People want to tighten their belt especially in this time of recessionary environment. They save like crazy and try to spend only on the necessity. If it is possible, get rid of insurance policies – which I agree especially those useless one. But how about those insurance policies that are needed? Many people do not realize that they are spending too much in insurance. I did a brief survey and … [Read more...]
How to calculate the minimum salary you need to have?
Many individuals base their career and academic choices on their interests and the potential salary of the job or field. However, it's important to also consider the minimum salary required when making these decisions. Take, for example, a 25-year-old person with a monthly expense of $1,000. If we assume an inflation rate of 5% per year, a retirement age of 62, and a life expectancy of 90 and … [Read more...]
Insurance should not be “sold”
Financial products itself should not be “sold.” It is unfortunately that the industry adopted the philosophy of salesmanship in its approach to the relationship between financial adviser and the client. These are some terms used that reflect this: “Lead” is generated when a client come into a bank to open a fixed deposit. The adviser can try to “cross-sell” a commission-generating … [Read more...]
Financial planner is a life coach, but cannot cure existing problems
“A teary Gao Ning, Singapore’s top male table-tennis player, crashed out of his first Olympics in just 24 minutes yesterday, losing 0-4 to unheralded Tan Ruiwu of Croatia. What raised hushed whispers at the Peking University Gymnasium, however, was not the manner of his defeat, but the surprising absence of a coach on court-side to advise and cheer the Singapore paddler on. While the presence of a … [Read more...]
Vacuum Cleaners and Financial Services
What has Vacuum Cleaners salesperson and the Financial Adviser has in common? You'll be surprise there are many similarities. First publish in The Online Citizen, Wilfred Ling tell us what the solution should be. One week ago, a salesperson came to my house to demonstrate and sell a vacuum cleaner. It was an impressive vacuum cleaner with the following capabilities: It is a air purifier; … [Read more...]
Why using ILPs for children’s education planning is a bad idea?
Many parents use ILP to save for children's education. I think this is a bad idea. This is why: The ILP salesman will market ILP on children's education like this: Life assured on the child. The payer the parent. The payer can be insured against death, TPD or CI. Should the insured event occured on the payer, the premium is waived over a certain specified period. As the child is young, … [Read more...]
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