Monday, August 02, 2010

Invest in financial education

When you send your child for music lesson, you have to pay $20 to $25 for one hour lesson each week. The course may take 3 months and will cost about $300. You have to add the transport cost and the time that you have to spend to fetch your child each week for the lesson. As a parent, you are happy to spend the money and time for the enrichment of your child. For this fee, the child has to join a class comprising of 6 to 8 students.

Are you willing to spend time and money for your own financial education? Would you spend $30 to attend a 3 hour talk arranged by FISCA? It is only $10 per hour, lower than the music lesson. Are you willing to spend the time? Do you feel that it is important for your future financial welfare? Are you willing to attend a few lessons, so that your understanding, instead of just one lesson?

If you think that financial advice should be given free to you by a person who sell you a financial product, be ready to lose $200,000. This is the typical amount of "effect of deduction" that is taken from you for the average amount of life insurance savings take is sold to a person. Do you want to save a few hundred dollars to lose a few hundred thousands?

If you think that financial education is just as important as music lesson, give your particulars in this survey. Make a commitment to be financially educated.  FISCA will contact you about the courses that are being organized. You can decide at that time, if you are ready to attend the course.

Survey.
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2 comments:

singapore man said...

Sending your child to music class will have immediate yield of seeing him/her playing an instrument, yet investment might not, sadly our regulator are not doing enough in regulating the industry and protecting the public interest. Those bad hats in the banks, insurances and even FAs are only looking at their bottom line and not long term growth of their client. So the only way to ensure your investment is sustainable meant that you have to take charge of your financial matter and in today’s world there are so many different options like bonds, stocks, currency, commodities & derivative. I think if FISCA were to be successful, they need to do more less describing what investor need to do and give consumer reports for members like where to get the best deal for fixed deposit, insurance that would not screw the buyer, which stock trading firm offer the best rates and etc. and most importantly they must remain independent. Looking at the case of CASE, I am afraid that they have lost their bite since a PAP man took over

July 30, 2010 9:43 AM
Walau said...

I received from US a bankdraft amounted to US$142. I banked into my Singapore bank account. The conversion was S$194 but I only get S$158. So the charges is almost 20%!

August 02, 2010 9:46 AM

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