家庭經濟支柱 Family financial support

This is the term that my counselor has described me today.

I have never thought that my family is relying on my support financially before. It might influence the way I take my next job.

God... I need a more stable income for the next 12 months. Please help me get one ASAP!

How rich will you be?

Middle Class

You are bound to the world of middle class, not rich but not poor. You may have your occasional money problems but you will somehow manage to survive and get by.

From Facebook

Money, money, money...

Do you read the news lately?

Are you affected by the Financial Tsunami?

Could you sleep well last night?

A friend of mine have a AIG insurance plan, another one owns the Lehman Brothers Minibond and another is worry about losing her job in the investment bank.

I have learnt something about this recession. Be prepared for the worst scenario and don't be too happy with the profit in on the E-Banking... nothing lasts forever!

A hair salon scam in Hong Kong

Hair Salon scam in Hong Kong

July 30 (Mon), 2007 around 5:00pm
There was an ad in front of the hair salon at my home. It showed that with the package of HK$198.00, customer could enjoy the hair coloring service and hot oil treatment. Therefore, I asked a few questions regarding the service and check the price of hair cut if added into the package with their staff. After agreeing HK$50- the cost of hair cut, the young women with a cap led me to the chair and dyed my hair into dark purple as I instructed her to do so.

“Sorry, Madam! As your hair was just dyed into dark purple, we suggest that you should have the hot oil treatment next time in order to preserve your hair color.” She sounded so professional with caring voice.

“No problem. How could I get the treatment then next time?” I asked.

“Ok. We will issue a card and you could redeem it anytime.” She said.
.
.
.
I left this salon with the card for the next treatment and paid HK$248.00 with cash.

August 5, 2007 around 5:00pm again
After borrowing a few travel books in the Lok Fu Public library, I went into the salon and redeemed the hot oil treatment.

Same young women greeted me and instructed me to have a hair wash before oil treatment. A middle age women with a heavy mainland Chinese accent told me that I should upgrade my oil treatment. She did not explain why and just kept talking during the hair wash. Surely, the upgrade idea was rejected and young women continued the hot oil treatment.

30 min later with the completion of the hair blow drying, I left the salon and asked the young women if I needed to do anything.

“Just go to the counter.” She said

“Madam. HK$49.00 please!” Another middle age women with a glasses.

“What is the HK$49.00 about?” I asked surprisingly.
“It is for hair washing.”
“Why didn’t the card show that the cost?”
“It is a common practice here.”

Then, there was a manager came and told me that I should pay HK$49.00 because of using their service. Otherwise, they would call the police.

“Sorry, I’m not sure if I should pay this time as your salon has not mentioned to me at all. The young girl there has not told me anything about the cost of hair wash. Please call the police.”

15 minutes later. The police came and asked for my id card while asking me the case. I was little bit scared, not because of money, but I have found that I might left my id card at the counter of library.

Therefore, I showed them my student id and driver license instead. They trusted my testimony and calmed me down.

“Madam. I believe that it’s a communication problem. Since you have not asked the charge of service in detail to the staff and they never mentioned the hidden cost of hair washing. There are two options:

1) You pay HK$49.00 now and file a complaint to the consumer council with this case number later.
2) We will charge you for not paying the service because of …”

Here are my questions:
1) Since the hair could not be preserved to the coloring after the hot oil treatment, why would they make them together as a package?
2) Is "hair washing" a hidden cost? Or it is a unwritten law if customer prefers to have hot oil treatment next time and be willing to pay the cost along?
3) Am I not local enough and not familiar with the hair salon business nowadays?

My suggestion next time from the Consumer Council.

How to Complain

If the trader fails to address your concern, you are welcome to lodge your complaint with the Consumer Council

When consumers come across unfair trade practices, e.g .

- goods or services not correspond to description;
- delay in delivery;
- dissatisfaction to service,

Having negotiated with the providers in vain, consumers are welcome to lodge your complaint with the Consumer Council.

You may choose any of the followings to communicate with us:-

In writing
write down all the details of the incident and the points of dissatisfaction.Specify the claim and, with a copy of related receipts or documents, send to the Council:

Consumer Council
North Point Consumer Advice Centre
Room 1410 14/F
Kodak House II39
Healthy Street East
North Point
Hong Kong

By Phone :(852) 2929 2222
(Services hours : Monday to Friday 09:00 am - 05:30 pm)

By Fax :(852) 2856 3611

In person : Visit any of our Consumer Advice Centres and lodge your case.Office hours : Monday to Friday
09:00 AM to 01:00 PM
02:00 PM to 06:00 PM
On-line - Complaint - Enquiry

Overall
What I lose?
- My time
- Money
- Trust on this local hair salon

What they lose?
- Their reputation
- Me... their potiential customer
- Other customers Surly there were plenty of people were watching this show.

What I gain?
- A lesson- I should be much more careful about hair service in Hong Kong. I should ask more questions regarding the serivce.
- Be not afraid of telling the truth.
- Be calm when other people look at me different or say something bad about me in front of my face.
- A very interesting blog entry here and a story I could share this week. :)

What they gain?
- HK$49.00 and an unhappy customer
- A heavy lesson from policemen

For you...

消費權益在你手,據理力爭要開口

Insurance

I know... it's time to get some backup financially... just case... I am not here...

What's the best policy... HELP!

Insurance

Do you have an insurance?
Which type?
What is the coverage?
How much do it cost?
With a reliable agent?
...

Does it really matter as long as the insurance company pays as much as your family or/ and your need(s) in your accident ASAP?

Money Matter

Just thinking about my financial status currently... how to move my money from x to y, how to spend it wisely, when to buy and sell... seeking ideas...

Money, Money, Money...

Being an adult... I gotta make a money for myself, my family, the government. Otherwise, I will be in trouble. Is there anyway that I could stop making money and start living?

HELP!

Tax & Death

There is an old joke that goes "the only thing certain in life is death and taxes."

I have just received my first Hong Kong tax form in life that will be submitted to the Inland Revenue Department from Hang Sing, my dear employer.

I look at the amount that I have earned last year. It isn't a lot honestly, but I hope that the government won't take out too much out of my pocket. PLEASE!!

Credit Card

Hello! I am currently holding a Hang Seng M Power Credit Card. If you have HSBC, Manhattan, Chartered Standard or DBS, be my friend and shop with me. I want to get discount from MEXX or other Cool Store.

Keys on Structured Product Investment

I am planning to attend the investment seminar on 22 October,2005 (Saturday). Although the subject of the seminar is not clear to me, it might be a good class which is offered from my bank.

If you are interested to attend the class with me, please feel free to contact me. Here is the link.

http://www.hangseng.com/emkt/emkts05128/02/index.htm

Investment 101

The Mutual Fund Class was so interesting and HK$725.00 did worth every single Cent. The content was well covered and my peers were from all walk of life. We discussed about Hedge Fund, work ethics and balance fund last night.

Definitely, I will sign up for another class from Hong Kong Security Institute and read more books about Investment.

Rule of 72

Just learned another trick of compounding. Rule of 72 is a way to know how fast your money will double. Estimate the yearly rate of return and divide it into the number 72. The result is the number of years it will take for the investment to roughly double in value.

For example, US$10,000.00 investment. If the Annual Return is 3%, it will take 24 years to get the double as US$20,000.00.

3% - 24 Years
6% - 12 Years
9% - 8 Years
12% - 6 Years

Anyway, it is just math... Let's say if it happens in your salary rate...

Analogy of Investment Philosophy

I am taking a 101 class of Mutual Fund which is offered by Hong Kong Security Institute. Mr. Monty Yuen is the instructor and the class atmosphere is pretty fun.

At the end of the class, here is the Analogy of Investment Philosophy.

Value investing is like getting on the MTR train early at Central Station, you know it will start, but you just don't know exactly when.

Growth investing is getting on the train when the announcement was made that the doors will be closing.

Momentum investing is getting on the train when the doors are closing. You may be able to get on, but sometimes you will get stuck and it's very dangerous.

It is an interesting Analogy that could possibly apply to every field including career & relationship.

Dad's cell phone plan

My dad told me that he got a really good deal on his cell phone plan.

HK$70.00 for 1,000mins.

Basic service without voicemail... I don't think he would care about his voicemail box anyway.

For myself, not yet... I am still searching for The Best One.

Cell phone Plan

Our household has three cell phones: My Father, Mother and I. We do not talk much on the cell phones because we always transfer the lines back to work or home. Therefore, we need a cheaper plan with a few basic services such as voice mail, call waiting, conference call & Caller ID.

My budget will be 3 phone lines, 2,000 minutes family plan and cost around HK$200.00. Is it possible?

Straight Talk on Investing : What You Need to Know

"Straight Talk on Investing: What You Need to Know" is my second Personal Finance Management Book. It helps me to learn how to invest successfully. It is a great book and I believe that it will give me insights on improving the portfolio. I am glad to be young and be a little bit smart on building wealth in the long run.

Here is the book information:

Straight Talk on Investing: What You Need to Know by Jack Brennan

Paperback: 254 pages
Publisher: Wiley; New Ed edition (January 9, 2004)
Language: English
ISBN: 0471475467
Product Dimensions: 8.7 x 5.7 x 0.7 inches
Shipping Weight: 10.4 ounces.

Got My First Hong Kong Checkbook

Yeah! I have received my first Hong Kong Checkbook by mail today. So happy! I feel like I am growing up to be one of the professional workers here. Although the rule of the check writing is slightly different than American, it should not be too difficult for me to learn. For the checkbook itself, it looks very serious and there is no personalization at all. I can't choose Hello Kitty or Snoopy on the check face.

Mutual Fund

I discussed my new saving plan with a banker during the lunchtime yesterday. Choosing a High Risk Mutual Fund might be a good option to push myself to save up more money for the future. Here was the example:

Pay:
US$500 X 36 Months = US$18,000

The Best Scenario: 15% Increase
US$18,000 X 1.15 = US$20,700

The Bad Scenario: 15% Decrease
US$18,000 X .85 = US$15,300

The Worst Scenario: Total loss
Gain nothing, but a lesson of Greediness.

Well, I am still thinking about it because what if Poly U accepts me as their part time student next week or a surprise...