I read with great amusement in the newspaper about a heiress who left S$16.5m to her 3 dogs upon her demise. Now, her son is challenging her Will in court (see article Son's fury as heiress mother leaves £8m to her DOGS, £17m to her housekeepers... and just £650,000 to him< ). Well, perhaps that is what the rich people do with their money like leaving large sum to dogs. But on a more serious … [Read more...]
You are viewing articles categorised under Tragic Stories
Most people do not realised the importance of financial planning until it is too late. These articles were specifically written to highlight the importance of financial planning.
Man lost almost his entire HDB property to siblings due to poor financial planning
I want to tell a story of how a person lost his entire HDB flat due to poor financial planning. No, it isn’t another property agent who rented his HDB illegally. The purpose of this blog article is to highlight the importance of financial planning but it is not meant to make fun of any persons. The story goes like this: Mr. Cheong (his real name) bought a HDB flat under joint-tenants with his … [Read more...]
70% loss because insurance agent did not provide review for 11 years
A person named Eugene Yeo complained to the IM$avvy website that his insurance agent did not provide any follow-up or review for 11 years. He incurred 70% investment losses. Below is the full complain letter: I purchased an ILP from an insurance company in 1999. However, I did not receive any follow up or review of my financial status from my agent or the company. As a result, I stopped making … [Read more...]
Insufficient insurance coverage caused widow to downgrade flat when husband died one year after twins were born
Like any other ordinary family, Ms Tan Mei Mei, aged 35 and her husband Hwee Chye had a happy family of three children. Two of the children were twins born in 2004. Like any other family like yours and mine, they must have similar aspirations. Tragedy struck in 2005 - her husband died just one year after the twins were born leaving the widow to take care of herself and the three small children. … [Read more...]
Lack of Will caused 87 years old grandma to be kicked out of Bedok Reservoir flat
To highlight the importance of financial planning and its relevance to the ordinary man-in-the-street, I want to cite a real life example of a tragic case in which a 87 years old grandmother was forced out of the HDB flat by her grandson. The related newspaper article from Straits Times Man goes to court to get grandma out of his flat. The case is summarized as follows: Mr. Chee Han Meng … [Read more...]
Dead man was asked to pay up income tax 18 years later, trustee stunned
(Two letters referred by this article are appended at IMSavvy link HERE ) There was a case recently in which IRAS requested payment and penalty for income tax owned by a dead man. What’s intriguing is that the man was already dead for 18 years. Fortunately, the family members had documentary proof stored in their storeroom that the tax was already paid just one year after the man died (think: … [Read more...]
Gambling Addiction 2
Many retirees struggle with gambling addiction. It may be possible to solve this problem with estate planning. In an article, The addiction trap” written by Straits Times’ Senior Correspondent Radha Basu dated 29 August 2009 describes her conversation with a wife of a gambling addict seeking treatment in Institute of Mental Health (IMH). According to the report, Radha Basu wrote “I met a … [Read more...]
Medical cost for cancer was whopping $400,000, but did not survive
Recently there was in the news of a girl named who was diagnosed with a bone cancer at just six. After fighting for 6 years, she passed away leaving her parents in debt and an estimated medical cost for cancer was whopping $400,000! See Let's give S'poreans more options. From the newspaper article it seems that the medical cost was due to surgery and chemotherapy from NUH. Personally I am … [Read more...]
Turning to friends for advice turn out to be a bad advice
There was an article published here: It's Better To Get Your Hands Dirty. I would like to comment on (1) Scam and (2) Friendship On Scams It has been said that if an investment product is too good to be true – than it probably is. If a product can give 50% guaranteed over 2 years (for example), look no further as this is definitely a scam. Why? It is important to understand the meaning of … [Read more...]
Sales quota of financial consultant
Ms Geraldine Teng wrote to the Straits Times forum “Personal consultant says: 'Consumers should understand the immense pressure we are facing’” dated 6 October 2008. According to the above letter, the adviser from a bank revealed the inner workings of a bank. From the letter she alleged that: Her bank imposes a six months probation for which if she does not pass the probation by hitting the … [Read more...]
- « Previous Page
- 1
- …
- 3
- 4
- 5
- 6
- Next Page »
