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

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.

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!

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.

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/pdfbook/33

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.

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.

Be constructive and open minded towards change

I want to point out the difference between being constructive and being negative.

When I point out some flaws in the current situation in Singapore, I am being constructive. Why?

To solve a problem, we have first to agree that we have a problem, and to agree on what our problem is.

In most cases, I do have some idea about the possible solution. I will put them forward, only as a suggestion. It may or may not work, depending on how it is implemented.

There is no need for smartalecs to evaluate my suggestion and pass judgment on it. Some of these people belong to the brainless group anyway. Some of them are paid just to defend the status quo, and will find dishonest arguments to criticize suggestions for change.

Sometimes, I do criticize our leaders. That is because they refused to see a problem that has been around for decades and still persist on following the faulty policies. My criticism is also intended to be constructive. If they don't recognize the folly, when are they going to change?

I hope that most of my readers understanding my thinking and what I am trying to do. And come forward to help me to achieve the goal of finding alternative solutions to our long standing issues.

Make places more friendly to people

I observed that many parts of Singapore are not friendly to pedestrians and the public.

For example, in Midview City, the whole complex is enclosed and there are two vehicle gates and 1 pedestrian gate. If someone takes public transport to Midview City, they will have to walk a long way to find the gate (and signage is poor), and may find that they got the wrong gate and have to walk a long way to their destination.

This applies also to many other buildings in Singapore.

Somehow, most planners do not appear to look into the difficulties faced by the public in getting directions. The signage is usually inadequate and sometimes misleading.

There is too much attention on security (which I consider to be over-blown) and too little attention to the inconvenience and trouble it is causing to people. But, may I say, this is Singapore style.

Make the Police responsible to enforce the law

10 August 2013

Editor, Forum Page

Straits Times.

I refer to the letter by Adrian Lee Chiew Chaun entitled "Red tape discourages civic consciousness" (ST 10 August 2013).

Mr. Lee reported a case of an overfilled truck spilling sand on the road. His complaint was passed from one agency to another and all of them appeared to be unwilling to act on the offence.

Several years ago, the enforcement of the law was the duty of the Police, who were specially trained to handle violations. I suggest that the duty should be passed back to the Police to remove the current ambiguity.

I have heard anecdotes of how complaints are now being handled by investigators and suspect that there is too much reliance on paperwork. The effectiveness can be improved significantly by changing the focus to more field work and communication. It is likely that the person in charge is not aware of the violation of the violation. A request from the Police for a discussion is likely to result in corrective action being taken by the offender or the employer of the offender. The Police only need to pursue more intensive investigation on repeat offenders.

Let us go back to our old common sense approach to correct some of the problems that have been outstanding for a long time.

Tan Kin Lian

Challenges for Ministry of Manpower

The Minister for Manpower and his ministry had a difficult challenge to solve the following dilemma:

1) We need more manpower for the economy due to insufficient Singaporeans, low birth rate, and an expanding economy.
2) To have to make sure that Singaporeans are not replaced when more foreigners are allowed in
3) There are some jobs that Singaporeans will not do, or do not have the required skills
4) NS reservist training will continue to be a serious impediment in the employment of male Singaporeans
5) There is a high turnover rate of Singaporeans, which makes employers prefer to employ foreigners.

What can be done to solve these challenges?

$100 cash prize

$100 cash prize to be won in this easy contest
http://tklcloud.com/opal/contest/6

Investing retirement funds

8 August 2013

Editor

Forum Page

Straits Times

I wish to respond to Geoffrey Kung’s letter “retirement fund should be risk-free”
(ST 8 August 2013)

Risk-free assets, such as short term government bonds currently provide a yield
that is lower than inflation rate. Over the long term, there is a risk that the
retirement savings will be eroded by inflation.

For long term investors, it is more appropriate to invest in good quality shares
which have historically provided a yield that is higher than inflation. This is likely to 

continue in the future.

Mr. Kung seemed to worry about the chance of a loss in shares, if a person were to retire 

at the time when the market is down.

There is no need for the retiree to liquidate the investments at the time of retirement. If so, 

where does he or she invest the money that has been taken out?

It is better to remain invested in the good quality shares and to draw down from the savings 

a monthly sum that is needed for the living expenses.  This draw-down can come partly from 

the dividends paid on the shares and, if necessary, by the sales of small quantity of shares at

regular intervals.

If the market is bad, this will affect only the small amount that has to be liquidated and not 

the remainder of the shares that are invested for the long term.  The concept of dollar cost averaging 

works after retirement as well, and it applies to the monthly sums that have to be withdrawn.

It is more important for the investor to diversify the investments, so that they are not badly affected 

by the shares of a few companies that performed badly. A good way to achieve diversification 

is to invest in an index fund, such as the exchange traded fund that is created to track 

the Straits Times Index of 30 shares. The index fund has a low management expense.

A long term investor, who is invested in a diversified fund, should not worry about 

the short term volatility of the stock market. They should look forward to the dividends 

paid out regularly on the invested shares, and the long term growth of the shares.

Tan Kin Lian
President
Financial Services Consumer Association

You can create your own personal business card now

You can get a business card, provided by your company, only if you are in a marketing or senior position and that may happen several years after you start work.

Don't wait so long. You can create a Facecard now, i.e. the online version of the business card, while you are a student or have just started work and have not yet got an official business card. 

You can send this card to your friend or business contact. They can keep it in their virtual contact box. Your details will be automatically updated when you move to a new job or change your email or contact numbers.

Build up your network of contacts now. This may come in very handy in the years to come.

www.cfacecard.com.

Search for Facecard in Apple App Store. (Android version will be uploaded by mid August).

Top award for ex-President Nathan

Ex President Nathan is getting the top National Day Award, Order of Temasek (First Class) for exemplary service to the nation.

I have mixed feelings.

I know President Nathan to be a fatherly, friendly and humble person. So, I am happy that he is recognized for this award.

I also share the views of many Singaporeans, that he was paid quite handsomely for his service as President - perhaps more than $40 million over the two terms. So, it is not the same as voluntary or meritorious service  to the nation.

It would be nice for ex-President Nathan to donate a large part of that generous salary to a charitable foundation?

Or, for the Government to give a similar, but posthumous award, to former President Ong Teng Cheong?

These two gestures could do a lot to bring the people of Singapore together again.

There is hope for Singapore.

This thought went through my mind when I read the Straits Times headline, "Govt to play bigger role in building fair and just society".

Reading through the key points of PM Lee's message, I like the following actions:

1. Help children from less well-off family get off to a good start from pre-school
2. Help elderly cope with health care cost
3. Help every family own a HDB flat.

Equally important are the recognition that
4. Jobs are less secure and wages are rising more slowly or even stagnating
5. Families are working harder
6. Parents worry for their children's future
7. Country must remain united and get its politics right.

PM Lee still has to overcome a big credibility gap. Many people have said, "We heard this kind of nice words before, but nothing much had changed. How do we know that you are really serious this time?"

What is the most important single thing that he can do, to overcome this credibility gap?

He has also missed out a few sacred cows that are the root cause of the economic and social problems faced in Singapore. What are they?

Let's have a nice discussion. Happy National Day.

Solving the unemployment problem

To solve the unemployment problem, we need a better way to manage our human resources. This has to be done at a national level. 

Here are my ideas:

1. Those who are unemployed will register in a government managed website. They will be accessed for the type of work that they are capable of doing and the hourly rate of pay that are appropriate for the job.

2. Employers can tap into this pool of workers and employ them at the indicated rate. These employers will enjoy a wage subsidy from the government of 30% for a period of 12 months.

3. If the employer is still not profitable, the employer can apply for extension of the wage subsidy for another 12 months. The aim is to ensure that the employers can continue to keep these workers, and that the workers can enjoy a rate of pay that is appropriate and adequate for the job.

4. Over time, this may create a fair market for labor, where the rate of pay and terms of work are adequate for the workers and affordable for employers. It is better than the uncertain market conditions that is faced today.

I believe that there will be weaknesses in my proposed system, and look forward to contributions on how to make it more robust.

Investment Scam

Here is another example of an investment scam, sent to me by an investor.

Quote: I was introduced to a 2 year saving plan in Dec 2010. I invested $30,000 in company J (recommended by my friend) and received $400 each month for 12 months. Company J stopped payment due to "GST problem". 

I asked for the balance of my invested sum to be returned to me. Company J issued a cheque that is post-dated 6 months later. I banked in the cheque on the due date and was told that there was no money in the bank account.

I lodged a complaint to the Commercial Affairs Division. There were many other victims out side the office of Company J, but they did not lodge any police report. There was no news from CAD abut their investigation.

I got into this problem as it was recommended by a friend, who worked as an insurance agent. I trusted my friend and did not check the background of Company J. Unquote:

Positive experience with Facecard

I created my Facecard and sent to the friends and business contacts. Several of them created their Facecard, including those who has been out of touch with me for a few years. 
I get to know of their latest occupation and contact numbers, and also their latest e-mail address.
When they make changes in the future, I will automatically be notified of the latest information, without the need for my to update the record.
This is the advantage of Facecard.
You can create your card now at www.cfacecard.com and send them to your friends.

US Government sues Bank of America

In the Justice Dept suit, the govt alleged that Bank of America
"knowingly and wilfully misled investors about the quality and safety of their investments"..

http://m.bbc.co.uk/news/business-23596662