Hi Mr Tan,
Bumped into your website resently. Found that you have put up a lot of useful educational materials which I believe will benefit a lot of people like me, who are not very financially literate and who would like to take better control over their personal financial matters and don't quite know how to do it. Thanks for the effort and keep it up!
REPLY
You can buy my book on financial planning (www.tankinlian.com/ishop)
or attend the educational talks organiserd by FISCA (www.fisca.sg/events)
or visit my blog (www.tankinlian.blogspot.com)
or website (www.tankinlian.com).
Sunday, December 19, 2010
FISCA Talk on Insurance - follow up questions
Dear Mr.Tan
Thank you for your talk and very useful advice for us on buying insurance.
1. Seminar Talk - Exercise 3. Earn interest 4% per annum, How much is the total contribution plus interest over 35 years? (Factor to be used is 73.65) Question: a) How to get 73.65 ? b) How to get 1,272,672?
Reply
Read this FAQ:
http://tankinlian.com/admin/file.aspx?id=307
3. Mr.Tan, you have the best price for those PA and Term plan with less than $500.
Could you give me some insurance company ? I will find out and compare the price to less than $1,000. with insured 1million. From my record, I have asked some insurance companies and agents, they quoted me the price were more than $2,000. with insured 1 million.
Reply:
Read this FAQ:
http://tankinlian.com/admin/file.aspx?id=116
http://tankinlian.com/Admin/File.aspx?id=62
Thank you for your talk and very useful advice for us on buying insurance.
1. Seminar Talk - Exercise 3. Earn interest 4% per annum, How much is the total contribution plus interest over 35 years? (Factor to be used is 73.65) Question: a) How to get 73.65 ? b) How to get 1,272,672?
Reply
Read this FAQ:
http://tankinlian.com/admin/file.aspx?id=307
3. Mr.Tan, you have the best price for those PA and Term plan with less than $500.
Could you give me some insurance company ? I will find out and compare the price to less than $1,000. with insured 1million. From my record, I have asked some insurance companies and agents, they quoted me the price were more than $2,000. with insured 1 million.
Reply:
Read this FAQ:
http://tankinlian.com/admin/file.aspx?id=116
http://tankinlian.com/Admin/File.aspx?id=62
Saturday, December 18, 2010
Selection of International Songs
Songs reflect the best of any language or culture. For a song to be popular, it has to be written by the best writers and musicians of that culture. I have selected a few of my favorite songs around the world. Here are the lyrics of the song in the original language and the translation into English. I find that it is enjoyable to learn a language and the culture of a people through its popular songs.
www.tankinlianj.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=324
www.tankinlianj.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=324
FISCA Talk - Consumer Guide to Insurance
The talk was held on 18 December 2010. It was well received. Here are some feedbacks:
Dear Mr Tan
I attended your talk today ( and also the previous talk on investing for the long term). I believe Fisca and what you are doing is invaluable and it is very tragic re how poorly regulated financial services are in Singapore. Is there any way more people can get to know about financial literacy? I feel more people especially the old and less literate should be protected against these scams. Like holding more talks on a much larger scale? But I suppose it is a behemoth of an industry you might be up against.
Dear Mr Tan
More talks
Dear Mr Tan
I attended your talk today ( and also the previous talk on investing for the long term). I believe Fisca and what you are doing is invaluable and it is very tragic re how poorly regulated financial services are in Singapore. Is there any way more people can get to know about financial literacy? I feel more people especially the old and less literate should be protected against these scams. Like holding more talks on a much larger scale? But I suppose it is a behemoth of an industry you might be up against.
Dear Mr Tan
Thanks for the illuminating talk on financial planning and insurance today, I've learned how to derived the costs of insurance as a result of your talk. Thanks for your work in helping to educate and inform ordinary consumers like us.
More talks
I will be holding more talks on this topic. You can register at www.fisca.sg/events
Attendees of the talk can click here to download the zip file of the relevant FAQs from the TKL website. Here is the outline of the talk, but it is better to attend to talk.
Tan Kin Lian
BEST Business Game
Practice and develop the skill of pricing, marketing and stocking - the essential skills to run a profitable business by trying this game. Click on Video to see a demo of how the game is played and the strategy to follow. There are several games every hour, covering several industries. Each game should take 1 hour to complete.
Use Excel to calculate yield
I gave a talk on "Insuring your Financial Security" under FISCA. If you invest in a life insurance policy, you should aim for a yield of at least 3.5% per annum over a period of 25 years. You can calculate the yield using Excel. It is explained in this FAQ.
Friday, December 17, 2010
Invest in an indexed fund
In the past, the lay person does not know how to invest in shares or which shares to choose. A good choice is to invest in a life insurance policy and let the insurance company manage the investments.
The option of investing in a life insurance policy is no longer attractive for consumers, due to the high deduction may by the insurance company to cover its expenses and profit. Many life insurance companies take away 50% of the accumulated savings from the consumer, leaving a poor yield. For example, the insurance company can earn a yield of 5% but they give only 2% to the consumer. The difference of 3% is a lot of money.
Consumers now have the choice of investing in an indexed fund that takes away 0.3% per annum. If the indexed fund earns 5%, the net yield to the consumer is 4.7%. The consumer can buy the insurance protection through a 25 year term insurance policy and pay a small premium, which is less than 10% of the premium for a whole life or investment linked policy.
After factoring all the cost for the term insurance, the fee of the indexed fund and other expenses, the consumer is able to keep 85% of the accumulated savings, instead of 50% provided by a life insurance policy.
If the accumulated saving is $500,000, the consumer can keep $425,000 (after deducting 15%) instead of $250,000 (after deducting 50%). the difference is more than $150,000.
This concept is explained in several FAQs stored in my website, www.tankinlian.com/ask.aspx. Read this FAQs and learn how to invest in the indexed fund. You can also attend the educational talks organised by FISCA (see www.fisca.sg/events) or buy my book, Practical Guide on Financial Planning.
My message is very important for young people, especially the graduates who are starting work for the first time. Many insurance agents will be seeing you to tell you about investing in a life insurance policy. If you take their advice, you will likely be losing $150,000 or more, during your lifetime. Act now, before it is too late.
Tan Kin Lian
The option of investing in a life insurance policy is no longer attractive for consumers, due to the high deduction may by the insurance company to cover its expenses and profit. Many life insurance companies take away 50% of the accumulated savings from the consumer, leaving a poor yield. For example, the insurance company can earn a yield of 5% but they give only 2% to the consumer. The difference of 3% is a lot of money.
Consumers now have the choice of investing in an indexed fund that takes away 0.3% per annum. If the indexed fund earns 5%, the net yield to the consumer is 4.7%. The consumer can buy the insurance protection through a 25 year term insurance policy and pay a small premium, which is less than 10% of the premium for a whole life or investment linked policy.
After factoring all the cost for the term insurance, the fee of the indexed fund and other expenses, the consumer is able to keep 85% of the accumulated savings, instead of 50% provided by a life insurance policy.
If the accumulated saving is $500,000, the consumer can keep $425,000 (after deducting 15%) instead of $250,000 (after deducting 50%). the difference is more than $150,000.
This concept is explained in several FAQs stored in my website, www.tankinlian.com/ask.aspx. Read this FAQs and learn how to invest in the indexed fund. You can also attend the educational talks organised by FISCA (see www.fisca.sg/events) or buy my book, Practical Guide on Financial Planning.
My message is very important for young people, especially the graduates who are starting work for the first time. Many insurance agents will be seeing you to tell you about investing in a life insurance policy. If you take their advice, you will likely be losing $150,000 or more, during your lifetime. Act now, before it is too late.
Tan Kin Lian
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