Global financial meltdown - How to protect yourself

A contagius virus called CONFIDENCE CRISIS have spread out of US to the rest of the world and caused the global financial meltdown.Because of the Non Performing Loan in the US housing sub prime market,a big hole was created in the accounts of the Banks,Brokers and Hedge funds. In order to cover this big hole,The US banks,brokers and hedge funds sold off their investments in the rest world in order to bring the money back to the US to solve their financial problems.Thus, the banking system and the stock market around the world collapsed. Currently,if you have big amount to pay for your house,car,capital commitments together with business loan with overdraft and credit cards, YOU MUST WORRY because with all these liabilities,you will go bust when real effect of this crisis reach Malaysia in 6 months time. If you none of the above,you can sleep easy but you will also be affected but on a much smaller scale. Therefore,to avoid being trap in this financial turmoil,my advice to the readers of this blog is as follows ;-

1) Avoid big ticket items like buying a new house or car.

2) Avoid big capital commitments.

3) Avoid taking any banking facilities like loans and overdraft with credit cards.

4) If possible, pay off all your debts.

5) Defensive and prudent in spending and buy what is needed at a cheap price. If you follow what is listed,you will be okay during this global financial crisis when it hit Malaysia very soon.

Pak Lah to contest for Umno presidency.

Tomorrow is the D-day where Pak Lah will make his announcement of whether to defend his president post.In my earlier posting,I said that he will fight " MATI MATI" TO THE END and until now I still belief that he will fight on even though the mainstream papers and blog like the Malaysian Insider which predict that he will retire from active politics. The position of the PM bring with it enormous power and financial rewards and therefore it is not easy for him just to let go the power to Najib and leave.Transition of power is not a simple process and I belief that Pak Lah will "MATI MATI " HOLD ON TO POWER and fight Najib. So,do not be surprised when Pak Lah announce that he will defend his Umno President post tomorrow.