Hi Folks,
Apology for the long absence of any information. Was extremely busy with new house, holy trip and others. Shall come with a bang with new ideas and information..
We shall meet very soon...with a new LOOK...
8 Steps to Declutter and Simplify Your Finances
1. Handle your mail more efficiently
The average person receives 560 pieces of junk mail each year, or about 1.5 per day. A great way to minimize the clutter is to stop junk mail and opt out of pre-screened credit offers, leaving you with the more important pieces of mail to deal with. From there set up a system that works for you. Some people find it easier to do batch processing, where they go through a week’s worth of bills and correspondence at one time, and others prefer to deal with it immediately. Experiment to find which method is best for you.
2. Go paperless
Opt to receive electronic statements, which has multiple benefits, including less mail to process and a lower environmental impact. Some companies will also waive fees if you go paperless. If you prefer paper statements, then get an all in one printer so you can scan the document for your records. Then shred it; reducing clutter at home.
3. Use Automatic Bill pay
Most online savings accounts offer free bill pay as part of their service, and it has become very common through most brick and mortar banks as well. Set up as many bills on auto pay as possible, reducing the amount of mail you send and receive, and reducing the time you spend worrying about paying bills. You can also link some payments to your credit card each month so you can take advantage of rewards points or cash back. Only use this method if you are certain you can and will pay your bill in full each month.
4. Automate your investments
Just like paying bills, it is easier to invest when you don’t have to sit down and write a check or initiate an electronic funds transfer each month. Set your basic asset allocation and make automatic payments for your investments. This can often be done through work via 401k contributions or a payroll deduction. You can also do automatic transfers through many brokerages, investment houses, or other financial institutions. Be sure to go over your asset allocation every so often to maintain a balance with your investments.
5. Use personal finance software
Managing money is much easier when you know how much is coming and going, and where it is coming from and what you are spending it on. There are many great financial management tools including You Need a Budget, Quicken, Quicken Online, and a host of free online money management tools.
6. Consolidate financial accounts
It’s not uncommon for people to have several bank accounts, but most people can get by with a local bank and an online bank for better interest rates. Many people also have multiple retirement accounts because they change jobs often. Depending on your needs, it may be a good idea to consolidate these accounts. Find a bank with high interest interest rates and nice features and park your money there.
7. Reduce the number of credit cards you carry
Access to easy credit can be convenient, but it can cause problems for some people. Reducing the number of credit cards you keep can reduce the amount of mail you receive and make it easier to manage your money. Just keep in mind that canceling a credit card can affect your credit score, so you should probably leave the oldest card open and make sure canceling any credit cards won’t make your credit utilization too high (amount of credit used vs. amount of available credit). Here are more tips about the affects of canceling a credit card.
8. Consolidate debt
This won’t apply to everyone, but it may be a lifesaver for some. If you are making multiple credit card and other payments each month, then you might consider reducing the number of bills you receive and need to pay each month. One way to do this is by consolidating your debt. Don’t worry, you don’t need to pay a company thousands of dollars for this because you canconsolidate your debt on your own. An easy way to consolidate your credit card debt is through a 0% balance transfer, which allows you to transfer your credit card balances to a new credit card at a 0% interest rate. There is usually a fee involved to do this, but it usually maxes out around 3-5%, which is much lower than the average credit card interest rate, which hovers around 20%. This tip can simplify your bill paying and save you money.
Simplify and automate to save time and money
Simplifying and automating your finances only takes a small amount of time and effort to set up and maintain and it can save you time and money by reducing clutter and wasted energy. It’s a win-win situation.
9 Small Financial Steps That Will Pay Off Big in the Future
Huge, scary numbers are lurking everywhere these days: The massive federal bailout (now on the taxpayers' tab)…the unemployment rate, which is now at a 26-year high…that daunting sum you are constantly told you will need if you want to retire comfortably…the six-figure mortgage balance you barely chip away at each month.
Listen to me: Stop focusing on the big picture. Given what is going on in the world right now, you'll only fuel your fear and anxiety.
Macroeconomics matter, but your security depends far more on microfinance—the small choices you make with your money. Every financial worry you want to banish and financial dream you want to achieve comes from taking tiny steps today that put you on a path toward your goals. My list of small moves that yield big dividends:
1. Save a Bit at a Time
I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance. I am not suggesting that you can snap your fingers and have everything taken care of. What I'm telling you is to move toward your goals in steps. Rather than get lost in the big picture—"Eight months? Are you crazy, Suze? I can never do that!"—focus on what is within your power: the sums you can sock away every week or month to get closer to what you're trying to achieve. Put $50 a week into a bank savings account earning 2 percent interest, and in three years you will have saved more than $8,000.
2. Have a Little Self-Discipline!
Okay, so where do you find the money to put toward your financial goals? If you're dealing with a layoff or furlough, I know you feel stretched to the limit. But often when families tell me they have no money for their goals, I look at their spending and find lots of "wants" to cut. So pull out your three most recent bank and credit card statements, circle every charge or debit that is not a necessity, and ask yourself, "Can I eliminate this cost entirely?" If not, can you scale it back 30 to 50 percent (downgrade the cable, say, or opt for the less-pricey cell package)? Every time you cut expenses, you can put the money toward bigger goals.
3. Automate
So many financial dreams are thwarted by the failure to act upon good intentions. Even if you commit to step 2 and free up money, using it wisely can be a challenge. Complete this sentence: I had every intention of ___________, but I got sidetracked or couldn't stick with my plan. That blank could be: (a) building an eight-month emergency fund; (b) investing in Roth IRA ; (c) saving for a home down payment; (d) paying every bill on time; (e) all of the above.
The solution is easy: Put your financial life on autopilot as a form of "forced" saving. Your 401(k) is a great example of auto-investing; with every paycheck, money goes into your retirement account. You can set up the same system at a discount brokerage or fund company to help you invest in an IRA, authorizing the firm to pull money out of your bank account weekly, monthly, or quarterly.
Autopilot is also a great way to save for a home down payment. Have $100 automatically transferred from your checking account to a bank savings account each month and in five years at 2 percent interest you could have more than $6,300 set aside. An FHA-insured mortgage requires a 3.5 percent down payment, so $6,300 would be enough to buy a $180,000 home.
And if you suffer from late-payment-itis, set up auto bill pay through an online bank account. This will save you those $39 late fees on credit card payments and lift your FICO score (on-time payment history accounts for 35 percent of your score).
4. Max Out on the Company Match
In a 2008 survey of nearly a million 401(k) participants, the investment advisory firm Financial Engines found that 33 percent don't contribute enough to their company plan to collect the maximum employer matching contribution. That's literally turning down free money. The way a match works is that if you contribute to your retirement account, your employer will throw in some money, too. One common system is for an employer to give 50 cents for every dollar the employee contributes to her 401(k), up to a specified limit, such as 6 percent of a salary or a certain dollar amount per year. Under those terms, if the employee contributed $3,000, the employer would kick in another $1,500. Hello! That's a guaranteed 50 percent return on your investment. And $3,000 spread out over 26 pay periods is only $115 every two weeks. That's a small step toward a big goal.
If your company doesn't provide a match—or has opted to suspend its match during the recession—you may still qualify for a Roth IRA. I recommend funding the IRA completely before you contribute to an unmatched 401(k). Without the match, a 401(k) is still a good deal, but a Roth IRA is even better. Details follow in the next small step.
5. Invest in a Roth IRA
(A Roth IRA is a special type of retirement plan under US law that is generally not taxed, provided certain conditions are met. The Roth Individual Retirement Account (IRA) is one of a number of plans allowed under the tax law of the United States that allows a tax reduction on a limited amount of saving for retirement) - Try to find similar plan In Malaysia
I love the Roth IRA. Tax-free income in retirement is a truly great deal. That's because income tax rates are likely to rise given all the big federal deficits that will need to be repaid. (And remember: Withdrawals from a traditional IRA or 401(k) will be taxed at your ordinary income tax rate.) If you have modified adjusted gross income (AGI) below $105,000 this year ($166,000 for married couples filing a joint return), you can invest the maximum $5,000 in an IRA (or $6,000 if you are 50 or older). Above those income limits, you can make smaller contributions; you lose eligibility if you have a modified AGI of $120,000 or more, or are part of a married couple with a modified AGI of $176,000 or above.
I know $5,000 or $6,000 is a big deal. And I promised small steps. So break that $5,000 into 12 monthly chunks. Does $416 sound more doable? If it's still too much, save what you can. No rule says it has to be $5,000. You can invest as little as $600 a year at some fund companies through an auto-investing plan, or save until you meet the $1,000 to $1,500 minimum initial investment most mutual funds require.
6. Subtract Your Age from 100; Put That Much in Stocks
Now we need to talk about asset allocation. For all your long-term investments, such as retirement accounts that you won't touch for at least ten years, you need a mix of stocks and bonds. Stocksoffer the best shot at inflation-beating gains. But stocks don't always go up. That's where bonds come into play: They have less upside potential, but they also do not pack the same risk. So what's your Midas mix of stocks and bonds? Subtract your age from 100 and invest that percentage of your retirement savings in stocks. The rest belongs in bonds. For the stock portion, put 70 percent in U.S. stocks and the rest in international funds. As for the bonds: You should definitely have some lower-risk investments in your 401(k), but rather than invest in a bond fund, look for a GIC or Stable Value fund, which offers a guaranteed return. For your IRA accounts, I am all for owning individual bonds you can hold to maturity instead of bond funds, which are subject to trading and carry more risk.
7. Spend $50 a Month for Peace of Mind
That's about what it would cost a healthy 40-year-old woman to buy a million-dollar 20-year level term life insurance policy; figure on less if you're younger and more if you're older. But the idea is this: A small amount of money buys your family protection if you die prematurely. You can shop for term policies at SelectQuote.com and AccuQuote.com .
8. Create the Four Most Loving Documents in Existence
One of the most tragic disconnects I see is when someone tells me she loves her family to pieces but hasn't set up these four must-have documents: a revocable living trust, a will, a durable power of attorney for finances, and a durable power of attorney for healthcare.
9. Add a 13th Mortgage Payment; Pay Off Your Loan Five Years Faster
If you're in your 50s and plan to live in your current home forever, try to pay off the mortgage before you stop working so you remove that big cost from your postretirement expenses. One way to do so is to make one extra mortgage payment a year. You can even spread the payment over 12 months. Let's say you have a $1,500 monthly mortgage payment and a 30-year fixed-rate mortgage. If you divide $1,500 by 12, that's $125, so instead of paying $1,500, you send in $1,625 each month. That will cut your repayment time by five years and reduce your interest payments over the life of the loan; for a $250,000 mortgage charging 6 percent, you will save $61,000 ($228,000 in interest payments versus $289,000). That $125 a month may be tough, but it's doable. It's one small step now, and one giant leap toward future financial security.
*Courtesy : www.oprah.com
Your Money Blueprint for 2011
If you make time each month to give your money some attention, you'll start 2012 in fabulous financial shape.
Thoughtful financial planning can easily take a backseat to daily life. (Do your taxes two months early? You're just trying to stay on top of today.) But I promise that if you set aside time each month to give your money some attention, when 2012 rolls around you'll be in fabulous financial shape. Here's my plan of attack for the year to come:
January: Automate Your Security
No one's ever achieved financial fitness with a January resolution that's abandoned by February. Building security requires a commitment to saving, and the easiest way to save is with an automatic transfer. Search online for the highest-yielding bank or credit union savings account; after you've opened one, set up monthly deposits from your checking account.
If your employer matches employee contributions to a 401(k), sign up now. Already enrolled? Make sure you're contributing enough to qualify for the maximum company match, and if you're not, boost your contribution rate by one percentage point each year until you're eligible for the maximum match. Then make funding your individual retirement account (IRA) automatic as well by linking it to your checking account.
February: Get Ahead of the Game
You should have received all documents necessary—your W-2, 1098 (if you have a mortgage), and 1099s—to complete your 2010 taxes. You've still got two months, but handling this task early has major benefits. If you're surprised by a tax bill, you have time to figure out a payment strategy. If you're entitled to a refund, you will receive it that much sooner.
March: Do Some Spring Cleaning
Make time to toss any outdated paperwork. You should keep a copy of your tax return indefinitely, but you need to save supporting documents for only three years. Anything from before 2007 should get shredded. If you're self-employed or have income from multiple sources, hold on to your documents for six years. That's how long the IRS has to challenge your reported income. Next, roll over 401(k)s from old jobs and IRAs at different firms into one account at a low-cost brokerage or mutual fund company—it's easier to keep track of this way, and you'll save on maintenance fees.
April: Take Stock
As we head into the sign of Taurus, take a moment to think about bull markets. For long-term savings goals, stocks have the potential to generate inflation-beating gains. But we're all a bit queasy about stocks these days. Focus your stock investments on those that pay dividends—payments a company makes to its shareholders. Sticking with a low-cost exchange traded fund (ETF) with a diversified portfolio of dividend payers is a smart strategy. Try the Vanguard Dividend Appreciation (VIG) or the SPDR S&P Dividend ETF (SDY).
May: Hit a Home Run
This is the start of house-buying season, but since most of us stay put in any given year, let's focus on you current mortgage holders—starting with your homeowner's insurance. If rebuilding costs in your area have fallen in recent years, you could be overinsured. Confirm that you have an extended replacement policy, which pays a set percentage over the dollar value of your coverage. And switch to a higher deductible (at least $1,000 or so), which will lower your premium. Cover any expenses that amount to less than $1,000 with your emergency savings fund. Finally, check your property tax base. If your current property tax bill is based on an old valuation of your home, contact your local tax assessor—you may be paying too much.
June: Gift Smart
With all the graduations and weddings coming your way, you're probably planning to purchase some presents. Here's my gift-giving rule: Respect your current financial situation. The last thing family and friends want is for you to spend money on them that you don't have or that you can't really spare.
July: Have the Talk
For those of you with camp-age kids, July no doubt involves a Parents' Day full of festivities. I'm proposing a different spin on Parents' Day: Take time to talk to your parents about their financial well-being. First, confirm that they have the key estate documents: a will, a revocable living trust, and durable power of attorney for both healthcare and financial matters. Have they reviewed their beneficiaries recently? If not, they should do so now. Next, look into long-term care insurance atwww.LongTermCare.gov. Finally, help them formulate an advance directive—a document that spells out the medical care an individual wants in the event he or she becomes physically unable to communicate. It may be a difficult conversation to have, but it lets your parents know that if the time comes, you'll make sure their exact wishes are followed. That's a great way to honor what they mean to you.
August: Teach Your Children a Lesson
This school year, think about instituting new money rules for you and your kids. I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to chores—it's a great way to impart the value of money to your children.
The best way to finance a new car
September: Check, Please!
Have you checked your credit report in the past year? Didn't think so. VisitAnnualCreditReport.com, where you can access your reports on file at the big-three credit bureaus—for free. If you anticipate taking out a loan in the next six months or may be job hunting, or if your credit report turns up any mistakes, you should also obtain your FICO credit score ($16;MyFICO.com.)
October: Brace for Life's Tricks
I wish you only treats this Halloween. But while we all hope for the best, we still need to prepare for the worst. Parents of young children must have life insurance and a will in place—it's non-negotiable. For most families, term life insurance is the easiest and least expensive solution. Go toSelectQuote.com or AccuQuote.com to make sure you're looking out for your family's best interests if the worst should happen.
November: Bag the Best Benefits
Fall is typically open-enrollment period at work, when you can make changes to your benefits package for the coming year. If you learn that your health insurance rates will increase in 2012, check whether your company offers a high-deductible plan that's paired with a health savings account. If you're in good health, this can be a great way to reduce your premium costs by agreeing to pay a higher deductible (minimum of $1,200 for individuals and $2,400 for families). You can then invest in an HSA, which allows your tax-deductible contributions to be used for medical expenses, including the deductible. Your unused HSA balance can be rolled over and used in subsequent years.
December: Pay in Cash
Financially speaking, December can be rough: Gift giving, holiday parties, and vacations all take their toll. My advice? Stash your credit cards and live within your means all 31 days of this month. Avoiding that nasty January credit card bill that you can't pay off is the surest way to start 2012 on the right financial foot
January: Automate Your Security
No one's ever achieved financial fitness with a January resolution that's abandoned by February. Building security requires a commitment to saving, and the easiest way to save is with an automatic transfer. Search online for the highest-yielding bank or credit union savings account; after you've opened one, set up monthly deposits from your checking account.
If your employer matches employee contributions to a 401(k), sign up now. Already enrolled? Make sure you're contributing enough to qualify for the maximum company match, and if you're not, boost your contribution rate by one percentage point each year until you're eligible for the maximum match. Then make funding your individual retirement account (IRA) automatic as well by linking it to your checking account.
Timely Tip: If you or your child will be attending college this fall, submit your Free Application for Federal Student Aid (FAFSA) form ASAP, using estimates of your 2010 taxes.
February: Get Ahead of the Game
You should have received all documents necessary—your W-2, 1098 (if you have a mortgage), and 1099s—to complete your 2010 taxes. You've still got two months, but handling this task early has major benefits. If you're surprised by a tax bill, you have time to figure out a payment strategy. If you're entitled to a refund, you will receive it that much sooner.
March: Do Some Spring Cleaning
Make time to toss any outdated paperwork. You should keep a copy of your tax return indefinitely, but you need to save supporting documents for only three years. Anything from before 2007 should get shredded. If you're self-employed or have income from multiple sources, hold on to your documents for six years. That's how long the IRS has to challenge your reported income. Next, roll over 401(k)s from old jobs and IRAs at different firms into one account at a low-cost brokerage or mutual fund company—it's easier to keep track of this way, and you'll save on maintenance fees.
April: Take Stock
As we head into the sign of Taurus, take a moment to think about bull markets. For long-term savings goals, stocks have the potential to generate inflation-beating gains. But we're all a bit queasy about stocks these days. Focus your stock investments on those that pay dividends—payments a company makes to its shareholders. Sticking with a low-cost exchange traded fund (ETF) with a diversified portfolio of dividend payers is a smart strategy. Try the Vanguard Dividend Appreciation (VIG) or the SPDR S&P Dividend ETF (SDY).
Timely Tip: If you do file your taxes in April, let your return guide your next move. If you're owed a refund, change your W-4 withholding to get that money back in your paychecks where it belongs. If you owe a penalty, make sure you're not having too little money withheld.
May: Hit a Home Run
This is the start of house-buying season, but since most of us stay put in any given year, let's focus on you current mortgage holders—starting with your homeowner's insurance. If rebuilding costs in your area have fallen in recent years, you could be overinsured. Confirm that you have an extended replacement policy, which pays a set percentage over the dollar value of your coverage. And switch to a higher deductible (at least $1,000 or so), which will lower your premium. Cover any expenses that amount to less than $1,000 with your emergency savings fund. Finally, check your property tax base. If your current property tax bill is based on an old valuation of your home, contact your local tax assessor—you may be paying too much.
June: Gift Smart
With all the graduations and weddings coming your way, you're probably planning to purchase some presents. Here's my gift-giving rule: Respect your current financial situation. The last thing family and friends want is for you to spend money on them that you don't have or that you can't really spare.
July: Have the Talk
For those of you with camp-age kids, July no doubt involves a Parents' Day full of festivities. I'm proposing a different spin on Parents' Day: Take time to talk to your parents about their financial well-being. First, confirm that they have the key estate documents: a will, a revocable living trust, and durable power of attorney for both healthcare and financial matters. Have they reviewed their beneficiaries recently? If not, they should do so now. Next, look into long-term care insurance atwww.LongTermCare.gov. Finally, help them formulate an advance directive—a document that spells out the medical care an individual wants in the event he or she becomes physically unable to communicate. It may be a difficult conversation to have, but it lets your parents know that if the time comes, you'll make sure their exact wishes are followed. That's a great way to honor what they mean to you.
August: Teach Your Children a Lesson
This school year, think about instituting new money rules for you and your kids. I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to chores—it's a great way to impart the value of money to your children.
Timely Tip: If you need a new car, August is the time to shop—dealers are eager to make room for next year's models.Should you give your kids their own credit cards?
The best way to finance a new car
September: Check, Please!
Have you checked your credit report in the past year? Didn't think so. VisitAnnualCreditReport.com, where you can access your reports on file at the big-three credit bureaus—for free. If you anticipate taking out a loan in the next six months or may be job hunting, or if your credit report turns up any mistakes, you should also obtain your FICO credit score ($16;MyFICO.com.)
October: Brace for Life's Tricks
I wish you only treats this Halloween. But while we all hope for the best, we still need to prepare for the worst. Parents of young children must have life insurance and a will in place—it's non-negotiable. For most families, term life insurance is the easiest and least expensive solution. Go toSelectQuote.com or AccuQuote.com to make sure you're looking out for your family's best interests if the worst should happen.
Timely Tip: Parents of new college grads: The six-month grace period between graduation and repayment for many student loans is approaching. Make sure repayment arrangements are nailed down.
November: Bag the Best Benefits
Fall is typically open-enrollment period at work, when you can make changes to your benefits package for the coming year. If you learn that your health insurance rates will increase in 2012, check whether your company offers a high-deductible plan that's paired with a health savings account. If you're in good health, this can be a great way to reduce your premium costs by agreeing to pay a higher deductible (minimum of $1,200 for individuals and $2,400 for families). You can then invest in an HSA, which allows your tax-deductible contributions to be used for medical expenses, including the deductible. Your unused HSA balance can be rolled over and used in subsequent years.
December: Pay in Cash
Financially speaking, December can be rough: Gift giving, holiday parties, and vacations all take their toll. My advice? Stash your credit cards and live within your means all 31 days of this month. Avoiding that nasty January credit card bill that you can't pay off is the surest way to start 2012 on the right financial foot
*Courtesy : www.oprah.com
7 Deals You Should Never Make
It looks like a bargain, it sounds like a bargain, it must be a bargain—right? Not always. When it comes to the many financial options out there, what seems great at first glance is often anything but a fair shake. You'll spare yourself serious money woes if you understand the true cost of any financial decision—whether you're transferring a balance or helping your child select a college. Here are the deals you never want to make (and 3 offers that are worth their weight in gold).
Don't: Opt for lower monthly payments with a five-year (or longer) car loan.
According to Federal Reserve data, the average new-car loan term is 63 months. That's ten months longer than a decade ago, and, to put it simply, longer is a waste of money. Your car is a depreciating asset—after just one year, its value will be 30 to 50 percent lower. So don't pay interest on it for any longer than you have to.
Do: Sign up for a car loan only if it's for 36 months or less.
If the shorter term makes the monthly payment too high, you need to shop for a less expensive car.
Don't: Buy sale items on credit.
Say a product you buy often is 15 percent off, so you decide to buy in bulk. Paying with a credit card could get you in trouble. If you purchase $350 worth of merchandise at a 15 percent discount, your bill will be $298. But if the $298 goes onto your credit card at 20 percent interest and you pay only the minimum due each month (usually about 3 percent), it will take you two years and $67 in interest to pay it off.
Do: Pay with cash or a debit card.
If you do use credit, pay off the purchase in full when the bill arrives. If the item is nonessential, don't make the purchase at all. Use the calculator in the credit card section of BankRate.com to compute the true cost of paying only the minimum due.
Don't: Get a low deductible on your auto or home insurance policy.
Limiting your out-of-pocket costs seems smart, but with a deductible of just $250 or so, you're more likely to file small claims in the event of an accident or loss of property. That's a quick way to get on your insurer's bad side—your premium may increase at renewal time, or your insurer may decline to keep you as a customer.
Do: Raise your deductible to $1,000.
Handle small issues out-of-pocket and save your insurance for major problems. Not only will you stay in your insurer's good graces, you'll reduce your annual premium by at least 10 percent.
Don't: Let your child go to that fantastic college if it's outside your price range.
Your teen understands the need to apply to a safety school—and it's your job to make sure every school she applies to is financially safe, too. A college education can be incredibly valuable, but it makes no sense to rack up massive debt to obtain one. And I can't stress this enough: Do not deplete your retirement fund to pay for college. That money needs to keep working for your future.
Do: Start making the numbers work in high school (if you haven't already set aside funds in a 529 plan or other savings account).
If your teen is an academic achiever, scoring well on Advanced Placement tests can reduce her required coursework in college, and since fewer than 40 percent of students graduate in four years—and a fifth year can add 25 percent to the total cost—that's a huge leg up. Bear in mind that the average tuition at a four-year public college for the 2009–2010 school year was $7,020, compared with $26,273 for a private college. If your child's chosen career requires a graduate degree, spending less at the undergrad level will be a big help when it comes time to finance grad school. Once the acceptance letters arrive, make sure you fill out the FAFSA form to see if you're eligible for financial aid. And try to stick with federal loans—at a maximum 6.8 percent fixed interest rate, the Stafford loan program is the best deal going. Once your kid maxes out on Staffords, you can look into a PLUS loan; parents can borrow up to the full amount of school minus any aid, and the fixed rate is 7.9 percent
According to Federal Reserve data, the average new-car loan term is 63 months. That's ten months longer than a decade ago, and, to put it simply, longer is a waste of money. Your car is a depreciating asset—after just one year, its value will be 30 to 50 percent lower. So don't pay interest on it for any longer than you have to.
Do: Sign up for a car loan only if it's for 36 months or less.
If the shorter term makes the monthly payment too high, you need to shop for a less expensive car.
Don't: Buy sale items on credit.
Say a product you buy often is 15 percent off, so you decide to buy in bulk. Paying with a credit card could get you in trouble. If you purchase $350 worth of merchandise at a 15 percent discount, your bill will be $298. But if the $298 goes onto your credit card at 20 percent interest and you pay only the minimum due each month (usually about 3 percent), it will take you two years and $67 in interest to pay it off.
Do: Pay with cash or a debit card.
If you do use credit, pay off the purchase in full when the bill arrives. If the item is nonessential, don't make the purchase at all. Use the calculator in the credit card section of BankRate.com to compute the true cost of paying only the minimum due.
Don't: Get a low deductible on your auto or home insurance policy.
Limiting your out-of-pocket costs seems smart, but with a deductible of just $250 or so, you're more likely to file small claims in the event of an accident or loss of property. That's a quick way to get on your insurer's bad side—your premium may increase at renewal time, or your insurer may decline to keep you as a customer.
Do: Raise your deductible to $1,000.
Handle small issues out-of-pocket and save your insurance for major problems. Not only will you stay in your insurer's good graces, you'll reduce your annual premium by at least 10 percent.
Don't: Let your child go to that fantastic college if it's outside your price range.
Your teen understands the need to apply to a safety school—and it's your job to make sure every school she applies to is financially safe, too. A college education can be incredibly valuable, but it makes no sense to rack up massive debt to obtain one. And I can't stress this enough: Do not deplete your retirement fund to pay for college. That money needs to keep working for your future.
Do: Start making the numbers work in high school (if you haven't already set aside funds in a 529 plan or other savings account).
If your teen is an academic achiever, scoring well on Advanced Placement tests can reduce her required coursework in college, and since fewer than 40 percent of students graduate in four years—and a fifth year can add 25 percent to the total cost—that's a huge leg up. Bear in mind that the average tuition at a four-year public college for the 2009–2010 school year was $7,020, compared with $26,273 for a private college. If your child's chosen career requires a graduate degree, spending less at the undergrad level will be a big help when it comes time to finance grad school. Once the acceptance letters arrive, make sure you fill out the FAFSA form to see if you're eligible for financial aid. And try to stick with federal loans—at a maximum 6.8 percent fixed interest rate, the Stafford loan program is the best deal going. Once your kid maxes out on Staffords, you can look into a PLUS loan; parents can borrow up to the full amount of school minus any aid, and the fixed rate is 7.9 percent
Don't: Fall for teaser and variable rates.
Some credit card companies lure you in with a rate of 0 percent but raise it to 18 percent after the initial promotional period. Adjustable-rate mortgages that started at 2 percent or lower in 2005 have reset at much higher rates, sending thousands of people into foreclosure. And that private college loan that started at 10 percent? It could climb to 15 percent or higher if it's tied to an index that rises. The bottom line: If the interest rate isn't permanent, you could get taken for a ride.
Do: Stick with a 30-year fixed-rate home mortgage...
...(average is currently 5 percent), avoid credit card promotions altogether, and, as much as possible, steer clear of private college loans—again, Stafford and PLUS loans are the way to go.
Don't: Transfer balances.
A few years ago, transferring your debt to a card with lower rates would have been a no-brainer, as many card issuers charged a maximum balance transfer fee of $50 to $75. But today companies often charge a percentage of your entire balance—usually between 3 and 5 percent (and a 3 percent fee on a $5,000 transfer is $150).
Do: Try to find a no-fee transfer deal at CreditCardConnection.org.
And if you are considering a deal that charges fees, use the calculator at CreditCards.com to determine whether you'll come out ahead.
Don't: Use a debt settlement firm.
Those TV ads that promise to negotiate a deal with your creditors so you pay only a fraction of the bill can be enticing—but you should change the channel, and quick. According to the National Foundation for Credit Counseling, debt settlement firms typically charge fees between 13 and 20 percent of your total debt, or a cut of the total debt reduction plus a hefty monthly fee of $50 or more. Not to mention that many of these companies are far from squeaky-clean—several simply collect your fees without doing much at all to improve your situation, and the Federal Trade Commission has numerous cases pending against the worst offenders. Furthermore, even if youare able to negotiate a lower payment, you will likely owe federal tax on the amount forgiven (the IRS considers it income), and a settlement will hurt your credit score.
Do: The negotiating for yourself.
If you're unable to make your payments, call your creditors. They would rather get something than nothing from you, and they're just as willing to deal with you as they are with a debt settlement company. Asking to settle your bill for less than the full balance will work only if you have enough funds to make a lump-sum offer—you'll need to bring cash to the table. And remember that if they accept, there could still be a tax bill coming your way
Some credit card companies lure you in with a rate of 0 percent but raise it to 18 percent after the initial promotional period. Adjustable-rate mortgages that started at 2 percent or lower in 2005 have reset at much higher rates, sending thousands of people into foreclosure. And that private college loan that started at 10 percent? It could climb to 15 percent or higher if it's tied to an index that rises. The bottom line: If the interest rate isn't permanent, you could get taken for a ride.
Do: Stick with a 30-year fixed-rate home mortgage...
...(average is currently 5 percent), avoid credit card promotions altogether, and, as much as possible, steer clear of private college loans—again, Stafford and PLUS loans are the way to go.
Don't: Transfer balances.
A few years ago, transferring your debt to a card with lower rates would have been a no-brainer, as many card issuers charged a maximum balance transfer fee of $50 to $75. But today companies often charge a percentage of your entire balance—usually between 3 and 5 percent (and a 3 percent fee on a $5,000 transfer is $150).
Do: Try to find a no-fee transfer deal at CreditCardConnection.org.
And if you are considering a deal that charges fees, use the calculator at CreditCards.com to determine whether you'll come out ahead.
Don't: Use a debt settlement firm.
Those TV ads that promise to negotiate a deal with your creditors so you pay only a fraction of the bill can be enticing—but you should change the channel, and quick. According to the National Foundation for Credit Counseling, debt settlement firms typically charge fees between 13 and 20 percent of your total debt, or a cut of the total debt reduction plus a hefty monthly fee of $50 or more. Not to mention that many of these companies are far from squeaky-clean—several simply collect your fees without doing much at all to improve your situation, and the Federal Trade Commission has numerous cases pending against the worst offenders. Furthermore, even if youare able to negotiate a lower payment, you will likely owe federal tax on the amount forgiven (the IRS considers it income), and a settlement will hurt your credit score.
Do: The negotiating for yourself.
If you're unable to make your payments, call your creditors. They would rather get something than nothing from you, and they're just as willing to deal with you as they are with a debt settlement company. Asking to settle your bill for less than the full balance will work only if you have enough funds to make a lump-sum offer—you'll need to bring cash to the table. And remember that if they accept, there could still be a tax bill coming your way
*Courtesy : www.oprah.com
What's Your Body Trying to Tell You?
These four clues can reveal crucial information about your health
The body is an excellent communicator, and often the messages are obvious: Red skin means you've had too much sun; a rumbling stomach means you're running out of fuel. But many other distress signals are less well known. Take a few moments to give yourself a quick check for these surprising warning signs.
If you see: Shortened eyebrows
It could mean: Thyroid disorder
Hold a pencil perpendicular to the outer corner of your eye; if your eyebrow falls short of the pencil, it could indicate an underactive thyroid. Thyroid hormones have many functions, and one of them is to regulate how quickly your cells replenish themselves. When your levels of thyroid hormones are out of whack, the effect can be seen in almost every cell in your body, even your hair follicles. (You may also notice that the hair on your head has become thinner and drier.) Some other telltale symptoms include weight gain, fatigue, and constipation.
What to do: Your doctor can administer a blood test to measure your hormone levels. If they're low, you'll need prescription medication to restore them to normal levels.
If you see: Long ring fingers
It could mean: A higher risk of osteoarthritis
According to a 2008 study in the journal Arthritis & Rheumatism, women whose ring fingers are longer than their index fingers may be twice as likely to suffer from osteoarthritis. Though scientists aren't sure why the connection exists, it may be related to testosterone exposure in the womb. Longer ring fingers are linked to higher prenatal levels of testosterone. This lowers the concentration of estrogen, which is critical to bone development. Finger length also has a notable implication for the opposite sex: If a man's index finger is longer than his ring finger, his risk of prostate cancer drops by a third.
What to do: If you're overweight, losing just 5 percent of your body weight can help reduce your risk of knee osteoarthritis (one of the most common types), according to a 2009 study by the University of North Carolina at Chapel Hill.
If you see: Yellow nails
It could mean: Diabetes
Discolored nails may simply indicate an infection, but if you're also making extra trips to the bathroom, constantly reaching for your water bottle, and feeling fatigued, a likely culprit is diabetes. The condition can cause glucose to attach to collagen proteins in the nail, turning them from pink to yellow.
What to do: See your doctor for a diabetes test. If it's positive, he can recommend a combination of lifestyle changes and medication to keep the disease under control.
If you see: Thick, dark facial or body hair
It could mean: Polycystic ovary syndrome (PCOS)
Many women see a few wisps on their upper lip, but coarse, dark hair that shows up in unusual places—like the chin, cheeks, chest, abdomen, or back—can signal a hormone imbalance associated with PCOS. Women with this condition, in which the body produces more androgens (male sex hormones) than usual, may also experience irregular periods and cystic acne and have a hard time maintaining a healthy weight.
What to do: See your doctor for a blood test to check your hormone levels. PCOS increases your risk for diabetes and infertility, but lifestyle changes (such as quitting smoking and losing weight) and hormone-regulating medications (such as birth control pills) can help reduce symptoms and prevent complications.
*Courtesy : http://www.oprah.com
Yayasan Sime Darby Undergraduate Scholarship Programme (Local)
Minimum Requirements
- Malaysian
- Good communication skills
- Ability to demonstrate leadership qualities and potential
- Actively involved in extra-curricular activities and sporting events
- Candidates with at least a conditional offer from universities as specified by Yayasan Sime Darby will be given FIRST priority. Scholarship will only be effective upon receiving firm offer.
- Students who are currently pursuing degrees at selected local universities are encouraged to apply
Minimum Academic Achievement
- STPM (minimum 3A)
< >Local Matriculation / Diploma (CGPA of at least 3.5)Individual pursuing their first year undergraduate studies must have latest CGPA at least 3.5
Business : Accountancy, Finance, Business Administration, Economics and Finance, Law
< >Engineering and Technology : Mechanical, Chemical, Civil, Electrical, Computer, Information and Communication Technology (ICT)Sciences : Agriculture, Biotechnology, Food Technology, Plantations Technology, Plantation managementAllied Health Science : Nursing, Dietetics, Radiation Therapy, Physiotherapy, Medical Laboratory Technology (MLT)Note: Scholarships for medicine degree are not available.
Value of Scholarship (Local)
Value of Scholarship (Local)
The sponsorship covers the following:
- Full tuition and academic fees
- Living allowance
- Book and equipment allowance
- Computer allowance (one-off)
Recipients of scholarship will have the opportunity to undergo Scholars Development Programme and experience work exposure through internship within the Sime Darby Group of Companies.
Accepted Universities
The scholarship is open to applicants looking to study in the following academic institutions:
- Universiti Islam Antarabangsa Malaysia (UIAM)
- Universiti Kebangsaan Malaysia (UKM)
- Universiti Malaya (UM)
- Universiti Putra Malaysia (UPM)
- Universiti Sains Malaysia (USM)
- Universiti Teknologi Malaysia (UTM)
- Universiti Teknologi MARA (UiTM)
- Multimedia University (MMU)
- Universiti Tenaga Nasional (UNITEN)
- Universiti Teknologi Petronas (UTP)
- Monash University (Malaysia Campus)
Scholarship Application
This annual scholarship programme opens every year in February/March. Only online application will be considered. Applications should take approximately 45 minutes.
Click here to apply!
*Courtesy : http://myindians.com/
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