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

General education and individual consultation

here is a difference between general education and individual consultation.

For general education, you can read any blog (which is free) or spend a few dollars to buy a book or attend a talk.

For individual consultation on a problem that is specific to your personal situation, you have to see an adviser or expert and pay the consultation fee. This does not come free.

There are many people who do not wish to spend a few dollars on a book or talk, and expect to get individual advice for free. Many of them end up getting the wrong device given for free by people with a vested interest to sell the product.

The consumer ends up with a bad investment decision that will cost them a large sum of money. In some cases, they lose all their money through an investment scam.

This problem will continue to persist, as long as people continue to be gullible, have a mindset to get free advice. You can describe them as "Penny wise, pound foolish".

Easy contest - mobile apps

Here is another easy to win contest
http://tklcloud.com/opal/contest/5

Take part in this easy contest and win a prize

Take part in this easy contest
Win 5 PDF books worth $22 (to be given to 10 winners drawn at random). 
http://tklcloud.com/opal/contest/4

Strong demand for new HDB flats for singles

There is a strong take-up rate of the new 2 room HDB flats by singles. This is a no brainer. 

If there is a big pool of ready buyers with money, and a subsidized flat is being offered, e.g. through a large cash or CPF grant, it will surely attract many buyers. 

While most applicants need it for their own occupation, some may use it as an "investment" to earn rental income. I do not know the details of how the investment opportunity may work, but I will not be surprised if some of these devices are uncovered in time to come.

The positive side is that the new measures will take off the pressure on resale HDB flats. I expect the prices of resale flats to come down, and that will be good for most people - except the speculators.

Edward Snowden and state surveillance

Edward Snowden is being pursued by the US Government for "leaking" information about its surveillance activities. He has been granted one year asylum by Russia. Is Russia doing the right thing?

Should Edward Snowden be considered a "leaker", "whistle blower" or "dissident" ?

Read this article
http://www.aljazeera.com/indepth/opinion/2013/08/2013841016657318.html

Software Developers

I have two vacancies in software development for citizens and permanent residents, or those on dependent pass.

Software developer
http://tklcloud.com/opal/recruit/9

Software developer (trainee)
http://tklcloud.com/opal/recruit/10

Interview with Journalist Chris Hedges

I have watched all 7 segments of the interview. I recommend that you watch them. The issues discussed in "Reality Assets Itself" contain a brilliant analysis of the current issues faced in the world, and to many of the problems faced even in Singapore. 

http://therealnews.com/t2/index.php?option=com_content&task=view&id=731

Investing for retirement

There is some debate in the Straits Times on how to achieve a good return over the long term.

Leaving the money in the special account in CPF to earn 4% per annum, with no risk, is an acceptable way.

It is equally acceptable to invest in an index fund of blue chip shares. The investment risk is reduced considerably by diversification, investing for the long term, and dollar cost averaging, i.e. investing and withdrawing in small amounts.

For consumers who understand the concept, investing in an index fund is better and can achieve a return that is better than 4% in the special account.

The CPF special account is allowed to be invested in the index fund (or the STI exchange traded fund).

There is no need to invest in a "life cycle" fund, where the proportion of shares is reduced nearer retirement. The consumer can keep invested in shares after retirement and take out each month what is needed for living expenses.

This concept is explained in the book, "Financial Planning for Young People", www.tklcould.com/pdfbook/33

Will MAS do the same?

Someone sent this news to me and asked, "Will MAS do the same?"

China moves to eliminate financial scam advertisements
AFP | Thu, Aug 01, 2013
BEIJING - China kicked off a nationwide campaign on Thursday to do away with advertisements for financial scams promising big returns at no risk, highlighting concern over the potential for trouble as financial know-how lags behind rising personal wealth.

The China Banking Regulatory Commission said the three-month "clean-up campaign" would take aim at the huge number of advertisements in China for wealth management products, no-interest loans, real estate and many other "no-risk, high-return" schemes from planting forests to breeding animals.

A commission statement said the campaign would "protect the legitimate interests of the masses" and "clean up the market environment".

Such advertisements, it said, would be eliminated, advertisers identified and their actions used to educate the people. Preventive policies would be put in place and offenders investigated.

Financial scams have multiplied in China as individual wealth grows, but a lack of financial knowledge and education means many people do not know how to protect their money.

People convicted of big frauds in high-profile cases have been sentenced to death as authorities remain wary of the potential for social unrest.

Last month, police had to intervene after about 1,000 people overran a branch of China's central bank in a southern town as a rumour spread that it was handing out zero-interest loans.

Job vacancies

Try out these fictitious advertisements to get a feel of your suitability for these positions, and win a prize.

Marketing Executive
http://tklcloud.com/opal/recruit/2

Customer Service Representative
http://tklcloud.com/opal/recruit/4

Administrative Asst
http://tklcloud.com/opal/recruit/5

FISCA Talk - Consumer Guide to Insurance, 3 August 2013

Are you buying the right life insurance policy? Are you getting good value for your premiums? Find out in this talk

Consumer Guide to Insurance, Saturday 3 August 2013.

More details of this talk can be found here:
http://www.easyapps.sg/assn/Org/File.aspx?ID=267&Frame=1

Register for this talk at 
http://easyapps.sg/assn/Org/EventRegForPublic.aspx?EvID=718&id=5

Act now. The right decision can mean more than $100,000 in additional payout to you at maturity. 

Falling motor insurance rates

Motor insurance rates have been rising in Singapore for several years.

It is possible for the rates to fall, if the authority and the insurance companies take serious and effective measures to combat the fraud. The UK has shown a good example of what can be done. It is time for Singapore to buck up.

http://www.bbc.co.uk/news/business-23474426

SingTel's sports package

SingTel has announced a subscription price of $59.90 for its sports package that nearly double the previous price. of $34.90. 

I cannot see any commercial or sensible reason for this decision. It reflects an arrogant attitude and disregard for fair treatment of the public. 

In most countries, there will be demonstrations on the streets and in the public media, and active discussion in Parliament. But, sadly, not in Singapore.

This clearly reflects the weakness of the political environment in Singapore and is bad for the future development of our society. 

I hope that our government leaders will reflect on the harm that is being caused by their social, economical and political policies.

Malpractice in the Public Service

A senior officer of the Corrupt Practices Investigation Bureau has been charged for embezzling public funds to feed his gambling habit in the casino.

This has provoked a decision by the head of the civil service to review the rules on visits to the casino by public officers.

This is a typical reaction in Singapore - to address the symptoms and not the root cause.

There are many opportunities for public officers to gamble, besides vising the casino in Singapore. How about other forms of gambling, such as the turf club, casino overseas, or the stock market?

If the casinos are bad, why only ban public officers? How about other citizens or even foreign workers?

If public officers are to behave properly, we need a better system of oversight and supervision, that is clearly lacking in our system, judging from the many cases of abuse of power that has been observed lately.

Our government leaders have to set the example of being transparent and accountable, so that the same standard can pervade to all levels of the public service and to our society in general.

Masters of Life on Meaningful Life

Masters of Life on Meaningful Living is Tommy Wong's latest books. You can view details here:
http://tklcloud.com/pdfbook/37

How to use Facecard

Facecard is now ready for you to register and use. But first, you have to watch this video.
http://youtu.be/LkwTL5oLHvc

Finnland's welfare system works

Finnland has a better approach than USA or Singapore
http://www.theatlantic.com/international/archive/2013/07/the-secret-to-finlands-success-with-schools-moms-kids-and-everything/277699/?single_page=true

RUBY Accounting Software

This PDF book, which describes a simple accounting system for a small business, is provided fee now. I hope to get feedback from accounting students and practicing accountants. 
http://tklcloud.com/pdfbook/35

HOW TO DEVELOP COMMON SENSE

1. Start with learning how to think; don't just follow other people blindly. 
2. In any situation, evaluate the chance and severity of an event; don't just say "security is of utmost important", "no tolerance for failure", etc. 
3. Ask - what would most common people do in a situation like this? That is the "common sense".

 Common sense is defined by Merriam-Webster as, "sound and prudent judgment based on a simple perception of the situation or facts."
Thus, "common sense" (in this view) equates to the knowledge and experience which most people already have, or which the person using the term believes that they do or should have. 
The Cambridge Dictionary defines it as, "the basic level of practical knowledge and judgment that we all need to help us live in a reasonable and safe way"