TKL books at a discount

You can buy these books at a discount in TKL's office and also save on the handling charge of $3.
http://tankinlian.com/admin/file.aspx?id=843&IID=850

Allow other forms of cashless payment

Published in Straits Times Online.

THERE is an ongoing dispute between taxi companies and Visa over the 10 per cent surcharge for fares paid with Visa cards ("Two more cab firms to no longer accept Visa"; last Saturday).

The withdrawal of Visa card payments will make it inconvenient for many commuters.

It would be fair for them to pay a small fee for the service, but the 10 per cent surcharge appears rather high.

Singapore has introduced platforms for payment through CashCards and ez-link cards. Surely, these could be used instead?

As they are pre-paid cards, there is no credit risk.

There is still a cost incurred to operate the platform, but this should be quite low and could be easily absorbed by the taxi companies.

This form of payment can also be used for online purchases, for example, air tickets for budget airlines.

Perhaps the key issue is in deciding on a fair charge where many parties are involved, namely, the public, businesses, banks and platform operators.

I suggest that the Monetary Authority of Singapore take the lead in this matter.

Tan Kin Lian
President
Financial Services Consumer Association
www.fisca.sg

Facecard to be launched on 1 August 2013

Bad customer service of Tiger Air

Dear Tan,

I have a complaint to make about Tiger Airways and wonder if you can advise me as to the relevant official agency in Singapore for this?

My wife and I have booked and purchased a round-trip from Singapore* to Bali at the end of the year and without my knowledge, agreement or wish Tiger Airways included an insurance policy in the price! I wrote to them immediately after the tickets were issued and I discovered the unwanted insurance, Have written to them and, after several reminders, they refuse to do anything. Don't really care about the money (SGD 60) but angry about the principle.

REPLY

I do not know the people of Tiger Air personally. They are a subsidiary of Singapore Airlines. 

I also feel quite annoyed at the bad business practice of the airline (to push expensive travel insurance to their customers). It is also very bad that they don't reply to their customers. 

I have made complaints on other issues to government ministers and they don't reply to me. So, I send them a reminder and asked them to reply. 

Financial Planning for Young People

Financial Planning for Young People.
This new PDF book is now on offer at a special price of $4, for a limited period only. It contains a Test of Financial Awareness, to help in the understanding of the concepts.
http://tklcloud.com/pdfbook/33 

TradeStock app

Here is a revised brochure for the TradeStock app. 
This mobile app allows you to practice trading in stocks and currencies. It simulates the price movement of a stock according to random factors and an underlying bull or bear trend. You will learn how to detect the underlying trend and trade profitably.|
http://tankinlian.com/admin/file.aspx?id=841&IID=848

Test your financial awareness

Are you financially aware?

Do this test and check your score. The answers are given on the last page.

Be financially aware, so that you can earn a better return on your savings, and be financially sound. Do not let other people take away the return that should go to you, for your hard work.

This test is FREE.

http://tklcloud.com/pdfbook/32

TradeStock

TradeStock
This mobile app allows you to practice trading in stocks and currencies. It simulates the price movement of a stock according to random factors and an underlying bull or bear trend. You will learn how to detect the underlying trend and trade profitably.
http://tankinlian.com/admin/file.aspx?id=841&IID=848

This app will be available in August. This is just a preliminary announcement.

Vacancies in TKL Associates

I have vacancies for these two positions

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

Senior Software Developer
http://tklcloud.com/recruit/7

Closing Date: 20 July 2013

Interview Questions

Questions are posed by a student doing a project. The answers are given by Tan Kin Lian.

1. Do you think young adults are able to manage their money well?

Answer: Most young adults are not able to manage their money well. They do not know the fundamentals of budgeting, the importance of savings, and do not know how to make the right types of investments.

2. What are some on-going activities available for young adults on money management?

Answer: They can attend talks on financial literacy conducted by community centers and government agencies. However, they should be wary about talks that are conducted by representatives from financial institutions, as these speakers are reluctant to tell consumers how to different between good and bad financial products. The financial institution can make a better profit margin from the bad products. It is better for consumers to attend talks conducted by pro-consumer organizations.

3. To what extent are parents and schools responsible for money management issues among young adults?

Answer: Parents and schools should provide guidance to the young adults on the suitable educational talks and books on financial management. However, if the parents and teachers are ignorant themselves, they would not be able to provide the right guidance.

4. Are there any schemes for children to start saving from young? If yes, what are they? If no, what are some possible schemes that can be implemented?

Answer: The problem about saving is that the interest rate paid on savings is extremely low and is lower than the rate of inflation. In this environment, it is difficult for children and young adults to be interested in saving, as they find that their savings are eaten away by inflation. It is important for the government to provide bonds that can give a better return than inflation rate, so that people find it attractive to save. The government has to play a role here.

5. Do you think that counselling is an effective solution to solve the problem of young adults overspending? Why or why not?

Answer: It is more important to educate young people about budgeting, saving and spending, and the high interest rate charged on credit card and other borrowings. If the young people are aware about these fundamentals, they will be more willing to save. There are a few websites that are written by pro-consumer writers. The young people should be introduced to these websites.

Do first, instead of asking

Over the years, I have observed a common habit among many Singaporeans, especially the younger ones - they ask before they think.

Even when fairly complete instructions were given to them, they ask for detailed instructions on every step. I described it as "lack of initiative" or "common sense".

This is probably due to our education system, which focused on examination and the drive to get 100% score.

I wish to share two wise sayings from ancient times:
- When you don't know what to do, the doing will tell you
- Seek not to find the answer, but to understand the question.

I often give this advice to young people. You only need to know the important things. You can start to do what you know. The parts that you do not know will be clearer to you after some time - by then, you may know the answer, or may be able to ask more focused questions.

I hope that this tip will be useful to guide young people on addressing the uncertainties that they face in their jobs and in life.

DBS Ideal 3 - a starter's guide

I have published a new PDF book called "DBS Ideal 3 - a starter guide". It gives tips to corporate customers of DBS bank on how to use Ideal 3 easily, 
This book is free for the time being. Hope you enjoy it. It takes 30 minutes to read. 

http://tklcloud.com/pdfbook/31

Cleaning of hawker center in Aljunied

Read my views and the comments of other readers on this "petty issue"
https://www.facebook.com/kinlian/posts/503209903085000

DBS Ideal 3 - my journey

I have published a new PDF book called "DBS Ideal 3 - my journey". This talks about my experience in using internet banking for my corporate account. It also contains some tips to make the learning curve easier for corporate customers of DBS who moves to this new platform.
My difficulty with this internet platform reflects my general experience with websites designed by large organizations in Singapore. They follow a style that I can describe as "confusing". Someone, this seems to be a corporate culture, which seem to lack common sense.
This book is free for the time being. Hope you enjoy it. It takes 30 minutes to read.
http://tklcloud.com/pdfbook/31

Case study - file a claim for medical incapacity

Someone asked me for help to lodge a medical incapacity claim under the Dependent Protection Insurance Scheme. He thought that I was an expert and should know if his medical condition qualified for the claim. 

I first have to seek the definition of the coverage. After searching the websites of MOM, CPF and the insurer, I found that it is defined as "physically/ mentally incapacitated and unable to find work" as certified by a doctor.

He is reluctant to incur an expense of $150 to pay the doctor to provide a report, only to find the claim rejected by the insurer. He asked if his condition is likely to be approved - which I do not have the answer.

I helped him to write a personal statement showing his employment history and medical treatment over the past ten years. He had tried and was able to work for less than a year at the beginning. He was largely unemployed for the last 8 years. Nobody would employ him, due to his mental condition.

I asked him to show the personal statement to the doctor and ask if he can certify that his is incapacitated from working. If so, the doctor can write the statement. He can submit his personal statement, and the doctor statement to make a claim.

I am not using my knowledge as an insurance expert. I am only using my common sense and the general knowledge that is available to any educated person.

I urge Singaporeans to have the self confidence in your own ability and to learn how to think clearly and write clearly, so that your point of view can be understood by other people.

DPIS - making a disability claim

A policyholder sought my advice on whether he is eligible to make a permanent disability claim under the DPIS as he had been suffering from a mental disorder that made it difficult for him to work for more than 10 years. Here is my advice.
http://tankinlian.com/admin/file.aspx?id=840&IID=847

Improve your skill in stock trading

Improve your skill of predicting the up and down of the stock market with Color Pick.
http://tankinlian.com/admin/file.aspx?id=839&IID=846

Mis-selling of ILAS (similar to ILP) in Hong Kong

LAS in Hong Kong is the same as ILP in Sigapore. The consumers in Hong Kong are angry that these products are being mis-sold to them. 
http://www.scmp.com/business/money/investment-products/article/1262327/hong-kong-consumers-angry-after-being-sold

Improve your recruitment

This website helps the recruiting manager to reduce the time taken to recruit the right people.
http://tankinlian.com/admin/file.aspx?id=838&IID=845

Driving Holiday in Malaysia

Driving Holiday in Malaysia
Singapore is a small island and does not provide the space for motorists to enjoy the experience of driving a long distance. 

Malaysia has the space but many Singaporeans are reluctant to drive there, as they are not familiar with the roads and worry about their safety.

A good solution is to join a group driving tour, or motor rally, conducted by an experienced organizer.  Here are two events that may interest you.

Day tour to Johore on Saturday 6 July
http://tklcloud.com/book/69

Free talk/workshop on Driving Holidays on 25 July and 3 August
http://tklcloud.com/book/71

Register early to reserve your place.

Tan Kin Lian