Some years ago, Mr Keng* sat down with his best buddy at a coffee shop where a discussion about their personal financial achievements took place. After a bout of reflection, his financial state was deemed ‘weak’ by his friends, particularly in regards to his retirement fund. Due for retirement in four years’ time, he was even told that his RM6,000 income after working for 30 years was indeed ‘too low’.
Mrs Keng worked too, but her income was only sufficient to cover her own expenses and her children’s needs. To overcome this problem, Mr Keng was advised to earn additional income in the form of supplying and installing water heater systems as the business seemed to be successful and actively run by his good friend.
At first Mrs Keng was reluctant about the idea as she believed her husband was not very business savvy or possessed any business acumen. In fact, family affairs were under control. Nevertheless, Mr Keng was adamant about tasting the fruits of this new venture.
Over time, his water filter business took off and for the first six months he managed to gather RM3,000 in average income each month. However, when the country’s economy was severely hit, he introduced an interest-free installment plan to his customers who could not pay up. On top of all these, he used his credit cards to fund his business which soon left his finances dwindling. The debt became harder to bear. This eventually affected his family’s finances and left his marriage on the rocks. Almost resulting in a separation and for the sake of not losing his family, he decided to approach AKPK for help.
With AKPK’s debt restructuring plan, Mr Keng was allowed an easier payment scheme to clear off his debts although it may take a few years. Since his business collections were regular, he was advised to run it on a smaller scale so as to not land himself into further debt. Mr Keng hopes to settle his debt as quickly as possible so that life may return to normal, thus allowing him to retire with an easy mind.
*The names specified in these stories have been changed to protect the identities of the individuals involved. These success stories are meant to merely provide information on AKPK's services and lessons on money management.