On the 16th of July 2021, BAC expanded its webinar series by hosting an online zoom session titled – How to Navigate During This Financial Storm. The session, from 4pm to 5pm, was attended by nearly 70 participants. The first speaker was Mr Rumi Yeo, who was then accompanied by Ms Stella Dawson. Both speakers shared their expertise and insights on the topic.
Unfortunately, due to the Covid-19 pandemic, the Malaysian economy has been very negatively impacted. This webinar was held with the intention of providing some understanding, guidance and smart financial tips for participants, to help them weather this storm without severe loss.
Mr Rumi started the webinar by introducing some general aspects of the current financial situation and briefly mentioned several ongoing issues that people have faced during this period of time. He then proceeded to touch on very specific aspects, delving deeper and sharing some key points and advise, using visual aid to help boost his presentation.
For example, “What Happens After the Loan Moratorium Ends?”, is one of the topics that Mr Rumi brought up during the webinar, where he not only explained repayment options, but also listed out four possible outcomes if someone was unable to complete the repayment. This then led to the sub-category; “What Other Alternatives Besides Moratorium”, which was further broken down to five main points:
- EPF monthly withdrawal / Lump sum
- Refinance – reduce house instalment
- Reschedule – extend period of loan
- Pay 50%
- Debt consolidation
After his very detailed and thorough presentation, Ms Stella was called upon to go through and discuss a recent client case on debt consolidation, that she had successfully handled. Ms Stella touched on how credit cards and overdrafts are slow ‘suckers’ of stable finance situations. She went through possible solutions and strategies that she had used to help her client, such as refinancing his properties and consolidating and compressing any debts that he had. She explained how she managed to bring down his 16 monthly commitments to just 5, which improved his cashflow by 48% and freed-up RM11k per month, for his other financial obligations, should they arise. This client was also able to invest some extra money, by buying a piece of land and turning it into a durian plantation, a passion of his that he wanted to pursue further, after retiring. Ms Stella further explained how she also eventually helped him through his other outstanding loans, giving him peace him of mind and saving him from financial debt. She reassured the participants that there is always a solution, should they find themselves in similar situations. “You may feel that the doors are all locked, but actually, there is a key. There is a key to unlock and to give you the freedom to navigate through this financial stuff,” she said, confidently.
The speakers encouraged the participants to reach out and ask for financial advice and assistance, to avoid getting themselves into situations that are unfeasible in the long run. The webinar ended with a brief Q&A session, where participants not only asked questions about saving plans and home ownerships schemes, but also raised discussions with the speakers on matters such as the property market.