After being in the industry for sometime and based on law of large numbers, I am starting to see some of my clients getting a divorce. So I decided to write a short article on what to do when one is getting a divorce or already divorced. Review one’s CPF Nomination. CPF Nomination is not revoked upon divorce. However, remarry will revoke the earlier nomination. For insurance nomination made … [Read more...]
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These articles were published on CPF Are You Ready? website which covers general financial planning matters.
There are the two principal tax systems - source jurisdiction and residence jurisdiction. Source jurisdiction or sometime known as territorial tax system refers to a country that taxes income as a source within its borders. Some countries may also impose tax based on residency, called residence jurisdiction, whereby all income (domestic and foreign sourced) is subject to taxation. Singapore … [Read more...]
In Singapore, there is no statistics on how many people has written their Wills and neither do we know the demographics of people who had their Wills written. But in Malaysia there is some statistics although still limiting. There is a Will writing company in Malaysia company that has written more than 100,000 Wills for Malaysians. Due to the large “market share” in this industry, their … [Read more...]
Today I want to write about why cost of investments matters. Why you should be aware of cost of investments and when you should pay for cost and when you should not be paying for such cost. It has become almost like a norm that to retire, it is important to increase your wealth by making your money work hard for you. Unfortunately most people will be met with large number of obstacles. For … [Read more...]
Not too long ago, one of my friend asked me whether am I interested to distribute a certain product. The return was more than 20% per annum GUARANTEED. I immediately scolded my friend for getting involved in a scam. They were shocked at my swift and rude response. I felt bad about being rude but a true friend is one who tells the truth even if the truth hurts friendship itself. A product that … [Read more...]
I just saw the news about a dementia patient whose fixed deposit worth $48,000 was “gone.” ("Woman's bank account closed without her knowledge ", Straits Times, 6th September 2010) . Well, it was not really gone but the account was supposedly to be held in a POSB joint account with her daughter but the bank permitted the dementia patient to close the account and open as a new joint account with … [Read more...]
Did you read the Straits Times article Govt acts to curb speculators dated 31 Aug 2010? By now, all new rules to curb speculators from causing a property bubble have been out. Frankly speaking, I seriously doubt anyone truly could fully understand all the rules. I always give myself 3 minutes to read a newspaper article. If the newspaper article requires more than 3 minutes to comprehend, I … [Read more...]
89% of the money the insurers paid were UNRELATED to insurance. According to the newly release statistics from Life Insurance Association HERE, the life insurance industry experienced a 28% increased in sales for the first half of 2010 as compared to the same period in 2009. However, in terms of claim payout only $210 million out of $1.85 billion were related to death, disability and critical … [Read more...]
In a Bloomberg article "Fallen Soldiers' Families Denied Cash as Insurers Profit" dated 28 july 2010, it was reported that some insurance companies in the United States “pay” death benefits by holding in accounts not regulated by banking laws. Beneficiaries think that the monies are held in accounts like a bank. In reality, these accounts are only backed by the credit worthiness of the insurance … [Read more...]
“A MAN was crushed to death when a rain tree uprooted and crushed the car he was driving, pinning him to his seat during Tuesday's afternoon's heavy downpour. The 32-year-old driver was alone when the accident happened, sustained injuries to his spine.” – Straits Times 20 July 2010. According to the newspaper report “Man killed by tree: Family seeks compensation” dated 22 July 2010, the … [Read more...]