10-April-2009
8pm to 9pm
Common financial mistakes to be avoided:
i) Become a guarantor. Don't become a guarantor even to your family members or friends. Don't cross-guarantee. If you were asked to guarantee, just tell him or her that you have guaranteed enough 2 person.
ii) Lending money. Don't lend money. Just give the amount that you can afford.
iii) Invest in things that you do not understand ex. future, offshore etc.
iv) Allow greed to take over your mind. Ex. you want more for change of little (like invest RM10 can get RM100 etc). If you heard someone is taking about opportunity of lifetime just back off.
v) Gambling. Never ever gambling
vi) Overgearing : borrowing too much. Rules for borrowing money:
a) Borrow to buy asset
b) Borrow up to some level and can make regular payment ex out of rental without using other money
c) Pay back your loan
d) Avoid bad debts ex. personnel loan
vii) Trusting too much to some one
That's all for the time being.
Pls review timely.
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