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ASB LOAN or ASB SAVINGs??

27th April 2018
Friday
So lately I'm so addicted with financial management knowledge. Not because I am so into 'money', but I don't wanna be ignorance anymore especially when those things related to my career.

Wise people said, never depend on single income. And that is what I'm striving for now. When I said 'striving', basically, I am struggling with limited power :) Ugh. 

Business is about 'giving'. Giving in your power. Do something for others in your power. In your capacity and limitation. So I remember this scene where I met one of a CIMB guy (Financial Consultant ASB) at Center Point after I had my lunch at ground floor. 

I told him, If I want to take that particular 'loan', I would have taken it in a shorter period. Why? Because, TIME IS MONEY. He insisted that it will be better if I take it in a longer period. 

But you know who will get the benefit after that longer hours waiting for your money? It's either bank or that agent. Ini bukan untuk tutup periuk nasi sesiapa, but let see this. I have this conversation with my younger sister, which is currently a CIMB Principal Financial Advisor.

Me: Dek, is it worth it if I take the 200k loan from ASB within 20 to 21 years time. Which is, basically yeah,I need to pay about Rm 1300++ every month within that 1st one year period only.

Adek: *She brings out her EZ calculator*

Pricipal- 0
Monthly deposit- RM 1000
Period (month) - 240 (20 years)
Annual interest rate - 7%
Compounding - Annually

*Calculate*

Total principle- RM 240,000.00
Interest- RM 270,406.06
Maturity value - RM 510,406.06

"Better ko simpan bulanan Rm 1k tu sendiri dari 'loan'. If loan, at the end you get Rm 200k. If your own saving, you'll get Rm 500k. 

Nampak ndak permainan dia situ?? I dont know if any ASB Loan people want to explain further more regarding this. But I can't see any relevant in 'loaning' after I calculate it like the above. 


Adek: If you put in CIMB Principal?

Total principal: Rm 240,000.00
Interest amount: Rm 483,986.72
Maturity value: Rm 723,986.73

Almost 1 million. You need to be smart. Dont get cheated easily. So next time if you meet any 'Financial advisor', better bring along your own calculator. 
.
.
So basically, we can do both. Saving on our own. Second take loan, which will benefit the bank 'most' of the time. But mom told me, "Lebih baik ada, dari tiada". Lagi pun only the 1st one year you need to use your own money kan;)

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