Wednesday, September 14, 2011

Relevance of Dr. Tommy Wong's books

Tommy Wong's book, Wisdom to Live your Life, is relevant to the people who have lost money on the mini-bonds and other credit-linked notes.

Tommy talked about the greed in the materialistic world where the following people make a lot of money (and in the process made other people poorer):

a) politicians

b) top CEOs
c) bankers

He also talked about how to find happiness in the spiritual world by living on certain principles. This came give some comfort to those who have been made poorer by the greedy financial institutions.


His book has relevance to the situation in Singapore. It is easy to read. You can buy his book online here.

Buying the right life insurance policy

A lady in the mid 30s was sold a whole life policy with premiums payable for 30 years. It covers $100,000 payable on death, permanent disability and dread disease. The annual premium was $3,850. The agent said that it was a good policy, as the premium stops after 30 years, and the policyholder will remain covered for life.

The cash value at the end of 30 years was projected to be $161,000 on an optimistic basis (assuming an investment yield of 5.25%). This looked attractive, compared to the total premium paid of $108,000.

However, if the policyholder were to set aside 5% of the premium to buy the cover against premature death or dread disease and to invest the remaining 95% of the premium to earn a yield of 4.5% per annum, the accumulated amount at the end of 30 years would have been $233,000. This would have been 45% higher than the cash value payable under the policy.

When the accumulated saving is $233,000, you do not need the $100,000 of life insurance protection that is paid under the policy. This type of honest advice is not given by the insurance agent who sells the limited premium policy.

You can read a few more examples of this type in my book entitled "Get value from your life insurance policy" which can be ordered here. You can also attend the talk organised by FISCA.




Consultation with Dr. Tommy Wong


Dr. Tommy Wong offers consultations on personal growth and happiness, based on the concepts in his book, "Wisdom on how to live life".

If you are highly stressed with life and need some guidance on how to deal with your problems, have a chat with Dr. Wong.


Turkey PM tells Arabs: Israel has isolated itself (AP)

CAIRO ? Turkey's prime minister told Arab foreign ministers Tuesday that Israel has isolated itself and must "pay the price" after refusing to apologize for its raid on a Gaza-bound aid flotilla last year, as he launched a high-profile visit that underscored his nation's rising standing in the Arab world.

Prime Minister Recep Tayyip Erdogan was given a warm reception on his three-day visit to Egypt, meeting with its new military chief and prime minister. During a 30-minute speech at the Arab League, he was interrupted several times by foreign ministers' clapping and applause.

Erdogan has dramatically stepped up Turkey's influence in the Middle East as the region is swept by revolts and uprisings. At the same time, many Arabs have cheered his increasingly confrontational stance against Israel.

"The Palestine issue continues to be the bleeding wound of the region," Erdogan said at a news conference with Egyptian Prime Minister Essam Sharaf in Cairo.

Arab League foreign ministers restated their support for the Palestinian drive to seek U.N. statehood recognition.

In a statement Tuesday, the 22-member body condemned "unilateral Israeli measures aimed at changing the reality of the occupied Palestinian territories," referring to settlement construction in the West Bank and east Jerusalem.

Israel is opposed to the U.N. push and the United States said it will veto it in the U.N. Security Council.

Palestinian President Mahmoud Abbas is still considering whether to request state membership at the Security Council, or instead seek a vote of recognition at the U.N. General Assembly, where it is likely to pass as a largely symbolic measure.The Palestinians currently have observer status at the U.N.

Voicing his support for the recognition of Palestine, the Turkish prime minister said "this is not an option but a necessity."

Angered by Israel's refusal to apologize over the deaths on a Turkish flotilla to Gaza last year, Turkey suspended military ties with Israel, expelled top Israeli diplomats and vowed to send the Turkish navy to escort Gaza-bound aid ships in the future.

Israel "must pay the price for the crimes it committed," Erdogan said in his speech to the Arab foreign ministers.

"It (Israel) acts irresponsibility and without hesitation in smashing the human dignity and international law by carrying assaults on international convoys which carry nothing but food and toys for children," Erdogan said.

Such assaults, "threaten the Israeli nation," he said. "The Israeli people became a besieged nation."

Israeli Foreign Ministry spokesman Yigal Palmor refused to comment on Erdogan's address. Israel has defended its raid on the flotilla, saying its troops were attacked by passengers as they boarded and were defending themselves. Last week, Israel expressed regret for the loss of lives aboard the flotilla and said it was time for the two countries to restore their former close ties.

A U.N. report into the raid, released earlier this month, said Israel's naval blockade was legitimate but accused Israel of using "excessive and unreasonable" force in the raid.

Erdogan will also visit Tunisia and Libya, two other countries where popular uprisings have ousted autocratic leaders. He had hoped to be able to cross into Gaza from Egypt, but government officials said Sunday his scheduled would be limited to these three countries.

____

Associated Press writer Aya Batrawy in Cairo contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20110913/ap_on_re_mi_ea/ml_arabs_turkey

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Loss of $100,000 within a few days

Two years ago, a retired couple approached me for help. They trusted  $200,000 from a retirement gratuity to a relationship manager of a local bank. The RM told the couple that the bank would lend them $800,000 and the total of $1 million would be invested in certain currencies to earn a higher rate of return, compared to the interest payable on fixed deposits.

The RM invested the money in A$ which fell by 10% within a few days during the global financial crisis. As the total investment was $1 million (including the $800,000 lent by the bank), the investor suffered a loss of $100,000 within a few days. As they were not able to top up the loss, the bank closed their position and they realized a loss of $100,000.

They could not lodge a complaint with the bank as they had signed documents that absolved the bank from responsibility for the investment loss. Their mistake was to trust the RM who was not really experienced in managing this type of investment. The RM had to meet certain sales targets to sell the investment products. It was also a mistake to invest with borrowed money (i.e the $800,000).

There is also another bad aspect of this type of investment. If the A$ had gained 10%, the investor would NOT have earned $100,000. At most, the investor would have earned a slightly higher interest rate, due to the unfair nature of these "dual currency investments". If there is a gain, a major portion would be pocketed by the bank that issued the financial product - which may not be the same bank that sold the product. If there is a loss, the investor takes the full loss.

Tan Kin Lian

Risky investment products

This letter talks about the risky investment products that are being sold in the market. It is important for consumers to be savvy to avoid these products. Attend the talks conducted by FISCA to understand what are the products that you should avoid.

30% of Singaporeans are cynics

Hi Mr Tan,
This is a valuable article.
http://sg.news.yahoo.com/30-per-cent-of-singaporeans-are-%E2%80%98cynics%E2%80%99--study.html

As it stated "....Since the study did not find any significant relation between a cynic and demographic factors such as race, education and income, it means that cynics here cut across the entire cross-section of society...."  It will likely be another "put on hold" scenario.  Hard to expect changes from such report/research.....!

Eugene



MY VIEW
Singaporeans have learned, through the years, that their main source of information through the mainstream media, is not honest and not reliable, and have learned to be cynical. To correct this situation, we have to embrace honesty and fairness in presenting the facts, and not slant them to serve certain political aims.

Private bankers


Private bankers manage the wealth of people with more than US$1 million in assets and earn a fee for their services. The increase in the number of high net worth people means more business for private bankers. However, the supply of private bankers outstrip the demand, leading to high cost and thin margins for the banks. Some banks have started to trim down their numbers of private bankers.


A more important factor is the inability of the private bankers to create wealth, especially in an environment of global recession and falling asset prices. In good times, it is easy to create wealth during a bubble, but it is not real wealth. In bad times, the fictional wealth have to be paid back.

These high income jobs of private bankers have a bigger harm. They make the real jobs, e.g. teachers, nurses, policemen, factory workers - look unattractive. There are insufficient number of people willing to work in these essential services.

The challenges facing the world today - falling birth rate, high unemployment - can be traced to the growth of the financial services sector that takes away too much profit from the real economy. To solve these challenges, we have to start with finding the appropriate measures to control the excesses of this sector.




Mondial Travel Insurance

One of the best things about this particular company is the fact that they offer policies to people from all over the planet. If you reside in Canada, you can easily purchase a policy from this company. The same thing can be said for a person living in Australia. In fact, Mondial has agents in more than 170 countries. They employ more than 4, 600 people. They really are a multinational operation. Check out travel insurance reviews and travel insurance Ireland also.


Contact Mondial Travel Insurance


If you do need to contact Mondial for any reason, they are available twenty-four hours a day. Additionally, there are a number of ways that you can contact them. Going online is probably the easiest and fastest way to make contact. However, depending upon where you are you may not have access to the internet. To ensure that you are not alone, they also offer telephone assistance.


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Read more at travelinsuranceirelandhq.com
 

F-16s escort 2 planes after 'long' bathroom visits

Fighter jets were scrambled to escort two commercial flights into New York City and Detroit "out of an abundance of caution" after crews reported suspicious activity on the 10th anniversary of the Sept. 11 terrorist attacks , officials said.

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The bathroom use by some passengers aroused the suspicion Sunday, but all were released after being questioned by authorities on the ground.

On an American Airlines flight from Los Angeles, three passengers who made repeated trips to the bathroom were cleared after the plane safely landed at New York's Kennedy Airport.

Video: Fighter jets escort flight in for landing (on this page)

Earlier, on a Denver-to-Detroit Frontier Airlines flight, the crew reported that two people were spending "an extraordinarily long time" in a bathroom, Frontier spokesman Peter Kowalchuck said.

Citing law enforcement sources, ABC News reported the couple had been "making out" in the restroom.

However, law enforcement officials told NBC News there was never more than one person occupying a single lavatory. The three passengers involved "were strangers to each other," according to a statement from the FBI, "but sat in the same row on the plane. One of the males, who was not feeling well, got up to use the restroom during the flight. The other male got up at approximately the same time to use the restroom. The female remained seated in her row. It should be noted that at no time were there ever two people in the bathroom at the same time, and at no time were the three individuals uncooperative with the flight crew."

Police detained the three passengers at Detroit's Metro Airport, but they also were eventually released.

Nearly 3,000 people were killed on Sept. 11, 2001, when hijacked commercial airliners were crashed into the World Trade Center towers in New York, the Pentagon near Washington and a field in southwestern Pennsylvania.

Asked late Sunday if authorities may have overreacted, airport spokesman Scott Wintner said the airport's response wasn't unusual and the same steps would have been taken any other day of the year.

"Regardless of why it was triggered, whenever we get a radio call of a security problem on board, our response is the same one we would have had yesterday, tomorrow," Wintner said.

"We always react as if it's the end of the world," he added. "If it isn't, so be it."

New York, in particular, has been in a heightened state of security after federal officials received a credible but uncorroborated tip of a car bomb plot on the 9/11 anniversary in either New York or Washington.

Video: Healing continues with day of remembrance (on this page)

American Airlines spokesman Tim Smith said the plane's captain never declared a security threat and never asked for law enforcement help.

A "security concern" was brought to the airline's attention and the crew used "normal procedures" to assess the circumstances, he said. The plane landed as planned.

"In our eyes, it's a big nothing," Smith added.

Still, the North American Aerospace Defense Command scrambled two F-16 fighter jets to shadow American Airlines Flight 34 until it landed safely at 4:10 p.m., the Transportation Security Administration said in a statement.

Hand signals?
On the flight, the three passengers made repeated trips to the bathroom and some thought they were using hand signals to communicate, a law enforcement official said. The official was not authorized to speak publicly and spoke to The Associated Press on condition of anonymity.

Two of the men were Israeli and one was Russian, the official said, adding that the three were cleared and sent on their way.

FBI spokesman J. Peter Donald said in a statement that the jets were sent to escort the Boeing 767-200 "out of an abundance of caution." The FBI interviewed passengers and found "no nexus to terrorism," he said.

A similar scenario played out on Frontier Flight 623.

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NORAD spokesman John Cornelio said the agency sent two F-16 jets to shadow the plane until it landed safely.

The craft, with 116 passengers on board, landed without incident at 3:30 p.m. EDT and taxied to a pad away from the terminal, he said. The plane was searched, and authorities cleared the aircraft at 5:15 p.m. EDT, according to the TSA.

The Airbus 318 originated in San Diego before stopping at Denver International Airport on its way to Detroit. The FBI said the jets shadowed the Detroit-bound plane for the same reason as in New York ? "out of an abundance of caution" ? and nothing was found during the search.

The three escorted off the Frontier flight in handcuffs included two men and a woman, passenger Ilona Hajdar of Charlotte, Mich., told The Associated Press.

Hajdar, 27, said she'd been asleep for most of the flight but realized there was a problem when the plane's bridge didn't extend at the gate. The plane then rolled to a remote spot on the airfield. After about a half hour, police SWAT boarded.

Interactive: The evolution of airport security (on this page)

Fellow passenger Belinda Duggan of Troy, Mich., said the plane taxied by the gate and headed for a remote patch of tarmac.

"All of a sudden, a SWAT team went through and saying, 'Please place your hands on the seat in front of you,'" Duggan said, adding that police had three dogs with them.

'It's reassuring'
American Airlines passenger Steven Ciobo said nothing seemed amiss on the flight to New York until he saw police lights on the runway after the plane landed.

He said airline workers told passengers to remain seated and that the authorities would meet the plane, and everyone was quiet as air marshals got on board and headed for the back.

"To be honest, I think it's reassuring that there was such a great response from the authorities," Ciobo said. "If there are people that are stupid enough to do those things on today of all days you wonder what's going on through their heads. But the fact that there were so many authorities there ... and that it all went so smoothly, I think they did a good job."

The jets intercepted the flight about 100 miles west of New York and shadowed it until it landed, Cornelio said.

Security concerns also led officials to close parts of the airport in Kansas City, Mo., on Sunday for hours and question a passenger after screeners at a checkpoint raised suspicions about the contents of a bag .

In Dallas, an FBI official says a rented moving truck parked at a curb at the Dallas-Fort Worth airport also caused a brief scare on Sunday.

FBI official Kevin Gentry says the truck was driven by a crew member of the Discovery Channel show "Sons of Guns." Investigators were suspicious because the driver said, "I got a couple of guns," but Gentry says he was just waiting for a co-worker. The two will film in El Paso and Albuquerque, N.M.

Airport spokesman David Magana says a bomb squad and canine units were deployed when an automatic weapon was found in the truck, parked in an area where troops returning from Middle East stints are greeted.

A Discovery Channel spokesman was not immediately available to comment.

The Associated Press, Reuters and msnbc.com staff contributed to this report.

Source: http://www.msnbc.msn.com/id/44482163/ns/travel-news/

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Pearl Jam support for West Memphis Three continues (AP)

TORONTO ? Even though they've now been released, the three men who comprise the so-called "West Memphis Three" are still getting support from Eddie Vedder and the rest of Pearl Jam.

The three men were convicted in the slayings of three Cub scouts nearly two decades ago, but were recently released ? after spending 18 years behind bars ? after years of questions about the evidence in the case.

"Now we are helping them regain their footing, and it's fascinating to see them on the outside world. It's a real joy," Vedder told The Associated Press in a recent interview.

Damien Echols, Jessie Misskelley and Jason Baldwin were convicted in 1993 for the murders of three 8-year-old boys found naked and hogtied in West Memphis, Arkansas. Steve Branch and Michael Moore drowned in a drainage ditch in about 2 feet of water; Christopher Byers bled to death, and his genitals were mutilated and partially removed.

Misskelley confessed, but his lawyers said later he was coerced, and the men have proclaimed their innocence. Their story was told in the HBO documentary "Paradise Lost," which brought attention to the trial and made a case that the guilty verdicts were unjust. Echols was sentenced to death, while the others got life sentences.

Vedder says Pearl Jam's efforts for their release began at least 15 years ago. He just decided to keep it "under the radar, because the last thing that they needed was a rock band supporting them."

He even visited them in prison.

"It was really difficult to visit someone in prison, and then have to leave, and knowing how they were still going to be there," Vedder said.

Vedder, along with other high profile entertainers that included Johnny Depp, the Dixie Chicks' Natalie Maines, Peter Jackson, and Henry Rollins, advocated their release and raised money for their defense. Vedder says the idea of musicians and actors coming together to change the system intrigues him: He sees music as a source of power for good.

"It can throw a monkey wrench into forms of tyranny we have around us," he said.

Last month, the men were released on an "Alford plea," a legal maneuver that lets them maintain their innocence while acknowledging prosecutors have enough evidence against them. They will be on probation for the next 10 years.

While Vedder feels the end result was "tangible because they're out," he also sees imperfections in the justice system, which he deems "terrifying."

"You just want to avoid the legal system if you can," he said, "But in this case, it wasn't their choice. It could happen to anybody. "

But he added: "There was a happy ending to this."

However, prosecutors still believe that the men were responsible for the children's deaths.

Vedder shared light on the subject while attending the Toronto International Film Festival, where a documentary of the band, "Pearl Jam 20," premiered. Longtime friend Cameron Crowe directed the film.

___

Online:

http://www.pearljam.com

Source: http://us.rd.yahoo.com/dailynews/rss/music/*http%3A//news.yahoo.com/s/ap/20110913/ap_en_mu/us_pearl_jam_memphis_three

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