!!!

I was not put through to anyone else and the Executive secretary Siti hajah Yusof who answered the phone says I can email to her. I fond this strange as there is the security manager and other top management whom usually will be referred to.

HOW SAFE ARE HOTELS IN MALAYSIA, ESPECIALLY THE CORONADE HOTEL? IF SOMEONE CAN ENTER MY ROOM WHEN IT IS DOUBLE LOCKED, I DO NOT WANT TO STAY IN THAT HOTEL. PLEASE INFORM YOUR FRIENDS, I DO NOT WANT ANYONE TO GO THROUGH WHAT I WENT THROUGH. BE SAFE AND MAKE SURE THE HOTEL YOU STAY IN HAS ADEQUATE SECURITY FACILITIES.

SINCERELY,
ANTHONY CHIENG
MANAGING DIRECTOR OF Sunshine Borneo Tours & Travel Sdn Bhd

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All I can say that the thief was very brave indeed to venture into a room with the guests asleep. Surely the thief was armed as the thief could be overpowered with two guys in the room.
Tags: Coronade Hotel, Achi Jaya Properties Sdn Bhd, Anthony Chieng, Sunshine Borneo Tours & Travel Sdn Bhd, Hotel Room Theft

Corruption in China Countryside

There was a landmark decision made at the plenary session of the Party Congress this week: The Chinese government decided to give lease rights on the land to the peasants. No one knows how exactly this act will work; apparently it aims to narrow the income gap between the rich in the cities and the poor in the rural areas. For those of us who have had a little experience with rural land issues, we are a bit skeptical.

Here is my story.

About 10 years ago, we visited a painter friend who moved to the countryside and leased an abandoned schoolyard for 50 years to be his studio and home.

It was a charming residence. He had a vegetable garden and even tried to raise pigs. Compared with the compact living in 100 square meters in the city, his life seemed so much more spacious and connected with nature. My husband and I were immediately attracted to the idea and inquired about whether other lots were available in the village.

A rough and drunk party secretary for the village called us soon and said there is a persimmon orchard that has been retired, and that if we wanted to, we can lease some land there. It all sounded charming and rather inexpensive. We paid the money, got a piece of paper which said that the land was leased to us for 50 years — what is known as “Zhai Ji Di” in China. The party secretary said that we could build a house on the land, but we could not conduct any commercial activity. And, if during the 50 years, the government wanted to appropriate the land, we would be reimbursed for only the lease fee, not what we have built.

This was fine. We built the house and started to use it as a weekend place. Then the first scare came. The party secretary came at dinnertime one evening and announced that we have to demolish our house because it was in the middle of a road that would be built for the Beijing Olympics. We got a little panicky, fed him some more wine, and tried to get him to help us to keep the house. He said he could probably help us. After all, there are three families whose houses sit in the middle of the road. Maybe the road should take a detour.

We heartily agreed, and told him that he was the best party secretary. He drank some more wine, commented about how he likes this foreign liquor called X.O., and told us that a getting a detour would cost us. We stuffed two bottles of X.O. (cognac) in his bag and paid him $10,000 and sent him on his way to make the road bend.

About four months later, the party secretary came again at dinner, and announced triumphantly that the road would be detoured and that we would get to keep our house. We were happy, so we gave him some wine and food, and as he was wiping his mouth with his shirt sleeves, he said, “But there is another problem.”

“What?” we asked, mouths gaping.

“The county decided to re-issue all the land lease papers. The chop [license] used on the last one was not properly fixed.”

“Oh, what does that mean?” we asked. “Well, it should be chopped by the land appropriation bureau, not the agricultural bureau,” he said, waving his glass for more wine. I poured dutifully. “You see, the government got confused. This was an orchard, so they thought, agricultural land. But then the land bureau said since it is no longer used as a working orchard, they need to get their chop on it as well.”

“OK,” we said, “so how much?” “Oh, maybe just 30,000 renminbi,” he said, referring to about $3,500. “Cash?” my husband asked.

“Hey,” he said with a bit annoyance in his voice, “I don’t want your money. We are friends now, but it’s for ‘them.’ ”

This was eight and half years ago. We have stopped using the house as a weekend place and only went back to the village once or twice a year. This year we decided to start using the house again for our 3-year-old daughter. When we asked to see the party secretary, we were told he was in jail. Apparently, he took all the cash that we paid for the land and the road and the chop and deposited it into his own bank account. During a village election, his actions were exposed by his nephew, who stole his bank statement.

Right now, his nephew is the new party secretary. We saw him and explained that we still don’t have our lease paper back. He said he will see what he can do. Then his driver (who drives a BMW) showed up and said to get our paper all sorted out would cost 50,000 renminbi (about $5,833). We got a bit smarter and said we would pay 20 percent now, and the rest upon getting the papers.

We have not gotten our papers, and we are not the only ones. For those of us who participated in the “gentrification” of the rural areas, the rampant corruption is the real problem plaguing the countryside. When we first paid the fee for the land, we were told it would go to finance a school for children in the village. Obviously, it never happened. The new legislation was intended to give the land to individual peasants, but given the workings of the Chinese government, it will most likely take many “chops” and red tape before a peasant is allowed to do what he wants on the land. Each chop will have a price on it. The law might have just given corrupt officials a series of good excuses to take bribes.

It is good that the legislation is moving toward privatizing land-use rights, but I am rather doubtful whether it will work out as the government had envisioned. Most Chinese regulations get terribly distorted in the process of execution.

As for that Olympic Road, it was actually an imaginary road on the part of our old party secretary.

(Extracted from New York Times)

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These things happen in Malaysia too? I found similar things in Malaysia as in when the government announces certain rulings which were opened to corruptions. For example, catching cars that are heavily tinted and at the same time, the measuring devices are not up to date. Who will have the final say in determining who's right or wrong ....... the final deal - money it is!

Tags: China, Corruption In China, China Countryside, Party Congress, Peasant

'Melamined' Malaysian Food

I thought those melamine fear factor has been restricted to China but it has found its way to Malaysian shore.

As Malaysia's permissible level for melamine content is 2.5 parts per million ("ppm"), it has found various types of biscuits produced by Khong Guan Biscuit Factory Sdn Bhd and Khian Guan Biscuit Manufacturing Co Sdn Bhd (same group of companies) to be contaminated with too much melamine.

Initial tests have revealed that the ammonium carbonate found in their biscuits to have exceeded 33.4 ppm up to 508 ppm. That's terrible man. Failure of QA/QC department? Or just don't bother to check.

Hong Kong government's Centre For Food Safety has announced that the Munchy biscuits brand from Malaysia have exceeded the tolerable daily intake of melamine:-
1) Munchy’s Mini Crackers with Peanut Butter - level of melamine detected was 5.4 ppm
2) Munchy’s Mini Crackers with Cheese Cream - level of melamine detected was 3.8 ppm

In Munchy's website, there is a notice that states all milk and dairy ingredients are being sourced from France and Australia ......... hmmmmmm now melamine has invaded another two more countries. Besides that, two independent certification agencies, Chemical Laboratory (M) Sdn Bhd and Pacific Lab Services of Zagro Asia Ltd, have certified Munchy's products to be safe for consumption.

When I read about the melamine story, I thought it was really some sort of chemical product that somehow is being added into milk products to make those end products smell or taste better.

Lo and behold, it is the same kind of melamine material that is being used in the making of a kitchen cabinet or wardrobe. Such melamine material used, if taken care, could withstand years of wear and tear. Now, imagine it being mixed into the food ingredient. IMHO, whatever permissible level, if consumed, won't be helpful at all for our human body.

Reading: Too much melamine found in 18 types of biscuits - Star

Related post - Sudden Fear of Melamine
Tags: Melamine, Khong Guan Biscuit Factory Sdn Bhd, Khian Guan Biscuit Manufacturing Co Sdn Bhd, Biscuits, Centre For Food Safety, Munchy, Munchy Food Industries Sdn Bhd, Mini Crackers with Peanut Butter, Mini Crackers with Cheese Cream, Chemical Laboratory (M) Sdn Bhd, Pacific Lab Services, Zagro Asia Ltd

Government Guarantees 100% of Bank Accounts

With the global financial markets going havoc in USA and Europe, governments in countries such as Hong Kong, Indonesia, Australia and New Zealand have provided guarantees on all bank accounts.

To safeguard Malaysian bank accounts, there is this deposit insurance system that was established since Sept 2005 to protect Malaysian bank accounts up to RM60,000 per depositor per bank. This insurance scheme is protected via a scheme arranged by Perbadanan Insurans Deposit Malaysia ("PIDM"). To see how much your bank account is protected in case your bank fold up, you can refer to PIDM's insurance coverage on the respective bank accounts.

In providing further assurance to all bank account holders, the Malaysian government has now announced that a blanket guarantee will be provided for all ringgit and foreign currency deposits with commercial, Islamic and investment banks, and deposit taking development financial institutions that are regulated by Bank Negara Malaysia, the central bank. Now everyone can breathe easily up to 31 Dec 2010, the last day of the blanket guarantee by PIDM.

Why did the Malaysian government give such a blanket guarantee? Something wrong somewhere that we, the bank depositors, have not been made aware of?

The Association of Banks in Malaysia gave an assuring statement that Malaysian banks are safe and sound.

I would say that it is a good step taken by the government to prevent any unwanted panic situation. Imagine receiving this message via sms or emails - "this xxxx bank will be closing its operations in the next few days and you are advised to withdraw all your money before other depositors do it". It may cause mayhem in Malaysia.

There are exceptions and they are as follow:-
- Deposits not payable in Malaysia
- Foreign currency deposits
- Negotiable instruments of deposit (NIDs) and other bearer deposits
- Repurchase agreements
- Money market deposits
- Stocks and bonds
- Unit trusts

If, I'm saying a big IF, your bank was to fold up in Jan 2009 ............ like the Origami Bank in Japan, what are your chances in retrieving all those monies in the bank? Well, it's guaranteed till 31 Dec 2010 for now and you will get all your money back within three months ........ starting from which particular date, that I don't know.

Reading: Malaysia and Singapore to guarantee all bank deposits - Star
Tags: Malaysia, PIDM, Perbadanan Insurans Deposit Malaysia, Malaysian Banks, Bank Negara Malaysia, Association of Banks in Malaysia, BNM, Bank Account, Individual Depositor Account, Joint Account, Trust Account, Sole Proprietor Account, Partnership Account, Professional Practice Account, Savings Account, Fixed Deposit Account, Ringgit Currency Deposit, Foreign Currency Deposit