Tuesday, December 15, 2009

Ang Pao @ Red Packet For Wedding Reception - How Much Is Enough?

You have just received a wedding invitation from someone. You start to plan on what to wear, your hairstyle and accessories for the wedding reception. You also start to think, what is the right gift for him or her. For Chinese, the most common gift would be Ang Pao or also known as Red Packet. It is a red packet with meaningful wordings and wonderful drawings with cash gift. The question is "how much should I place in the Ang Pao?".

Personally, I think the gift depend on the relationship with the couple. For close friends and relatives, minimum should be RM100. For closed family members, it can range from RM100-RM500. Other than that, minimum would be RM80. If you are giving Ang Paos to your employees, make sure your Ang Pao is presentable. Try to budeget between RM100 to RM200. It is the same for business friends and associates as well. Also, if you have received big Ang Paos from the couple before, do return them a favour.

Other than that, the amount also varies from one place to another. Bigger cities with higher living cost and more classy banquet will expect fatter Ang Paos. Of course wedding reception at five stars hotels will also expect fatter Ang Paos compare to banquet at normal restaurant or other places.

If one not able to attend the wedding invitation, it is also a must to send over the Ang Pao to the couple. I believe minimum is RM50. Although I have heard people who said "I am not going, so RM10 as Ang Pao will do". RM10 is too little!

Do add some personal touch with meaningful handwritten message on the Ang Paos for the couples. Enjoy the Wedding Months!

P/S: The above were what I saw, heard and I experienced as well. The amount for the Ang Paos might vary different locations in Kuching or Malaysia.

Thursday, December 10, 2009

PB Gold Investment Account - Part 5

A quick glance at the current gold price on PBe banking website today shows RM121.50 per gram (Public Bank buying price). When I purchased my first gold investment at Public bank, it was RM98.35 per gram. If I sell off my first gold investment today, I will earn about 23.5%. That is within 16 months. I would consider that as an impressive return.

PB officer shared with me, the highest Public Bank selling price was about RM137 per gram. Hubby and PB officer asked if I want to it sell off. I am not going to sell off but I am planning to purchase some more. Because I have a strong feeling that gold price will increase by next year. I will give myself 3 years time for this gold investment. If worth, I will keep it. Else, I will sell it off.

Tuesday, December 8, 2009

RM50 Per Credit Card With Effective From Jan 2010?

Currently I have 2 credit cards but only 1 is active. The other card is for me to use in situation like 'in case I need it'. Upon hearing the 2010 Budget Speech to impose a service charge of RM50 a year on each principal credit card and charge card; and RM25 a year on each supplementary card (effective from Jan 1, 2010), I feel like to cancel my second credit card. Even though, there are news that respective bank might absorb the RM50 and RM25 service charge, I think it wiser to cancel the credit card. After all, most probably I will not use it.

Hubby had cancelled his additional credit cards last week. My eldest brother had also cancelled most of his unused credit cards last two weeks.

How about you? Are you still keeping all of your credit cards or planning to cancel the unnecessary cards?

Tuesday, December 1, 2009

Inside the mind of Singapore's Youngest Millionaire - By Adam Khoo

I got this email from a friend. And I can't help but to share with others on what's on Adam Khoo's mind.

In case you have no idea who's Adam Khoo, you can read more about him here.

Happy reading.

Inside the mind of Singapore's Youngest Millionaire - By Adam Khoo

Some of you may already know that I travel around the region pretty frequently, having to visit and conduct seminars at my offices in Malaysia, Indonesia, Thailand and Suzhou (China). I am in the airport almost every other week so I get to bump into many people who have attended my seminars or have read my books.

Recently, someone came up to me on a plane to KL and looked rather shocked. He asked, 'How come a millionaire like you is travelling economy?' My reply was, 'That's why I am a millionaire. ‘He still looked pretty confused. This again confirms that greatest lie ever told about wealth (which I wrote about in my latest book 'Secrets of Self Made Millionaires’). Many people have been brainwashed to think that millionaires have to wear Gucci, Hugo Boss, Rolex, and sit in first class in air travel. This is why so many people never become rich because the moment that earn more money, they think that it is only natural that they spend more, putting them back to square one.

The truth is that most self-made millionaires are frugal and only spend on what is necessary and of value. That is why they are able to accumulate and multiply their wealth so much faster. Over the last 7 years, I have saved about 80% of my income while today I save only about 60% (because I have my wife, mother in law, 2 maids, 2 kids, etc. to support). Still, it is way above most people who save 10% of their income (if they are lucky). I refuse to buy a first class ticket or to buy a $300 shirt because I think that it is a complete waste of money. However, I happily pay $1,300 to send my 2-year old daughter to Julia Gabriel Speech and Drama without thinking twice.

When I joined the YEO (Young Entrepreneur’s Organization) a few years back (YEO is an exclusive club open to those who are under 40 and make over $1m a year in their own business) I discovered that those who were self-made thought like me. Many of them with net worth's well over $5m, traveled economy class and some even drove Toyotas and Nissans (not Audis, Mercs, BMWs).

I noticed that it was only those who never had to work hard to build their own wealth (there were also a few ministers' and tycoons' sons in the club) who spent like there was no tomorrow. Somehow, when you did not have to build everything from scratch, you do not really value money. This is precisely the reason why a family's wealth
(no matter how much) rarely lasts past the third generation. Thank God my rich dad (oh no! I sound like Kiyosaki) foresaw this terrible possibility and refused to give me a cent to start my business.

Then some people ask me, 'What is the point in making so much money if you don't enjoy it?' The thing is that I don't really find happiness in buying branded clothes, jewelry or sitting first class. Even if buying something makes me happy it is only for a while, it does not last. Material happiness never lasts, it just gives you a quick fix. After a while you feel lousy again and have to buy the next thing which you think will make you happy. I always think that if you need material things to make you happy, then you live a pretty sad and unfulfilled life.

Instead, what makes ME happy is when I see my children laughing and playing and learning so fast. What makes me happy is when I see my companies and trainers reaching more and more people every year in so many more countries. What makes me really happy is when I read all the emails about how my books and seminars have touched and inspired someone's life. This happiness makes me feel really good for a long time, much much more than what a Rolex would do for me.

I think the point I want to put across is that happiness must come from doing your life's work (be in teaching, building homes, designing, trading, winning tournaments etc.) and the money that comes is only a by-product. If you hate what you are doing and rely on the money you earn to make you happy by buying stuff, then I think that you are living a meaningless life.