Watch this video
http://www.youtube.com/watch?v=wRXS0s_XS60
Wednesday, December 15, 2010
Mobile App - Learning Tips
You can watch this video to find out about Learning Tips which will soon be available on Windows Phone (and later on other mobile platforms):
http://www.youtube.com/watch?v=sxFDsaEYJ_4
http://www.youtube.com/watch?v=sxFDsaEYJ_4
Preventing dementia
Learn the tips to prevent dementia here. http://easyapps.sg/learn/
This is important for elderly people.
You can also view the other tips.
You can also download the tips to a Windows Phone soon. It will also be available on other platforms in a few weeks time, e,g. Apple phone, etc.
This is important for elderly people.
You can also view the other tips.
You can also download the tips to a Windows Phone soon. It will also be available on other platforms in a few weeks time, e,g. Apple phone, etc.
OKI Color Printer C3300
I have an OKI color printer. I need the refill for two colors - magneta and cyan.
I have to order the refill (powder) from OKI. It is expensive and takes a long time to come.
I am willing to try the power from other sources. Any suggestion on compatible powder that I can use?
For my next color printer, I will buy one that has a more available source of supply of the power or ink. Any suggestion?
I have to order the refill (powder) from OKI. It is expensive and takes a long time to come.
I am willing to try the power from other sources. Any suggestion on compatible powder that I can use?
For my next color printer, I will buy one that has a more available source of supply of the power or ink. Any suggestion?
Be educated about insurance
I meet with this situation a few times each week. The consumer send an e-mail to me, through my website, asking for my views about the life insurance policies that are being sold to them by an agent.
From the nature of the enquiry, I conclude that the consumer:
a) does not understand the product
b) did not read the benefit illustration
c) did not read the FAQ in my website or my financial planning book.
The consumer wanted me to spend time to analyse the policies that have been offered to them. I usually give this reply to the consumer:
a) read my FAQ and financial planning book
b) it is the duty of the agent to explain the product clearly to you, as the agent is earning a few thousand dollars in commission when you buy the product.
c) do not buy any financial product that is not clear to you - as you can give away a few hundred thousand dollars of your accumulated savings.
d) be wary of insurance agents and their half truths.
I advise consumers to make the effort to be educated through reading my FAQs, my financial planning book and attending the educational talks organised by FISCA. Do not rely on advice from other people, as some of them are untrustworthy and can cheat you. I do not have the time to analyse so many complicated policy plans that are introduced by the life insurance companies and their creative, highly paid experts.
Get ready to buy and read my new book, "Get value from your life insurance policy" which will be launched in January 2011.
Tan Kin Lian
From the nature of the enquiry, I conclude that the consumer:
a) does not understand the product
b) did not read the benefit illustration
c) did not read the FAQ in my website or my financial planning book.
The consumer wanted me to spend time to analyse the policies that have been offered to them. I usually give this reply to the consumer:
a) read my FAQ and financial planning book
b) it is the duty of the agent to explain the product clearly to you, as the agent is earning a few thousand dollars in commission when you buy the product.
c) do not buy any financial product that is not clear to you - as you can give away a few hundred thousand dollars of your accumulated savings.
d) be wary of insurance agents and their half truths.
I advise consumers to make the effort to be educated through reading my FAQs, my financial planning book and attending the educational talks organised by FISCA. Do not rely on advice from other people, as some of them are untrustworthy and can cheat you. I do not have the time to analyse so many complicated policy plans that are introduced by the life insurance companies and their creative, highly paid experts.
Get ready to buy and read my new book, "Get value from your life insurance policy" which will be launched in January 2011.
Tan Kin Lian
Taxi fares in Kuala Lumpur - two tiers
I took a taxi from a hotel. The fares start at M$6. The journey cost M$14. I flagged a taxi from the road for teh return journey. The fare started at M$3. The return journey cost M$7. On both occasions, it was easy to get a taxi - no hassle (but it was on a Saturday afternoon).
I learned that there were two taxi fare system in Kuala Lumpur - the hotel taxis and the ordinary taxis. The taxis were marked clearly. A commuter can decide to go for the higher or the cheaper fare. This is similar to the choice of economy or business class fares on an airline. It is transparent and give choice to the commuters.
I find the fare systems in Singapore to be too complicated. Perhaps, we should adopt a system similar to Kuala Lumpur. Let us learn from our neighbor some of the time!
I wrote to the Straits Times Forum about suggestions to improve our taxi service. The letter was not published. I have posted it here.
Tan Kin Lian
I learned that there were two taxi fare system in Kuala Lumpur - the hotel taxis and the ordinary taxis. The taxis were marked clearly. A commuter can decide to go for the higher or the cheaper fare. This is similar to the choice of economy or business class fares on an airline. It is transparent and give choice to the commuters.
I find the fare systems in Singapore to be too complicated. Perhaps, we should adopt a system similar to Kuala Lumpur. Let us learn from our neighbor some of the time!
I wrote to the Straits Times Forum about suggestions to improve our taxi service. The letter was not published. I have posted it here.
Tan Kin Lian
Happiness and wealth
There is an article in the international media that happiness does not increase with the wealth of a country. This article has relevance to Singapore. SGEP
Taxi service in Singapore
The taxi service has deteriorated in recent years. It is now costly and the quality of service is unsatisfactory. Here are some suggestions to improve the taxi service.
www.tankinlian.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=319
www.tankinlian.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=319
Talk by Dr. Jacques Attali (13 January 2011)
One reader of my blog decided to attend the talk by Dr. Jacques Attali (more details here). He sent this message to me.
Dear Mr. Tan
1) Political system need to be opened up further. Singapore's future looks glim if we continue to live in a state of "virtual democracy".
2) Public education need to be enhanced further in the area of politics, finance and economy. The goal is not to train everyone to be an expert but to expose the people to what they don't know. Otherwise they'll forever be in the state of "don't know what they don't know". For example, I've never been exposed to socialism till I start reading your blog. Previously I've always thought there's only democracy and communism. I'm reading more on socialism but have not formed my conviction.
3) Due to my belief and profession, I've always believed that globalization is inevitable and no point resisting it, just be ready for it.
4) I'm not interested to run in politics but always interested to cast my vote responsibly that's why Singapore's media frustrated me greatly.
5) The global recovery from the crisis is faked, US is trying to inflate themselves out of debt despite Tim and Obama denying it. What they've done is just temporary prop up the US economy so that there won't be major, immediate social unrest. Give as many investor as possible a time to exit. The subprime issue (root) that's been causing the pain is still not solved yet.
Dear Mr. Tan
I'm educated in the field of technology and economy, politics and finance are all very foreign subject to me, Singapore had been my "sky" till I started to travel due to job requirement.
A few things Singapore need to improve:
1) Political system need to be opened up further. Singapore's future looks glim if we continue to live in a state of "virtual democracy".
2) Public education need to be enhanced further in the area of politics, finance and economy. The goal is not to train everyone to be an expert but to expose the people to what they don't know. Otherwise they'll forever be in the state of "don't know what they don't know". For example, I've never been exposed to socialism till I start reading your blog. Previously I've always thought there's only democracy and communism. I'm reading more on socialism but have not formed my conviction.
3) Due to my belief and profession, I've always believed that globalization is inevitable and no point resisting it, just be ready for it.
4) I'm not interested to run in politics but always interested to cast my vote responsibly that's why Singapore's media frustrated me greatly.
5) The global recovery from the crisis is faked, US is trying to inflate themselves out of debt despite Tim and Obama denying it. What they've done is just temporary prop up the US economy so that there won't be major, immediate social unrest. Give as many investor as possible a time to exit. The subprime issue (root) that's been causing the pain is still not solved yet.
FISCA financial planning talk
There were many young people, including couples, who attended by financial planning talk on 4 December. Most of them found the talk to be useful.
Some were shocked to learn that the life insurance policy, which required them to save a large part of their earnings each month, gave a poor yield. They also learned that they can get a much better return by buying term insurance for 25 years and investing their savings in a low cost investment fund, such as the STI exchange traded fund that can be bought through the Singapore Exchange.
A few attendees told me that they will be recommending their friends to attend the talk, as it will benefit them as well. A couple said that they have asked their nephew and niece to attend my next talk.
Those who are interested to learn about investing in ETF and REITS can attend another FISCA talk. The details can be found here. The talk was previously called "Invest for the Long Term". The new title is "Invest in shares, REITs and ETFs" but it is essentially the same talk. This talk is sponsored by SGX, so the cost is only $10.
Tan Kin Lian
Some were shocked to learn that the life insurance policy, which required them to save a large part of their earnings each month, gave a poor yield. They also learned that they can get a much better return by buying term insurance for 25 years and investing their savings in a low cost investment fund, such as the STI exchange traded fund that can be bought through the Singapore Exchange.
A few attendees told me that they will be recommending their friends to attend the talk, as it will benefit them as well. A couple said that they have asked their nephew and niece to attend my next talk.
Those who are interested to learn about investing in ETF and REITS can attend another FISCA talk. The details can be found here. The talk was previously called "Invest for the Long Term". The new title is "Invest in shares, REITs and ETFs" but it is essentially the same talk. This talk is sponsored by SGX, so the cost is only $10.
Tan Kin Lian
FISCA insurance talk
I will be giving an exercise at the end of the talk. It will help you to learn the topics better. The exercise will be simple and some questions can be answered by applying common sense. You can try this exercise. If you like what is the questions and find them to be useful to improve your understanding, you can register now for the talk, which will be held at 2 pm this Saturday.
WikiLeaks and Negative Views
WikiLeaks reviewed the negative views that were purported to be conveyed by senior Singapore diplomats about some of our neighbors. This has caused Malaysia to lodge a protest and has temporarily soured relations.
The trouble is that the leaks revealed the negative views. It would be quite different if the leaks revealed the positive views that were expressed about some of our neighbors, such as the the positive qualities of their leaders and the progress that they are making to solve their problems.
Two decades ago, Mr. Lee Kuan Yew said a few positive views about President Suharto's leadership. This was followed by a long period of extremely warm relations between the two countries. Some foreign observers had commented on the negative aspects of the Suharto regime, but it does not really matter. It has its positive aspects as well - which is more important.
Our leaders and Singaporeans in general have to learn how to look at the positive side, and to express positive views of other people. We have to learn to see "what is right" and not focus too much on "what is wrong". If we have to point out what is wrong, it can be done in an objective manner, without attributing any negative qualities to specific people. We do not need to be judgemental.
I hope that future leaks can help to build relations with our neighbors.
Tan Kin Lian
The trouble is that the leaks revealed the negative views. It would be quite different if the leaks revealed the positive views that were expressed about some of our neighbors, such as the the positive qualities of their leaders and the progress that they are making to solve their problems.
Two decades ago, Mr. Lee Kuan Yew said a few positive views about President Suharto's leadership. This was followed by a long period of extremely warm relations between the two countries. Some foreign observers had commented on the negative aspects of the Suharto regime, but it does not really matter. It has its positive aspects as well - which is more important.
Our leaders and Singaporeans in general have to learn how to look at the positive side, and to express positive views of other people. We have to learn to see "what is right" and not focus too much on "what is wrong". If we have to point out what is wrong, it can be done in an objective manner, without attributing any negative qualities to specific people. We do not need to be judgemental.
I hope that future leaks can help to build relations with our neighbors.
Tan Kin Lian
Tuesday, December 14, 2010
Test your knowledge of insurance
Do you want to test your knowledge of insurance? Try this test.
If you find it difficult, you should attend the FISCA talk on insurance (www.fisca.sg/events) or your can read this powerpoint.
If you find it difficult, you should attend the FISCA talk on insurance (www.fisca.sg/events) or your can read this powerpoint.
Capitalist system and its safeguards
Singapore adopts the capitalist, free market system that prevails in America. However, the American system has the following safeguards for consumers:
- If retail investors bring up a case against a financial institution and loses their case, they do not have to bear the legal cost of the other party.
- Some lawyers in America are willing to bring up the case on behalf of the retail investors on a "success fee" basis. The lawyer will bear all the expenses and will only charge their fees and expenses on the successful outcome
- If there is sufficient merit, the attorney general will take up the case on behalf the retail investors, rather than leave it to them to fight the financial institution on their own. The attorney general is the lawyer for the people, as well as the lawyer for the government.
If Singapore had the same safeguards, the retail investors of the DBS High Notes would not have to suffer the outcome that they faced yesterday, when their case was rejected by the High Court judge and face the prospect of paying large legal fees, in addition to losing their invested principal.
Tan Kin Lian
Court case on DBS High Notes - legal fees
In passing the judgement on the DBS High Notes case, the judge indicated that he will be giving a ruling on cost at a later date. This ruling will determine how much of the legal cost incurred by DBS will have to be paid by the investors.
It will be honorable for DBS to bear its own legal cost entirely and to ask the judge not to pass the cost to the investors. After all, the investors had lost a lot of their savings by investing in the High Notes that were created by DBS and marketed by DBS. If DBS does not make this request, I hope that the judge will decide that each party should bear its own cost, in the light of the circumstances.
Tan Kin Lian
It will be honorable for DBS to bear its own legal cost entirely and to ask the judge not to pass the cost to the investors. After all, the investors had lost a lot of their savings by investing in the High Notes that were created by DBS and marketed by DBS. If DBS does not make this request, I hope that the judge will decide that each party should bear its own cost, in the light of the circumstances.
Tan Kin Lian
Dispute on interest rate with NTUC Thrift
Dear Mr. Tan,
I was Ntuc thrift member for some years till recently, Thrift sent letter to me to cease all my accounts as they recently did a clean up and flagged that I was no longer a member. As my 2-yr FD matures in 2012, they agreed to pay on the interest rate for the invested period at the interest rate for tenor 9 month. Is this fair? Should they pay at the original interest rate despite reduce tenor?
Alex
They should allow you to continue the 2 year tenure and pay you the agreed rate. If they wish to terminate earlier, they have to discuss with you on what is a fair rate - which should be the same interest rate but pro-rated for a shorter period.
Alex
If the people in charge don't care, there is nothing much that I can do.Sorry.
Tan Kin Lian
Can I go to MAS?
Alex
You can go to MAS or the Prime Minister, but they probably don't care also.
Tan Kin Lian
I was Ntuc thrift member for some years till recently, Thrift sent letter to me to cease all my accounts as they recently did a clean up and flagged that I was no longer a member. As my 2-yr FD matures in 2012, they agreed to pay on the interest rate for the invested period at the interest rate for tenor 9 month. Is this fair? Should they pay at the original interest rate despite reduce tenor?
Alex
They should allow you to continue the 2 year tenure and pay you the agreed rate. If they wish to terminate earlier, they have to discuss with you on what is a fair rate - which should be the same interest rate but pro-rated for a shorter period.
Tan Kin Lian
Who can I get help for Thrift to honour the original FD? MAS? I have already asked Thrift on the following occassions: 1) I spoke with head of operations 2) Appealed to CEO during follow up call 3) Copied my appeal to MCYS I sought help from MCYS but as there is no contractual issue so there's nothing they can do. |
If the people in charge don't care, there is nothing much that I can do.Sorry.
Tan Kin Lian
Can I go to MAS?
Alex
You can go to MAS or the Prime Minister, but they probably don't care also.
Tan Kin Lian
Life insurance policies sold to elderly, illiterate person
I spent one hour talking to an angry person. His mother was sold 2 life insurance policies 15 years ago by an agent (a family friend) who told her a pack of lies. They had approached the insurance company a few years ago, but the matter was not resolved. He sought my help to advise him on what he could do now.
Honestly, his grounds are weak. It was 15 years ago. It was the word of one person (his mother) against another person (the agent). To make matters worse, the agent could not be located.
He felt that it was most unjust. He related on why the life insurance policies were sold to his mother, who was illiterate and unsavvy. He asked for my views, as the ex-head of a life insurance company, on what the problem was - that caused this type of unpleasant situation. Was it due to the fact that the insurance agent were not paid a salary and had to earn a commission by telling lies?
I tried to answer his questions, but he appeared to be not listening. I told him that it was unfair for him to now place the burden on to me. I did not cause this situation, and had no power to address it. It is easy for the people in charge, such as the MAS or the member of parliament, to close their eyes and ears to the problem. Maybe, I should also do the same?
Tan Kin Lian
Honestly, his grounds are weak. It was 15 years ago. It was the word of one person (his mother) against another person (the agent). To make matters worse, the agent could not be located.
He felt that it was most unjust. He related on why the life insurance policies were sold to his mother, who was illiterate and unsavvy. He asked for my views, as the ex-head of a life insurance company, on what the problem was - that caused this type of unpleasant situation. Was it due to the fact that the insurance agent were not paid a salary and had to earn a commission by telling lies?
I tried to answer his questions, but he appeared to be not listening. I told him that it was unfair for him to now place the burden on to me. I did not cause this situation, and had no power to address it. It is easy for the people in charge, such as the MAS or the member of parliament, to close their eyes and ears to the problem. Maybe, I should also do the same?
Tan Kin Lian
Message from Spa Victim
Dear Mr. Tan,
Thank you for helping to raise awareness. I am encouraged by your efforts to fight for justice for consumers and the common man.
In respect to the recent case where hundreds of millions of dollars are lost when True Spa and Subtle Senses stopped operations, below are 2 links for your readers' attention.
1. Here is the link to the newspaper report. This is an update on the case about True Spa and Subtle Senses.
http://www.singaporelawwatch.
2. There are about 20,000 consumers. We need to get as many people to come together as possible to go after the owners of True Spa who started this mess.
Here is the link to the facebook group - Victims of True Spa Subtle Senses
http://www.facebook.com/home.
Many thanks for your time.
Spa Victim
Thank you for helping to raise awareness. I am encouraged by your efforts to fight for justice for consumers and the common man.
In respect to the recent case where hundreds of millions of dollars are lost when True Spa and Subtle Senses stopped operations, below are 2 links for your readers' attention.
1. Here is the link to the newspaper report. This is an update on the case about True Spa and Subtle Senses.
http://www.singaporelawwatch.
2. There are about 20,000 consumers. We need to get as many people to come together as possible to go after the owners of True Spa who started this mess.
Here is the link to the facebook group - Victims of True Spa Subtle Senses
http://www.facebook.com/home.
Many thanks for your time.
Spa Victim
Democracy rating
Singapore has climbed 9 rungs in the democracy rating, according to the Economist Intelligence Unit. Do you agree with the findings? SGEP
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