How Good Is Lb Finance

[carboy2011]

How good is LB Finance for Fixed Deposits as they seem to be offering Tv's and Smart phones for depositors are they safe

what are the best FD interest rates now and in safe organisations (banks or central ban apporved ones)

[jdnet]

I don't think anyone should make investments at a place based on what kind of tv or smartphone they are offering. Take a look at their financial reports and compare them with others and find an organization that would be the most stable based on historical data, not free smart phones. Also, if you are looking for financial advice from an automotive forum where anyone can say anything, well, you have already failed.

If you want the most stable investment, go with 24k gold.

I think you should invest your money with sakvithi.

[Sylvi]

Members,

There are plenty of advertisements today on news papers with attractive interest and telephone calls, daily requesting to deposit money on their investing establishments’.

Personal callers also visit to homes and offices, to get investments to their investing establishments’ most of these establishments follow the advertisements who advertise on papers of their products.

My personal advice for investing in anywhere in the world is land. I am going on my seventy have invested on land bought a acre of land for rupees 10000.00 in1980s sold after 30 years, fully replanted an a acre for 1 million. Replanting development cost 1 acre. Over 30 years did not exceed Rupees two hundred thousand. Including Three PH Electricity Two tube wells Water tanks for drip irrigation

I have done investments in PB to words my daughter later after 20 years or so did not pay the agreed amount the book carries a clause, the bank have the discretion to adjust the returns as they wish.

I have saved money to all my workers for their children at Com Bank, which they guarantee a fixed amount when the deposit mature. Do not know they will honor that or not.

Sakvithi is no more there are many small timers in Colombo and around suburbs operating invest meant business with they follow them self very closely. They study first the person whom they are going to trust. Meets their lenders daily collect their dues daily. I know them because they come to get my service.

Who rent few cars and lend money also. One who started in SL. Serving in UK for ten years at the age of 35. No assistants only one driver.

He do everything on his own by 10 a clock in the morning he finishes all his car renting work also contact his car renter people at least once in 5 days, gets the car back every month for one day give a replacement car for that day. Do lending money also. Then afternoon after 3 PM keeping a track of his lenders collect his interest or the agreed amount, on the due date. Use a motor cycle for his travelling have a three wheeler also for his domestic work.

Many people cannot do this. We Sri Lankans everyone wants to make money quickly by sleeping at home.

Sylvi Wijesinghe.

[Rumesh88]

I don't think anyone should make investments at a place based on what kind of tv or smartphone they are offering. Take a look at their financial reports and compare them with others and find an organization that would be the most stable based on historical data, not free smart phones. Also, if you are looking for financial advice from an automotive forum where anyone can say anything, well, you have already failed.

If you want the most stable investment, go with 24k gold.

I think you should invest your money with sakvithi.

What you say is true but it is all that practical? On the other hand, we have a public body by the name CB of SL that is supposed to monitor the financial situation of these institutions and issue warnings if they foresee a risk to the investors. But in 2006 when they noticed the imminent debacle of GoldenKey they remained silent thus allowing the defaulters to continue their operations at their will. This was revealed by none other than Her Ladyship you-know-who. My point here is that it is very difficult for an ordinary investor to compare the financial reports and decide on the stability of a company. However, above all one must keep in mind that no investment is 100% safe and higher the return, so is the the risk!

[Kavvz]

What you say is true but it is all that practical? On the other hand, we have a public body by the name CB of SL that is supposed to monitor the financial situation of these institutions and issue warnings if they foresee a risk to the investors. But in 2006 when they noticed the imminent debacle of GoldenKey they remained silent thus allowing the defaulters to continue their operations at their will. This was revealed by none other than Her Ladyship you-know-who. My point here is that it is very difficult for an ordinary investor to compare the financial reports and decide on the stability of a company. However, above all one must keep in mind that no investment is 100% safe and higher the return, so is the the risk!

Which is why you would consult a good (certified) financial advisor or invest in a fund run by a good (certified) portfolio manager. You don't go about self-medicating when you get sick do you? No, you go consult a professional. Same thing really...

[Rumesh88]

Which is why you would consult a good (certified) financial advisor or invest in a fund run by a good (certified) portfolio manager. You don't go about self-medicating when you get sick do you? No, you go consult a professional. Same thing really...

Again the matter narrows down to practicality for the investor. Your advice is right for investors who regularly seek out investment opportunities. For others finding a "good" adviser will be as difficult as finding a "good" financial institution to invest in. "Certified" is not always "good" (Otherwise you would not put it in brackets). BTW we do go for self-medication for minor ailments sometimes, Don't we?

[Kavvz]

Again the matter narrows down to practicality for the investor. Your advice is right for investors who regularly seek out investment opportunities. For others finding a "good" adviser will be as difficult as finding a "good" financial institution to invest in. "Certified" is not always "good" (Otherwise you would not put it in brackets). BTW we do go for self-medication for minor ailments sometimes, Don't we?

Absolutely- Dead right on that one. Certified doesn't always mean good, but its an indication of potential proficiency. Just as with a doctor: A certification to practice / proper credentials and registration with the governing body is a good indication of competency, but it doesn't make the process of getting medical advice foolproof.

And yes, you can self medicate when it comes to minor aliments like bruises and scrapes, just like you don't need to go seek professional advice about where to deposit Rs 500 for a month or two. But if you were making any significant investments you should seek out professional advice. There's nothing wrong in seeking out multiple opinions and options either; for as you said, investing might not be as straight forward as it may appear.

Edited February 7, 2013 by Kavvz

[Pericles]

if you are looking for financial advice from an automotive forum where anyone can say anything, well, you have already failed.

I don't see any reason for this thread to go a word beyond this.

[xXx]

if you are looking for financial advice from an automotive forum where anyone can say anything, well, you have already failed.

I don't see any reason for this thread to go a word beyond this.

Hmmm.....

http://forum.autolanka.com/topic/10890-question-about-well-water/

I guess basic financial knowledge/experience/skills are too much to ask form a bunch of ‘petrol heads’ compared to knowledge/know-how on construction, water supplies etc.

[jdnet]

Hmmm.....

http://forum.autolanka.com/topic/10890-question-about-well-water/

I guess basic financial knowledge/experience/skills are too much to ask form a bunch of ‘petrol heads’ compared to knowledge/know-how on construction, water supplies etc.

Ahh the white knight comes in to save the poor n00b. You do know the difference between a well and a fixed deposit right?

[VVTi]

Wow, JD, you have a fanboy... who actually searched the forum to find some dirt on ya!!!!!

Anyway OP, I suggest you stay well away from the mentioned finance company. First, if they are offering incentives to get more FD, that means they are short of cash. Second, it is owned by one of the big guy's thumbs... so that means if all goes south, there is no way in this fresh hell you will see a cent.

Stop being greedy for a small difference in interests rates, put the money in a reputed bank like HNB or COM Bank or even NTB. Avoid finance companies as much as you can.

When will our people ever learn that most finance companies are running on the brink of bankruptcy at any given time.

Edited February 8, 2013 by VVTi

[Rumesh88]

OP

Lesson 1: If you seek financial advice from an automobile forum, don't heed to advice from "petrolheads". Instead find some "dieselheads". They are more money conscious.

Lesson 2: Before you seek advice for you personal financing, get your horoscope read. It is comparatively more reliable.

[jehan80]

Hmmm.....

http://forum.autolanka.com/topic/10890-question-about-well-water/

I guess basic financial knowledge/experience/skills are too much to ask form a bunch of ‘petrol heads’ compared to knowledge/know-how on construction, water supplies etc.

LOL...busted

[Pericles]

Hmmm.....

http://forum.autolanka.com/topic/10890-question-about-well-water/

I guess basic financial knowledge/experience/skills are too much to ask form a bunch of ‘petrol heads’ compared to knowledge/know-how on construction, water supplies etc.

The difference is, there are people who are known to be in the construction business here. The only known financial industry person here is a janitor at the CB.

Besides, if you had half a brain, you don't go around asking people you don't even know what to do with your money. If you think otherwise, I'm sure there will be some Nigerian who will be in touch to get help on transferring some money around.

[YALA]

cant recommend one company as oppose to another basic rule of thumb you should follow incase you decide to invest some where is

1) HIgher the return higher the risk

2) Dont put all your eggs in one basket

[Sylvi]

Carboy2011

You have got 14 reply posts for your request of a particular Finance company is good or not to invest. Now it is left for you to decide good or bad.

Many Finance companies have come and gone. They all started with not good intentions. Their directors idea was to play out, the investors most of directors on those finance companies were accountants.

Due to our finance regulations were not that strong at that time they started with high returns promising to investors.

Even at present there is one finance company originally they were Vehicle importers. Now they have switched on to Financing. They get open papers signed by the borrower of their personal valuable properties and lend about 50% value of the property to the borrower.

If the borrow fails to pay the dues in time, property is transferred to an unknown party and the borrower has no say after that.

There are lot of more I can inform to the forum, but this is an Automobile forum so it is not good to disclose all what I know about finance companies in our paradise island.

I am living in a place there were few finance companies existed. They all cheated out our senior citizens. Some have died without a cent of their invested money.

One company build a large building in early 1980s with Japanese partners’ advertised in Japan that to say a he is big importer of Japanese used vehicles to SL.

Japanese came to the laying of the foundation stone. Japanese also invested. He was married to a two Japanese girls first went to Japan for motor mechanical training in Isuzu factory in late 1950s or early 1960.

As I said on my post you think of investing on a land, start plantation. No risk. If you are young can drive every week end, see the progress of same. This is the best advice I can give to any person.

Good relaxation I did same for very long years sold same buildup my building in Colombo now enjoying returns without any problem at my last stages of my life.

Take it or leave it.

Sylvi Wijesinghe.

[Watchman]

Ignoring the irrelevant cr@p for the first 90% of his post, I agree with sylvi that buying land and cultivating it could give you greater financial returns than a fixed deposit.

And like he said you'll have to go go there every weekend to check on everything. So you'll be sacrificing your precious time with family and friends. And the rest of the week, you'll still be thinking of your investment/plantation in some way or the other. And your car isnt going to run on fresh air and love to drive to your plantation every weekend. So even though the fix deposit might give lesser returns number-wise, its a hassle free investment.

So I dont believe you can simply put a number to it and say investment A is better than investment B. It depends on your personality and priorities. If you have no family and no friends and have nothing better to do on weekends, sylvi's plantation idea would be excellent!

PS: I think sylvi is being oblivious when he says a plantation has no risk. He should think of the diseases that could kill an entire harvest, thieves who steal your crop in the night, dodgy managers/supervisors/superintendents who steal from the books, volatile market for certain crops or some polititician coming in with his goons and taking over the land or taking your years worth of valuable crops by force.

Edited February 9, 2013 by Watchman

[SeanD]

What you say is true but it is all that practical? On the other hand, we have a public body by the name CB of SL that is supposed to monitor the financial situation of these institutions and issue warnings if they foresee a risk to the investors. But in 2006 when they noticed the imminent debacle of GoldenKey they remained silent thus allowing the defaulters to continue their operations at their will. This was revealed by none other than Her Ladyship you-know-who. My point here is that it is very difficult for an ordinary investor to compare the financial reports and decide on the stability of a company. However, above all one must keep in mind that no investment is 100% safe and higher the return, so is the the risk!

The Central Bank does not exist to issue warnings of the status of privately owned Finance Companies.

[rover]

If you really need to invest in these finance companies do it only for small durations. Like 1 or 3 months. The returns will be less but also less worries. Otherwise go for a reputed bank like the PMB which is backed by the government. If you invest more than 1 million they give you special rates.

[Sylvi]

Watchmen,

I normally ignore your posts. Note there is a limit for everything.

You always try to start an a argument with me, writing all unethical words to reply my posts,

I have noticed your posts on this forum.You enjoy annoying other members.

Criticizing which is very wrong of you. Mostly because of you I have been issued with 6 warnings by joint moderator Mr. Pericles

I post to the A/L forum because I have contributed to Automobile after market service industry and industrial electrical machinery service industry.

For last 5 decades. Long before most members were born and this A/L forum established.

The automobile service I do at present I pioneered in our country. I have very good customer base.

Many members had send PM to me and requested me not to engage with this forum.

Many members had contacted me got advises from me. I always give free advice. Also done some modifications to few members for their vehicles.

Even today.They work very well. Modification, charges were nominal amounts cost of labor only.

They contacted me because they failed in their, area to do those mechanical problems correctly.

I don't know this is more distressing and depressing, the fact that I'm in an a automobile industry associated with people who behave like that,

With such contempt for the legal and moral rights of others, Some individuals get a mental satisfaction by behaving in this manner.

The fact remains that I'm in an industry associated with people who admit it in public, I do a reputed service to the automobile community. Not blowing my trumpet.

Without any interruption for last two decades the present service which I do now.

There is no way I can exist in this industry if I cheat and do unsatisfactory jobs.

Peroration

Stop this in future.

Sylvi Wijesinghe.

[Crosswind]

What is peroration?

[Sylvi]

What is peroration?

Mr. Crosswind,

Thank you for requesting what is the meaning of that word on my post.

I wrote that with limited knowledge, I have in English.

I do not want to discuss this subject any more I conclude my statement with that post to that member.

Every good and bad thing will come to an end.

Sylvi Wijesinghe.

[Watchman]

Watchmen,

I normally ignore your posts. Note there is a limit for everything.

You always try to start an a argument with me, writing all unethical words to reply my posts,

I have noticed your posts on this forum.You enjoy annoying other members.

Criticizing which is very wrong of you. Mostly because of you I have been issued with 6 warnings by joint moderator Mr. Pericles

I post to the A/L forum because I have contributed to Automobile after market service industry and industrial electrical machinery service industry. //Trumpet

For last 5 decades. Long before most members were born and this A/L forum established. //Trumpet

The automobile service I do at present I pioneered in our country. I have very good customer base. //Trumpet

Many members had send PM to me and requested me not to engage with this forum. //Trumpet

Many members had contacted me got advises from me. I always give free advice. Also done some modifications to few members for their vehicles. //Trumpet

Even today.They work very well. Modification, charges were nominal amounts cost of labor only. //Trumpet

They contacted me because they failed in their, area to do those mechanical problems correctly.

I don't know this is more distressing and depressing, the fact that I'm in an a automobile industry associated with people who behave like that,

With such contempt for the legal and moral rights of others, Some individuals get a mental satisfaction by behaving in this manner.

The fact remains that I'm in an industry associated with people who admit it in public, I do a reputed service to the automobile community. Not blowing my trumpet. //Trumpet

Without any interruption for last two decades the present service which I do now. //Trumpet

There is no way I can exist in this industry if I cheat and do unsatisfactory jobs. //Trumpet

Peroration

Stop this in future.

Sylvi Wijesinghe.

Good Morning dear Sylvi,

One issue you should first understand is that you DO blow your own trumped. I have added //Trumpet to the end of each of your lines that you have blown your trumpet so that you may understand what blowing your trumpet is like. Its possible that you dont know what the English phrase blow your own trumpet means. I hope this was helpful for you to understand.

In this case of investment (leaving all other cases aside) I believe your issue is that you are not willing to be humble enough to admit that the solution you gave is not the best solution and that it too has a number of risks involved. Please tell me, are you outright denying that the risks i mentioned in a Sri Lankan context quite probable?

And then in a broader picture, we admire your enthusiasm to try out new and different things. But see, just because it worked once doesnt mean it will work all the time with no risk or danger. And in addition to your GOOD advice, you have also been giving a lot of bad advice. Let me demonstrate with some examples.

1: You told people to remove their fanbelts when going through mildly flooded roads. In addition to the major hassle of of doing this, dont you think it's also dangerous beyond a point. Were you not wrong here?

2. When you were using a chinese van, you told people that it's the best vehicle in the world and everyone should buy it. But your own van broke down many times within the first few years of usage and you eventually sold it off because you also no longer felt it was feasible to run it. Were you not wrong here?

3. Then you bought a maruti van and kept boasting about how that's the best vehicle on earth. In my opinion this is the behaviors of people who dont have a lot of knowledge of vehicles.

4. You also told a lot of people that they should buy Tata Nanos because they were cheap and great and you wrote essays praising it just because some twxi company bought a few. Then a few months later you started condemning it in so many ways.

5. I dont know how far you went with it, but didnt you change the orange bulbs of your van's signal lights with blue ones and ask others to do the same? If you have 50 yeas of experience wouldnt you know that there's a reason that car makers follow the accepted colour code and DONT use arbitrary colours. Its not like toyota cant find blue bulbs or green bulbs.

6. Did you not tell people that they should add 2T oil to the petrol of their 4 stroke vehicles? If you do not see that this advice is fundamentally wrong then your 50 years of experience is of no value.

And you say you want respect and recognition for your 50 years of experience but every time someone points out your mistake all you say is "it is upto the reader to take my advice, and i'm not responsible for anything that happens due to it". Which means you are not a man of your word. Additionally your arrogance prevents you from admitting it when you're wrong. We all make mistakes, and it takes a real man to admit to it. No offense, but t takes courage to address a person who has triggered a debate by pointing out your mistakes. It's nice to see that you have at least a little bit of it.

I hope you take all this in good faith and lean from it rather than be arrogant or self-righteous about it, And you have wasted a a fair bit of my sunday morning for this, but its ok i wont report you to Mr. Joint Moderator Peri and cry that you abused me. (which is what you normally do)

Anyway, my (or others) intention isnt to drive you away from AL. In fact we enjoy your memories and stories WHERE APPLICABLE. Which is why At the very beginnign i suggested you start a youtube channel with all your stories... it would be a crime to not preserve them.. Which is also why Supra opened a thread dedicated just for you! You should be honoured for it, rather than frown on us for pointing out your mistakes.

Hope you have a nice sunday!

With Love and kisses,

Watchman

(not watchmen)

[Hoonigan]

[Hoonigan]

How good is LB Finance for Fixed Deposits as they seem to be offering Tv's and Smart phones for depositors are they safe what are the best FD interest rates now and in safe organisations (banks or central ban apporved ones)

As a few members have pointed out, The higher the risk you take the higher the rate of return, which is reflected by the higher interest paid by private banks over the government banks and the even higher interest paid by the Private finance companies.

So the interest rate is an indication of the risk you are undertaking. Personally I prefer the balance of moderate risk and the reasonable return of "established" private banks like Smapath, NDB etc.

As someone mentioned gold, you can buy 24K gold coins in various denominations from BOC. As a rule of thumb, you should try to maintain 10% of your portfolio (or savings) in gold. But in a higher inflationary economy (such as current Sri Lankan economy) you should look at bumping up your gold savings to around 30%. But considering the high volatility of the gold price since Feb 2011, it is prudent to buy gold in small quantities frequently.

Basically, if you are considering an investment based on "prizes" you should reconsider your strategy and do a little bit more research. I hope this helps.