For those who apply a new card next year (2010), he or she will need to pay the RM50 service tax upfront. For those who already have credit cards now, the charge will be imposed on the anniversary date of cards.

To Cut or Not To Cut, That's the Question

Now, it's time to decide whether you want to cancel your credit cards or not. Some people hold one or two cards and some people hold 10 cards or even more! Do you want to cancel all the cards; keep all the cards; or just keep one or two?

So it is quite hard for those people who are holding a lot of card because each card has its own advantages like to have discounts at merchants, cash back on the money you have used using the card, bonus points, free gifts and etc.

When to Cut?

You may still want to use your credit cards until they have reached their anniversary date. If you never use the card before, it's the to cancel it now. Remember to make the cancellation a week or two earlier if you mail them the cancellation request in an official letter.

Which One to Cut?

If you use credit cards a lot, I think, to keep two or three cards are enough. You will then need to pay RM50 to RM150 yearly. Although you may miss some of the advantages giving by the credit card companies but you can at least save RM50 per year for each card.

Here are some ideas you may find useful on deciding which cards to cancel:

• Cancel the cards that you rarely use. If you never use it recently, you will unlikely to use it again.
• Cancel the cards with poor services and inconvenience repayment options. Your petrol and time may worth more than RM50.
• Keep the credit cards that charge you zero annual fees (or waived by the card company). Save some money on annual fees.
• Keep the credit cards that have most bonus points. If you use it always, you will likely to use it again very soon.

Now, take out a paper and list out the credit cards' total transaction for one year, sort them from the biggest amount to the smallest one. Filter the list with the above suggestions, keep those you want to keep and cancel those unnecessary one.

Wait! Before You Cancel Your Credit Card

Before you cancel the credit cards, be sure to redeem all the bonus points in your credit cards, exchange the points with anything you like for free, be it the coupons, shirts, gadgets or whatever.

The bonus points are your money, you got them when you purchase something and they wouldn't exist without you to spend some money first. So redeem all the points whenever possible.

To cancel or not to cancel? that's your choice!

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The book sale is twice as big as before with over 200,000 books and magazines coming in just for the sale. The books priced at discount rate of 70% to 90%!

The book sale is starting from 26th November 2009 to 2nd Decemeber 2009 and from 10am to 9pm. The book sale location is at Level 3 (former cinema lot opposite McDonald's), Amcorp Mall, Petaling Jaya.

Parking is available in and around the Amcorp Mall but it is recommended to go there early to avoid crowds and to get an ideal parking spot.

You can also reach there by public transport. The best public transport to reach there is to take the Putra LRT and stop at Taman Jaya station. The station is just next to the mall.

If you reach there with car and can't find a parking spot, you can try your luck at car parks at Taman Jaya, which is located just opposite Amcorp Mall.

There are two car parks there, the first  entrance is located at the road next Amcorp Mall (between Amcorp Mall and Taman Jaya). I think you will need to pay 60 sen for the parking fee. While the second entrance (free parking) is a little bit further and is located at Jalan Gasing.

The walking distance from Taman Jaya to Amcorp Mall is about 15 minutes only. Be careful when you walk across the main road (Jalan Timur). The cars there are normally drove at high speed.

The third paid car park I could think is the building next to Kelab Sybas. I'm not sure what is the building name but it has a food court at the ground floor. The walking distance from the building to Amcorp Mall is about 15 minutes too. See the map below.

Click image to enlarge

I think I will be visiting to the book sale to get some books and hopefully it is not over-crowded.

Visit The Big Bad Wolf website for more information and a sneak peek on the star buys.

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To me, I think finance freedom is a stage in one's life where he or she will not need to worry about his/her financial status and still at the same time, he or she can live comfortably.

I think most people would like to achieve financial freedom but not many people can do it very well. I'm also working hard to achieve my financial freedom goal. I know it is hard and it is still a long way towards financial freedom.

If you are now 30 years old and have one million dollar now. Do you think it is enough for you to retired young? I think you don't because soon or later in one day you will use up all the money if you don't work any more.

To achieve financial freedom, wealth management is very important. It is important that how one manage his or her own asset so that you can get passive income from what you have (e.g. cash or properties).

I always remind myself, in order to achieve financial freedom, I need to:

• Save money - save as much as I can when I'm still young and when I'm still able to work.
• Invest my money - let my money work hard for me. It can be any form of investments like unit trust, fixed deposit, stock market and businesses.
• Focus - Focus, work hard and smart on what I'm doing to achieve my financial freedom.

I think the most important thing to do in the journey to achieve financial freedom is to invest your money. The power of money generates money is much more greater than a human generate money.

In this case, when I'm old and can not afford to work any more, I still can live comfortably with my passive income generated from my investment.

Have you achieve financial freedom? Share your success story with so that I can get inspired.

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It's time to buy, buy and BUY! Have you got your wallet and credit cards ready for the Year End Sale to buy all the things you want? Although there will be a lot of goods will be sold at "value for money", ake sure you spend wise and not to over spend your budget until you are unable to settle your credit card bills!

The Year End Sale is not only for the local consumer. It is also to attract more foreign visitors to visit Malaysia to spend more in Malaysia and help in the growth of tourism industry. This especially true for duty free item where most of the foreign visitors will look for. Other than the duty free shops at Langkawi and Airport, there are a lot of shopping items like electronics, computers, watches and cosmetics are duty free too.

I always wonder why the "Year End Sale" is held on the year end? Is it because during year end, most people will get their employment salary and bonus and therefore, they will have extra money to spend and willing to spend more?

Find out great deals at Malaysia Tourism Website.

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Most people will say the free interest period is only about one month. It is actually more than that if you study the credit card's statement date and payment due date.

Let say your credit card statement date is on 15 July and the payment due date is on 30 July. You can actually enjoy up to 45 days of interest free period.

I have seen some credit card companies that allow you to have up to 60 days of interest free period.

If you have a few credit cards on hand, then you can swap around with your credit cards to purchase things at different date to enjoy the maximum interest free period.

Utilize the credit card interest free period does not save you more money but it make you have more cash on hand from time to time.

Using the above example, let say you buy a thing worths value RM10,000 on 16th July using the credit card. You only need to settle the payment on next month's 29th or 30th.

In this case, if you put this amount of money (cash) into fixed deposit account with returns of 2% annually for one month,  you will earn about Rm16 from your FD! Not bad right?

At last, please do remember, always have enough money to settle your credit card bill before payment due date or else you will need to pay more than what you have used!

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Simply use your CIMB Bank ATM Card for purchase of RM100 and above, in a single receipt at any MEPS merchant outlets and you will be rewarded RM1 cash rebate (up to RM5 a month).

For the promotion at Carrefour, pay with your CIMB Bnak ATM Card for purchases of RM100 and above and receive: FREE Carrefour vourcher worth RM10 (for the first 1,000 customers per month) and FREE CIMB Bank shopping bag (for the first 100 customers per week).

Find out more about the Use & Win campaign and contest at CIMB website: http://www.cimbbank.com.my/.

Besides, you will also have chance to enter a contest to win great prizes. The more you pay with your CIMB Bank ATM Card the higher chances of winning. For highest weekly total: RM 500 x 5. For highest monthly total: RM5,000 x 1. Highest total: Peroudua ViVA ELITE x 1.

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I just got myself a voucher for getting a free burger with purchase of a large McValue set

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It is normal for most people to have more than two cards. I know some of my friends even have more than 10 including co-brand cards between banks and retailers, airlines (e.g. AirAsia and MAS) and hypermarkets (e.g. those with cash back features). Although most of the time we do not use all of the cards but it does help us, the consumers, to save some money.

Have you canceled yours? I think I will remain my cards first until clearer guidelines (before 1st January 2010) is given by Bank Negara to the credit card banks. Some of the credit card banks (e.g. Maybank) also advice their customers to stay with cards first until Bank Negara give them further information on service tax. Will there be a chance the service tax will be waived by the bank or government? We still not know yet.

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Let say you work from young, after graduated from schools, about 20 years old and stop working after you have reached the retirement age, let's say about 55 years old. Number of incomes from your employments is equals to years of working times twelve months per year.

Number of incomes
= (55 - 20) years x 12 months
= 35 x 12
=  420

You will have 420 times of employment incomes if you work for 35 years!

In this case, how much you can earn in this 35 years? Let's say your monthly income is $3,000 per month. In 35 years, you will get total of 420 x $3,000 = $1,260,000. It's more than a million! Most people can easily have more than a million in lifetime!

But if you have deducted all the expenses that you will spend for your life, how much money you will left from the $1,260,000?

Let's say you able to save 20% from your employment income without doing any investment. In 35 years, you will have 420 x $3000 x 20% = $252,000 from saving.

Is $252,000 good enough for your retirement when you are old?

Let's say you invest the money in fixed deposits and get an annual return of 3%, every month you will get about $252,000 x 3% / 12 = $630. Remember, to save 20% from income is a quite large amount for most people.

Compare $630 with your monthly incomes, $3,000? Do you thing $630 of monthly income is enough for you when are old and retired? Well, personally I don't think so.

So be cherish what you are having now because you only have 420 times of employment incomes. So  save more, invest your money wisely so that your money can grow more in later life. Cheers!

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This blog will not tell you how to get rich. Instead, it is only to record what I have learnt and my personal views on personal money, stocks, properties, small business, online revenue and everything else about MONEY.

I believe most people want to achieve financial freedom so that they can have better life in later age and that's what I'm thinking too. To me, financial freedom means a stage in one's life where he or she does not need to worry to get more money for supporting a better life style.

Have you achieved financial freedom? Are you on your way toward financial freedom?

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