Monday, September 21, 2009
FISCA - assistance to consumers
A few consumers have approached FISCA for assistance to write a complaint to FIDREC and to review their insurance policies. The volunteers have been assigned to provide the assistance. As the volunteers are carrying out this activity for the first time, they will also be learning from this experience. After a few cases, they will be more familiar and expert.
Convenience of a car
Some people buy a car for its convenience. But what is the downside? Read this blog.
The dubious value of "talent"
The word "talent" has been mis-used in Singapore. Through the influence of our leaders, many people believe that "talent" is needed to create wealth and jobs. It has also been mis-used to justify attracting "foreign talents" to work and be citizens in Singapore on more attractive terms than those given to locals, e.g. exemption from national service.
"Talent" is not a magic wand. Most wealth and jobs are actually created by honest and diligent work and not be "talent". We need well trained and competent people in all types of occupations; they do not need to be described as "talent".
During the past two decades, the highest earnings are taken by "talents" in the financial sector, i.e. the people who were supposed to create wealth through wealth management and innovation in financial products.
We now learn that this is false wealth that was created through taking high risks, excessive leverage and building asset bubbles. It caused the collapse of the global financial system and had to be bailed out by trillions of public funds. Can "talent" be equated to the ability to take big gambles at somebody else's expense?
There are truly some good examples of talented people who build big businesses around the world, e.g. the founders of Microsoft, Google, Apple, AliBaba, Virgin, Nokia. However, most of them build their success through hard work and access to large markets in America, Europe or China. It will be difficult for these businesses to be built from a small market base, like Singapore.
We should not have "talents" to create asset bubbles and cream off the profit, leaving the high cost to be borne by our future generations. Let us avoid using the word "talent" to describe the creators of false wealth.
Tan Kin Lian
"Talent" is not a magic wand. Most wealth and jobs are actually created by honest and diligent work and not be "talent". We need well trained and competent people in all types of occupations; they do not need to be described as "talent".
During the past two decades, the highest earnings are taken by "talents" in the financial sector, i.e. the people who were supposed to create wealth through wealth management and innovation in financial products.
We now learn that this is false wealth that was created through taking high risks, excessive leverage and building asset bubbles. It caused the collapse of the global financial system and had to be bailed out by trillions of public funds. Can "talent" be equated to the ability to take big gambles at somebody else's expense?
There are truly some good examples of talented people who build big businesses around the world, e.g. the founders of Microsoft, Google, Apple, AliBaba, Virgin, Nokia. However, most of them build their success through hard work and access to large markets in America, Europe or China. It will be difficult for these businesses to be built from a small market base, like Singapore.
We should not have "talents" to create asset bubbles and cream off the profit, leaving the high cost to be borne by our future generations. Let us avoid using the word "talent" to describe the creators of false wealth.
Tan Kin Lian
Never buy on the spot
Comment posted in my blog
Creative property consultants work hand in hand with developers to create false impressions. You can see them under different creative names in different forums generating waves to enrich themselves.
Some years back when I was looking for a property this agent with a big Mercedes Benz brought me to see a condo in the east. The way he conducted the sale he has a 95% chance of closing the deal at a high price. He was able to use tactics like high pressure sales to lure the potential buyer capitalising on the average human greed and fear.
Later when I was sitting in his Mercedes, he asked me what I do for a living. I told him I teach advance negotiation techniques to fortune 500 companies executives and he then muttered: "No wonder".
The simple advice to follow is simply this. Do not buy anything on the spot, there is no such thing as no more supply, only no more money. Determine your own price based on value, which you can determine after some basic research.
Do not go beyond your calculated price as agents will use your emotions to jack up the price. Always use the technique of having to consult your spouse to buy time.
Some agents know this and insist that both you and your spouse be present, ever wonder why time shares promotions always want you and your spouse to be present so you have to make a decision on the spot?
Just do not make a decision on the spot. Say you need to consult your father, mother or God, if necessary. Make it a philosophy never to make a spot decision.
Whenever I buy something, the sales agent will always ask for a deposit. I will tell them my philosophy is no deposit. They will then say what if someone comes along and buy the last piece. My answer is always: "Congratulations, I will look for another piece"
Remember, there will never be no supply, this impression is created by agents so they can pressurise you. There is only no money!
Creative property consultants work hand in hand with developers to create false impressions. You can see them under different creative names in different forums generating waves to enrich themselves.
Some years back when I was looking for a property this agent with a big Mercedes Benz brought me to see a condo in the east. The way he conducted the sale he has a 95% chance of closing the deal at a high price. He was able to use tactics like high pressure sales to lure the potential buyer capitalising on the average human greed and fear.
Later when I was sitting in his Mercedes, he asked me what I do for a living. I told him I teach advance negotiation techniques to fortune 500 companies executives and he then muttered: "No wonder".
The simple advice to follow is simply this. Do not buy anything on the spot, there is no such thing as no more supply, only no more money. Determine your own price based on value, which you can determine after some basic research.
Do not go beyond your calculated price as agents will use your emotions to jack up the price. Always use the technique of having to consult your spouse to buy time.
Some agents know this and insist that both you and your spouse be present, ever wonder why time shares promotions always want you and your spouse to be present so you have to make a decision on the spot?
Just do not make a decision on the spot. Say you need to consult your father, mother or God, if necessary. Make it a philosophy never to make a spot decision.
Whenever I buy something, the sales agent will always ask for a deposit. I will tell them my philosophy is no deposit. They will then say what if someone comes along and buy the last piece. My answer is always: "Congratulations, I will look for another piece"
Remember, there will never be no supply, this impression is created by agents so they can pressurise you. There is only no money!
Medishield - MOH misinterpreted my suggestion
This letter was printed in the Strait Times a week ago. In its reply, the Ministry of Health mis-interpreted my suggestion. I have written a further letter to the Straits Times to clarify this matter.
I had asked the Ministry to contact me on my suggestion. They did not. This has caused them to mis-interpret my suggestion. It is quite sad that our civil servants and leaders continue to decide on important matters without seeking clarification or engaging the public.
I had asked the Ministry to contact me on my suggestion. They did not. This has caused them to mis-interpret my suggestion. It is quite sad that our civil servants and leaders continue to decide on important matters without seeking clarification or engaging the public.
Car sharing using electric vehicle
Read this blog about the innovative scheme that is being introduced in Paris.
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