The future for Uber

Uber incurred a loss of $2.2 billion (USD) in 2015 and the loss is expected to increase to $3 billion in 2016. Many observers said that their current business model is not sustainable. Some people speculated that the future for Uber is driverless cars. I do not think this is necessary.

I have confidence in the future of Uber. They have to incur an initial loss to build up their brand and market share in many cities around the world. They pay attractive incentives to get drivers to join the scheme. They keep their prices low to attract the customers.

Read more:
http://www.tankinlian.com/ArticleDisplay.aspx?ID=1327

Do not accept verbal explanation from the staff.

Dear Mr Tan,

Recently I enquired about a 12.45% interest, 6-year structured deposit as advertised by OCBC bank. The OCBC staff who attended to me explained that not only is the capital guaranteed after a tenure of 6 years, the interests paid out every 6 months are also guaranteed, provided there is no early termination by the bank and it remains solvent.

See more details here:
http://www.fisca.sg/ArticleDisplay.aspx?ID=468

Investment tips for uncertain times

A consumer (Mr. J) came to consult me. He had bad experience with the two private bankers. One was a local person and the other was an expatriate. Over the years, they had advised him to invest in certain stocks. The results had been disastrous. He made losses on these investments.

He asked for my advice on how he should invest his money. I gave him the following tips:
http://www.fisca.sg/ArticleDisplay.aspx?ID=467

Relative performance of the ministers

Do you have any comments on the performance score of any of the minister shown here?
http://www.wisdomofthecrowd.sg/perf.aspx

Why do some ministers perform better than the others, based on the voting of the Crowd? Do you know of any special factor about the attitude or approach of the minister?

This is a self selected sample and do not purport to be representative of the population. However, when it comes to the relative scores of the minsiter, the bias in the self selected sample, has been  reduced to a large extent.

Performance score of PM and 2 DPMs

The performance score of the PM and 2 DPMs are available now, based on voting by the Crowd.

As expected, DPM Tharman is quite popular, but where does PM Lee and DPM Teo stand, relative to the other ministers?

You can view the score at
www.wisdomofthecrowd.sg/perf.aspx

Why I choose Uber over Grab

I used to call GrabTaxi for my ride to the airport.

I now use UberPool. Here are my reasons:

1. I can get a car faster and it is much cheaper ($15 instead of $25 on a taxi).
2. Uber deducts the fare automatically from my credit card. No cash payment.
3. My Uber account can be used in other cities - not just Singapore.

I know that Grab is trying very hard to provide the same service as Uber. But Grab seems to be introducing many platforms - while Uber uses a common platform for their shared and exclusive service. 

I also like the abiilty to use Uber in other cities.

My view about the sentence meted to the convicted leaders of City Harvest Church

Should the convicted leaders of City Harvest be punished severely for their crimes?

I wish to give my personal views on this matter. I know that many people in Singapore will not agree with my views, but I like to express it nevertheless.

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1324

Have empathy for people in distress

One of the convicted leaders in the City Harvest Church case was seen crying in court.

The journalist asked her, "How do you feel".
The husband of the convict replied to the journalist, "What do you think"?

I have empathy with the convicted person, her hushand and family. Their lives and future will be destroyed by a mistake that she had made. It was a mistake because she probably felt honestly that she was promoting a good cause for the church and was not benefitting financially from that decision.

The question posed by the journalist probably reflect the attitude of many people in our society. They seemed to be enjoying the circus, without regard to the lives of the people who were directly affected.
https://www.allsingaporestuff.com/article/serina-wee-seen-crying-court-appearance-begin-jail-term

What does the Crowd think about Lim Hng Kiang?

The performance score for trade minister Lim Hng Kiang is now available for viewing. A surprise! He performed quite well, in spite of being rather quiet over the years.

www.wisdomofthecrowd.sg/perf.aspx

What will happen in North Korea?

What will happen to North Korea? I posed this question last week at the height of the tension between North Korea and America. The majority of the Crowd said "Nothing. Things will return to normal". They are right, as nothing happened last week.
The next highest vote is for "North Korea will continue to provoke America until Donald Trump loses his patience". Will it happen?

www.wisdomofthecrowd.sg/result.aspx

Is the coverage redundant?

I am currently insured under a 10 year Term insurance policy which covers death and permanent total disability. Total disability is defined as "complete and continuous inability of the Insured at that time and at all times thereafter to engage in any business or occupation or perform any work of any kind for remuneration or profit"

I am also covered under a supplementary Eldershield policy which pays on severe Disability. This is defined as "inability of the Life Assured to perform at least 3 of the following activities of daily living, even with the aid of special equipment and always to require the physical assistance of another person throughout the entire activity (washing, dressing, feeding, toileting, mobility, transferring).

Is the coverage under Eldershield redundant? If I am able to claim under Eldershield, would I also qualify to claim for permanent total disability under the Term insurance policy?

My reply is given here:
http://www.fisca.sg/ArticleDisplay.aspx?ID=466

Changing money at Changi Airport

I share this experience of changing money at Changi Airport. It will be damaging for the reputation of Singapore. We take a few decades to build up a good reputation, but this is now being destroyed. Once destroyed, it will take a decade to regain it.

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1323

Retirement income poilcy

I analyzed a retirement income policy recently and was surprised that it is just a fixed term annuity and not a life annuity. The yield on the policy is between 0% to 4%. (Actually, it is difficult to calculate the yield as there are so many uncertainties and variables).

The policyholder could have obtained a better return by investing on his or her own in an indexed fund.

What is the value of this retirement income policy to the consumer? Virtually none! It's value is to create a way for the agent to earn a high commission and the insurance company to make a large profit, at the expense of the consumer.

http://www.fisca.sg/ArticleDisplay.aspx?ID=465

Election of Jakarta Governor - relevance for Singapore

Jakarta is holding the 2nd round election of the governor today.
The top two contestants in the 1st run (Ahok team and Anies team) will now participate in the 2nd round election. Good luck to both teams.

Indonesia has a good system to elect their governors. If the 1st run does not produce a clear majority of 50%, the top two candidates will compete in the 2nd round.

Singapore should adopt this system for the election of the Elected President. This will ensure that the final person who is elected has the votes of more than half of the voters.

The worst case is to have an Elected President who won through a walkover, right?

Performance score for minister Yakoob Ibrahim

The performance of minister Yaacob Ibrahim is now ready for viewing. What is his average score compared to the other ministers? You can see the results here:
www.wisdomofthecrowd.sg/perf.aspx

TKL websites

Take your pick:
www.tankinlian.com
www.fisca.sg
www.twitter.com/kinlian
www.facebook.com/kinlian
www.tankinlian.blogspot.com
www.wisdomofthecrowd.sg

The new normal under LHL government

I visited the health center at Grassroots Club.

TKL - Are all the facilities working today>
Staff - Yes.
TKL - What about the cold pool?
Staff - Oh, it is still out of order.
TKL - You said that all facilities are working?
Staff - The cold pool is out of order. The rest are all working.
TKL - ?????

Okay, this is the new normal under LHL government. We do not count those out of order, okay? Like train breakdown now and then - don't count okay? The rest are all working.

Win attractive prizes by voting here

Vote on 10 issues at the Crowd website and win an attractive prize - Financial Planning for Young People (usual prize $6). Win a new prize for each additional 10 votes. www.wisdomofthecrowd.sg/page/115.

Pay premium over a shorter period

Mr. Tan
An insurance agent advised me to buy a life insurance policy with a premium payment period of 15 years. He said that I should not pay for a longer period, in case I lose my job.

What is your advice?

REPLY
This requires a more detailed explanation. Read this article
http://www.fisca.sg/ArticleDisplay.aspx?ID=314

Relative performance of six ministers

The voting on ministers have now closed - Khaw BW, K Shanmugan, Lim SS, Gan KY, Ng EH and Chan CS. Which minister performed best among them? Which minister performed the worst?

Make a guess and then check the results at
www.wisdomofthecrowd.sg/perf.aspx

Performance score of ministers

The weighted average of the performance score for the ministers can now be viewed at www.wisdomofthecrowd.sg/perf.aspx.

Do you agree with the votes of the Crowd?

This is based on a self-selected sample and is not reflected of the views of the population.

Performance of defense minister

How did the Crowd vote the performance of defence minister Ng Eng Hen?

Not bad, compared to their votes for the other ministers that were voted earlier.
www.wisdomofthecrowd.sg/result.aspx

You can see the weighted average score of the ministers at www.wisdomofthecrowd.sg/perf.aspx (now under development).

Lee HL as Elected President?

Issue - If Lee HL stand for elected President after retiring as PM, will the people vote for him?

You can view the voting of the Crowd at
www.wisdomofthecrowd.sg/result.aspx

Buy an annuity

Mr. Tan
Do you have any tips on which type of annuity to buy, and which to avoid?

REPLY
You can search for "Annuity" at www.fisca.sg.
Here is the link:
http://www.fisca.sg/Article.aspx?Keyword=annuity

Prizes - two spiritual books

You have been receiving financial books as prizes for submitting votes in the Crowd website.

The next two books, after reaching 40 votes, will be spiritual books. It will be a refreshing change.

Several participants will be eaching this level soon.
http://www.wisdomofthecrowd.sg/page/115

An alternative way to award jobs - lesson for Singapore

Singapore relies on the tender system to award jobs. This has some advantages, but the disadvantages are often overlooked. We are now seeing the outcome of this bad approach - low quality of work, delay in completion and high cost.

Is there an alternative method of awarding jobs? There is, and it has proved to be successful in several fields.

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1320

Candidate for a reserved presidential election

What should be the criteria for a candidate to qualify under a reserved presidential election?

Should both parents come from the reserved ethnic group? Is it acceptable if one one parent come from the reserved group, i.e. a mixed marriage? Should the spouse also come from the reserved group?

You can see the results of the voting by the Crowd here:
http://www.wisdomofthecrowd.sg/chart.aspx?ID=59

Smart nation needs a smart approach

We spend tens, maybe hundreds of million dollars on big IT initiatives, but do not seem to get them to work?

I think that our approach is wrong. We just want to be "leading edge" in technology. It is better to be "leading edge" in common sense applications. For example, if the government decide to use email for official correspondence, it would go a lot of good to get the nation to be "smart".

They have a paranoid fear that email could be hacked. So what? In most cases, the emails are not top secret. Even physical mail can be hijacked during the delivery, right?

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1319&Name=A-mixed-report-card-for-Smart-Nation-initiatives---Today-paper&Type=H

How to write better SOP

Our government agencies and big organizations in Singapore should learn from the lesson of United Airlines. It is dangerous to get the staffs to rely on SOP to the extent that they forget about common sense.

Singapore stands a bigger risk because it is standard practice to adopt SOP in the Singapore Armed Forces. All male citizens are conditioned to think SOP for two years. It became ingrained in their mindset.

There is a simple way to avoid this kind of problem that can lead to disastrous consequences. Just take a tip from me.
http://www.tankinlian.com/ArticleDisplay.aspx?ID=1318

How should a retiree invest his cash?

Dear Mr. Tan
I have invested in some ETF and REITs and very little on blue chips etc.
In this current scenario of low interest, what would be the best options if I have some cash ( say around 200K)
I wouldn't want to put all the eggs in one basket. Buying a private property will not be on my wish list as I felt the prices are too high.
Buying a brand new car has been on my thoughts these few months but it's not worthwhile to commit 100K cash to a four wheeler.
I am nearing 60 yrs old and would like to best manage and invest and spent my hard earned dollars.
Looking forward to your advice.

My reply can be found here:
http://www.fisca.sg/ArticleDisplay.aspx?ID=462

Should we have a reserved election for the Elected President?

A big majority of the Crowd does not like the concept of the reserved election for the Elected President.
www.wisdomofthecrowd.sg/result.aspx

Tips on buying Term Insurance

I have given some useful tips for how you can buy the suitable term of term insurance coverage for your needs using the Compare First website.

My tips include:
1. What is the term of the policy (I suggest 20 to 25 years)
2. What is the sum insured (I suggest 5 years of income)
3. Choice of level or reducing term coverage?
4. Should you include critical ilness coverage?

My reaons for these choices are explained in the artilcle.

This article is available for the public for 14 days only. After that, it will only be available for FISCA members.
http://www.fisca.sg/ArticleDisplay.aspx?ID=461

Should you buy a supplementary for your long term care insurance?

Eldershield is an insurance policy that pays a monthly benefit to the policyholder who has a long term disability and needs long term care from a care giver. Some insurance companies have offered a supplementary to Eldershield. It pays an additional monthly benefit to supplement what is paid by Eldershield.

Should you buy the supplement? Here is an analysis of the MyCare policy provided by Aviva. They are one of the active providers of this supplementary insurance.

http://www.fisca.sg/ArticleDisplay.aspx?ID=313

Before you sign a contract to spend several thousand dollars on this insurance, read my analysis of this insurance policy.

Risk of buying directly at Compare First website

A consumer is worried about the risk of buying the wrong product when he buys directly from the Compare First website. Here are my views.
http://www.fisca.sg/ArticleDisplay.aspx?ID=459

Is a HDB flat still a store of value?

Do you agree with national development minister Lawrence Wong that HDB flats are a "store of value" after he had said that the value will be $0 at the end of 99 years?

http://www.fisca.sg/ArticleDisplay.aspx?ID=457

Lesson for organizations from the United Airlines debacle

Any large organization face the risk of suffering the serious damage that had befallen United Airlines.

Let me make a bold claim. This kind of debacle would not have happened if United Airlines had consulted me on writing their SOP. If this statement appear to be boastful and benefiting from hindsight, let me explain.
http://www.tankinlian.com/ArticleDisplay.aspx?ID=1318

How do you like to receive government mail?

Most people prefer to receive government mail in soft copy sent to their regular inbox. But there is still a sizeable proportion who are happy to receive the hard copy.

The result can be viewed from
http://www.wisdomofthecrowd.sg/chart.aspx?ID=53

Wearing of headscarf in the workplace

Should the public service allows Muslim employees to use the headscarf? The Crowd has a practical approach to this thorny issue.

http://www.wisdomofthecrowd.sg/chart.aspx?ID=55

People don't like the recent changes to the Elected Presidency

Lee HL is clearly out of touch with the Crowd. The recent changes to the Elected President receive support from less than 4% of the people who voted on this issue. The majority (49%) preferred the system that existed from 1993 to 2017. The next highest vote (31%) prefer an upper house of 6 elected persons.

You can view the results on other issues in
www.wisdomofthecrowd.sg

Alternative to the tender system

Singapore has been using the tender system for many decades. We treat it as the best approach, and continued to rely on this approach even when the prices are ridiculously high or the quality of the work had dropped sharply. It is time for us to open our eyes to see the weaknesses of the tender system and to look at an alterative approach.

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1317

Elected president - recent changes are unpopular

Lee HL is clearly out of touch with the Crowd. The recent changes to the Elected President receive support from less than 4% of the people who voted on this issue. The majority (49%) preferred the system that existed from 1993 to 2017. The next highest vote (31%) prefer an upper house of 6 elected persons.

You can view the results on other issues in
www.wisdomofthecrowd.sg

Three good reasons to join FISCA

Here are several good reasons why you should join as a member of FISCA.

1. You have access to the articles archieved under Insurance, Investment, Learning and Product Analysis. Non-members do not have access to the articles more than 14 days old.

2. You attend most FISCA talks free or pay only $10. This is a discount of $20 from what the public pays.

3, You can attend gathering or dinner for members, at a subsidized rate. You get to meet the committee members.

How to join? Go to this page: http://www.fisca.sg/register.aspx
The membership fee is $36 a year. This is a good deal for the knowledge that you can get on financial matters.

The United Airlines episode and its relevance to Singapore

The United Airlines episode, where a passenger is forcefully dragged from the plane, has a lesson for the Singapore government in the conduct of its CPF policy. Here are my views.
http://www.tankinlian.com/ArticleDisplay.aspx?ID=1316

Performance of transport minister

Here is how the Crowd rate the performance of our transport minister. It is quite sad. The overall score is far below average.

I know that he has a difficult task to do. If he had been communicating more often with the public, instead of hiding behind the Ivory Tower, the public would have given him a better score.

We do not expect miracles, but we like our well paid ministers to be more accoutable, right?

To view the results of other issues, go to www.wisdomofthecrowd.sg/result.aspx

When a CEO says he will "take personal responsibility"

There was an ugly incident where a passenger was forcefully removed from an United Airlines flight. The CEO finally stepped forward to "take full responsibility". What does it mean? I have a few words to say about this incident, as it also involved DBS Bank in a similar incident in the past.

http://www.tankinlian.com/ArticleDisplay.aspx…

Poor standard of maintenance

Here is another example of the poor standard of maintenance in Singapore. Some of our bad practices, such as the tender system, has come back to hit us very badly.

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1313&Name=Health-center-in-Grassroots-Club&View=A

Big cut in bonuses

A mother bought a life insurance policy for her 19 year old son. After 25 years, the policyholder (son) saw that the insurance company had cut the payout significantly.

More details are available here:
http://www.fisca.sg/ArticleDisplay.aspx…

Excessive rate charged for level term rider

In 1992, a mother bought a life insurance policy for her 19 year son. The policy included a level term insurance rider of $50,000 payable on death up to age 65. The annual premium for the rider was $199. The life insurance company was among the top companies operating in Singapore.

Find out what happened here:
http://www.fisca.sg/ArticleDisplay.aspx?ID=453&Name=Excessive-premium-rate-charged-for-level-term-rider&View=A

Keep up to date with what Singaporeans are thinking

Three issues voted in The Wisdom of the Crowd website were closed last night.

What do Singaporeans think about the evacuation of the Hougang MRT station? Was it necessary? Was it an over-reaction?

What do Singaporeans think about the actions taken by President Duterte to solve the drug problem in the Philippines. Were his methods too extreme? Could be have done it in some other way?

You can also view the results of other issues that were closed during the past week. Keep up to date with what Singaporeans are thinking.

You can view the results in
www.wisdomofthecrowd.sg/result.aspx.

How President Duterte handles the drug problem

How do the people in Singapore see the way in which President Durterte of the Phillipines is handling the drug problem? You can veiw the results of their votes at www.wisdomofthecrowd.sg/result.aspx.

The views are quite well divided into - necessary, bad and don't know.

Unattended bag at Hougang MRT station

A bag was left unattended at Hougang MRT station. The police evacuated the station for 20 minutes. Is this the correct action?

43% of the people agreed with this action. An equal number said that the police should look at what is inside the bag before calling an evacuation.

Low payout under the Prudential policy

The low payout under the Prudential policy raises two issues that required the Monetary Authority of Singapore to step in. I hope that they will take the appropriate aciton, rather than leave the policyholder to fend on his own.

http://www.fisca.sg/ArticleDisplay.aspx…

Provide guides in hospital

I share this observation about visiting the hospital. It is useful to have a guide that can bring the patient around to the relevant clinic in a large facility.

http://www.tankinlian.com/ArticleDisplay.aspx…

Easy to win this prize at the Crowd website

28 people won the book prize yesterday for reaching 10 or 20 votes in the Crowd website. That was the highest in recent weeks.

You can also win the prize easily. There are 17 active issues. When you cast your vote for 10 issues, you get the prize immediately.

After passing 10 votes, you can continue to reach 20 votes and get the next prize.
www.wisdomofthecrowd.sg

My experience with twitter.com

I have now removed most of the "following accounts in twitter.com. I did not follow them, but some bots automatically added these accounts into my @kinlian account.

My daily feed is now quite clean. There are still a few hundred bad "following" that I have to remove, but that should not be a problem.

I find that the twitter feed is quite good, maybe better than Facebook.

I intend to use twitter more actively and to post less frequently in Facebook. I like to ask you to follow me at @kinlian in Twitter. It should be quite easy for you to get used to this platform.

Providing jobs in rural communities

I like this article, especially the part in the end about connecting people living in rural areas to the world using digital platform, so they can offer the existing skills they have from where they live. It has been an idea that I have working on for many years.

https://www.nytimes.com/2017/04/08/opinion/sunday/the-myth-of-main-street.html?src=twr&smid=tw-nytimes&smtyp=cur&_r=0

Avoid insurance policies that give an upfront bonus

Many people fell for this trap. The financial adviser or agent told them that they can earn an attractive upfront bonus is they buy the policy during the promotion period. They bought the policy and regreted it very much.

The products that have this feature include the Vista policy from Zurich, the Pulsar policy from AXA and the Global Wealth from Friends Provident.

Consumers should avoid these policies. In fact, they should be wary of any policy that offers an upfront bonus. This is how they are distracted from looking at the other important features of the policy.

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1256&Name=Beware-of-ILP-policy-that-gives-an-initial-bonus&View=A

Easy to win this $6 prize

There are 15 questions that you can vote on. You only need to submit 10 votes to win the prize - Financial Planning for the Young (usual price $6).

http://www.wisdomofthecrowd.sg/home.aspx

Is this a good investment?

Are you willing to give your money to a financial institution who promises to invest their money carefully for 25 years, and ask you to give them 40% of the accumulated amount, so that you get only 60% as your return?

For example, if your investment amounted to $300,000, the financial institution will take away $120,000 and give you $180,000?

Your total savings for the 25 years could be $130,000, Your net gain is $50,000 for 25 years.

After you have considered this matter, you can read this article to see the correct answer.
http://www.fisca.sg/ArticleDisplay.aspx?ID=451&Name=Is-this-a-good-investment?&View=A

Stand up and address the allegations

I expect the police to be able to stand up and address these allegations, rather than hide under the protection of legislation. This legislation will lead to silencing legitimate protest against abuse of power by the people in authority.

http://www.todayonline.com/singapore/legislative-options-being-considered-deal-false-attacks-against-police-shanmugam

Lessons from New Zealand

Michael Ng said:
New Zealanders are happy with their government because of the consultative approach of running the country. High degree of transparency and accountability earn trust. Although the tax rates are comparatively much higher than Singapore, the tax evasion cases are rare. The government spends wisely on great improvement on infrastructures, education, healthcare and social welfares, etc.. Because of excellent diplomacy and friendly relationship with other countries especially the superpowers, only a small budget in terms of GDP percentage is allocated for defence purposes. Good practice of democracy makes the difference. The united and happy population ensure that New Zealand enjoys harmony and high productivity.

Who would you vote as the next Elected President?

Who would you vote as the next Elected President, if this were an open election?

Dr. Tan Cheng Bok beat the incumbent Dr Tony Tan by almost 10 to 1. Okay, there is a bias in the voting by the crowd.

http://www.wisdomofthecrowd.sg/chart.aspx?ID=44

Who should be considered as first Elected President

Who should be considered as the first Elected President. An overwhelming majority of the Crowd took a few different view from PM Lee.

http://www.wisdomofthecrowd.sg/chart.aspx?ID=43

Some views about the reserved election

I met a few old classmates over coffee at a food court. We talked about the next presidential election.

Friend 1 - I spoke to two Malay friends. They told me that they felt ashamed to have a Malay President elected under a reserved election. They prefer a Malay to win the election on their own merit.

Friend 2 - Of the possible candidates who could be "endorsed" by the PAP, 2 have an Indian father, 1 has a Chinese mother and 1 has a caucasian wife. They cannot be considered as "pure" Malay. This will make our system a laughing stock.

Friend 3 - We are supposed to have a president who has a strong financial background. One of the "favorite" candidate does not have any background in running a large organization or ministry. How can this candidate perform the duty expected of the Elected President?

TKL - I think Lee HL now realized that his idea of a reserved election is a bad one.

Vote on performance of health minister and manpower minister

You can now vote on the performance of the health minister and the manpower minister.

This will help you to reach the 20 vote mark and win the next prize.
www.wisdomofthecrowd.sg

Low birth rate in Singapore

According to the Crowd, the main reason for the low birth rate in Singapore is the high cost of living (58%), the insecurity of jobs (22%) and saving for a HDB flat (10%).

Increase of more than 50% in cost over 4 years

The following medical procedures increased by more than 50% over the past four years for subsidized patients.

Breast lump removal
Lung cancer with comlications
Stroke - no complication

Is there justification for the increase? Did the cost increase by so much? Or, was it due to higher demand, which prompted the public hospitals to increase their fees?

Should public hospitals operate on a model to maximize profits, according to what the market can bear, or to recover their cost of operations with a reasonable margin?

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1304&Name=Increase-in-medical-charges---2013-to-2017&Type=H

Universal life policy

If you a large sum of saving in a bank, your private banker may recommend this policy for your investment. You can read more about it here.

The Crowd expects the value of HDB flats to fall

What will happen to the value of the HDB flat in the future? The minister has said that the value will be $0 at the end of the 99 year lease.

60% of the Crowd expect the value to fall in the near future. The majority of this gloomy lot expects the price to fall sharply.

More interesting topics voted in The Wisdom of the Crowd

I have selected the interesting topics that are voted on The Wisdom of the Crowd.

You can view the results for these topics easily in this link.
http://www.wisdomofthecrowd.sg/selected_issue.aspx

Another complaint concerning the Friend Provident Global Advance plan

Here is another case where the policyholder bought the Friend Provident Global Advance plan from an independent financial adviser and was very angry that the adviser did not recommend a product that is good for the customer.

In this case, the Effect of Deduction is more than 40% of the accumulated premium. This is extremely high.

I suggested to the policyholder to sue the financial adviser for breach of compliance under section 7.2 and 7.3 of the Financial Adviser's Act.

I am also healing to round up several people who want to join and take collective action.

http://www.fisca.sg/ArticleDisplay.aspx?ID=449&Name=Friend-Provident-Global-Advance---case-2&View=A

Remove the wasteful activities in the hospital, please.

I went for the colonoscopy procedure today. There are a few good points and a few bad points. The cost was only $500, instead of $1,000 given during the financial counseling. The financial counseling is a wasteful operation and should be removed.

http://www.tankinlian.com/ArticleDisplay.aspx…

More interesting issues voted in The Wisdom of the Crowd

Here are the more interesting topics that have been voted in The Wisdom of the Crowd. You can view the results in this link

http://wisdomofthecrowd.sg/Selected_issue.aspx

My view about the reserved Presential election

Gil Bert Thank you Mr. Tan for sharing your views as a veteran in political arena.

Regardless of the count of open election for presidency, i never read or heard your stand in a reserved election for minority race representation for president in a predominantly chinese electorate of singapore. Where do you stand Mr. Tan?

REPLY
The reserved election is a very bad idea, either in 2017 (extremely bad) or in 2023 (also bad).

I already gave a detailed writeup of my view in The Comedy of the Elected President.
http://www.tankinlian.com/Login2.aspx...

Act 6 of the Comedy said:

There is the likelihood that the next Elected President will be returned unopposed through another walkover. It is also possible that this Elected President, who was supposed to be appointed from a reserved ethnic group, may not be truly representative of that ethnic group. There are many mixed marriages in our multi racial society.

Act 6 of the comedy will be an Elected President who qualified through a reserved election turning out to be not purely from that reserved ethnic group.

Is Comfort offering a "flat fare" or a "fixed fare"?

Comfort Taxis said that they would offer "flat fare" from next Monday.

My understanding of "flat fare" is a fare that does not vary according to distance. This is not the case.

Their "flat fare" means that it would include the variable charges, but the fare will still vary according to distance.

Surely, a better description is "fixed fare" rather than "flat fare"?

Even the Straits Times describe the new fare as a flat fare. Does this reflect a low standard of English? Or maybe, I am wrong?

http://www.straitstimes.com/singapore/transport/comfortdelgro-taxis-to-offer-flat-fares-from-next-monday

What will happen to the value of HDB flats after Lawrence Wong's announcement?

National development minister Lawrence Wong said that the value of HDB flats will become $0 at the end of the 99 year lease. What will happen to the value of HDB flats after this announcement?

Will the flats continue to maintain or increase its value due to the shortage of land and the demand for housing in Singapore? Will the price drop sharply now that the buyers realize that is is a depreciating asst?

The results of the votes in the Wisdom of The Crowd website is now available for your viewing.
www.wisdomofthecrowd.sg/result.aspx

Average increase in medical charges

The average annual increase in medical charges over the past four years is 8.6%. This is high, but not as high as I had thought earlier.

You can view the results here:
http://www.tankinlian.com/ArticleDisplay.aspx…

Is the minister for health neglecting his job?

This is not fake news. This is an opinion.

I get the impression that the cost of medical treatment has increased sharply during the past four years. The cost of a colonoscopy for subsidized patients was $250 in 2013. At my last visit to Khoo Teck Puat Hospital, I was told that it would cost me nearly $1,000.

I checked the Ministry of Health website. It said that the average cost of this procedure at KTP Hospital based on last 12 months was $650. Did it increased so much during the past year? I will know in two days time, what my actual cost is.

I went for a laser surgery in the Singapore National Eye Center yesterday. The 6 minute procedure cost me $1,080.

I am quite dissatisfied with the Minister for Health Gan Kim Yong. Is he paying attention to this matter?

You can read my postings in
www.tankinlian.com

I have asked someone to carry out a research on the increase in cost for other medical treatment over the past 4 years.

In my book - Medical Care for the Elderly, I captured the average cost of the common treatments in 2013. I will see if the cost has increased sharply during this period.

You can get a copy of this book FREE here, after submitting a certain number of votes:
www.wisdomofthecrowd.sg/page/115

Gan Kim Yong took over as minister for health in 2011. Has been neglected his work and allowed the charges to go up so much under his watch?

This is not fake news. It is an opinion. My facts may or may not be correct, but it is an honest opinion.

Bookmark my websites

Here are the pages that you should bookmark and visit daily to read my views and activities:

Facebook
www.facebook.com/kinlian

Blog

www.tankinlian.blogspot.com

TKL website
www.tankinlian.com

FISCA
www.fisca.sg

Wisdom of the Crowd
www.wisdomofthecrowd.sg

Do not rely on Facebook feeds - as they do not pass everything to all my friends. A daily visit through these bookmarks are better.

Fake news, opinion and mistake

The government is carrying out a review on how to handle fake news.

Do they know the difference between a fake news and an opinion? Or a fake news and a mistake?

When the mainstream media publish news that give a favorable slant to the government, isn't it a form of fake news also?

What are your views?

Has the financial adviser complied with this law?

Clause 7.2 of the Financial Advisers Act (which is a law) requires the financial adviser to "take into account alternative investment options" when recommending an insurance policy to a client.

Most of the investment linked policies recommended and sold by financial advisers (including insurance agents who are covered under the same law) have an Effect of Deduction of 30% or more of the accumulated premium. An alternative investment option, such as the STI Exchange Traded Fund, which carry similar risks to the ILP, have charges that amount to less than 10% of the accumulated premium.

Has the financial adviser met with the requirement to 'take into account alternative investment option" that has similar risks and a much lower charge? Has the financial adviser met the requirement of 7.3 to explain to the consumer the basis of his recommendation?

This is a danger facing many financial advisers. If a customer were to sue them under the act, they stand the risk of having to compensate the customer for the loss and even to lose their licence for failing to comply with the Act.

http://www.fisca.sg/ArticleDisplay.aspx?ID=445&Name=Financial-Advisers-could-get-into-serious-trouble&Type=H

Protect turf

This article shows what is so bad about the Singapore system - the wastefulness, the inefficiency and the disregard for the citizens. Will LHL's ministers wake up and take charge? Will they just allow their government agencies to continue to protect their turf?

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1302&Name=Discontinuation-of-OneInbox&View=A

Large increase in medical cost in Singapore

Here is my finding about the large increase in price of colonoscopy in Singapore in the past four years. Does this increase apply to other medical procedures?

It is quite worrying. Is the minister for health, Gan Kim Yong, paying attention to this matter?

http://www.tankinlian.com/ArticleDisplay.aspx?ID=1301&Name=Cost-of-colonoscopy-in-Singapore&View=A

Learn problem solving with the Intelligence Quiz

Vera, 10 years old, enjoys the Intelligence Quiz. She is addicted to it. She enjoys solving the puzzles. It develops her skill and confidence in problem solving. This skill is important for your child.

I conduct a tutorial on how to solve the puzzles. You can attend the talk to learn the skill and teach your children. You can also bring your child (10 years or older) along.

Give them the chance to learn an important skill and to enjoy it. Like Vera did.
http://tklcloud.com/Event/Video.aspx?EID=43

Develop the problem solving skills

One important skill needed in the future is the ability to solve problems and to have the confidence in solving problems.

This will overcome one common weakness - depending on other people to take the lead. Due to lack of confidence, most people would rather "just follow orders". But they cannot make progress if they act in this manner.

The ability to solve problems and to have the confidence of dealing with problems can be learned. You only need to learn how to approach the problem and what to look out for. And this skill and confidence can be learned through simple practice.

I speak from personal experience. Although I do not have the high qualification that other people have through their studies, I have the problem solving skill. More important, I have the confidence in approaching these problems.

I teach the skill in two tutorials (1 hour each) on Saturday. This is targeted at adults (so they can teach their children). Or they can bring their children along (10 years or older). Do not miss this opportunity.

www.tklcloud.com/event/whats_on.aspx

This insurance agent served the customer well

While waiting for my laser surgery, I heard a woman speaking to a client on her mobile phone.

She was obviously an insurance agent and was advising the client about a medical insurance claim for her mother. The mother was a foreigner and the claim could not be submitted through e-filing. She told the client that the mother could submit the claim manually and offered to help her with the submission.

After her conversation, I spoke to her.

TKL - I congratulate you. You are serving your client well. Which insurance company are you working for?
Agent - Great Eastern Life
TKL - How long have you been with them?
Agent - 7 years.
TKL - I commend you again for you excellent service and wish you success.

She smiled. I must have made her very happy.

Friends Provident Global Wealth Advance saving plan

A policyholder send this Benefit Illustration to me. She was very angry that the independent financial adviser did not explain to her the charges under this plan.

She approached a private banker who explained to her why the plan was bad and the charges where high. He also explained the hidden risks under the plan, e.g. the insurance company could amend the charges at their will.

I studied the benefit illustration and found that, contrary to what the private banker had said, the plan was rather fair. I took the average of the projected benefit for 4% and 8% (i.e. 6%) and found the yield based on the surrender value at the end of 10 years to be 4.2%. The Effect of Deduction was an average of 14.2% of the accumulated premiums, based on the two projections.

Read more at
http://www.fisca.sg/ArticleDisplay.aspx?ID=447&Name=Friends-Provident-global-Wealth-Advance-saving-plan&View=A

Compare First website

The Compare First website was an initiative from MAS. It helps consumers to compare the life insurance policies offered in the market.

I have created a 10 minute video to show how you can use this website. It can be viewed here.

http://www.tankinlian.com/video.aspx

My views and observations about Singapore

I hope you like my views and observations of Singapore published in this website:
http://www.tankinlian.com/Home.aspx

FISCA Website is updated regularly

I will be updating a few articles on insurance and financial matters in the FISCA website every week. They are available for the public for 14 days. After that, they can only be read by members of FISCA.

FISCA members can also read the past articles which are arranged by categories, such as Insurance, Investment, Learning, Product Analysis, etc. I hope that you will join as a member to get access to these useful articles - especially the product analysis.

www.fisca.sg

Why I dislike our health minister

Here is my experience in the Singapore National Eye Center. I don't like their practice. I also don't like the health minister Mr. Gan Kim Yong.

I hope that the minister becomes aware that the charges are excessive and the service is unsatisfactory.

http://www.tankinlian.com/ArticleDisplay.aspx…

Terrible experience with Ministry of Manpower

Here is my experienec with the EP Online system of the Ministry of Manpower. I describe my experience as "terrible". I don't know why our government agencies continue to waste so much time of the public. Their officers seem to think that the public has a lot of time to study how to comply with their complicated processes.

http://www.tankinlian.com/ArticleDisplay.aspx…

52 man years to prepare a list of physical assets

President Ong Teng Cheong had some disagreement with the government when he asked to see a list of physical assets. The Finance Minister replied that it would take 52 man years to prepare that list. Here is a full statement from the Finance Minister in 1999.

http://www.mof.gov.sg/…/Issues%20raised%20by%20President%20…

People in Singapore spend 12 hours a day on gadgets

A survey showed that people in Singapore spend 12 hours a day on gadget. What is your reaction?

Give your vote in
www.wisdomofthecrowd.sg

Unattended bag at Hougang MRT station

A man left a bag unattended at the Hougang MRT station. The bag was found and the authority decided to close the station for 20 minutes, in case it was a bomb. Was this action advisable?

You can now vote on the shutdown of the Hougang MRT station due to the unattended bag.
www.wisdomofthecrowd.sg

How ot use the Compare First website

I have created a video to explain how to use the Compare First website - a MAS initiative. I showed how to compare a Whole Life Policy for $300,000 offered by several insurance companies.

The video is 10 minutes long. It can be accessed from http://www.tankinlian.com/video.aspx

The link for the Compare First website is www.comparefirst.sg

Analysis of popular life insurance policies

This link allows you to view the analysis of the popular life insurance products sold in the market.
Before you buy the product, find out what an independant expert says about the product.
http://www.fisca.sg/Article.aspx?Category=Product%20Analysis

Serious consequences for financial advisers

Many financial advisers are not aware that they will get into serious trouble in the near future.

Many consumers were misled into buying bad financial products. They were not able to take a case against the financial adviser for the bad advise in the past.

They can now take a case based on section 7.2 and 7.3 of the Financial Advisers Act. If a consumer wins the case, and this outcome is quite likely, a few tens of thousand of advisers will be in serious trouble.

http://www.fisca.sg/Login2.aspx…

Do you agree?

New prizes for voting in the Crowd website

I am introducing new prizes for voting at the Wisdom of the Crowd website.

The prizes will now be given on reaching each level, based on the cumulative votes. This will give the challenge to reach the higher level.

The new prizes take effect from votes submitted from now. The current prize (Planning for your retirement) will still be available for another one week.

http://www.wisdomofthecrowd.sg/page/115

A new life in America for Amos Yee

80% of the Crowd sends best wishes to Amos Yee for starting his new life in America.

www.wisdomofthecrowd.sg