Dear Mr. Tan,
I am new in investments. Can you recommend a good book or financial blogs?
REPLY
There are many books on financial planning and investments available in the market. They are good in theory, but will probably have the following disadvantages:
a) They do not cover the situation in Singapore
b) They teach the theory and avoid the practical issues that are faced by real people.
I am not able to recommend any good books. Perhaps, the other readers of my blog can suggest some good ones?
I suggest that you read the following:
My blog: www.tankinlian.blogspot.com
My website, under the section Ask Mr Tan: www.tankinlian.com/faq
Dr Money's articles: http://www.tankinlian.com/drmoney/
There are many books by local writers. You can approach Financial Planning Association of Sinagpore(FPAS).It is the local licensee of the globally accredited
ReplyDeleteCFP designation like the CFA.
You can access the register of financial planners at their website
www.fpas.org.sg
You may want to subscribe to FPAS's magazine called "The Practice'.
ReplyDeleteFor non members the subscription fee is $52 for 3 issues.There are discounts for more issues.
What you get from the magazine are topics ranging from insurance to investment and estate planning. You may have some of your questions addressed here.
One book I really like was "Harvesting the Fruits of Prosperity" by Christopher Ng Wai Chung.
ReplyDeleteHe discussed the views of material wealth in our society and how many people are getting themselves into trouble with their chase for materialism.
The best thing I like about the book is he gives a methodical approach to investing in Singapore, which I realised is actually a lot of sound advice adapted from many American PF books to suit our local context. He also proposes a down-to-earth and prudent lifestyle. In fact, I started thinking about my personal finances after coming across his book on http://mrwangsaysso.blogspot.com . I bought the book for a few of my good friends last Christmas.
Here is a useful review if you are interested:
http://sgentrepreneurs.com/entrepreneur-book-reviews/2007/09/10/the-entrepreneurs-bookshelf-harvesting-the-fruits-of-prosperity/
You can find this book in PageOne and Kinokuniya. I think you can also find it in the National Library. Take half a day to read the book and see if it is useful. I've been reading a lot of PF books in PageOne during my free time, and I find this one the best. :) Read the book for a base knowledge, then you can constantly update yourself with articles on this blog and Doc Money's blog.
In financial planning for ordinary folks, I think the most important thing is to be frugal and have a savings habit. If this is done consistently over many years, it can reach a tidy sum. I like Dr Money's quote "Saving money is easier than earning it". Chris Ng is also a saver as can be glimpsed from his book.
ReplyDeleteBut unfortunately in Singapore, there are not many such people due to easy credit being available and lack of self discipline. For them "Enjoy first worry later" is their motto. Or they believe in "high return little risk".
Hi,
ReplyDeleteI think if you have no idea who is the expert and well known author for personal financial books, it will be better to read up some financial blog or borrow some financial from library to read up first.
You can also do a research from the website after reading financial book on the author.
samjessnatalie.blogspot.com