Dear Mr Tan
We will like to share with you our latest article that talks about the fine prints commonly included in health insurance.
Best Regards,
Timothy
Thursday, September 12, 2013
Understanding health insurance
Thursday, September 05, 2013
Handling parents' expectations in our schools
I want to share my views on how to manage issues involving parents in our schools. These issues are similar to customer complaints in businesses.
When a parent contacts the teacher or the school, the type of interaction should be identified as follows:
a) seek clarification, i.e. to get facts
b) lodge a complaint
The type of issue would probably falls into the following:
a) alleged mistreatment by the teacher
b) alleged mistreatment by classmates
c) alleged poor performance by teacher, e.g. not teaching the child properly.
d) school facilities or environment
If the parent is in "seeking clarification" mode, the teacher or school staff can cooperate in giving the relevant information. The parent should avoid the type of questions that amount to interrogation or allegation misconduct during this phase.
If the parent wishes to file a complaint, after getting the relevant facts, the process should be done in a formal manner, i.e. a written and signed statement should be obtained, and relevant facts should be provided.
The handling of the complaint by the school can go through two stages:
a) the first stage is to seek an amicable solution without going through too much trouble for all parties. Often, an apology or acknowledgement may suffice. The case can be closed easily.
b) If the matter is more serious, a more formal process may be carried out, e.g. a disciplinary inquiry. This should be quite rare.
We have to accept that in our daily lives, mistakes can be made and they are not serious. Often, these mistakes are unintended and unexpected, and should be excused. We should not expect perfection.
Most of our schools, with the long experience, probably handle the issues from parents well. Perhaps, it is a matter of making better communication with parents and the public.
I hope that these ideas are helpful to the schools, parents and the public.
When a parent contacts the teacher or the school, the type of interaction should be identified as follows:
a) seek clarification, i.e. to get facts
b) lodge a complaint
The type of issue would probably falls into the following:
a) alleged mistreatment by the teacher
b) alleged mistreatment by classmates
c) alleged poor performance by teacher, e.g. not teaching the child properly.
d) school facilities or environment
If the parent is in "seeking clarification" mode, the teacher or school staff can cooperate in giving the relevant information. The parent should avoid the type of questions that amount to interrogation or allegation misconduct during this phase.
If the parent wishes to file a complaint, after getting the relevant facts, the process should be done in a formal manner, i.e. a written and signed statement should be obtained, and relevant facts should be provided.
The handling of the complaint by the school can go through two stages:
a) the first stage is to seek an amicable solution without going through too much trouble for all parties. Often, an apology or acknowledgement may suffice. The case can be closed easily.
b) If the matter is more serious, a more formal process may be carried out, e.g. a disciplinary inquiry. This should be quite rare.
We have to accept that in our daily lives, mistakes can be made and they are not serious. Often, these mistakes are unintended and unexpected, and should be excused. We should not expect perfection.
Most of our schools, with the long experience, probably handle the issues from parents well. Perhaps, it is a matter of making better communication with parents and the public.
I hope that these ideas are helpful to the schools, parents and the public.
Wednesday, September 04, 2013
Finding the first job
A young man recently graduated with an accounting degree from Singapore Institute of Management. His preference is to work for one of the Big 4 accounting firms as they give good training and salary. He did not mind the long working hours.
So far, he has been unsuccessful as these firms prefer to hire graduates from the other three local universities.
He asked for my advice.
Here are my views:
1. Look for a job that needs you more than you need the job, e.g. a small company that has messy accounts and administration.
2. Do not worry about the lack of training. You have already spend 4 years in full time university and do not need further training. It is time to learn by applying your knowledge to the job.
3. When you encounter a problem, differentiate between what is important and what is not. Discuss with you boss or colleagues on the important matters. They will appreciate being consulted.
4. Do not bother them with the unimportant matters. Take your own decision, even if it turns out to be wrong. The consequence is small, and you can learn from experience.
5. Do not worry about making mistakes. You won't get sacked. Remember, your boss needs you more than you need the job.
I hope that this approach works for the young man.
So far, he has been unsuccessful as these firms prefer to hire graduates from the other three local universities.
He asked for my advice.
Here are my views:
1. Look for a job that needs you more than you need the job, e.g. a small company that has messy accounts and administration.
2. Do not worry about the lack of training. You have already spend 4 years in full time university and do not need further training. It is time to learn by applying your knowledge to the job.
3. When you encounter a problem, differentiate between what is important and what is not. Discuss with you boss or colleagues on the important matters. They will appreciate being consulted.
4. Do not bother them with the unimportant matters. Take your own decision, even if it turns out to be wrong. The consequence is small, and you can learn from experience.
5. Do not worry about making mistakes. You won't get sacked. Remember, your boss needs you more than you need the job.
I hope that this approach works for the young man.
A truly mobile website
1. Introduction
A recent survey showed that 89% of users access the Web
using a mobile device. Most of them use a mobile phone with a small screen.
Is your corporate website designed to be easily read by these
users? Do you want to reach out to these consumers and tell them about your
products and services?
2. Mobile friendly website
Many businesses are now converting their traditional website
(designed to be read by a desktop) to be mobile friendly, but this is a wrong
approach. Why?
It is better to design your new website to be truly mobile
friendly, and to design every page from scratch.
Remember – many users read your webpages using a 3G
connection or shared Wi-Fi in a public place, and the connection can be quite
show.
You should design each page to be small, so that it can be
loaded quickly.
You should also want to make it easy for them to get the
desired information easily – and that means an easy search and fast navigation.
3. Integration with Social Media
You will also want each page of your website to be easily
accessed from the social media – Facebook, Twitter, Blog, Wordpress and other
platforms. This requires each page or each tag (i.e. collection of pages) to be
numbered for easy access.
4. Fast to develop
Your new website, which can be truly mobile friendly and
comprise of a hundred pages, can be developed quickly in just a few days using
the Onyx template (developed by Tan Kin Lian & Associates).
As an example, I want to refer you to my website, www.tankinlian.com/mobile was
created in just three days. Currently, it contains more than 70 newly designed
pages.
I will be transferring a few hundred pages from my
traditional website (www.tankinlian.com)
to the mobile website soon. After that, I will take down my traditional
website.
You can create a trial website on the Onyx platform (www.c-onyx.com) to see how easy it can be
done, and to view how the pages look like on a mobile phone or a desktop.
If you keep you website on this platform you can use a
redirection to this website. For example, visitors to be mobile website can
type www.tankinlian.com/mobile
and will be redirected to www.c-onyx.com/3
5. Your own domain
If you like the Onyx website, you can transfer it to your
own domain.
6. Enquiry
If you are interested to have a trial of the Onyx website,
send an email to ceo@tankinlian.comTuesday, September 03, 2013
The heavy cost of neglect
By allowing scams to continue unchecked, the Government is causing more harm than just financial loss to the investors - families can be broken up.
I want to share the cases of two women who were cheated by scams. They dared not tell their husband, as it would lead to a breakup of their marriage. They had to suffer the anguish on their own and keep the secret from their husbands.
It is likely that if the cheated person is the husband, many would not dare to tell their wives.
It is easy for the Government leaders to say - you have to be more careful, but they have to realize that the ordinary folks are easy prey to the crooks. It has happened over the decades.
This is why any decent Government has to take responsibility to make the laws, to investigate and to enforce the law. By doing nothing, the Government is neglecting its primary duty.
I want to share the cases of two women who were cheated by scams. They dared not tell their husband, as it would lead to a breakup of their marriage. They had to suffer the anguish on their own and keep the secret from their husbands.
It is likely that if the cheated person is the husband, many would not dare to tell their wives.
It is easy for the Government leaders to say - you have to be more careful, but they have to realize that the ordinary folks are easy prey to the crooks. It has happened over the decades.
This is why any decent Government has to take responsibility to make the laws, to investigate and to enforce the law. By doing nothing, the Government is neglecting its primary duty.
Monday, September 02, 2013
Learn to identify the scams
When I post a story about a potential scam, I do not show the name of the company or product. Instead, I give details that explain the circumstances, so that the public will be able to identify the scam, or similar products that may be offered to them.
I often get requests to disclose the name, so that the public can avoid the company or the product. This request usually comes from a person who is lazy to think, and only wants to be spoon-fed.
It is better to learn how to identify similar scams and avoid all of them. It requires you to spend some time to read, to understand, rather than be given the name of the company. Remember - other companies may be offering similar products to trap you, and you can fall into their trap.
Apart from this reason, I cannot tell you the name of the company - because they will get a lawyer to sue me for defamation. It will be difficult for me to prove my "facts".
To avoid being cheated, it is better for the public to spend some time and money to learn about the scams, and how they work, so that the public can identify similar scams based on the scope of operation.
I often get requests to disclose the name, so that the public can avoid the company or the product. This request usually comes from a person who is lazy to think, and only wants to be spoon-fed.
It is better to learn how to identify similar scams and avoid all of them. It requires you to spend some time to read, to understand, rather than be given the name of the company. Remember - other companies may be offering similar products to trap you, and you can fall into their trap.
Apart from this reason, I cannot tell you the name of the company - because they will get a lawyer to sue me for defamation. It will be difficult for me to prove my "facts".
To avoid being cheated, it is better for the public to spend some time and money to learn about the scams, and how they work, so that the public can identify similar scams based on the scope of operation.
Learn by doing; trust your common sense
I want to share a story to illustrate an important point - by adopting a different approach, based on common sense, it is possible to get significantly improved results.
In the early 1980s, my company installed a new computer system. It is an in-house online system. Remember, this was long before the advent of the Internet.
I was in charge of computer strategy. I transferred a few internal staff to the computer services department and gave them training in software development.
There were tasked to develop the most common functions required for an insurance company, i.e. the data entry of computer applications, issue of policies, sending out of premium notices, updating of premium payment and payment of commission to agents.
These were the familiar and most common functions, which do not require much analysis. The computer system was ready in less than 6 months and put into operation.
We left out the complicated tasks such as underwriting engine, handling of complicated products and administration of claims. These continued to be handled "outside the system" using manual decision making. They were implemented in the system gradually, at the later stages.
The common approach at that time was to carry out a full system study and discussion with the users and get approval before developing the system. This typically took 3 to 5 years and required a large budget. We did not adopt the common approach.
A computer expert later described the approach used by us as "prototyping".
I like to share these points in our approach:
1. We did what we know
2. What we did not know (i.e. in putting into the computer system) continued to be handled outside the system, by the experts
3. When we had time later, we implemented the additional tasks, one at a time
4. We learned by doing. After implementation, we encountered the real problems and fixed the important ones.
I want to share this story, so that more people will be bold to adopt the prototyping approach, and to implement changes more quickly and achieve better outcomes.
In the early 1980s, my company installed a new computer system. It is an in-house online system. Remember, this was long before the advent of the Internet.
I was in charge of computer strategy. I transferred a few internal staff to the computer services department and gave them training in software development.
There were tasked to develop the most common functions required for an insurance company, i.e. the data entry of computer applications, issue of policies, sending out of premium notices, updating of premium payment and payment of commission to agents.
These were the familiar and most common functions, which do not require much analysis. The computer system was ready in less than 6 months and put into operation.
We left out the complicated tasks such as underwriting engine, handling of complicated products and administration of claims. These continued to be handled "outside the system" using manual decision making. They were implemented in the system gradually, at the later stages.
The common approach at that time was to carry out a full system study and discussion with the users and get approval before developing the system. This typically took 3 to 5 years and required a large budget. We did not adopt the common approach.
A computer expert later described the approach used by us as "prototyping".
I like to share these points in our approach:
1. We did what we know
2. What we did not know (i.e. in putting into the computer system) continued to be handled outside the system, by the experts
3. When we had time later, we implemented the additional tasks, one at a time
4. We learned by doing. After implementation, we encountered the real problems and fixed the important ones.
I want to share this story, so that more people will be bold to adopt the prototyping approach, and to implement changes more quickly and achieve better outcomes.
Sunday, September 01, 2013
Cost of living and minimum wage
The minimum wage in Jakarta was 1.5 million rupiah per month (about SGD 200) last year. It was raised to 2.2 million rupiah this year by Governor Jokowi.
Even 2.2 million is not enough, as the cost of living in Jakarta is quite high. Some experts have calculated that the minimum wage should be raised to 3.5 or even 4 million rupiah.
Recently, the Jakarta administration set an example to employsome people at a salary of 4 million rupiah - just to show the point.
While businesses want wages to be as low as possible, they have to realize that the wages should be sufficient to meet the cost of living and give people a decent life, and have some savings for the future.
Singapore should also address the issue of the cost of living and the minimum wage. We cannot just pretend that the problem does not exist, or can be left to be sorted out by the market.
If rentals, government charges, top management salaries and excessive profits can be kept under control, the increase in consumer prices due to higher wages can be moderated.
This will lead to a better balance in our society, and a smaller gap between the top and low income brackets.
Even 2.2 million is not enough, as the cost of living in Jakarta is quite high. Some experts have calculated that the minimum wage should be raised to 3.5 or even 4 million rupiah.
Recently, the Jakarta administration set an example to employsome people at a salary of 4 million rupiah - just to show the point.
While businesses want wages to be as low as possible, they have to realize that the wages should be sufficient to meet the cost of living and give people a decent life, and have some savings for the future.
Singapore should also address the issue of the cost of living and the minimum wage. We cannot just pretend that the problem does not exist, or can be left to be sorted out by the market.
If rentals, government charges, top management salaries and excessive profits can be kept under control, the increase in consumer prices due to higher wages can be moderated.
This will lead to a better balance in our society, and a smaller gap between the top and low income brackets.
Keep in touch with your classmates for a lifetime!
I want to introduce the concept of the Facecard, especially to young people who are still studying in secondary and tertiary institutions.
Facecard is a personal card that you can create and store in the Cloud. You can put in your name, telephone numbers and e-mail and exchange them with your classmates.
The exchanged cards are stored in your virtual contact box that is also kept in the Cloud.
You may want to keep the contacts, especially your closed friends, in your mobile phone, but the Facecard in the Cloud is a useful backup, in case you lose your mobile phone or it get spoilt.
More importantly, you may lose contact with your friend when they change their phone numbers or e-mail addresses and don't tell you, or their message went into your spam box.
Even if you tell your friends about your changed contacts, they may overlook to update their record, so you will lose touch with many of them quite quickly.
These troublesome updating is not required when you use Facecard. When you update your Facecard, all of your friends are notified immediately, without any need for them to do any updating.
When your friends update their Facecard, the updated details appear in your contact box instantly. No need for you to do any updating.
You can also keep in touch with old classmates and friend when they change jobs. You will know their latest title and company, when they update their Facecard.
It is easy to exchange Facecard at a meeting. Go to "Nearly" and see the Facecard of people at the same event and ask to exchange cards. It is better than collecting the physical cards (especially, if you don't have any, or have forgotten to bring them).
You can create your Facecard at www.cfacecard.com. Go to "Register" to create the card and click on the "How to use Faceard" link to read the instructions.
Create your Facecard now, and keep in touch with your friends for a lifetime!
I am advertising this post in Facebook Ads. If you are coming to my Page for the first time, remember "like" my Page, so that you will be notified of new updates. Also, please "share" this post, so that your friends can come in as well.
Facecard is a personal card that you can create and store in the Cloud. You can put in your name, telephone numbers and e-mail and exchange them with your classmates.
The exchanged cards are stored in your virtual contact box that is also kept in the Cloud.
You may want to keep the contacts, especially your closed friends, in your mobile phone, but the Facecard in the Cloud is a useful backup, in case you lose your mobile phone or it get spoilt.
More importantly, you may lose contact with your friend when they change their phone numbers or e-mail addresses and don't tell you, or their message went into your spam box.
Even if you tell your friends about your changed contacts, they may overlook to update their record, so you will lose touch with many of them quite quickly.
These troublesome updating is not required when you use Facecard. When you update your Facecard, all of your friends are notified immediately, without any need for them to do any updating.
When your friends update their Facecard, the updated details appear in your contact box instantly. No need for you to do any updating.
You can also keep in touch with old classmates and friend when they change jobs. You will know their latest title and company, when they update their Facecard.
It is easy to exchange Facecard at a meeting. Go to "Nearly" and see the Facecard of people at the same event and ask to exchange cards. It is better than collecting the physical cards (especially, if you don't have any, or have forgotten to bring them).
You can create your Facecard at www.cfacecard.com. Go to "Register" to create the card and click on the "How to use Faceard" link to read the instructions.
Create your Facecard now, and keep in touch with your friends for a lifetime!
I am advertising this post in Facebook Ads. If you are coming to my Page for the first time, remember "like" my Page, so that you will be notified of new updates. Also, please "share" this post, so that your friends can come in as well.
Saturday, August 31, 2013
Important message for young people
Many young people focus on their jobs and do not pay much attention on their financial planning.
Most of them are approached by their friends to take up a life insurance policy to save for the long term.
The life insurance policy is likely to give them a poor yield due to the large sum that is deducted from the premium to pay the high marketing and other expenses, and the profit of the insurance company.
This large deduction is shown as "effect of deduction" in the benefit illustration, but most consumers do not understand what it means. The effect of deduction could be more than $100,000 or even $200,000 in some cases.
If you know how to buy the right type of insurance and to invest your savings, the actual cost of the insurance cover and investment service should be less than half of the "effect of deduction".
It is very important for you, as a consumer, to spend some time to understand this important concept. For a start, you should read the articles posted under "Ask Mr. Tan" in this website, www.tankinlian.com/mobile.
There are about 10 articles here, but the most important is the article on "Financial Planning, which can be found at http://c-onyx.com/page/33. You can also take the financial awareness test.
If you realize that you are quite naive about insurance and investment, you should act immediately to buy the book on financial planning ($6 only) and to attend the FISCA talk on financial planning ($10 for members). They can make a lot of difference for your future.
Do spend the time to read the other articles in the website and to attend the other talks by FISCA.
I am taking an advertisement in Facebook, targeted at young people between 20 to 30 years. While it cost me some money, I hope to be able to reach out and help some of the young people to avoid being taken for a ride.
If you fall within this group, this message is for you. If you are older, please help me to spread this message to your children or younger siblings (in the target age gropu), so that they become aware of making the right financial decision.
Tan Kin Lian
Most of them are approached by their friends to take up a life insurance policy to save for the long term.
The life insurance policy is likely to give them a poor yield due to the large sum that is deducted from the premium to pay the high marketing and other expenses, and the profit of the insurance company.
This large deduction is shown as "effect of deduction" in the benefit illustration, but most consumers do not understand what it means. The effect of deduction could be more than $100,000 or even $200,000 in some cases.
If you know how to buy the right type of insurance and to invest your savings, the actual cost of the insurance cover and investment service should be less than half of the "effect of deduction".
It is very important for you, as a consumer, to spend some time to understand this important concept. For a start, you should read the articles posted under "Ask Mr. Tan" in this website, www.tankinlian.com/mobile.
There are about 10 articles here, but the most important is the article on "Financial Planning, which can be found at http://c-onyx.com/page/33. You can also take the financial awareness test.
If you realize that you are quite naive about insurance and investment, you should act immediately to buy the book on financial planning ($6 only) and to attend the FISCA talk on financial planning ($10 for members). They can make a lot of difference for your future.
Do spend the time to read the other articles in the website and to attend the other talks by FISCA.
I am taking an advertisement in Facebook, targeted at young people between 20 to 30 years. While it cost me some money, I hope to be able to reach out and help some of the young people to avoid being taken for a ride.
If you fall within this group, this message is for you. If you are older, please help me to spread this message to your children or younger siblings (in the target age gropu), so that they become aware of making the right financial decision.
Tan Kin Lian
Friday, August 30, 2013
Learn about financial planning the low cost way
Mr Tan,
I have a happy family with 2 young teenagers. Both I and my wife are working and our income are at typical sandwich level. As we are growing old, we also feel uncertainty. We like to know how to make a wise financial planing and wise and low risk investment. Please advise.
REPLY
You can get your answer here
http://c-onyx.com/page/33
Look into http://c-onyx.com/tag/5 for answers to other topics.
If you want individual consultation, my fee is $150 per hour.
I have a happy family with 2 young teenagers. Both I and my wife are working and our income are at typical sandwich level. As we are growing old, we also feel uncertainty. We like to know how to make a wise financial planing and wise and low risk investment. Please advise.
REPLY
You can get your answer here
http://c-onyx.com/page/33
Look into http://c-onyx.com/tag/5 for answers to other topics.
If you want individual consultation, my fee is $150 per hour.
Thursday, August 29, 2013
Non-regulated products sold by financial adviser
A consumer approached me for help. She had invested $28,000 in an investment plan that was supposed to give her a monthly payment of $375 for 24 months and the full refund of her investment.
The plan was sold to her by a financial adviser working for a large, reputable life insurance company.
After receiving the payment for a few months, the payment stopped. She wanted to ask for a cancellation of the contract and a refund of her money. She was given a post dated cheque and after waiting for the due date, she was told that the company did not have the funds to pay her.
The documents for the contract showed that she had actually purchased 6 magnetic bangles which was supposed to be rented to users and the monthly payment was the rental fee for the bangles.
She had done some investigation and learned that the company promoting the scheme had been operating under various names for the last 20 years. She was surprised that they were allowed to continue for so long, cheating many people.
In her case, she was misled because the financial adviser, which is regulated by MAS, had recommended the investment to her and assured her that it was a safe and good investment to give her a retirement income. Instead, she lost her capital.
She allowed me to share this story to warn other consumers to be careful about the non-regulated products that are being marketed by financial advisers. The consumers could be easily misled.
She is keen to find a way to get back her money. I asked her to file a complaint against the financial adviser and also approach the Small Claim Tribunal to get her money back from the company that promoted the scheme.
Any helpful suggestions will be welcomed!
The plan was sold to her by a financial adviser working for a large, reputable life insurance company.
After receiving the payment for a few months, the payment stopped. She wanted to ask for a cancellation of the contract and a refund of her money. She was given a post dated cheque and after waiting for the due date, she was told that the company did not have the funds to pay her.
The documents for the contract showed that she had actually purchased 6 magnetic bangles which was supposed to be rented to users and the monthly payment was the rental fee for the bangles.
She had done some investigation and learned that the company promoting the scheme had been operating under various names for the last 20 years. She was surprised that they were allowed to continue for so long, cheating many people.
In her case, she was misled because the financial adviser, which is regulated by MAS, had recommended the investment to her and assured her that it was a safe and good investment to give her a retirement income. Instead, she lost her capital.
She allowed me to share this story to warn other consumers to be careful about the non-regulated products that are being marketed by financial advisers. The consumers could be easily misled.
She is keen to find a way to get back her money. I asked her to file a complaint against the financial adviser and also approach the Small Claim Tribunal to get her money back from the company that promoted the scheme.
Any helpful suggestions will be welcomed!
Tuesday, August 27, 2013
Class action on the Pinnacle Notes
Here is an update of the class action being taken by Singapore investors against Morgan Stanley on the Pinnacle Notes case.
http://www.businesstimes.com.sg/premium/top-stories/morgan-stanley-loses-fresh-bid-dodge-pinnacle-notes-suit-20130827
The judgment, up to now, has been in favor of the Singapore investors. The delaying action by Morgan Stanley is deplorable.
http://www.businesstimes.com.sg/premium/top-stories/morgan-stanley-loses-fresh-bid-dodge-pinnacle-notes-suit-20130827
The judgment, up to now, has been in favor of the Singapore investors. The delaying action by Morgan Stanley is deplorable.
Saturday, August 24, 2013
Onyx Website - a truly mobile website
I want to introduce you to the Onyx website, a website that is truly developed for viewing on a mobile phone. It is not a traditional website that is made mobile friendly. This Onyx website is developed to be mobile from the first page. www.c-onyx.com/3
Just think. Two thirds of users now read e-mails and social media content on a mobile phone. An Onyx website make it easy for them to go to your website and view its contents, to make transactions and
Buy TKL books and participate in contest
www.tklcloud.com/opal/public/4
Just think. Two thirds of users now read e-mails and social media content on a mobile phone. An Onyx website make it easy for them to go to your website and view its contents, to make transactions and
Buy TKL books and participate in contest
www.tklcloud.com/opal/public/4
Monday, August 19, 2013
FISCA talk - Investing in REITS
I sent out this message in the morning and another 3 people signed up within a few hours.
This is a new talk on investing in REITS. It is conducted by a FISCA committee member who has a few years of practical experience in analyzing stocks. As this talk will only be held once this year, you should register now. Do not miss it.
Register at www.fisca.sg/events
Members pay a fee of $10. Non-members can join on the spot to be a member and enjoy the reduced fee, together with a subscription of $36.
DO SPEND THE TIME AND SOME MONEY TO BE WELL EDUCATED ABOUT FINANCIAL PLANNING AND INVESTING. IT CAN MAKE A LOT OF DIFFERENCE TO YOUR FUTURE FINANCIAL HEALTH.
Date: 24 August 2013
Time: 2 to 4pm
Venue: Seminar Room 4.1 @ School of Economics & Social Sciences
Singapore Management University
Speaker: Mr. Victor Lee
Real Estate Investment Trust (REITs)
1.When to buy and sell REITs?
2.What are the factors to consider?
3.What are the risks?
This will be the only REITs' talk for this year.
This is a new talk on investing in REITS. It is conducted by a FISCA committee member who has a few years of practical experience in analyzing stocks. As this talk will only be held once this year, you should register now. Do not miss it.
Register at www.fisca.sg/events
Members pay a fee of $10. Non-members can join on the spot to be a member and enjoy the reduced fee, together with a subscription of $36.
DO SPEND THE TIME AND SOME MONEY TO BE WELL EDUCATED ABOUT FINANCIAL PLANNING AND INVESTING. IT CAN MAKE A LOT OF DIFFERENCE TO YOUR FUTURE FINANCIAL HEALTH.
Date: 24 August 2013
Time: 2 to 4pm
Venue: Seminar Room 4.1 @ School of Economics & Social Sciences
Singapore Management University
Speaker: Mr. Victor Lee
Real Estate Investment Trust (REITs)
1.When to buy and sell REITs?
2.What are the factors to consider?
3.What are the risks?
This will be the only REITs' talk for this year.
Different focus of financial talks
Many people attend talks on financial planning and insurance conducted by the financial advisers or insurance companies.
In this talk, the speaker will explain the importance of life insurance for risk management and for accumulating savings for the future. These concepts are correct.
However, the speaker will not mention one very important figure - one that can cost a few hundred thousand dollars to the consumer. This figure is shown in the benefit illustration. What is this figure?
Always remember. When you listen to a speaker, you should ask - is this speaker giving me the honest truth that benefit me, as a consumer, or are they hiding the essential facts?
If you want to know the essential facts, you should attend the talks given by a consumer-based organization - www.fisca.sg/events.
If you fail to act on this advice, be ready to lose a lot of money that should be accumulated for your own future!
In this talk, the speaker will explain the importance of life insurance for risk management and for accumulating savings for the future. These concepts are correct.
However, the speaker will not mention one very important figure - one that can cost a few hundred thousand dollars to the consumer. This figure is shown in the benefit illustration. What is this figure?
Always remember. When you listen to a speaker, you should ask - is this speaker giving me the honest truth that benefit me, as a consumer, or are they hiding the essential facts?
If you want to know the essential facts, you should attend the talks given by a consumer-based organization - www.fisca.sg/events.
If you fail to act on this advice, be ready to lose a lot of money that should be accumulated for your own future!
Medishield Life
t is a good idea to extend Medishield to a lifetime, to cover pre-existing illness and to offer it to those who are not covered now.
I have made this suggestion a few times over the past years. It takes the Government a long, long time, to understand it and to implement it. And, as usual ..... no acknowledgement of the contribution of the public.
And if there is worry that the cost will shoot out of the roof, it is exaggerated. All the treatment will be in subsidized wards in public hospital, where there is a cost cap. The public wards do not carry out expensive, experimental treatment - so the cost will be kept under control.
For elderly people above 90, most serious illnesses cannot be treated, so there is nothing that needs to be done in public wards. In fact, by attempting to treat, the patient may die faster.
The premium increase for young people should be quite modest, so there is no need to worry about it. For older people, a large part of the increase in cost is likely to be covered by the Government. Wait and see.
I have made this suggestion a few times over the past years. It takes the Government a long, long time, to understand it and to implement it. And, as usual ..... no acknowledgement of the contribution of the public.
And if there is worry that the cost will shoot out of the roof, it is exaggerated. All the treatment will be in subsidized wards in public hospital, where there is a cost cap. The public wards do not carry out expensive, experimental treatment - so the cost will be kept under control.
For elderly people above 90, most serious illnesses cannot be treated, so there is nothing that needs to be done in public wards. In fact, by attempting to treat, the patient may die faster.
The premium increase for young people should be quite modest, so there is no need to worry about it. For older people, a large part of the increase in cost is likely to be covered by the Government. Wait and see.
Sunday, August 18, 2013
Attend the right course on financial planning
Many people are told that it is a good idea to have compulsory saving for the future, so they put in $500 a month in a life insurance policy. They did not realize that the policy yield 2%, while investing in blue chip shares can earn 5% per annum, after deducting expenses and paying for life insurance cover separately.
The difference in maturity amount after 35 years is a staggering $240,000. Yes, it is a large sum of money - because you did not make the right decision!
To learn more about it, attend the FISCA talk on financial planning, www.fisca.sg/events and buy this book also,
http://tklcloud.com/opal/
Invest $6 and learn how to make the right decision for your future. Even if you have already been committed, you can still terminate the policy and invest your savings differently. It may be a better choice.
The difference in maturity amount after 35 years is a staggering $240,000. Yes, it is a large sum of money - because you did not make the right decision!
To learn more about it, attend the FISCA talk on financial planning, www.fisca.sg/events and buy this book also,
http://tklcloud.com/opal/
Invest $6 and learn how to make the right decision for your future. Even if you have already been committed, you can still terminate the policy and invest your savings differently. It may be a better choice.
Opal Recruiting Software
I wish to share my experience on using the Opal Recruiting software to recruit two software developers.
I created two pages for the two positions of Software Developer and Trainer Developer. These pages are advertised in my Facebook Page and in classified advertisements.
I received a total of about 50 applications for the two positions. These applications are scored based on the answers given by the applicants to the questionnaire.
I selected four applicants and sent an e-mail (from Opal) to ask them to select a time slot for a telephone conversation. These time slots are selected in Opal.
All four candidates responded to select their time slots. I viewed their replies in Opal and called them at the appointed time by telephone and discussed their applications. One candidate was found suitable, and is visiting the office for an evaluation test.
Another candidate for the Trainee Developer position is under processing.
This is the first time that I am using the Opal recruiting software, I experienced some teething issues. These have been rectified, so the next recruitment should be smoother.
The Opal Recruting software is available for use by other companies or recuriting agencies. Enquiries to kinlian@gmail.com.
I created two pages for the two positions of Software Developer and Trainer Developer. These pages are advertised in my Facebook Page and in classified advertisements.
I received a total of about 50 applications for the two positions. These applications are scored based on the answers given by the applicants to the questionnaire.
I selected four applicants and sent an e-mail (from Opal) to ask them to select a time slot for a telephone conversation. These time slots are selected in Opal.
All four candidates responded to select their time slots. I viewed their replies in Opal and called them at the appointed time by telephone and discussed their applications. One candidate was found suitable, and is visiting the office for an evaluation test.
Another candidate for the Trainee Developer position is under processing.
This is the first time that I am using the Opal recruiting software, I experienced some teething issues. These have been rectified, so the next recruitment should be smoother.
The Opal Recruting software is available for use by other companies or recuriting agencies. Enquiries to kinlian@gmail.com.
Taxes and GST
Some people have the thinking that higher taxes will drive businesses away from Singapore, leading to lower employment. This is the argument put forward by the Government when they reduce income tax and introduce GST.
I disagree with this view. There are many businesses that serve the domestic market and have to remain in Singapore, in spite of the level of tax. These include professional, financial, retail and other services catering to the local market.
The export-oriented manufacturers may be affected by higher taxes, but their decisions are more likely to be affected by other factors, such as rental, availability and quality of labor. The Government grants and tax holidays given to them will be more important than the rate of corporate tax.
When higher taxes are collected from the higher income earners, there is no need to collect GST. The higher tax revenue will enable the Government to provide basic public services, such as health care, education, law enforcement, and transport, free or at subsidized rates.
The chance of abuse of these basic public services is low. Nobody wants to go to hospital or take public transport or take the time of police officers for fun. They will only use it when necessary.
The older people will recognize that I am describing the environment found in Singapore in the 60s and 70s. After 1985, Singapore made many changes towards the market based economy that have led to high cost of housing, high cost of living and the wide disparity of income.
If we are to move back to a better economic or social environment, we need to understand the root cause of our problems and take the correct remedial actions.
I disagree with this view. There are many businesses that serve the domestic market and have to remain in Singapore, in spite of the level of tax. These include professional, financial, retail and other services catering to the local market.
The export-oriented manufacturers may be affected by higher taxes, but their decisions are more likely to be affected by other factors, such as rental, availability and quality of labor. The Government grants and tax holidays given to them will be more important than the rate of corporate tax.
When higher taxes are collected from the higher income earners, there is no need to collect GST. The higher tax revenue will enable the Government to provide basic public services, such as health care, education, law enforcement, and transport, free or at subsidized rates.
The chance of abuse of these basic public services is low. Nobody wants to go to hospital or take public transport or take the time of police officers for fun. They will only use it when necessary.
The older people will recognize that I am describing the environment found in Singapore in the 60s and 70s. After 1985, Singapore made many changes towards the market based economy that have led to high cost of housing, high cost of living and the wide disparity of income.
If we are to move back to a better economic or social environment, we need to understand the root cause of our problems and take the correct remedial actions.
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