Two different approaches in educating consumer about financial planning and investments.
http://www.jeremyko.com/2012/09/two-finance-talks-two-different-approaches/
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On the surface, it would seem that the Wealth Expo would be more value for money, but sadly I was wrong. The two talks were different as heaven and hell, and I will share about TKL’s talk first.
TKL talk was held in a small SMU lecture room with about 20 people. There was no fluff, it went straight to the point regarding the different types of insurance (life, term, car, home, death etc), the ideal types to buy, rationale for doing so and it ended with a simple book promotion. The books were also not very expensive, $8 for a book. After that, there was an open Q&A where we got to pick his brain.
Most importantly, you could tell he was sincere in sharing whatever he knew and honestly felt. For example, he has an almost zen-like approach to cancer and death, which I paraphrase “When you are above 80, and it is time to die, no amount of medical care can cure you. It doesn’t matter if you are in Ward B2 or in a private hospital. Say your last goodbyes and leave your children with a fortune, instead of wiping out their savings.”
The book is available free at public library. Currently, it is an exhibit at front door, Jurong Library .
ReplyDeleteWealth Expo is a seminar with some commercial interests of selling something else which is more expensive.
ReplyDeleteI remember one insurance salesman from ntuc posted in his blog that people need a wholelife living policy to carry till beyond 65 years just because his mother didn't have one when she was struck down with kidney problem.Assuming his mother had one I wonder how much it should be? $50K? $200K or $500K If it was $50K what can it do;it won't last? If it was $200K or $500K do you think the mother could have sustained the premium till 65? or could his mother watch the cash value been eroded by the mortality cost if she was healthy. My bet is the policy would have been surrendered for the cash value before even she was 60 years old.This was a cheap advice without reasonable basis salesmen would give . They would give this only after the fact.He was no consultant but a salesman in disguise trying to frighten his clients into buying the lucrative wholelife plan using scary stories. This is no education but a scary advertisement for his selfish interest.Just like the wealth Expo it was no education but an 'education' to bid his clients to buy from him. It wasn't sincere, independent, objective talk like Mr. Tan's financial education awareness talk.Mr. TanKL has no vested interest.He doesn't represent any suppliers of insurance products.
ReplyDeleteBeware of wolves in sheep's clothing.
Told you guys already, all these surveys about the greatest concentration of millionaires in our tiny island, the richest country in the world, will attract wolves attired in sheep's clothing from within and abroad, all out to fleece us.
ReplyDeleteToday rudely awakened from napping by phone call from a sister, who was at the wealth expo, should she plomp down $5,000 to attend a class by Conrad Lim.
Told her if Conrad is so good, he would be a multi millionaire many times over, aiming towards a billionaire, why bother to make living by giving class lessons.
"Only stupid retiree like you would attend this Expo". Her ticket was free, she argued.