GenX’s Comments

Did you notice that Alliance Bank, HLB and Maybank all use the same tag line – Buy Now Pay Later? They are encouraging you to be in debt!!! OMG!

Well, 0% Instalment Plan, i.e. 0% Loan, does sound pretty fantastic but in actual fact these kind of promos by the banks have resulted many people to over spent or worst spent beyond their means!

The fact is this, if you do not have the money in hand to purchase a stuff, it means you are spending beyond your means. For example, you have RM1K in savings and you then opt for 0% Installment Plan for a new phone costing RM3K.

What most people don’t realize is that every time they utilize the 0% Installment Plan on materialistic stuff, they are incurring more debts which means that they will have less money in the future to save (e.g. children education fund, retirement, etc) or spend on necessary expenses (as their disposable income has been reduced until the debt is paid).

If you are my disciple, you have been told over and over again that nothing last forever. You may be earning RM20K today but it does not mean that you will be earning the same amount tomorrow. Those of you earning big bucks prior to this year may not understand what I meant by nothing last forever and that Life is not about having material stuff to show off or shiok sendiri; but if you have been laid off or your income affected by the current crisis, you now fully understand what I meant when I warned you nothing last forever and that you should always save for a rainy day and Life is about being able to Eat Shit and Sleep.

And like I mentioned in my article titled Be Prepared For Tomorrow So That You Can Sleep Soundly, you become rich by saving money and not how much you earn per month.

Last but not least, whatever it is , never sign up for Personal Loan or any loan (installment plan or balance transfer) that imposes interest upfront except for a car loan where you have no other alternative. The banks is Australia are more honest, they tell you that a car loan is a Personal Loan! If you are new to my blog, you better click here and read Upfront Interest Loan for Balance Transfer and Personal Loan – The Quickest Way To Be Even Poorer!