I gave a talk on financial planning to employees in a large company. Most of them had served for 10 years.
I told them that the life insurance policy that they had bought is likely to show a distribution cost of $5,000 to $10,000. I explained that it is the money that is taken away from their savings, and is usually two years of their hard earned savings.
THEY WERE SHOCKED. You can see the expression on their faces!
One of them asked, almost crying .... "Why didn't the company arrange this talk earlier, when they start work. It is now too late."
I replied .... "yes, it is too late for you. But can you tell your younger brothers and sisters to attend my talk now, so that they do not make the same mistake."
I have been actively promoting the talks held by FISCA but too many young people were too busy with their study and work. They do not want to spend the time, or to spend $30. If they make this effort, they can save $5,000 to $10,000 in "distribution cost" and $200,000 over 30 years, i.e the "effect of deduction".
There is a talk on Saturday 25 May 2 to 4 pm held as SMU. This is your chance, not to be missed. The next talk will be held a few months later. (Register at www.fisca.sg/events".
This is also for parents to tell their children, who are teenagers. Act now, and have a proper financial planning for life.