My family had a pretty interesting discussion last nite about the chances of CIMB Money Multiplier scheme giving a 3% interest (per day) from a minimum saving of RM10K. If it is true, then one would just need RM10K and start earning RM9K per month. Who needs a job anymore!!
Lucky my Finance class thought me about the risk-and-return relationship. No one could give you a 3% interest a day without high risk...or in this case, a catch. So, this morning I decided to call CIMB to inquire about this scheme and I was told the interest is calculated per annum. In other words, everything will be divided by 365 days. Well, my calculation yielded an interest of 0.25% a month. A savings account would pay you a higher interest.
Talking about investment, I can't stop myself from mentioning the huhah about investing online that was recently broadcast on TV and even warranted a comment from our Prime Minister, Pak Ok Lah. The government labelled these websites i.e. Swiss Banks, AB Funds, etc. as "penipuan" (cheating) simply because many people lost their money invested in these Internet investment schemes. I used to think that our Government treats us, its citizens, like idiots. Now, I really do believe, that is exactly how our Government rates its citizens. Just because people (many many people for that matter) took out their money from ASB (and other PNB's investment options) to invest in these websites and lost their money, doesn't make the Internet investment scheme a cheat. It just means that our people are not well educated to understand; with higher return, comes greater risk (Spidey said it differently..."With great power, comes great responsibilities"). My point is (finally!!), don't blame circumstances (i.e. PNB loses money, people loses money, SC loses tax money). Teach your citizen to understand risks and returns. Let them decide. As for PNB (the Government for that matter), stop "forcing" people to invest in a 6% return per year scheme.
That is all I have to say about our Government (until I find some other things to say).
Lucky my Finance class thought me about the risk-and-return relationship. No one could give you a 3% interest a day without high risk...or in this case, a catch. So, this morning I decided to call CIMB to inquire about this scheme and I was told the interest is calculated per annum. In other words, everything will be divided by 365 days. Well, my calculation yielded an interest of 0.25% a month. A savings account would pay you a higher interest.
Talking about investment, I can't stop myself from mentioning the huhah about investing online that was recently broadcast on TV and even warranted a comment from our Prime Minister, Pak Ok Lah. The government labelled these websites i.e. Swiss Banks, AB Funds, etc. as "penipuan" (cheating) simply because many people lost their money invested in these Internet investment schemes. I used to think that our Government treats us, its citizens, like idiots. Now, I really do believe, that is exactly how our Government rates its citizens. Just because people (many many people for that matter) took out their money from ASB (and other PNB's investment options) to invest in these websites and lost their money, doesn't make the Internet investment scheme a cheat. It just means that our people are not well educated to understand; with higher return, comes greater risk (Spidey said it differently..."With great power, comes great responsibilities"). My point is (finally!!), don't blame circumstances (i.e. PNB loses money, people loses money, SC loses tax money). Teach your citizen to understand risks and returns. Let them decide. As for PNB (the Government for that matter), stop "forcing" people to invest in a 6% return per year scheme.
That is all I have to say about our Government (until I find some other things to say).
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