My book, Practical Guide on Financial Planning has a chapter on the unregulated investment products, such as wine investments, land banking and ponzi schemes. These investments are unregulated by the authority. The seller promises high yields, which are not legally binding. Many people have fallen prey to these scams and lost a lot of money in the past one or two years, after my book was published. Many people are still falling prey to these scams. They are also buying life insurance policies that give them a poor yield, even though these cases are explained in my book.
I advise you to buy the book and read it over two times, to get an understanding of what to look out for, and what to avoid. It can save you many thousand dollars and a lot of heartache.
You can enjoy a 40% discount on this book here.
Tan Kin Lian
My rule of thumb in investing
ReplyDelete1) Do not buy any product from someone who claims he or she (could be your friends or relatives) is a financial advisor from ABC asset management company. The moment your money is in their accounts, you are at their mercy. MAS can black list them but can not help you to recover your money.
2)Buy financial products only from reputable banks like OCBC and UOB. Buy only product that you can understand. If the financial product is more complicated than 1+1=2, do not touch it.
3) Invest in stocks (blue chips of blue chips) and unit trust (again simple unit trust from reputable banks), government bonds during financial crisis. You might not get the lowest price but that is OK.