Someone sent this message to his daughter. He asked me to share it.
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Many Singaporean work hard and earn a lot of money in year 1990's and early 2000's. Under Goh Chok Tong policy, he encouraged investment. A lot of CPF money and personal saving just gone to the sea. Why?
Sale person make a lot of commission and they don't have a heart (conscience). The commission alone can buy at least one condo within a short time. The sales person does not risk their life, like engineer yet enjoy life. Are you working for sales person?
You better read this Blog and Dr Money's article to protect your hard earned money :
http://www.tankinlian.blogspot.com/
http://newpaper.asia1.com.sg/columnists/story/0,4136,150939,00.html?
The blog and articles are updated every day/week. It does not matter if you don't understand the technical term, just go through it. When you need to make a decision later , you know where to find infomation.
Last few days, Lee Kuan Yew advised people NOT TO TAKE RISK. This is a lesson learnt after so many years.
REPLY
My advice to people who visit my blog is to invest in low cost, diversified equity fund for the long term. By investing for the long term, the investor will average the good and bad years and get an average return that is better than the return from safe investments.
The advise is different from your view of "do not take risk". Do you agree with my advice?
Read this FAQ:
http://www.tankinlian.com/faq/savings.html
Thursday, January 10, 2008
Term Insurance to age 90
Dear Mr. Tan,
What are your views about buying Term insurance to age 90 and above? The agent said that the premium rate is lower than whole life policy.
REPLY
It is much cheaper to buy Term insurance to age 65 or 70 (rather than age 90). After that age, you do not need any life insurance, as you have retired from work.
If you need life insurance beyond age 70, it is better to buy a whole life insurance (rather than life-time Term insurance), as the whole life policy accumulates cash value. The life-time Term insurance is cheaper as it forfeits the cash value when you terminate the policy. There is a chance that you may terminate it by oversight, and suffer a loss.
What are your views about buying Term insurance to age 90 and above? The agent said that the premium rate is lower than whole life policy.
REPLY
It is much cheaper to buy Term insurance to age 65 or 70 (rather than age 90). After that age, you do not need any life insurance, as you have retired from work.
If you need life insurance beyond age 70, it is better to buy a whole life insurance (rather than life-time Term insurance), as the whole life policy accumulates cash value. The life-time Term insurance is cheaper as it forfeits the cash value when you terminate the policy. There is a chance that you may terminate it by oversight, and suffer a loss.
Private Credit Counselling Service
Dear Sir
I need some advice from you. I have some credit debts amounting to $X from various banks. They are demanding for payment. All the facilities has been cancelled for the past two years, but the amount keeps snow balling.
I am selling flat and will be able to pay off most of the debts when the sale is completed in a few many months time.
I approached a private credit counselling company to get their assistance to work out an instalment plan with the banks. They wrote letters to the banks on my behalf using my name, and charged me a fee. I am not sure if this is the correct approach.
REPLY:
I am not familiar with the business practice of these private credit counselling service.
Maybe, you can talk to the bank directly and see if they can reduce the interest charged on the delayed payment. Alternatively, you can approach this non-profit organisation:
http://www.ccs.org.sg/help.html
I need some advice from you. I have some credit debts amounting to $X from various banks. They are demanding for payment. All the facilities has been cancelled for the past two years, but the amount keeps snow balling.
I am selling flat and will be able to pay off most of the debts when the sale is completed in a few many months time.
I approached a private credit counselling company to get their assistance to work out an instalment plan with the banks. They wrote letters to the banks on my behalf using my name, and charged me a fee. I am not sure if this is the correct approach.
REPLY:
I am not familiar with the business practice of these private credit counselling service.
Maybe, you can talk to the bank directly and see if they can reduce the interest charged on the delayed payment. Alternatively, you can approach this non-profit organisation:
http://www.ccs.org.sg/help.html
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