Let’s see what I have accomplished in 2010.
1. Get closer to God
Well, I start to get closer to God and start telling the people I know that I have changed my belief. Still I know I’m still disappointing Him from time to time, but I have fate that he will forgive my sins. I need to start to take my family to church, arhhh kept on giving silly excuses not to go. But fist I need to be baptized!
2. Family trips
Ah yes, family holidays, the best time of the year. Only managed to do 2 holidays this year. First to Port Dickson (my in-laws joined us), staying in the Legend Water House with a private swimming pool and it cost less than RM500 per night and my children love it. Too bad my elder son was hit by a fever but thank God he is active enough to play. We even had the famous curry chicken with buns, don’t think you can get the same taste back in KL.
Second trip was to Hong Kong. Our first family holidays outside Malaysia. Again we had a wonderful experience, went to Ocean-park (which I feel it is better than Disney Land if you have kids below age of 3). We also visited the Big Buddha at the Lantau island, nothing much for the kids to do there other than enjoying the long cable-car ride.
3. Celebrate my younger son’s first birthday
Like my elder son, we celebrated my younger son’s first birthday in Penang. The kids love the place with very nice kid theme decoration. Every kids that attended my son’s birthday have a very sweet memory that night. My mother-in-law said some of the kids that do not speak much enjoyed themselves so much on that night that they do not want to go home. Imagine what the active kids do. They trash the place of course…ha ha…Now that is priceless!
4. Reactivate my blog
Well, not that anyone read on this blog..ha ha..but still think I’ll continue to keep this blog for my own reading pleasure when I’m old. I do read my old diary, those that I written 20 years ago, and I was like wish I had written more back then. So yup, think I’ll continue writing.
5. Collecting 2 Euro coins
So far I collected about 5 coins, think I’ll stop for now. Some of my coins got lost in transit, some sellers are nice enough to re-send it to me, and these are sure top EBay sellers, very nice and sincere sellers. May God bless their businesses.
6. Collecting and assembling Gunpla
Think this is the greatest thing ever happen to me this year. I just love my gunpla collection. Manage to assemble 7 this year (all will be posted on my WarZone blog). I did make some mistake at the beginning (I do not know when or how to apply normal stickers on my very first gunpla then I do not know how to apply dry stickers on my very first MG gunpla) but my skill improves as I assemble more.
7. Bought insurance for my kids
Some says if their parents bought them insurance when they were still kids, they do not have to pay for the insurance now as the cash invested should be enough to row until they are old. Well, since my generation complaint about no insurance from their parents it makes me think I can buy one for my kids
8. Selling unwanted staff on Lowyat.net
This forum is way much better than EBay. Yes sir, I manage to sell RM170 in a month! And the site is absolutely free! Will be looking for more junk to sell of this forum. The best deal was the baby stroller, manage to make RM25 profit from it.
9. Reactivate my Facebook
Ever since I started Facebook I don’t really enjoy it that much, recently I started to look into it again, not that I enjoy it very much, but I prefer to keep my Facebook active. The reason is because I want to keep my friends active. Managed to found some old friends and also kick those that I am not very familiar with. I don’t want to let every Tom, Dick and Harry knows what me and my family is doing.
Thursday, December 30, 2010
Sunday, May 9, 2010
Bad experience at Leo's cafe
I took my family to Leo’s café yesterday to celebrate Mother’s day (09 May 2010). The food was quite ok and my family and I were quite happy to dine there. When we were about to finish our meals, my baby boy starting to be noisy due to lack of sleep. So we thought he was just in time as we were about to finish the foods and leave.
When I ask for my bill, I realized that a drink that I ordered for my maid did not arrive. So I requested for the drink to be cancelled from the bill. The waiter went to checked with the bar (obviously to inform them that my drink did not arrive) then to the supervisor and then to the waiter who took my order. Each time he passed by me, he will smile and politely requested me to wait. I thought he was just going around telling his colleague that no one brings me my drink.
He later came back to me and informed me that the drink cannot be cancelled. Immediately my temper when uphill, imagine my family and I had finished our meals and my baby boy was crying, and we are suppose to wait for the drink? Imagine if it was a food and not a drink! How long will I have to wait for it. I shouted at the waiter saying I want to see the boss, he then ran to his supervisor which I followed behind. I shouted at the supervisor and threaten to call the police if this cannot be settled. Only then they are willing to cancel the order from the bill.
It was indeed a very bad experience, a happy dinning out turned ugly just because of a poor, lazy supervisor who would rather makes more money for his boss than to cancel the order. Never again will I dine there!
When I ask for my bill, I realized that a drink that I ordered for my maid did not arrive. So I requested for the drink to be cancelled from the bill. The waiter went to checked with the bar (obviously to inform them that my drink did not arrive) then to the supervisor and then to the waiter who took my order. Each time he passed by me, he will smile and politely requested me to wait. I thought he was just going around telling his colleague that no one brings me my drink.
He later came back to me and informed me that the drink cannot be cancelled. Immediately my temper when uphill, imagine my family and I had finished our meals and my baby boy was crying, and we are suppose to wait for the drink? Imagine if it was a food and not a drink! How long will I have to wait for it. I shouted at the waiter saying I want to see the boss, he then ran to his supervisor which I followed behind. I shouted at the supervisor and threaten to call the police if this cannot be settled. Only then they are willing to cancel the order from the bill.
It was indeed a very bad experience, a happy dinning out turned ugly just because of a poor, lazy supervisor who would rather makes more money for his boss than to cancel the order. Never again will I dine there!
Friday, April 30, 2010
My marriage life
Today I’m going to talk about my marriage life. What my wife and I do to make our marriage works. As mentioned in my previous blog Marriage Counselling before saying I do my wife and I have been married for more than 4 years now with 2 beautiful kids (can’t stop thanking God for his wonderful blessing).
Holidays
My wife and I planned that we should have an overseas holiday at least once a year. But due to my working schedule, many holidays plan have to be postponed or cancelled. But instead of having an argument over it, my wife came up with a good plan, just pack our bags on weekends and stay in a luxury hotel. Any hotel will do as long as it is 5 stars, even if the hotel is only ½ hour drive from our house. It is indeed a good relaxation, just my wife and I, even if it for a quick getaway. My point is, it is not the end of the world if things do not turn out the way you and your spouse wants it and there is always a solution if both parties willing to think of one.
Bills
We have discussed on the who-need-to-pay-what even before married and we are very committed to it but of course we are flexible on this, helping each other out when we are short of cash. I have seen a lot of couples fail on this, one party will neglect to commit after awhile.
Freedom
For those who want a 100% freedom after married, PLESE THINK TWICE before you says “I do”. You have to take away the “I” and replace with “WE” after married. However, my wife and I agreed to have a personal time off once a week. She will have her lady nights out and I’ll have my boy nights out.
Talks and discussion
Think this is the most important stuff do to. After awhile husband and wife do not talk to one another anymore, and when they do it will be an argument. My wife and I will talk on everything, our daily life, things happen in office, TV shows, things we read in newspaper/magazine and etc, etc. Of course we do argue sometime (don’t think there is one couple who do not argue), a talk can become a discussion and from discussion can become an argument. But after argument we will let the hatred cool down and we will either continue to talk and think of a solution if the talks are important or just forget about it if it is just a silly argument.
Patient
I guess this is the key to every successful marriage. We just have to be patient with each other, listen to each other needs. We may not always give want our spouse want but at least being patient with them will definitely make a huge different. For example, I like things to be neat and tidy but wife on the other hand will place stuff all over the place. I once scolded my wife for being such a messy person but then again this is how she is the very 1st time we met. So instead of scolding her after awhile, I’ll just let the mess at it is until when everyone go to bed I’ll do the clean up (I’m not the person who can sleep knowing the mess is all over the place and wait for my maid to clean up the next morning). She’s happy, I’m happy and we all can have a good night sleep.
Like I said before, head for marriage counsel before marry, then you will understand what you spouse want in marriage life, continue if you sincerely think you can handle your spouse needs, stop if you are not ready. Remember, there is no in-between. From there it is up to you and your spouse how to make the marriage a successful one.
Holidays
My wife and I planned that we should have an overseas holiday at least once a year. But due to my working schedule, many holidays plan have to be postponed or cancelled. But instead of having an argument over it, my wife came up with a good plan, just pack our bags on weekends and stay in a luxury hotel. Any hotel will do as long as it is 5 stars, even if the hotel is only ½ hour drive from our house. It is indeed a good relaxation, just my wife and I, even if it for a quick getaway. My point is, it is not the end of the world if things do not turn out the way you and your spouse wants it and there is always a solution if both parties willing to think of one.
Bills
We have discussed on the who-need-to-pay-what even before married and we are very committed to it but of course we are flexible on this, helping each other out when we are short of cash. I have seen a lot of couples fail on this, one party will neglect to commit after awhile.
Freedom
For those who want a 100% freedom after married, PLESE THINK TWICE before you says “I do”. You have to take away the “I” and replace with “WE” after married. However, my wife and I agreed to have a personal time off once a week. She will have her lady nights out and I’ll have my boy nights out.
Talks and discussion
Think this is the most important stuff do to. After awhile husband and wife do not talk to one another anymore, and when they do it will be an argument. My wife and I will talk on everything, our daily life, things happen in office, TV shows, things we read in newspaper/magazine and etc, etc. Of course we do argue sometime (don’t think there is one couple who do not argue), a talk can become a discussion and from discussion can become an argument. But after argument we will let the hatred cool down and we will either continue to talk and think of a solution if the talks are important or just forget about it if it is just a silly argument.
Patient
I guess this is the key to every successful marriage. We just have to be patient with each other, listen to each other needs. We may not always give want our spouse want but at least being patient with them will definitely make a huge different. For example, I like things to be neat and tidy but wife on the other hand will place stuff all over the place. I once scolded my wife for being such a messy person but then again this is how she is the very 1st time we met. So instead of scolding her after awhile, I’ll just let the mess at it is until when everyone go to bed I’ll do the clean up (I’m not the person who can sleep knowing the mess is all over the place and wait for my maid to clean up the next morning). She’s happy, I’m happy and we all can have a good night sleep.
Like I said before, head for marriage counsel before marry, then you will understand what you spouse want in marriage life, continue if you sincerely think you can handle your spouse needs, stop if you are not ready. Remember, there is no in-between. From there it is up to you and your spouse how to make the marriage a successful one.
Wednesday, April 21, 2010
Metro Center - SOHO unit
Invested in one of the SOHO unit in Metro Center at Old Klang Road (OKR) today. It will be my 1st property investment. My wife and I feel it’s a good investment as we believe the place will be an upcoming area. Look around OKR and its surrounding area and you will notice new condos are coming up, some high-end (one at Taman Desa and the other at Kuchai Lama) and some medium-end. The way I see it, soon the whole OKR will transform to new town and the old building will give way to the new ones. More new shops and new condos will be built say 10 years down the road (it’s just my feel).
The unit design is quite modern. 775 sq. ft. separated into 2 floors. 1st floor come with toilet and kitchen about 555 sq. ft. while the upper floor is a one bedroom size of 200 sq. ft. The design can either be a studio apartment or an office unit. It has the facilities of a service apartment, i.e. swimming pool, bbq area and etc.
Some interesting facts:
Discount: 8%
Downpayment: 2%
Free gift: 2 aircons, kitchen cabinets and 1 car park
Land type: Commercial and Freehold
Title: Strata title
Maintenance fee: Range from RM0.20 to RM0.25 per sq. ft. (yet to confirm)
Long-term tenant: Tesco (signed 30 years of tenant agreement)
Total car park: 3,000 lots
Total SOHO unit: 1,080 units with 3 blocks (currently launch 1st block to test the market I presume)
I’m going to turn my unit into office unit, heard can rent at RM2.5 per sq. ft. Not bad if it is true, about 7.3% returns before maintenance fees.
The only issue is it has 1,080 units with only 3,000 lots of car park. It’s going to be pack and tough competition between owners to rent out their unit. But don’t think all will turn to office unit, like I mentioned it can also be a studio apartment. Anyhow, at least I got the 1st block which normally the cheapest.
The unit design is quite modern. 775 sq. ft. separated into 2 floors. 1st floor come with toilet and kitchen about 555 sq. ft. while the upper floor is a one bedroom size of 200 sq. ft. The design can either be a studio apartment or an office unit. It has the facilities of a service apartment, i.e. swimming pool, bbq area and etc.
Some interesting facts:
Discount: 8%
Downpayment: 2%
Free gift: 2 aircons, kitchen cabinets and 1 car park
Land type: Commercial and Freehold
Title: Strata title
Maintenance fee: Range from RM0.20 to RM0.25 per sq. ft. (yet to confirm)
Long-term tenant: Tesco (signed 30 years of tenant agreement)
Total car park: 3,000 lots
Total SOHO unit: 1,080 units with 3 blocks (currently launch 1st block to test the market I presume)
I’m going to turn my unit into office unit, heard can rent at RM2.5 per sq. ft. Not bad if it is true, about 7.3% returns before maintenance fees.
The only issue is it has 1,080 units with only 3,000 lots of car park. It’s going to be pack and tough competition between owners to rent out their unit. But don’t think all will turn to office unit, like I mentioned it can also be a studio apartment. Anyhow, at least I got the 1st block which normally the cheapest.
Monday, April 19, 2010
Marriage Counselling before saying I do
Few days ago, a closed friend of mine split out all his marital problems to me and said he is now temporary staying in a hotel. I was surprise indeed. Never will I have thought this will happen to him. He seems to be a happy man all the times, even though I know he and his wife had different needs in marriage but not until need times to cool off things.
Anyway, I’m not going to talk about my friend’s marriage issues here instead I’m going to talk about my marriage experience.
My wife and I (married for more than 4 years now with 2 lovely kids) attended a marriage counsel before getting married (it is more like a class). Well, it was organized by her Church and since she wanted to marry in a Church, it was a requirement to attend. I must admit how I feel uncomfortable at 1st but at the end how relief I was that we have gone through it.
The marriage counsel was conducted by 2 old married couple. There were more than 6 couples (including my wife and I) in the class. Each section (can’t remember how many sections in all but think it took about a month to complete, one section per week), they will read out their experience to us and from there they will ask our opinion. Then they will hand out a booklet and ask us to answer it from the bottom of our heart. The questions were range from things the couples like and dislike about each other, do you think your partner is pretty to what they aspect in marriage life, like having babies, how much freedom you need and etc.
Then we were asked to exchange our booklet, let our partner to take few minutes to read and discuss about it. I remember there were one section that it ended up with quarrel among the couples (yes, including my wife and I) ha ha ha. At the end of each section, the counselors will explain the purpose of today subject and they will explain what we need to do to overcome our differences.
The whole process makes us aware that small little stuff that we take it for granted may cause a big argument later in the marriage years and it prepared us for what we will be facing. It also tells what kind of character your partner is and what is she/he expecting in the marriage life.
The whole purpose of the marriage counsel is to make sure you are ready to say “I do” and not simply rush into it just because you love your partner. At the end of the counseling, I heard some postpone their marriage plan, some just call it off but for most, like my wife and I, proceed with planned. I must admit there are a few who devoice even after attended the class. But nevertheless, I always encourage couples to go through it before their big day. I believe if the couples would have answered the questions truly from their heart instead of pleasing their partner and come out with solutions to pave any differences there and there, they might have smoother marriage years ahead.
Next I’ll talk about my marriage life and what my wife and I did to stay happy.
Anyway, I’m not going to talk about my friend’s marriage issues here instead I’m going to talk about my marriage experience.
My wife and I (married for more than 4 years now with 2 lovely kids) attended a marriage counsel before getting married (it is more like a class). Well, it was organized by her Church and since she wanted to marry in a Church, it was a requirement to attend. I must admit how I feel uncomfortable at 1st but at the end how relief I was that we have gone through it.
The marriage counsel was conducted by 2 old married couple. There were more than 6 couples (including my wife and I) in the class. Each section (can’t remember how many sections in all but think it took about a month to complete, one section per week), they will read out their experience to us and from there they will ask our opinion. Then they will hand out a booklet and ask us to answer it from the bottom of our heart. The questions were range from things the couples like and dislike about each other, do you think your partner is pretty to what they aspect in marriage life, like having babies, how much freedom you need and etc.
Then we were asked to exchange our booklet, let our partner to take few minutes to read and discuss about it. I remember there were one section that it ended up with quarrel among the couples (yes, including my wife and I) ha ha ha. At the end of each section, the counselors will explain the purpose of today subject and they will explain what we need to do to overcome our differences.
The whole process makes us aware that small little stuff that we take it for granted may cause a big argument later in the marriage years and it prepared us for what we will be facing. It also tells what kind of character your partner is and what is she/he expecting in the marriage life.
The whole purpose of the marriage counsel is to make sure you are ready to say “I do” and not simply rush into it just because you love your partner. At the end of the counseling, I heard some postpone their marriage plan, some just call it off but for most, like my wife and I, proceed with planned. I must admit there are a few who devoice even after attended the class. But nevertheless, I always encourage couples to go through it before their big day. I believe if the couples would have answered the questions truly from their heart instead of pleasing their partner and come out with solutions to pave any differences there and there, they might have smoother marriage years ahead.
Next I’ll talk about my marriage life and what my wife and I did to stay happy.
Thursday, April 1, 2010
Writing Wills
Few months ago, my wife and I did our Will. Cost us about RM1,200 for 2 persons from Rockwills.
Some of my friends, including my parents-in-law said we wasted so much for Wills and how we should get lawyers to do it instead. Well, I do not see it that way, you see I got a lawyer friend who can do it for free but yet I choose to pay RM1,200.
The reason is simple, we got 2 sons, both age below 2. For that we need a Trustee. When it comes to Trustee there’s a lot of questions running around my mind, for example, who will be the Trustee, what if the Trustee go before me, what if the Trustee spend all my wealth and leave nothing for my children and so on.
My father-in-law said that a lawyer can be a Trustee and when they pass away they will pass their responsibility to another lawyer. Well, think about it, if say you are the Custodian of someone children and if say the lawyer and the children’s parents pass away, how on earth are you going to find out who the hack is the next Trustee? Or say you choose the lawyer to be the Trustee (assuming you can trust him) are you going to call the lawyer every now and then to see if he/she is still alive? Even if he/she is not then are you going to find a medium, who can communicate with the after life, to talk to him/her who is the new Trustee?
For me Rockwills is quite established in Malaysia and they got their reputation. The Will writer informed me that Rockwills is like an insurance companies (not in the sense of investing your wealth but more like just a company so that your wealth with them are protected), they need to register with Bank Negara. When they do become a Trustee (touch wood!!), at least you know your children will inherit your wealth because they only pay if there is proof that your children need to spend (of course you need to pay them fees when they exercise their right as Trustee).
Anyway, the way I see it, when your children is below 21 years old (the age where they can sell/buy properties) you need a trustworthy Trustee and yes those money are well spend for the future of your children. But if your child is above 21 years old, well, you can write your own Will and ask 2 independent parties to be witness and you don’t have to spend a single cent.
Some of my friends, including my parents-in-law said we wasted so much for Wills and how we should get lawyers to do it instead. Well, I do not see it that way, you see I got a lawyer friend who can do it for free but yet I choose to pay RM1,200.
The reason is simple, we got 2 sons, both age below 2. For that we need a Trustee. When it comes to Trustee there’s a lot of questions running around my mind, for example, who will be the Trustee, what if the Trustee go before me, what if the Trustee spend all my wealth and leave nothing for my children and so on.
My father-in-law said that a lawyer can be a Trustee and when they pass away they will pass their responsibility to another lawyer. Well, think about it, if say you are the Custodian of someone children and if say the lawyer and the children’s parents pass away, how on earth are you going to find out who the hack is the next Trustee? Or say you choose the lawyer to be the Trustee (assuming you can trust him) are you going to call the lawyer every now and then to see if he/she is still alive? Even if he/she is not then are you going to find a medium, who can communicate with the after life, to talk to him/her who is the new Trustee?
For me Rockwills is quite established in Malaysia and they got their reputation. The Will writer informed me that Rockwills is like an insurance companies (not in the sense of investing your wealth but more like just a company so that your wealth with them are protected), they need to register with Bank Negara. When they do become a Trustee (touch wood!!), at least you know your children will inherit your wealth because they only pay if there is proof that your children need to spend (of course you need to pay them fees when they exercise their right as Trustee).
Anyway, the way I see it, when your children is below 21 years old (the age where they can sell/buy properties) you need a trustworthy Trustee and yes those money are well spend for the future of your children. But if your child is above 21 years old, well, you can write your own Will and ask 2 independent parties to be witness and you don’t have to spend a single cent.
Monday, March 22, 2010
HLA - Cash Builder: Clause 12
iLast month I bought the HLA cash builder and was hoping all the guarantees will be captured in the policy. In my opinion this is the best deal, so far, in the market. See here for more detail HLA - cash builder/retirement plan. HLA took more than a month to deliver the policy to me because of CNY break.
First of all, the policy did include all the guarantees that my agent briefed me before I sign up. Second it also include the spreadsheet (where it shows how much guaranteed interest, minimum/maximum dividend/surrender value for each year until 35 years) that my agent shows me before I sign up (first time in my experience in buying insurance where it include such spreadsheet in the policy). Furthermore the policy does not have any fine print line.
Looks good right? Well, there is one setback, clause 12. This is what clause 12 says:
“No alteration or waiver of any provision in the Policy shall be valid unless such variation or waiver is made by a Policy endorsement and signed by the Company’s authorised officer. The Company may request for the Policy to be sent to the Company to effect the Policy endorsement. No Company’s agent has the authority to make any alteration to or to waive any of the terms and conditions in the Policy.”
At first glace, it doesn’t sound much but look again. First line it read:
“No alteration or waiver of any provision in the Policy shall be valid unless such variation or waiver is made by a Policy endorsement and signed by the Company’s authorised officer”
This is how I interpret, as long as the Company’s authorised officer signed on the variation or waiver then it is consider a valid deal. So is that mean HLA can change the benefits and guarantee in the policy anytime they want to?
Second line:
“The Company may request for the Policy to be sent to the Company to effect the Policy endorsement”
This is how I interpret, when HLA change the policy, it may or may not request the original Policy to effect the new terms. Is that mean they do not need the policy owner consent to effect the change?
I have asked my agent to get a confirmation letter from HLA to reassure me that HLA will not use clause 12 to change the benefits and guarantees currently stated in the policy. All I want is to lock down the benefits and guarantees. But instead what I received is a letter explaining the intention of the clause.
Their explanation is that clause 12 is to use in situation where the policy owner wish to request for alteration or waiver of any provision in the policy. So I tell my agent that I am exercising my rights in clause 12 to change the provision in such a way that the benefits and guarantees will be locked down. And you know what? My agent told me is not that easy!
So think about it, clause 12 is meant to protect the policy owner but at the same time make it difficult for the owner to exercise it. So what is the true intention of clause 12 then? An escape clause for HLA?
My agent tried very hard to convince me that I do not have to be worried about the clause, how Bank Negara approved the policy (since when Bank Negara disallow escape clause?) and how strong is HL group. Well, all I know is no one can tell the future. Look at Enron, Lehman Brothers and AIA (in USA). If it can happen in other countries do you think it will happen here, back in Malaysia?
Seriously all I request for is just a reassurance from them, and it has been more than a week and yet a simple request like this can’t be delivered. I am tired of all their self- reassurance and excuses and decided to return the policy before the cooling off period.
Disclaimer: Above is solely based on my own interpretation, assumption and understanding. I might be entirely inaccurate and wrong on the interpretation. For those that are worried please get your own lawyer to interpret the clause and please DO NOT rely on my interpretation to make decision as I am NOT a lawyer.
First of all, the policy did include all the guarantees that my agent briefed me before I sign up. Second it also include the spreadsheet (where it shows how much guaranteed interest, minimum/maximum dividend/surrender value for each year until 35 years) that my agent shows me before I sign up (first time in my experience in buying insurance where it include such spreadsheet in the policy). Furthermore the policy does not have any fine print line.
Looks good right? Well, there is one setback, clause 12. This is what clause 12 says:
“No alteration or waiver of any provision in the Policy shall be valid unless such variation or waiver is made by a Policy endorsement and signed by the Company’s authorised officer. The Company may request for the Policy to be sent to the Company to effect the Policy endorsement. No Company’s agent has the authority to make any alteration to or to waive any of the terms and conditions in the Policy.”
At first glace, it doesn’t sound much but look again. First line it read:
“No alteration or waiver of any provision in the Policy shall be valid unless such variation or waiver is made by a Policy endorsement and signed by the Company’s authorised officer”
This is how I interpret, as long as the Company’s authorised officer signed on the variation or waiver then it is consider a valid deal. So is that mean HLA can change the benefits and guarantee in the policy anytime they want to?
Second line:
“The Company may request for the Policy to be sent to the Company to effect the Policy endorsement”
This is how I interpret, when HLA change the policy, it may or may not request the original Policy to effect the new terms. Is that mean they do not need the policy owner consent to effect the change?
I have asked my agent to get a confirmation letter from HLA to reassure me that HLA will not use clause 12 to change the benefits and guarantees currently stated in the policy. All I want is to lock down the benefits and guarantees. But instead what I received is a letter explaining the intention of the clause.
Their explanation is that clause 12 is to use in situation where the policy owner wish to request for alteration or waiver of any provision in the policy. So I tell my agent that I am exercising my rights in clause 12 to change the provision in such a way that the benefits and guarantees will be locked down. And you know what? My agent told me is not that easy!
So think about it, clause 12 is meant to protect the policy owner but at the same time make it difficult for the owner to exercise it. So what is the true intention of clause 12 then? An escape clause for HLA?
My agent tried very hard to convince me that I do not have to be worried about the clause, how Bank Negara approved the policy (since when Bank Negara disallow escape clause?) and how strong is HL group. Well, all I know is no one can tell the future. Look at Enron, Lehman Brothers and AIA (in USA). If it can happen in other countries do you think it will happen here, back in Malaysia?
Seriously all I request for is just a reassurance from them, and it has been more than a week and yet a simple request like this can’t be delivered. I am tired of all their self- reassurance and excuses and decided to return the policy before the cooling off period.
Disclaimer: Above is solely based on my own interpretation, assumption and understanding. I might be entirely inaccurate and wrong on the interpretation. For those that are worried please get your own lawyer to interpret the clause and please DO NOT rely on my interpretation to make decision as I am NOT a lawyer.
Monday, March 8, 2010
My Dear warehouse sales
I went to “My Dear” warehouse sales last week with my wife. The place is quite a distance away and by the time we reached there is about 10:30am. The good thing is, since it is quite a distance away, the crowd is not huge. Compare to those warehouse sales at PJ, whereby huge crowd start queuing at 9am by 10:30am most of the good stuff would have been sold off.
The sales areas are divided into few sections (disclaimer note: I categories the area based on my personnel observation. Do not get confuse if it is not the case):
1. The entrance and to the right: Old stocks area. You can only pay by cash but the items are cheep, very cheep. We bought a tricycle for RM50 and a baby stroller for RM60 (all still looks very new to us minus some dust here and there). There are no warranties on these items, what you see is what you get and you have to make sure everything is intact before you buy.
2. Straight ahead after the entrance. New stocks area. Here you can pay with your credit card if your purchase is above RM100. And there’s a warranties to the items that you buy. You have to pay the stuff that you want, get the receipt and collect it at the collection area (which is opposite the counter). We bought a car seat with RM195 (model 03012) which is only RM64 cheaper than the market price (roughly about 25% discounts). Well, I’m not sure if this is a good buy but since we need a car seat for our elder son and that we are already there so might as well get one.
3. On the left of the entrance. Toys and some cloths. Don’t think those items belong to “My Dear”. My wife brought some pants, Winnie the Pooh’s pants only RM4-RM7. I say is a good buy (since the market price is about RM14-RM20) but I’m not sure if it is the original stuff. My wife said she saw a monopoly board game with only about RM10 (not sure which model, monopoly board game has been evolved since my time), but we didn’t buy because it was not properly wrap.
Overall, I would say it is worth checking out (especially the old stocks area). The sales end on 14 March 2010. Go in the morning, not so crowded and you can bring your child with you. By the time we finished shopping, is almost noon and the crowd started to increase. So if you plan to reach there at noon then better to leave you kids at home.
The sales areas are divided into few sections (disclaimer note: I categories the area based on my personnel observation. Do not get confuse if it is not the case):
1. The entrance and to the right: Old stocks area. You can only pay by cash but the items are cheep, very cheep. We bought a tricycle for RM50 and a baby stroller for RM60 (all still looks very new to us minus some dust here and there). There are no warranties on these items, what you see is what you get and you have to make sure everything is intact before you buy.
2. Straight ahead after the entrance. New stocks area. Here you can pay with your credit card if your purchase is above RM100. And there’s a warranties to the items that you buy. You have to pay the stuff that you want, get the receipt and collect it at the collection area (which is opposite the counter). We bought a car seat with RM195 (model 03012) which is only RM64 cheaper than the market price (roughly about 25% discounts). Well, I’m not sure if this is a good buy but since we need a car seat for our elder son and that we are already there so might as well get one.
3. On the left of the entrance. Toys and some cloths. Don’t think those items belong to “My Dear”. My wife brought some pants, Winnie the Pooh’s pants only RM4-RM7. I say is a good buy (since the market price is about RM14-RM20) but I’m not sure if it is the original stuff. My wife said she saw a monopoly board game with only about RM10 (not sure which model, monopoly board game has been evolved since my time), but we didn’t buy because it was not properly wrap.
Overall, I would say it is worth checking out (especially the old stocks area). The sales end on 14 March 2010. Go in the morning, not so crowded and you can bring your child with you. By the time we finished shopping, is almost noon and the crowd started to increase. So if you plan to reach there at noon then better to leave you kids at home.
Sunday, February 28, 2010
Property investment in Australia
Went to Eastin Hotel last Sunday to have a look at the investment of properties in Melbourne (Australia). Here is what I managed to compile:
Cheapest studio apartment is around A$180k-190k (lets take A$190k for calculation purpose).
Total cost for 1st time payment:
1. Downpayment of 30% = A$57,000
2. Stamp duty (one off) = A$8,000
3. Legal fee (one off) = A$2,000
Total = A$67,000
(Roughly RM3:A$1 RM201,000)
4. Malaysia agent fee (one off) RM5,000
Total payment in RM is RM207,000!!!
Ok fine, if say you got the spare cash and you don’t mind. You may get a yearly return of 6%. Wow better than bank interest ya? Well, think again, here’s why.
Bank loan (Australia bank) interest is about 5.6%. So 70% of A$190k = A$140k, take 5.6% annual interest = A$7,840. Assume you can really get annual return of 6% (note: 6% is on A$190k - the cost of the apartment), so:
Annual return A$11,400
Cost
Bank interest A$7,840
Maintenance A$1,800
Commission for rental (7%) A$798
Total cost A$10,438
Net annual return A$962
Your net annual return is only A$962, that’s 0.5%!!!! On top of that you have not even pay the principle to the bank!!!
Seriously, with that type of money that I have to put in I can buy a condo (with all fees included) in Malaysia with CASH. I can rent out for say RM1k per month, minus off maintenance fees with say RM200 I still left with RM800 per month net return. RM800 x 12 = RM9,600, which give me 4.8% net annual return!!!
Want some more bad news? Real Property Gain Tax in Australia is 20% vs Malaysia is only 5%!!!
Cheapest studio apartment is around A$180k-190k (lets take A$190k for calculation purpose).
Total cost for 1st time payment:
1. Downpayment of 30% = A$57,000
2. Stamp duty (one off) = A$8,000
3. Legal fee (one off) = A$2,000
Total = A$67,000
(Roughly RM3:A$1 RM201,000)
4. Malaysia agent fee (one off) RM5,000
Total payment in RM is RM207,000!!!
Ok fine, if say you got the spare cash and you don’t mind. You may get a yearly return of 6%. Wow better than bank interest ya? Well, think again, here’s why.
Bank loan (Australia bank) interest is about 5.6%. So 70% of A$190k = A$140k, take 5.6% annual interest = A$7,840. Assume you can really get annual return of 6% (note: 6% is on A$190k - the cost of the apartment), so:
Annual return A$11,400
Cost
Bank interest A$7,840
Maintenance A$1,800
Commission for rental (7%) A$798
Total cost A$10,438
Net annual return A$962
Your net annual return is only A$962, that’s 0.5%!!!! On top of that you have not even pay the principle to the bank!!!
Seriously, with that type of money that I have to put in I can buy a condo (with all fees included) in Malaysia with CASH. I can rent out for say RM1k per month, minus off maintenance fees with say RM200 I still left with RM800 per month net return. RM800 x 12 = RM9,600, which give me 4.8% net annual return!!!
Want some more bad news? Real Property Gain Tax in Australia is 20% vs Malaysia is only 5%!!!
Tuesday, February 23, 2010
HLA - Cash Builder/Retirement Plan
I have applied for Hong Leong Assurance – Cash Builder/Retirement plan and now waiting for its policies to arrive. Got to check if all the so call “guarantees” items that the agents said HLA will guarantee is stated inside the policies. I hope it does.
Some bloggers say this is just another endowment plans (not very sure how this works, my knowledge in this area is quite limited), others say no insurance guarantee so much return but if it does then it is worth the investment but 35 years is just too long. Well, if you ask me, if the policies mention all the guarantees then I say it is worth the risk. I did the calculation of up to 20 years of putting the same amount of money in bank with 2.5% interest vs the most conservative guarantee return from HLA and yet HLA provide slightly higher returns. Of course the longer you invest the higher the return, for 35 years I am not investing for myself but for my children. But then again, like I said, I am still waiting for the policies. If any of the guarantees is not mention in the policies then I’ll forget about it (including the spreadsheet calculation that they show to me – hey, the agents said the spreadsheet is part of the agreement so it got to be in or else).
The truth, I don’t trust insurance companies. All making tons of bucks by tricking people like us investing in it. They always have some very cleaver people who are very good with playing with figures and make us believe it is better than putting your hard earn income in bank, and when we do cash out we will never, never ever have the amount that they mentioned. Therefore, I see these type of products as to protect the beneficially and not for investment purposes.
Some bloggers say this is just another endowment plans (not very sure how this works, my knowledge in this area is quite limited), others say no insurance guarantee so much return but if it does then it is worth the investment but 35 years is just too long. Well, if you ask me, if the policies mention all the guarantees then I say it is worth the risk. I did the calculation of up to 20 years of putting the same amount of money in bank with 2.5% interest vs the most conservative guarantee return from HLA and yet HLA provide slightly higher returns. Of course the longer you invest the higher the return, for 35 years I am not investing for myself but for my children. But then again, like I said, I am still waiting for the policies. If any of the guarantees is not mention in the policies then I’ll forget about it (including the spreadsheet calculation that they show to me – hey, the agents said the spreadsheet is part of the agreement so it got to be in or else).
The truth, I don’t trust insurance companies. All making tons of bucks by tricking people like us investing in it. They always have some very cleaver people who are very good with playing with figures and make us believe it is better than putting your hard earn income in bank, and when we do cash out we will never, never ever have the amount that they mentioned. Therefore, I see these type of products as to protect the beneficially and not for investment purposes.
Friday, February 5, 2010
Etiqa Maybank Takaful
I wanted to do some low risk investment and was shopping around for a good one. I sat down and listen when I was approached by the Etiqa Takaful agents and this is what I was informed on their latest product:
1. Principle investment is guaranteed by PIDM (I found out later this is a big bullshit!)
2. It’s a saving plan (hmmm…so it is not an insurance plan?)
3. Maturity is 30 years
4. Free insurance coverage
5. interest can earn up to 8% (not guaranteed)
Right, after some thoughts I asked what are the risks and any hidden cost (I was preparing to invest, with my IC on hand). The agent simply said there are no hidden cost and no risks since principle investment are guaranteed. Worst case scenario, I will get back my investments in full.
The thing is, after the Lehman Brothers’ issue which has stirred the world by surprise, I will ensure every guarantee provides in an investment is recorded in black and white. The agent said he will email me one, which after a month now and I have yet to receive any.
I have also found out that I cannot withdraw in full amount (principle plus interest) before the maturity date or I’ll lose some of my investments. I was surprise as this sound like an insurance plan, insurance supposed to be free! This is supposed to be a saving plan! Mind you I do know that Takaful is an insurance company and not a bank but then why say it’s a saving plan in the first place?
This is not fine since I need the money for my sons’ education and so I ask the agent to calculate how much I can earn in a worst case scenario should I withdraw (be it in partial or I surrender the value) in say after 15 years. Well, I can’t say I am happy with the result but then again this is base on worst case scenario and this is the risk that I have to take. HA funny at first they said there is no risks.
Two days later (and while I’m still waiting for the black and white from the agent saying my investments will be guaranteed) I was withdrawing money in Maybank, another agent approached me. I was furious seeing another Etiqa Takaful agent, how they say there are no risks, how my investments are guaranteed, how there are no hidden cost, how this is supposed to be a saving plan. The agent then explained to me that I must have got it wrong. First of all, there is no guarantee in this investment. NO GUARANTEE. Secondly, there will be cost for admin fees and so on, that is why I will never get back my investment in full. Thirdly, even if I do not withdraw any money and waited until maturity date I will still not receive my investment in full because Takaful is base on profit sharing and on maturity date, depending on the amount of money in the pool, Takaful will calculate how much I will get.
Holy Cow!!!!! No risks and no hidden cost? In my opinion this is an insurance plan plus investment, just that they twist it in such a way that sounds like a saving plan. For 30 years and with such risks involved, I would rather put my money in EPF. Now at least that is guaranteed.
Disclaimer: This is base on my understanding and may not be the facts on Etiqa Takaful Maybank (hack, not even the agents can get it right, how can I?? Two agents telling me two different stories) If you have any questions on the investment product please seek an agent yourself and don’t rely on what I have written above.
1. Principle investment is guaranteed by PIDM (I found out later this is a big bullshit!)
2. It’s a saving plan (hmmm…so it is not an insurance plan?)
3. Maturity is 30 years
4. Free insurance coverage
5. interest can earn up to 8% (not guaranteed)
Right, after some thoughts I asked what are the risks and any hidden cost (I was preparing to invest, with my IC on hand). The agent simply said there are no hidden cost and no risks since principle investment are guaranteed. Worst case scenario, I will get back my investments in full.
The thing is, after the Lehman Brothers’ issue which has stirred the world by surprise, I will ensure every guarantee provides in an investment is recorded in black and white. The agent said he will email me one, which after a month now and I have yet to receive any.
I have also found out that I cannot withdraw in full amount (principle plus interest) before the maturity date or I’ll lose some of my investments. I was surprise as this sound like an insurance plan, insurance supposed to be free! This is supposed to be a saving plan! Mind you I do know that Takaful is an insurance company and not a bank but then why say it’s a saving plan in the first place?
This is not fine since I need the money for my sons’ education and so I ask the agent to calculate how much I can earn in a worst case scenario should I withdraw (be it in partial or I surrender the value) in say after 15 years. Well, I can’t say I am happy with the result but then again this is base on worst case scenario and this is the risk that I have to take. HA funny at first they said there is no risks.
Two days later (and while I’m still waiting for the black and white from the agent saying my investments will be guaranteed) I was withdrawing money in Maybank, another agent approached me. I was furious seeing another Etiqa Takaful agent, how they say there are no risks, how my investments are guaranteed, how there are no hidden cost, how this is supposed to be a saving plan. The agent then explained to me that I must have got it wrong. First of all, there is no guarantee in this investment. NO GUARANTEE. Secondly, there will be cost for admin fees and so on, that is why I will never get back my investment in full. Thirdly, even if I do not withdraw any money and waited until maturity date I will still not receive my investment in full because Takaful is base on profit sharing and on maturity date, depending on the amount of money in the pool, Takaful will calculate how much I will get.
Holy Cow!!!!! No risks and no hidden cost? In my opinion this is an insurance plan plus investment, just that they twist it in such a way that sounds like a saving plan. For 30 years and with such risks involved, I would rather put my money in EPF. Now at least that is guaranteed.
Disclaimer: This is base on my understanding and may not be the facts on Etiqa Takaful Maybank (hack, not even the agents can get it right, how can I?? Two agents telling me two different stories) If you have any questions on the investment product please seek an agent yourself and don’t rely on what I have written above.
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