This article is the second part from my previous article on Have You Maximizing Your Money?
Actually this is not new recipes but from time to time we tends to forget it.
Find Source for Cheap Money
Yes, you know it that you have to find source for cheap money to make money. I know that you think, it is impossible to find source for cheap money.
First check your saving, deposit, gold etc. Saving, deposit is always giving you low return. Spare only “enough” money to protect the liquidity; but not much. Basically that monies are sleeping, waiting to be activated. So basically savings are your first source for cheap money.
Next, let me remind you. Do you have family? Father-mother, brother-sister, uncle-auntie, nephew-niece? Yes, you do – and mostly you do. Have you ever tried to talk to them and asking to borrow their money? Let say for 1 month – 2 months – 3 months or even 6 months?
If you never ask, you will never know that they’re actually willing to lend you some money with zero percent interest. So, the second source for cheap money is your family.
You have also friend, best friend, buddies etc. They are your third source.
The last source is the bank. Yes, the bank! Bank (in Singapore) publishes interest rate for loan through many advertising media (newspaper, website etc.). Have you ever, even one time, asking for reduced interest rate to the bank? I think, most of you will say no.
You have to ask to the bank for any promotion that will reduce the interest rate. You can build good portfolio and make yourself A+++ grade debitor. The more low risk you are, the more low interest you can request from the bank. Use the bank as the last source of the cheap money, and make sure you ask for interest rate reduction.
I will continue to the next part…