ASKING SEAN

[@billiebilky2127]

Hi sean..i got released from bankruptcy in 2022 after almost 10yrs..FYI, bankruptcy record will be removed from ur credit report only after 2 yrs u got released..not 12 months as ED mentioned..lucky for me i got my car loan and credit card approved approximately 6/7 months after i got released..in 2023 i tried to apply house loan but got rejected..this is because my bankruptcy record still appear in my credit report but my credit score are getting better since i pay my car and credit card on time..in 2024 i recheck my credit report and my bankruptcy record already gone..then Sept 2024 i apply for house loan at Grand Damansara and guess what, its approved! 👏🏻 so i just wanna share my experience and hope ED can read this..thank you!

[@chanjym]

Sean is giving very good advice on this. ED you are already 41 and can earn a salary of net take home salary of 4.7k, meaning your salary is about 5.3k. How come you do not know how to calculate of taking a 20% interest loan to cover a 18% interest is a no no. Now the most important is to get extra earning to settle you credit card loan. If your wife is not working, she must start now. If she cannot because she have to take care of kids, then she can baby sit for people. Now to baby sit one child is at least 1.2k per month. if she can take care of 2, she can get 2.4k. In 1 year she can already settle all the credit card loan and solve the problem of having to pay 1.5k monthly on the interest. This is the most sensible solution.

[@viostvcm]

yes, this same like happen to me, When I'm early 20 my dad is using my name on our family property and some business loan end up my name had stuck on crisis until last year only i settled and clear my name at my age of 46 yrs old. Now i had to build back my credit record back. Good advise to those youngster out there NEVER EVER borrow your name out for loan.

[@ngbeyond]

Very good advice, particularly on the public health services. I have two kids having rare diseases, visited numerous medical centre, some even rejected me saying I might not afford etc. End up, it is HKL that find out their diagnosis, a miracle knowing that they not even sit or stand, both kids became a testimonial for rare diseases in HKL now. Imagine stand up in the age of 9.......pls believe in our public health services. Most important, don't give up life easily when many rare disease patients seeking to live normal as possible.

[@Anonymous-js6jn]

I agree 💯 that our public health care is no less in standard from private. They in fact is very professional. Just that we need to have longer wait (which is understandable) since many people are needing help from public health care. Please be patience and be understanding of the load that our public health care needs to deal with daily.

[@rambutans5857]

Totally agreed, be grateful, increase income and do not rush to build the credit record just by taking a PL. (the banker really tak boleh pakai)

[@iherng]

Thanks for sharing:)

[@rachel5232]

As long as you have a +ve mindset , making changes by taking small steps every day and you will see the light at the end of tunnel! Personally I'm still practising this everyday, I'm really happy to see the growth in me. I'm sure you can do it too ED! May I suggest you to look back this video again a year later, you will notice you are a better man than last year! Thank you Sean for all the educational contents too!

[@dannylee121]

Good advice n comments,Sean..I am a retiree now and reflecting on what ED said..I got rid of my debts only after getting my EPF..😅..Fast forward I am thankful that I'm debt free to-date. For ED case, don't get into suicidal mode as you have a supportive wife n still having a job. Remember those who are ridden with ill health or those who are OKUs..Think positive and look at the + side since Sean has highlighted the ways to reduce your financial constraints. It's not the end of the world yet.😊👍👍🤩

[@iherng]

Thanks for sharing your story Danny. Hopefully ED reads this:)

[@chonges4869]

Good advice, don’t rush. I personally having similar case that lending my name to loan for my father business. I’m glad that I have a friend enlighten me on all the credit scores and I made a move to Singapore to restart everything. Managed to reduce my DSR and just got a loan approved lately.

[@leeaaron7856]

Good advice by Sean. This person who wrote in needs to understand the risks behind the type of loans out there. Taking up a personal loan to pay for credit cards is getting from the hot soup into the fire. This person needs to cut down his expenses and increase his income. His monthly cashflow is negative. Settle his monthly cashflow first then think of increasing credit score.

[@elegant898]

I totally agreed with your advice, well said.. 😊 No matter how it is, increase income and debt free are even better..

[@iherng]

Absolutely! Thanks for watching!!

[@rayzeckz4573]

On the grab/ehailing note, during daylight, husband goes to work using public transport+wife goes doing ehailing. When husband finish home and rest a bit, husband cont do grab. If not super rajin can at least get rm1.5k from ehailing. It will reduce ur dependacy to use credit card every month to cover -ve expenditure and at same time can finish cc early. It takes some sacrifice for it tho.

[@yeexuan2022]

I watched quite a lot of of Sean Street but this time in this video Sean is not only a property guru. He is also like a financial planner financial advisor and also a mentor wow good job.🎉🎉🎉

[@jackysew262]

Already trying to escape from bankrupt, still trying to get a loan even with high interest rate. Common bro, just spend only up to whatever u earn. U just need food and shealter. Eat vege also can survive

[@iherng]

Well that’s why it’s important we help those in need with information and experience:)

[@bossjack6251]

this bank officer bring shame to the industry😡 anyhow its sad to hear about the debt, I wish the bro best of luck! 接下来顺顺利利！ lucky to have a wonderful wife beside you!💪❤️

[@iherng]

Yealoh:/ I was so surprised when I heard it.

[@elegant898]

@@bossjack6251I did see the interest rate is upto 24% cash loan offered by Touch and Go e wallet, it becomes a norm right now.

[@jwojiunnkon6706]

I also shock when I heard iherng say about the personal loan with 20%. The banker is pure blood sucker. Find a close friend who work as a banker might give a better advice.

[@nanyangvice]

Totally agree with Sean, don't ever take personal loan. If you wanna reduce your credit card debt, try balance transfer, if will help reduce interest rate.

[@szeminh]

1. 30k credit card balace is small compared to some others or those who went into akpk because of loans. Use it only when beccessary and not for luxury 2. Dont take your life. Need to chill. Coming out from bankcruptcy its alrewdy a success. 3. Be patient. Dont rush the process.

[@iherng]

Well summarized!! Thanks for sharing:)

[@chongjinyang1211]

Personal loan is the worst loan to take. Taking a personal loan to cover up the credit card loan is like digging a bigger hole to cover the existing hole. It will just tarnish more on your credit score. I totally agree with you, Sean. The true advice comes from the success person who have undergoes same experience/failures. That officer DOESN'T success or even come out from the same experience that ED had faced. That officer is just trying to leverage ED situation to earn more profit for himself only, such a selfish act.

[@StevenTV-p9x]

Firstly, fire the bank officer. He/she is evil. Secondly, you are many times better than many many people that are homeless, with bad health and no family. Thirdly, be grateful that you are still alive and your wife is with you. Fourthly, it's time to recognize your situation, make changes, reduce expenses and increase income. Like Chinese saying, hourse die, come down and walk on your own feet. Lastly, your best asset is time. Early 40s still have a long long way to go. Don't take it lightly. I been there done that. Not as severe but it's a good lesson learnt. Change your mindset, be grateful, think positive, work really really hard for your future and you will be successful.

[@nickgan8089]

You might just saved a life Sean. Anyway, ED once you overcome this obstacle, you will be able to move mountains. Stay strong and positive. Dont take personal loan at all costs. If i may suggest that you change to a small car. Get an axia or vehicle so that u can lower down you car installment. Thats the first thing i would do if i were you. Take care.

[@yeexuan2022]

Hi, ED and indeed this is quite a distress video to watch but I also wish you all the best and I agree with someone has mentioned in a comment that you have already spent about 20 years time to settle the loan so that’s no need to rush and all the best to you what’s most important now is for you to boost up your active income and also I believe at this point of time they will be many people there are willing to learn like lent you money, but but no, please reject them and I think you should focus on boost up Your active income. 🎉🎉And you have a lovely and supportive wife that’s very great.🎉🎉🎉

[@jeffereytan]

I like how you emphasize on instead of whining "why", go and find out "how-to"👍, nuff said

[@darkwolfy333]

Wow... this really spoke to me. I'm 31 and earning around RM4.8k also. Recently I'm having a really terrible time at work, I've been given a lot of tasks and always hounded for not showing results despite completing everything (feel like it's an excuse not to increase salary). I got a bit stressed and depressed and decided to take my savings out (around 20k) to invest in some equipment to do a small business from my car boot in hopes of growing my income. I did a lot to prepare for this, I understand how to make the product, I prepared an expenses report, worked out my COGs, etc. All of a sudden, I got super stressed, thinking if I lose this job I don't have any buffer to hold me till I find a new one, will I have the time and energy to do this small business, will it be successful and if it doesn't, will I be able to recover? But hearing ED's story, your honest and genuine advice, the hard but practical truths, it feels both relatable and also realizing I'm not in such a bad situation and should be grateful. Thank you, this is the first video of yours I've seen and I will be looking out for more

[@ssddsquare]

40s starting over fresh. Salute. To me it is not a black record, but a testimony of resilience on this case.

[@iherng]

Yeaman. It’s not gonna be easy but it’s absolutely possible:)

[@Share-profit]

Work harder, 40 is the new 30..

[@GongKia8]

Earn high, spend low (the latter is quite easy to do, ukur baju di badan sendiri)

[@polinaasmr340]

yeah become guarantor is crazy stupid.. never commit that ever. anything that can happen even with bf/ husband and all

[@iherng]

Agreed 100%

[@jwojiunnkon6706]

Thanks iherng, don't listen to my brain then I should follow my heart 😂. Joke aside, thank you for your advice and I am glad I am listening to this at my early adulthood.

[@Tmwl221]

Greedy leads to bankruptcy

[@krisztinafoo27]

You can do it E.D. ! Best wishes 😊

[@jloh80]

This is deep stuff 🙏🙏🙏

[@yokelanyap6025]

That bank officer really no responsibility

[@iherng]

@@yokelanyap6025 it’s just like people taking credit credit and being in debt, it’s our own responsibilities.

[@swxe9848]

Can you review Unio Residence Kepong? Pleaseee

[@praburajandara3480]

Are you the Malaysian version of Dave Ramsey ?

[@iherng]

Nope. Not even close. Just wanna do my best for my community. Usually I just focus more on real estate:)

[@devgrohl]

Bro shud chill and get into sales... U can easily make a million in 2 yrs ... Aft that the bankers will be chasing u to offer every financial product under the roof... Tht time u can play hard to get rather then being at their mercy

[@celestialx8]

can i use your name to be house guarantor :D

[@iherng]

How about I buy then you rent from me?! :)

[@celestialx8]

@@iherng thats like i am paying to you back 0_0. ROFL

[@thatpjboy27]

Firsttt

[@jameschu93]

haiyaaaaa... lose out due to the ads...