I was delayed for 30 minutes at the immigration counter at Jakarta airport. The delay was due to an exercise to capture the photograph and fingerprint of visitors. A friend who arrived in Jakarta later in the day was delayed by 3 hours.
It would be quite troublesome to visitors, if all the countries decide that they need to capture the photographs and fingerprints of all visitors. Surely, the information can be captured once, e.g. at the home country, and can be allowed for access by immigration authorities in all the countries that are being visited?
Perhaps a global organisation like Google or Microsoft can provide this service and encourage immigration authorities to access a common server? As a traveller, I am happy to have the images captured once and be accessed globally.
Tan Kin Lian
Tuesday, April 20, 2010
Visitors to TKL blog
I used to have 2,500 to 3,000 visitors to my blog during weekdays. This week, it increased by 50%. Why is there a sudden jump? Is someone asking other people to visit my blog?
Gold Investment Program
Dear Mr Tan,
I've recently come across a gold program which provides a guaranteed return of 9% in 6 months through the purchase of physical gold - good delivery bars (999.9).
The outline of the program is as follows:
Day 1: Client purchases and collects gold based on retail price, less initial Cash Discount 3%, plus GST 7%
Day 90: Client receives 3% Sell-Back Incentive - credited into the client's bank account.
Day 180-187: At this point, client needs to decide whether to keep the gold or exercise a sell-back option. The two scenarios are included below.
(a) Keep the gold: Receives 3% bonus
(b) Exercise Sell-Back option based on purchase price: Receives 3% bonus, 7% Sell-back bonus equivalent to GST, agreed Sell-back price (100% of Purchase Price)
In effect, by choosing (b) the sell-back option, clients will receive a 9% nett return.
After the conclusion of the six-month agreement, clients may choose to take up a new 6-month agreement.
Would like your thoughts on the program?
REPLY
The retail price of the gold sold to you is likely to have a high markup from the wholesale price. If the price of gold drops, the promoter is likely to default on the buy-back option, so you will have to keep the gold at its depreciated price. You will suffer a further loss from the markup that you paid.
If more people are buying into this program compared to those who redeem, the promoter may honor the buyback option to entice you to re-invest and get more friends to join in. This is how a ponzi scheme operates.
Avoid all types of unregulated invetment products. Read the tips in my book, Practical Guide on Financial Planning.
I've recently come across a gold program which provides a guaranteed return of 9% in 6 months through the purchase of physical gold - good delivery bars (999.9).
The outline of the program is as follows:
Day 1: Client purchases and collects gold based on retail price, less initial Cash Discount 3%, plus GST 7%
Day 90: Client receives 3% Sell-Back Incentive - credited into the client's bank account.
Day 180-187: At this point, client needs to decide whether to keep the gold or exercise a sell-back option. The two scenarios are included below.
(a) Keep the gold: Receives 3% bonus
(b) Exercise Sell-Back option based on purchase price: Receives 3% bonus, 7% Sell-back bonus equivalent to GST, agreed Sell-back price (100% of Purchase Price)
In effect, by choosing (b) the sell-back option, clients will receive a 9% nett return.
After the conclusion of the six-month agreement, clients may choose to take up a new 6-month agreement.
Would like your thoughts on the program?
REPLY
The retail price of the gold sold to you is likely to have a high markup from the wholesale price. If the price of gold drops, the promoter is likely to default on the buy-back option, so you will have to keep the gold at its depreciated price. You will suffer a further loss from the markup that you paid.
If more people are buying into this program compared to those who redeem, the promoter may honor the buyback option to entice you to re-invest and get more friends to join in. This is how a ponzi scheme operates.
Avoid all types of unregulated invetment products. Read the tips in my book, Practical Guide on Financial Planning.
Financial Underwriting
Dear Mr Tan,
Recently, I wanted to buy an Aviva term insurance with coverage of $350k that covers premature death, In the application form, I was asked to list down the insurance policies that I already had. Subsequently, our insurance agent informed us that Aviva would require us to furnish them our financial information which includes submission of income tax assessment as my total coverage for all his policies is more than $1m.
I would like to enquire whether it is a norm for insurance company to request for financial information and whether I should submit to Aviva as I find that the information required is quite personal. Is it true that one could not have coverage more than $1m?
REPLY
Most insurance companies needs to do financial underwriting - where the total sum insured exceed a large sum. This is to prevent moral hazard. Different companies have different thresholds. I think that $1 million is probably a reasonable threshold to ask for this information. Although Aviva is covering for only $350k, it is still necessary for them to consider the total picture.
You can read my book, Practical Guide on Financial Planning, for tips on buying life insurance coverage.
Recently, I wanted to buy an Aviva term insurance with coverage of $350k that covers premature death, In the application form, I was asked to list down the insurance policies that I already had. Subsequently, our insurance agent informed us that Aviva would require us to furnish them our financial information which includes submission of income tax assessment as my total coverage for all his policies is more than $1m.
I would like to enquire whether it is a norm for insurance company to request for financial information and whether I should submit to Aviva as I find that the information required is quite personal. Is it true that one could not have coverage more than $1m?
REPLY
Most insurance companies needs to do financial underwriting - where the total sum insured exceed a large sum. This is to prevent moral hazard. Different companies have different thresholds. I think that $1 million is probably a reasonable threshold to ask for this information. Although Aviva is covering for only $350k, it is still necessary for them to consider the total picture.
You can read my book, Practical Guide on Financial Planning, for tips on buying life insurance coverage.
Philosophy of Life - Mexican fishermen
Source: e-mail sent to me
A boat docked in a tiny Mexican fishing village.
A tourist complimented the local fishermen on the quality of their fish and asked how long it took him to catch them.
"Not very long." they answered in unison.
"Why didn't you stay out longer and catch more?"
The fishermen explained that their small catches were sufficient to meet their needs and those of their families.
"But what do you do with the rest of your time?"
"We sleep late, fish a little, play with our children, and take siestas with our wives. In the evenings, we go into the village to see our friends, have a few drinks, play the guitar, and sing a few songs. We have a full life."
The tourist interrupted, "I have an MBA from Harvard and I can help you! You should start by fishing longer every day. You can then sell the extra fish you catch. With the extra revenue, you can buy a bigger boat."
"And after that?"
"With the extra money the larger boat will bring, you can buy a second one and a third one and so on until you have an entire fleet of trawlers.
Instead of selling your fish to a middle man, you can then negotiate directly with the processing plants and maybe even open your own plant. You can then leave this little village and move to Mexico City , Los
Angeles , or even New York City !
From there you can direct your huge new enterprise."
"How long would that take?"
"Twenty, perhaps twenty-five years." replied the tourist.
"And after that?"
"Afterwards? Well my friend, that's when it gets really interesting, " answered the tourist, laughing. "When your business gets really big, you can start buying and selling stocks and make millions!"
"Millions? Really? And after that?" asked the fishermen..
"After that you'll be able to retire, live in a tiny village near the coast, sleep late, play with your children, catch a few fish, take a siesta with your wife and spend your evenings drinking and enjoying your friends."
"With all due respect sir, but that's exactly what we are doing now. So what's the point wasting twenty-five years?" asked the Mexicans.
And the moral of this story is: Know where you're going in life... you may already be there.
A boat docked in a tiny Mexican fishing village.
A tourist complimented the local fishermen on the quality of their fish and asked how long it took him to catch them.
"Not very long." they answered in unison.
"Why didn't you stay out longer and catch more?"
The fishermen explained that their small catches were sufficient to meet their needs and those of their families.
"But what do you do with the rest of your time?"
"We sleep late, fish a little, play with our children, and take siestas with our wives. In the evenings, we go into the village to see our friends, have a few drinks, play the guitar, and sing a few songs. We have a full life."
The tourist interrupted, "I have an MBA from Harvard and I can help you! You should start by fishing longer every day. You can then sell the extra fish you catch. With the extra revenue, you can buy a bigger boat."
"And after that?"
"With the extra money the larger boat will bring, you can buy a second one and a third one and so on until you have an entire fleet of trawlers.
Instead of selling your fish to a middle man, you can then negotiate directly with the processing plants and maybe even open your own plant. You can then leave this little village and move to Mexico City , Los
Angeles , or even New York City !
From there you can direct your huge new enterprise."
"How long would that take?"
"Twenty, perhaps twenty-five years." replied the tourist.
"And after that?"
"Afterwards? Well my friend, that's when it gets really interesting, " answered the tourist, laughing. "When your business gets really big, you can start buying and selling stocks and make millions!"
"Millions? Really? And after that?" asked the fishermen..
"After that you'll be able to retire, live in a tiny village near the coast, sleep late, play with your children, catch a few fish, take a siesta with your wife and spend your evenings drinking and enjoying your friends."
"With all due respect sir, but that's exactly what we are doing now. So what's the point wasting twenty-five years?" asked the Mexicans.
And the moral of this story is: Know where you're going in life... you may already be there.
Immigrants into Singapore
Read this article by Yoong Siew Wah.
My comments
The writer said that 30,000 PMETs have lost their jobs and are still unemployed. I do not know if this figure is accurate. Can someone help to find the source?
My comments
The writer said that 30,000 PMETs have lost their jobs and are still unemployed. I do not know if this figure is accurate. Can someone help to find the source?
Defamation
This cartoon would be considered as defamatory in Singapore. It is why Singaporeans learn to shut their mouth. How sad. We breed a nation of people without courage or character.
Gambling with the economy
The banks have forgotten their roles in raising funds for industry. They are now operating a large casino, taking bets. Read this story.
My comment
I sat in an interview panel of students applying for a place in a university. Half of the students wanted to work in a bank or the finance sector. This is bad for the future of the country. They want to earn big money from a business that makes its profits from gambling, and pretending to be other than gambling.
My comment
I sat in an interview panel of students applying for a place in a university. Half of the students wanted to work in a bank or the finance sector. This is bad for the future of the country. They want to earn big money from a business that makes its profits from gambling, and pretending to be other than gambling.
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