Dear Mr. Tan,
I witnessed the changes in the banking industry first hand. When I joined a bank in 1989, bankers were well regarded even though our salaries were not as high as today. Integrity was the most important quality, as we are given the responsibility to look after depositors' money.
Banking is a business where the product is easy to sell, as we are giving out money and many people need a loan from the bank. Bankers must put the depositors' interest above sales.
The bank will assess your character and your technical skill sets. Once you are selected to join the bank, it is a privilege. If you are selected to be a credit manager you have arrived as the bank has empowered you to give loans. You have a long term career with the bank.
Foreign exchange dealers were there to support the lending business and not there to gamble or speculate on the bank's balance sheet.
Investment bankers are not allowed to take in public deposits. They start with a clean page every day. In essence, they were brokers, they have to hustle to make a living. No qualms about misleading investors. However they were highly paid but they put their money back into the firm as they were partnerships. That acts as a check to their excesses.
Later when they became listed companies, they took even more risk with other peoples money. Inevitably, all the commercial bankers wanted to be investment bankers as they are so well paid.
Allowing commercial banks to become investment banks is a recipe for disaster, as they have the balance sheet and public deposits to gamble with and have access to a large retail franchise to exploit. I never thought I will live to see the day when banks are selling their credit cards in Raffles Place like tourist touts. We sink to a new low when we out sourced it to a third party.
Where is the bank culture now ? Greed is acceptable. Well paid, short term careers is the order of the day because someone else can pick up your mess. Any way you are paid more than if you have worked longer with the institution.
Saturday, August 2, 2008
Continue life policy after migration?
Hi Mr. Tan,
My mother is a big fan of your blog and she's been nudging me to seek your advice on my NTUC Income Life Policy Insurance.
I would be going to look for work in Sydney and looking to stay there. Should I terminate my policy and get back my money? Should I continue feeding this policy?
REPLY
In the globalised world, it is quite easy to continue your existing policy in Singapore, even if you live overseas.
You should decide on your existing life policy based on the future yield. Generally, I advise a person to continue an existing life policy, as they have already incurred the upfront charges. Going forward, the policy should be able to give a fairly satisfactory return.
You can ask your insurer to quote you the cash value now and in 5 years time for you to make a decision.
Read this FAQ:
http://www.tankinlian.com/faq/exist.html
For your future financial planning, you should read this FAQ: http://www.tankinlian.com/faq/fptips.html
All the best.
My mother is a big fan of your blog and she's been nudging me to seek your advice on my NTUC Income Life Policy Insurance.
I would be going to look for work in Sydney and looking to stay there. Should I terminate my policy and get back my money? Should I continue feeding this policy?
REPLY
In the globalised world, it is quite easy to continue your existing policy in Singapore, even if you live overseas.
You should decide on your existing life policy based on the future yield. Generally, I advise a person to continue an existing life policy, as they have already incurred the upfront charges. Going forward, the policy should be able to give a fairly satisfactory return.
You can ask your insurer to quote you the cash value now and in 5 years time for you to make a decision.
Read this FAQ:
http://www.tankinlian.com/faq/exist.html
For your future financial planning, you should read this FAQ: http://www.tankinlian.com/faq/fptips.html
All the best.
Can newspapers be trusted ?
In the past, newspapers could be trusted to tell the truth. They were objective in their reporting and were not driven by commercial consideration.
This laudable practice has changed in recent years. It is now quite common for newspapers to print articles that give a favorable slant to their big advertisers.
At one time, these articles were printed under the headline "Advertorial". This was intended to warn the readers that the article was contributed by the advertiser and that the newspaper did not verify the statements in the article.
Nowadays, the label of "advertorial" has disappeared. Some journalists are engaged to write a story for a big advertiser. The article has to be approved by the advertiser, in return for a big advertising budget.
This is how some newspapers get advertising revenue to cover the large expenses and to make good profits for their shareholders. This is necessary for the commercial success of the newspaper, and is now more important than independent and honest reporting.
This laudable practice has changed in recent years. It is now quite common for newspapers to print articles that give a favorable slant to their big advertisers.
At one time, these articles were printed under the headline "Advertorial". This was intended to warn the readers that the article was contributed by the advertiser and that the newspaper did not verify the statements in the article.
Nowadays, the label of "advertorial" has disappeared. Some journalists are engaged to write a story for a big advertiser. The article has to be approved by the advertiser, in return for a big advertising budget.
This is how some newspapers get advertising revenue to cover the large expenses and to make good profits for their shareholders. This is necessary for the commercial success of the newspaper, and is now more important than independent and honest reporting.
Friday, August 1, 2008
Logic9 (Sudoku)
I am surprised that Logic9 on my website is one of the most frequently visited. It rank second to my FAQs.
http://www.tankinlian.com/logic9/
There are many other websites offering Sudoku puzzles, but it seems that my website has some attractive features. They are:
1. Can play online
2. Easy to play
3. Can play 4 levels
4. Option to choose flowers and letters, instead of numbers.
I shall be updating the website to have more puzzles.
Enjoy.
http://www.tankinlian.com/logic9/
There are many other websites offering Sudoku puzzles, but it seems that my website has some attractive features. They are:
1. Can play online
2. Easy to play
3. Can play 4 levels
4. Option to choose flowers and letters, instead of numbers.
I shall be updating the website to have more puzzles.
Enjoy.
Joke: race horse telephoned
John had a restless night and keep on calling "Eva, darling" in his sleep. His wife Joan asked him who Eva is.
John replied that she was his favourite race horse. His wife accepted the explanation.
On returning home, he found his wife furious. He asked why. She replied "Your race horse telephoned today".
John replied that she was his favourite race horse. His wife accepted the explanation.
On returning home, he found his wife furious. He asked why. She replied "Your race horse telephoned today".
Advice on Financial Planning
Hi Kin Lian,
I have read your articles in your website and found that they were very informative and also gave us very good advices.
I would to find out do you provide financial planning for us. If you do, I would like to seek your advice.
REPLY
I do not give specific financial planning advice. You can read the FAQs in my website and decide for yourself.
Read the FAQ on "Financial Planning for the Young". It tells you how much to set aside for your retirement and how to invest in a low cost fund. You can read the FAQ on "Personal Insurance" to decide on the type of low cost insurance that you need.
I have read your articles in your website and found that they were very informative and also gave us very good advices.
I would to find out do you provide financial planning for us. If you do, I would like to seek your advice.
REPLY
I do not give specific financial planning advice. You can read the FAQs in my website and decide for yourself.
Read the FAQ on "Financial Planning for the Young". It tells you how much to set aside for your retirement and how to invest in a low cost fund. You can read the FAQ on "Personal Insurance" to decide on the type of low cost insurance that you need.
Land Banking Scam
Hi Mr. Tan,
I've just read your blog on land banking scam and though I would share a email that I sent to ST a while back when they had a relatively positive article on land banking back in 2007. I feel ST has not been as investigative as they should have been and many times, have articles that doesn't give a complete picture of investments , almost to the extend that it would appear they dare not provide any additional information or view other that so called "experts" with vested interests.
LETTER TO STRAITS TIMES JOURNALIST
I wonder if you have done a proper investigation into the whole land banking issues, especially about companies like X since there has been numerous discussion about scams by them in the internet ? A simple search on the internet will throw up lots of information about such scams and how these scams works even if the titles or funds are put into escrow until the sales completed.
Your article by not addressing such issues does a great dis-service to the general public. I hope that ST will follow up with the investigative style that expose the previous NKF and that that has made us Singaporean proud of ST.
http://mywealthplanner.wordpress.com/2006/10/28/profitable-plots-investing-in-land-banks-1/
While I have tried to put reply to this article in the forum, I feels that this is insufficient for those readers that do not make use of the internet as much.
I would appreciate if yourself or your editor could look into this and do a proper follow up articles. And in view of the large amount of money changing hand just because of a simple article like this . I've also got calls from various companies trying to sell the land banks ideas and doing some "talks" over this weekend and having read your articles, I'm wondering if the timing of these calls is co-incident or deliberately timed to be after your article.
I've just read your blog on land banking scam and though I would share a email that I sent to ST a while back when they had a relatively positive article on land banking back in 2007. I feel ST has not been as investigative as they should have been and many times, have articles that doesn't give a complete picture of investments , almost to the extend that it would appear they dare not provide any additional information or view other that so called "experts" with vested interests.
LETTER TO STRAITS TIMES JOURNALIST
I wonder if you have done a proper investigation into the whole land banking issues, especially about companies like X since there has been numerous discussion about scams by them in the internet ? A simple search on the internet will throw up lots of information about such scams and how these scams works even if the titles or funds are put into escrow until the sales completed.
Your article by not addressing such issues does a great dis-service to the general public. I hope that ST will follow up with the investigative style that expose the previous NKF and that that has made us Singaporean proud of ST.
http://mywealthplanner.wordpress.com/2006/10/28/profitable-plots-investing-in-land-banks-1/
While I have tried to put reply to this article in the forum, I feels that this is insufficient for those readers that do not make use of the internet as much.
I would appreciate if yourself or your editor could look into this and do a proper follow up articles. And in view of the large amount of money changing hand just because of a simple article like this . I've also got calls from various companies trying to sell the land banks ideas and doing some "talks" over this weekend and having read your articles, I'm wondering if the timing of these calls is co-incident or deliberately timed to be after your article.
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