Hi
Here is an interesting article whose contents you already know but good to share with your readers.
Mike
Sunday, November 21, 2010
John Lennon’s song and Tommy Wong’s books
Listen to John Lennon’s song “Imagine” and read Tommy Wong’s books “Wisdom on How to Live Life”, you will find that amazingly both deliver the same message for the betterment of mankind.
The books can be ordered here.
Teaching of Chinese language
I met someone recently who come from a family with a strong background in Chinese education. He spoke strongly against the new method of teaching Chinese using Pinyin. The students focused too much in Pinyin and did not pay sufficient attention to the Chinese writing. He said that this approach would destroy the Chinese language and culture. According to him, this view is shared by many Chinese language teachers.
He further remarked, "Just because some elites have children who are not able to cope with Chinese, they are now changing the system to suit their own purpose!" This is a strong statement, but I sense that there is probably some grounds for this belief. To avoid this type of feeling, it is best that these types of issues should be openly discussed. It is bad for decisions to be taken by a few elites, making the other people feeling left out.
He further remarked, "Just because some elites have children who are not able to cope with Chinese, they are now changing the system to suit their own purpose!" This is a strong statement, but I sense that there is probably some grounds for this belief. To avoid this type of feeling, it is best that these types of issues should be openly discussed. It is bad for decisions to be taken by a few elites, making the other people feeling left out.
Skyway in Manila
I am now in Manila to speak at a seminar. On the way to the hotel, the limousine went up a road called the "Skyway". It is an elevated highway. There is no toll fee. The skyway is not congested and the traffic flows smoothly. Most cars use the ground level road as they travel a short distance and have to make turns. The skyway is useful for long distance travel.
14 years ago, I suggested to the Minister for Transport to build a second level expressway above the Central Expressway. This would be suitable for long distance travel and would relief the congestion on the CTE. He consulted his engineers and replied that there were technical constraints. They did not want to talk to me. I disagreed with the assessment, but did not wish to pursue the matter.
I believe that the elevated highway is a good approach to relief the traffic congestion and should be considered as a possible solution.
Tan Kin Lian
14 years ago, I suggested to the Minister for Transport to build a second level expressway above the Central Expressway. This would be suitable for long distance travel and would relief the congestion on the CTE. He consulted his engineers and replied that there were technical constraints. They did not want to talk to me. I disagreed with the assessment, but did not wish to pursue the matter.
I believe that the elevated highway is a good approach to relief the traffic congestion and should be considered as a possible solution.
Tan Kin Lian
Will Singapore face the same outcome as Ireland?
Should we be worried about Singapore? Prevention is better than cure.
DareToAct
Excerpt:
Ireland was one of the poorest countries in Europe when it joined the EU in 1973 along with Britain. Even with European subsidies, unemployment in the mid-1980s averaged 16 percent.
In the 1990s, lured by a 12.5 percent corporate tax, companies such as Pfizer Inc. and Microsoft Corp. helped Ireland export its way into becoming the “Celtic Tiger.” The jobless rate sank to 3.9 percent by 2001. In the decade through 2006, Ireland grew at an average annual rate of about 7 percent, the fastest among euro-area countries.
That expansion, together with easy credit, fanned a real- estate bubble. Home prices almost quadrupled in the decade through 2007. It went disastrously wrong for Ireland following the 2008 demise of Lehman Brothers Holdings Inc ., which turned the slowdown in the property market into an implosion that engulfed the economy. The ISEQ stock index has plunged 70 percent from its record in 2007.
My view
Singapore is following the same path and is likely to face the same outcome.
DareToAct
Excerpt:
Ireland was one of the poorest countries in Europe when it joined the EU in 1973 along with Britain. Even with European subsidies, unemployment in the mid-1980s averaged 16 percent.
In the 1990s, lured by a 12.5 percent corporate tax, companies such as Pfizer Inc. and Microsoft Corp. helped Ireland export its way into becoming the “Celtic Tiger.” The jobless rate sank to 3.9 percent by 2001. In the decade through 2006, Ireland grew at an average annual rate of about 7 percent, the fastest among euro-area countries.
That expansion, together with easy credit, fanned a real- estate bubble. Home prices almost quadrupled in the decade through 2007. It went disastrously wrong for Ireland following the 2008 demise of Lehman Brothers Holdings Inc ., which turned the slowdown in the property market into an implosion that engulfed the economy. The ISEQ stock index has plunged 70 percent from its record in 2007.
My view
Singapore is following the same path and is likely to face the same outcome.
Unreformed socialist
I met a doctor friend who has known me for many years. He remarked, "Kin Lian, I heard you speak at the medical seminar. You are an unreformed socialist. This is a dangerous occupation in our capitalist society today".
I understand his remarks. So many powerful people in Singapore, including our government leaders, are pursuing their personal wealth and interest. Someone who is willing to speak for the ordinary people, will not be welcomed by them.
It is sad to see what has been happening in recent years. We have among the worst income distribution in the world, as measured by the Gini coefficient. Many people have to work on two jobs to earn enough for the family. They are paid wages that are way below the poverty line, and yet our leaders refuse to consider a minimum wage.
Singapore made the best progress in our earlier years, when the economic policies were more fair and equal ( i.e more socialist), than they are today. Singapore was a more cohesive society in the old days.
Tan Kin Lian
I understand his remarks. So many powerful people in Singapore, including our government leaders, are pursuing their personal wealth and interest. Someone who is willing to speak for the ordinary people, will not be welcomed by them.
It is sad to see what has been happening in recent years. We have among the worst income distribution in the world, as measured by the Gini coefficient. Many people have to work on two jobs to earn enough for the family. They are paid wages that are way below the poverty line, and yet our leaders refuse to consider a minimum wage.
Singapore made the best progress in our earlier years, when the economic policies were more fair and equal ( i.e more socialist), than they are today. Singapore was a more cohesive society in the old days.
Tan Kin Lian
Recognize the right priority
The insurance agent tells consumers that their biggest risk is premature death and critical illness. This is not true. The chance of this happening during the working life ins less than 10%. More than 90% is likely to work till retirement without facing these risks. They are more likely to retire with inadequate savings, in spite of saving prudently over a lifetime, because a large part of their accumulated savings is taken away from them due to the bad life insurance policies. This is a bigger risk facing more people.
www.tankinlian.com/latest.aspx
www.tankinlian.com/latest.aspx
ILP - sharing our experience and mistake.
Dear Mr Tan,
Here is my two cents worth for investment linked products. My wife being the naive person she is bought some insurance/investment plan from DBS/AVIVA called her assurance gold in a bid to earn a decent return on her hard earned money but alas she was sweet-talked by a financial planner to sign up for the plan.
Once the plan had been signed, the financial planner did not call her for the next 5 years and she had faithfully contributed $500/mth to this plan.
She started investing in this product in July 2004 till present Nov 2011 which would make it a total of 77 months of premium paid up to date. (Do correct me if I got the months wrong) Thus paying up to $38,500 in total. The current value is worth only $26,650.22 which a loss of 31% (no including inflation)
After selling the policy, agents have a hands off approach. I do believe that most people are better off investing in an STI ETF or some blue chip share which gets dividends.
I do hope that other investors do learn from our mistakes and not be CONNED into buying investment linked products from agents who think of nothing but earning a quick buck from naive people like my wife.
My pain is your gain!
*Kindly take note that most insurance agents do not have a basic salary or a very low basic salary thus they would sell products which would give them the most commission as just to meet the client, they would have to pay for dinner, transport, parking etc thus selling low commission products such as term insurance would not make sense to them.
PUT YOURSELF IN THEIR SHOES, WOULD YOU BE SELLING TERM INSURANCE TO EARN A MEASLY COMMISSION OR INVESTMENT LINKED/LIFE INSURANCE? (Food for thought)
KC
My view
Although an insurance agent needs to earn an income, it does not justify selling a policy that makes the customer poor for a long time. Some agents earn more than a modest income to make a living - they earn a large income of five figures a month.
The agent claims to be professional and to give advice in the interest of the client. It is bad for them to mislead the client and sell bad products to rip off the client.
Here is my two cents worth for investment linked products. My wife being the naive person she is bought some insurance/investment plan from DBS/AVIVA called her assurance gold in a bid to earn a decent return on her hard earned money but alas she was sweet-talked by a financial planner to sign up for the plan.
Once the plan had been signed, the financial planner did not call her for the next 5 years and she had faithfully contributed $500/mth to this plan.
She started investing in this product in July 2004 till present Nov 2011 which would make it a total of 77 months of premium paid up to date. (Do correct me if I got the months wrong) Thus paying up to $38,500 in total. The current value is worth only $26,650.22 which a loss of 31% (no including inflation)
After selling the policy, agents have a hands off approach. I do believe that most people are better off investing in an STI ETF or some blue chip share which gets dividends.
I do hope that other investors do learn from our mistakes and not be CONNED into buying investment linked products from agents who think of nothing but earning a quick buck from naive people like my wife.
My pain is your gain!
*Kindly take note that most insurance agents do not have a basic salary or a very low basic salary thus they would sell products which would give them the most commission as just to meet the client, they would have to pay for dinner, transport, parking etc thus selling low commission products such as term insurance would not make sense to them.
PUT YOURSELF IN THEIR SHOES, WOULD YOU BE SELLING TERM INSURANCE TO EARN A MEASLY COMMISSION OR INVESTMENT LINKED/LIFE INSURANCE? (Food for thought)
KC
My view
Although an insurance agent needs to earn an income, it does not justify selling a policy that makes the customer poor for a long time. Some agents earn more than a modest income to make a living - they earn a large income of five figures a month.
The agent claims to be professional and to give advice in the interest of the client. It is bad for them to mislead the client and sell bad products to rip off the client.
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