7 readers sent to me their screen shots showing that they are the 2 milionth visitors. They sent their replies within 5 minutes. I am acknowledging all 7 as the winners. They are asked to send to me their mailing address and their choice of books. Congratulations to all 7 winners.
Tan Kin Lian
Wednesday, June 23, 2010
2 million visitors
Will the person who is recorded as the 2 millionth visitor to my blog take a screen shot (or print out the webpage) of this achievement and send it to kinlian@gmail.com. I will give you a prize (i.e tangram book or financial planning book..
Tan Kin Lian
Tan Kin Lian
Occupants of a property
Read this letter.
It seems that a person who did not update his address can still borrow money using a NRIC showing the old address. The new occupant at that address faces the harrassment by the loan shark. It seems that nothing can be done about this matter by the authority (i.e. NRIC office).
I suggest that the name of the occupant of an address should be available for checking by the public (and it is already public as shown in the telephone directory), unless the occupant wish it to be kept private. This will allow, for example, a party to a transaction (e.g. loan) to search that a correct address has been given. It will also allow the legal occupant to identify people who are using the address without authority, and for the name to be removed from that address.
I wonder if the NRIC office is still keeping to the old mindset that the address is "confidential". This mindset is causing difficulty to the new occupant at the address.
Tan Kin Lian
It seems that a person who did not update his address can still borrow money using a NRIC showing the old address. The new occupant at that address faces the harrassment by the loan shark. It seems that nothing can be done about this matter by the authority (i.e. NRIC office).
I suggest that the name of the occupant of an address should be available for checking by the public (and it is already public as shown in the telephone directory), unless the occupant wish it to be kept private. This will allow, for example, a party to a transaction (e.g. loan) to search that a correct address has been given. It will also allow the legal occupant to identify people who are using the address without authority, and for the name to be removed from that address.
I wonder if the NRIC office is still keeping to the old mindset that the address is "confidential". This mindset is causing difficulty to the new occupant at the address.
Tan Kin Lian
Impartial financial advice
Dear Mr. Tan,
Is there any independent financial firm that provides:
a. product neutrality
b. financial planner measured NOT by financial product sales revenue
I would like to be a true financial planner where I can advice my clients base on what I think is right for them rather than being influenced by:
a. product commissions
b. management pushing for sales numbers for a certain product
c. management pushing for overall sales numbers
Thank you for much! I am a newbie in financial sector and trying to break into it.
Richard
REPLY
There are a few independent financial firms. You have to meet and talk to them. I do not know whether they are target driven or focused on giving impartial advice. You can try to talk to (names removed).
Is there any independent financial firm that provides:
a. product neutrality
b. financial planner measured NOT by financial product sales revenue
I would like to be a true financial planner where I can advice my clients base on what I think is right for them rather than being influenced by:
a. product commissions
b. management pushing for sales numbers for a certain product
c. management pushing for overall sales numbers
Thank you for much! I am a newbie in financial sector and trying to break into it.
Richard
REPLY
There are a few independent financial firms. You have to meet and talk to them. I do not know whether they are target driven or focused on giving impartial advice. You can try to talk to (names removed).
China - success story
Dear Mr. Tan
Here is an interesting article.
LN
INTERESTING SUCCESS STORY OF CHINA
US President Obama visited China recently, primarily to find out what exactly & how exactly China is doing things that makes it such a success story, surpassing all the so-called "expert economic planners" of the US & Europe. His team found these 5 basic lessons behind China 's success.
LESSON No 1 - BE AMBITIOUS
The Chinese believe in Setting Goals, Making Plans, & Focusing on Moving Ahead - there is always the sense of foward motion. As an example, a huge 6-lane highway in Shanghai took only 2 years from planning to ready for traffic. In the US, 2 years will only get you the environment and local authority permit if you are lucky.
LESSON No 2 - EDUCATION MATTERS
The Chinese are obsessed with ensuring kids get the right education - English, Maths & Science. They made sure that their education system reached even the most remote rural areas - today the literacy rate in China is OVER 90%, surpassing even the USA 's 86%. According to American Educationists, the Chinese kids are way ahead of the kids in the USA .
LESSON No 3 - LOOK AFTER THE ELDERLY
The Chinese DO NOT send their elderly to nursing care centres - they personally look after & care for their parents. In the US , nursing care of the elderly is now costing each resident USD 85,000 annually, & this is rising. The Chinese also believe that the grandparents at home make the best tutors for their children. It also provides a sense of cultural continuity - this helps bind society.
Here its a growing trend to have children brought up by maids, of the lowest educational & moral quality - so our children (the future leaders) grow up with similar language & outlook capability.
LESSON No 4 - SAVE MORE
In the USA , savings dropped to zero in 2005, and is only now slowly rising to 4%. In China , the savings rate for every household has exceeded 20%. The Chinese believe that fugality & a healthy savings rate are a sure indicator of a country's financial health. High savings lead to increased investments - results in increased productivity, innovation & job growth.
LESSON No 5 - LOOK OVER THE HORIZON
In China , eveyone is foward looking - never backwards. New graduates make a vow - never ever will their children & grandchildren ever work in the fields again. With this kind of foward mentality, people are always thinking & planning how, not just to succeed, BUT how to be the best in the world in everything they do.
Here is an interesting article.
LN
INTERESTING SUCCESS STORY OF CHINA
US President Obama visited China recently, primarily to find out what exactly & how exactly China is doing things that makes it such a success story, surpassing all the so-called "expert economic planners" of the US & Europe. His team found these 5 basic lessons behind China 's success.
LESSON No 1 - BE AMBITIOUS
The Chinese believe in Setting Goals, Making Plans, & Focusing on Moving Ahead - there is always the sense of foward motion. As an example, a huge 6-lane highway in Shanghai took only 2 years from planning to ready for traffic. In the US, 2 years will only get you the environment and local authority permit if you are lucky.
LESSON No 2 - EDUCATION MATTERS
The Chinese are obsessed with ensuring kids get the right education - English, Maths & Science. They made sure that their education system reached even the most remote rural areas - today the literacy rate in China is OVER 90%, surpassing even the USA 's 86%. According to American Educationists, the Chinese kids are way ahead of the kids in the USA .
LESSON No 3 - LOOK AFTER THE ELDERLY
The Chinese DO NOT send their elderly to nursing care centres - they personally look after & care for their parents. In the US , nursing care of the elderly is now costing each resident USD 85,000 annually, & this is rising. The Chinese also believe that the grandparents at home make the best tutors for their children. It also provides a sense of cultural continuity - this helps bind society.
Here its a growing trend to have children brought up by maids, of the lowest educational & moral quality - so our children (the future leaders) grow up with similar language & outlook capability.
LESSON No 4 - SAVE MORE
In the USA , savings dropped to zero in 2005, and is only now slowly rising to 4%. In China , the savings rate for every household has exceeded 20%. The Chinese believe that fugality & a healthy savings rate are a sure indicator of a country's financial health. High savings lead to increased investments - results in increased productivity, innovation & job growth.
LESSON No 5 - LOOK OVER THE HORIZON
In China , eveyone is foward looking - never backwards. New graduates make a vow - never ever will their children & grandchildren ever work in the fields again. With this kind of foward mentality, people are always thinking & planning how, not just to succeed, BUT how to be the best in the world in everything they do.
Tuesday, June 22, 2010
Customer Service
Customer Service is neglected by most businesses. Some think that their customers are just B2B.
Everyone is a customer to anyone, including our children and our parents and friends. We are trying to sell ourselves everytime there is an interaction.
Some key points about customer service:
A) There must be passion about the work
B) There must be empowerment
C) There must be rewards and recognition
D) There must be involvement from management ( from CEO to toilet cleaner)
E) There must be feedback.
Employment of mature workers can be effective only with redesign of the job or that the product warrants a mature employee. Grooming, tone of voice and service language is sadly lacking. These qualities can be infused quickly only if managers devote more time in ensuring all employees go through a short course in appreciation of customer behaviour and trends.
Much money is spent on market research, buying franchises and renting of retail space.However, the best investment is in employee training in customer care. It does not matter if the business product is fibre optics to oil rigs and trendy handbags. There is a customer within and without, internally & externally.
The moment of truth turns magical when an employee establishes rapport and is fully aware of the customer's needs, aspiration or fears. We can achieve this magic. Managers are responsible to induct these skills from the top right down to every segment of their business. Its called passion and belief.
The obstacles are usually: what is the ROI? Well, imagine the ROI when you lose 15% of sales to your competitor who gains 15% recurring sales.. all from your base just because it is not important that your employee smiles and says hello with energy and passion.
All products do almost the same function: notebooks,air travel,telephony, spaghetti , pizza. What makes them different? and what tempts and beckons the customer to return?
Front end sales and image... pure allure of brand may not bring in the sales anymore.. but imagine if you combine great branding with great customer care!... pure magic!
AIA? Prudential? great brands.. but what about their customer service from the agents?.. yeah.. right!
Ronnie Eng
Everyone is a customer to anyone, including our children and our parents and friends. We are trying to sell ourselves everytime there is an interaction.
Some key points about customer service:
A) There must be passion about the work
B) There must be empowerment
C) There must be rewards and recognition
D) There must be involvement from management ( from CEO to toilet cleaner)
E) There must be feedback.
Employment of mature workers can be effective only with redesign of the job or that the product warrants a mature employee. Grooming, tone of voice and service language is sadly lacking. These qualities can be infused quickly only if managers devote more time in ensuring all employees go through a short course in appreciation of customer behaviour and trends.
Much money is spent on market research, buying franchises and renting of retail space.However, the best investment is in employee training in customer care. It does not matter if the business product is fibre optics to oil rigs and trendy handbags. There is a customer within and without, internally & externally.
The moment of truth turns magical when an employee establishes rapport and is fully aware of the customer's needs, aspiration or fears. We can achieve this magic. Managers are responsible to induct these skills from the top right down to every segment of their business. Its called passion and belief.
The obstacles are usually: what is the ROI? Well, imagine the ROI when you lose 15% of sales to your competitor who gains 15% recurring sales.. all from your base just because it is not important that your employee smiles and says hello with energy and passion.
All products do almost the same function: notebooks,air travel,telephony, spaghetti , pizza. What makes them different? and what tempts and beckons the customer to return?
Front end sales and image... pure allure of brand may not bring in the sales anymore.. but imagine if you combine great branding with great customer care!... pure magic!
AIA? Prudential? great brands.. but what about their customer service from the agents?.. yeah.. right!
Ronnie Eng
Get a better return on your savings
Many people still rely on life insurance policies as an important form of personal savings for the future, either for their own retirement or for their children. They may save 10 to 15% of their monthly incomes. The accumulated savings over a working life could amount to $500,000 or more.
It is important that they avoid insurance policies that take away a large part of their accumulated savings. This is stated in the column "effect of deduction" in the benefit illustration. I have seen many benefit illustrations where the deduction is 40% or higher. This is excessive. If the accumulated savings is $500,000 and 40% is taken away, you are left with only $300,000. Surely $200,000 is too much money to give away?
This will make the insurance agent and insurance company rich, but the policyholders poor. In many cases, the maturity benefit may not even keep up with inflation!
The "effect of deduction" is explained in my book, Practical Guide on Financial Planning. It also contains tips on the types of investment to avoid, such as structured products and unrelated investment products. It also advice you to invest in low cost investment funds.
If you wish to invest in a life insurance policy, as you are not familiar with other types of investments, you must make sure that the effect of deduction does not exceed the benchmark shown in my book. The benchmark depends on the period of investment.
Spend $12 and 12 hours to be educated. Buy and read the book.
It is important that they avoid insurance policies that take away a large part of their accumulated savings. This is stated in the column "effect of deduction" in the benefit illustration. I have seen many benefit illustrations where the deduction is 40% or higher. This is excessive. If the accumulated savings is $500,000 and 40% is taken away, you are left with only $300,000. Surely $200,000 is too much money to give away?
This will make the insurance agent and insurance company rich, but the policyholders poor. In many cases, the maturity benefit may not even keep up with inflation!
The "effect of deduction" is explained in my book, Practical Guide on Financial Planning. It also contains tips on the types of investment to avoid, such as structured products and unrelated investment products. It also advice you to invest in low cost investment funds.
If you wish to invest in a life insurance policy, as you are not familiar with other types of investments, you must make sure that the effect of deduction does not exceed the benchmark shown in my book. The benchmark depends on the period of investment.
Spend $12 and 12 hours to be educated. Buy and read the book.
Pay insurance premium directly
A few decades ago, it was quite common and convenient for policyholders to pay insurance premiums to the agents. At that time, there was the risk that the insurance agent might pocket the money, so the policyholder have to rely on an agent that they can trust.
Nowadays, with GIRO and internet banking, there is no need to pay insurance premium to an agent. It is better to pay the premium directly to the insurance company, especially through GIRO.
Nowadays, with GIRO and internet banking, there is no need to pay insurance premium to an agent. It is better to pay the premium directly to the insurance company, especially through GIRO.
Survey of Political Parties
What are your views of the political parties in Singapore? The survey is now closed.
Update
Here is the final report based on 97 replies
Update
Here is the final report based on 97 replies
Websites of Government Agencies
Many people told me that they had a difficult time in applying for passes at the website of the Ministry of Manpower. I recently encountered a lot of difficulty in making a submission. The website was designed from the perspective of MOM but was not friendly to the general public.
The difficulties include the following:
- hassle of getting the PIN
- a lot of detail to be entered into one form (from the employee and from the employer).
Some common sense solution include the following:
- allow the applicant (i.e. person to be employed) and employer to enter their details separately
- simplify the process of getting a PIN
- allow one PIN to be used for all services in MOM, instead of separate PINs for different types of applications.
I encountered similar difficulties in using the website of IRAS. They seem to be advised by the same consultants who approach the design from the perspective of the agency and not the general public.
I like other readers to share their experience in using the websites of government agencies.
Tan Kin Lian
The difficulties include the following:
- hassle of getting the PIN
- a lot of detail to be entered into one form (from the employee and from the employer).
Some common sense solution include the following:
- allow the applicant (i.e. person to be employed) and employer to enter their details separately
- simplify the process of getting a PIN
- allow one PIN to be used for all services in MOM, instead of separate PINs for different types of applications.
I encountered similar difficulties in using the website of IRAS. They seem to be advised by the same consultants who approach the design from the perspective of the agency and not the general public.
I like other readers to share their experience in using the websites of government agencies.
Tan Kin Lian
Display panels in MRT trains
The display panels in MRT trains on the North South lines are not showing the right information. The lighted maps have been not working. The display panels are now showing the wrong information about the next arriving station and the doors that will be opened.
I observed that the trains have been showing the wrong signals for nearly a month. Nobody seemed to be bothered to fix them. At least, the displays should be switched off.
Is this any sign of apathy in Singapore?
I observed that the trains have been showing the wrong signals for nearly a month. Nobody seemed to be bothered to fix them. At least, the displays should be switched off.
Is this any sign of apathy in Singapore?
Trading in Futures
Hi Mr Tan
Recently I read about "STI Futures". As currently I have set aside 5K for investment( Spare cash ). I want to find an investment vehicle to earn quick money ( also aware that I might lost quick $ if not careful )
I noticed this "STI futures" recently, Initial we need to place an initial margin of about $1625 for one contract.
Per index point is $10 ( either earn or lost ), there is margin call also etc.
We can get in and out( trading ) within a few mins , hour, or a day to even months. As I understand that the RISK factor is there also. But I find that this STI Futures can let me earn $ fast as I don't like to wait long. I also prepare to lost this 5K if my decision is not right.
As this STI Futures might be one of my investment vehicle, it "attract me" is because if my decision is right, I might earn $ fast within a few hours or a day. I also understand that there might be risk also. Anyway this 5K is my spare cash (but doesn't mean I am prepare to loose the $ ).
I wondering any advises you can share with me or where I can find more detils to have a better understanding. As I am your regular reader to your blog, wondering you can post my enquiry to your blog so that your readers might share with me the risk factors etc or where to look for?
Anthony
MY REPLY
There are many futures contracts that you can trade in, i.e. stock index futures and currency futures. You need to be familiar with trading in futures before you plunge in. You have to understand the risk, liquidity and other factors. Please attend training courses on trading in this type of contracts.
Recently I read about "STI Futures". As currently I have set aside 5K for investment( Spare cash ). I want to find an investment vehicle to earn quick money ( also aware that I might lost quick $ if not careful )
I noticed this "STI futures" recently, Initial we need to place an initial margin of about $1625 for one contract.
Per index point is $10 ( either earn or lost ), there is margin call also etc.
We can get in and out( trading ) within a few mins , hour, or a day to even months. As I understand that the RISK factor is there also. But I find that this STI Futures can let me earn $ fast as I don't like to wait long. I also prepare to lost this 5K if my decision is not right.
As this STI Futures might be one of my investment vehicle, it "attract me" is because if my decision is right, I might earn $ fast within a few hours or a day. I also understand that there might be risk also. Anyway this 5K is my spare cash (but doesn't mean I am prepare to loose the $ ).
I wondering any advises you can share with me or where I can find more detils to have a better understanding. As I am your regular reader to your blog, wondering you can post my enquiry to your blog so that your readers might share with me the risk factors etc or where to look for?
Anthony
MY REPLY
There are many futures contracts that you can trade in, i.e. stock index futures and currency futures. You need to be familiar with trading in futures before you plunge in. You have to understand the risk, liquidity and other factors. Please attend training courses on trading in this type of contracts.
Monday, June 21, 2010
Admission to local universities
Dear Mr Tan,
My son passed GCE "A" level with many As, 1 B, and 2 Es. He was not accepted into a local university. He applied to NUS, NTU, SMU and SUDT and appealed twice, but was rejected.
Local universities are funded by taxpayers and our fourth generation citizen cannot have the opportunity to enter a local university. How do we compete with other nation when, as a global city, our own citizen are deprived the opportunity to go for tertiary education?
When I visited the local universities, we saw many foreign students which took away the opportunity for our own citizens to be admitted. These foreign students are given a scholarship by our Government to take the university place from our own citizens. Many of them did not opt to become Singapore citizens.
If my son were to study in an overseas university, there is the tendency that he would not come back to Singapore. I hold this fear based on the experience of my relatives. If we were to lose a fourth generation citizen, how can Singapore be able to sustain as a nation without a deep root of its own citizens. If a significant crisis or disaster were to hit singapore, who will defend this country? Why can't the local universities accept our own local students?
Alan
My observationAlan has asked me to post this letter to invite the views of other readers. He also asked me to carry out a survey. I will think about how to organise this survey.
My son passed GCE "A" level with many As, 1 B, and 2 Es. He was not accepted into a local university. He applied to NUS, NTU, SMU and SUDT and appealed twice, but was rejected.
Local universities are funded by taxpayers and our fourth generation citizen cannot have the opportunity to enter a local university. How do we compete with other nation when, as a global city, our own citizen are deprived the opportunity to go for tertiary education?
When I visited the local universities, we saw many foreign students which took away the opportunity for our own citizens to be admitted. These foreign students are given a scholarship by our Government to take the university place from our own citizens. Many of them did not opt to become Singapore citizens.
If my son were to study in an overseas university, there is the tendency that he would not come back to Singapore. I hold this fear based on the experience of my relatives. If we were to lose a fourth generation citizen, how can Singapore be able to sustain as a nation without a deep root of its own citizens. If a significant crisis or disaster were to hit singapore, who will defend this country? Why can't the local universities accept our own local students?
Alan
My observationAlan has asked me to post this letter to invite the views of other readers. He also asked me to carry out a survey. I will think about how to organise this survey.
Pinnacle Notes 6 & 7
Hi Mr Tan,
Morgan Stanley has just informed investors that another two of Pinnacle Notes, Series 6 & 7 have failed due to mandatory redemption (see attached).
For those who still hold hope they can hang on till maturity dates and they may still get back their principle if nothing else fails, this is a wake-up call and they should just join the legal action organized by the US lawyer. Please help to post this in you Blog.
The Town Council who invested in this “created-to-fail” product is also looking at $3 million dollar loss as reported in this 2008 News report. Who is accountable?
http://www.channelnewsasia.com/stories/singaporelocalnews/view/390407/1/.html
Benedict
My comment
Investors who wish to join the legal action to be held in US courts by a reputable US legal firm working on a contigency fee basis can send an e-mail to tkla.km@gmail.com. The lawyer will take the fee and expenses only on successful outcome. If the lawyer is unsuccessful, they will bear the expenses and the investors will not need to pay any fee or expenses.
Morgan Stanley has just informed investors that another two of Pinnacle Notes, Series 6 & 7 have failed due to mandatory redemption (see attached).
For those who still hold hope they can hang on till maturity dates and they may still get back their principle if nothing else fails, this is a wake-up call and they should just join the legal action organized by the US lawyer. Please help to post this in you Blog.
The Town Council who invested in this “created-to-fail” product is also looking at $3 million dollar loss as reported in this 2008 News report. Who is accountable?
http://www.channelnewsasia.com/stories/singaporelocalnews/view/390407/1/.html
Benedict
My comment
Investors who wish to join the legal action to be held in US courts by a reputable US legal firm working on a contigency fee basis can send an e-mail to tkla.km@gmail.com. The lawyer will take the fee and expenses only on successful outcome. If the lawyer is unsuccessful, they will bear the expenses and the investors will not need to pay any fee or expenses.
Security on MRT trains
Read this article by Yoong Siew Wah.
My observations
It is a Singaporean habit to point fingers at other people and to avoid responsibility. We learn from our leaders.
My observations
It is a Singaporean habit to point fingers at other people and to avoid responsibility. We learn from our leaders.
Sunday, June 20, 2010
Working from home
Here are some tips of working from home, and setting up a home office.
My observation
An alternative is to work in a low cost office near your home. I rented a low cost office at an industrial park near my home. I employ a few persons who live nearby to work for me in I.T. development and administrative work. Working near home has most of the covenience of working from home.
My observation
An alternative is to work in a low cost office near your home. I rented a low cost office at an industrial park near my home. I employ a few persons who live nearby to work for me in I.T. development and administrative work. Working near home has most of the covenience of working from home.
Employment of older workers
Can we identify organisations that are willing to spend money to employ older workers to provide customer service?
I saw some customer guides at MRT stations. They are employed by SMRT to guide commuters. I appreciate the work by SMRT in creating employment and to provide good customer service.
Let us identify other organisations that make this positive effort.
Tan Kin Lian
I saw some customer guides at MRT stations. They are employed by SMRT to guide commuters. I appreciate the work by SMRT in creating employment and to provide good customer service.
Let us identify other organisations that make this positive effort.
Tan Kin Lian
Customer Service
I have written several postings about the standard of customer service in Singapore. I have examples of good and bad customer service. Sadly, the examples of bad service are overwhelming.
It is quite easy to improve the customer service by simple changes to their operating procedures. But this require attention by decision makers.
Sadly, the culture in Singapore is for too many people, including service quality managers and customer service managers of large organisations, to follow instructions and preserve the status quo, rather than to innovate and change for the better. It seems that only the few people at the time can decide.
I like to ask my readers to help share the experience. Can you identify examples of good and bad service provided by the large organisations in Singapore, i.e. where it has a large impact on customers? Examples are bad call centers and websites that make life difficult for thousands of customers daily.
Tan Kin Lian
It is quite easy to improve the customer service by simple changes to their operating procedures. But this require attention by decision makers.
Sadly, the culture in Singapore is for too many people, including service quality managers and customer service managers of large organisations, to follow instructions and preserve the status quo, rather than to innovate and change for the better. It seems that only the few people at the time can decide.
I like to ask my readers to help share the experience. Can you identify examples of good and bad service provided by the large organisations in Singapore, i.e. where it has a large impact on customers? Examples are bad call centers and websites that make life difficult for thousands of customers daily.
Tan Kin Lian
Comment moderation
When I moderate the comment, I can read the first line of all the comments that have been posted. From the first line, I am usually able to detect the znonymous comments of the two vile persons who keeps making personal attacks against me. I know these two persons as being a top manager of an insurance company (or an insurance agent working for him) and a cranky unemployed person.
I delete their comments without reading the rest of the comments.
I write this blog to educate the public about investment and insurance, to select the fair products and to avoid the over-priced products. Insurance and land banking agents who dislike my views are not welcomed in this blog. They can promote their views in their own blogs or facebooks.
Tan Kin Lian
I delete their comments without reading the rest of the comments.
I write this blog to educate the public about investment and insurance, to select the fair products and to avoid the over-priced products. Insurance and land banking agents who dislike my views are not welcomed in this blog. They can promote their views in their own blogs or facebooks.
Tan Kin Lian
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