I have added several additional topics in Learning Tips. Go to www.easysearch.sg and tick on Learning Tips.
They include financial planning, insurance, health and interesting places in Singapore (for tourists and locals!)
Direct link: http://easyapps.sg/learn/ (please bookmark it).
Sunday, December 19, 2010
Life insurance - its useful role
Life insurance can play a useful role for consumers to manage their personal finance, provided that it can be bought directly without incurring an exorbitant upfront charge (to pay commission). Here is chapter 7 from my new book, Get Value from your Life Insurance Policy.
www.tankinlian.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=328
You can learn more about the Flexi-Life policy (an investment linked policy where 100% of your savings is invested from the first month) here. This policy is not available yet, but will hopefully be available one day!
www.tankinlian.com/latest.aspx
http://tankinlian.com/admin/file.aspx?id=328
You can learn more about the Flexi-Life policy (an investment linked policy where 100% of your savings is invested from the first month) here. This policy is not available yet, but will hopefully be available one day!
Life insurance after retirement
Should a consumer keep a life insurance policy after retirement, if he or she has no further need for life insurance protection, e.g. the children have grown up?
Singaporeans travel in December
My friend observed that the traffic on the road is quite light in December. Many Singaporeans must be travelling on holiday. This is also confirmed by the visitors to my blog, which dropped 30% in December. I observed last year that after the holidays, it jumped back to normal.
Buoyant property prices
Benjamin Ching wrote in the Straits Times Forum that the buoyant property prices is a sign of rising wealth and it could be attributed to the measures taken by our government to achieve the economic recovery. This statement must please our government leaders greatly.
This was the same argument given to the booming property prices in Japan in the late 1980s. Although the property prices went to astronomical levels, the optimists justified them by pointing out the exceptional performance of the Japanese economy, especially in exports. I could not remember if anyone said at that time that it reflected "a sign of rising wealth". The bubble burst in 1990 and the property prices have remained in the doldrums for two decades.
A similar situation could be found in America during the greater part of this decade. The rising home prices were justified by the reasoning that the American economy had inspired confidence of investors around the world. Well, the bubble had finally burst and even the most optimistic observers now do not expect any recovery for a few years. It could take longer.
The rising property prices in Singapore is more likely caused by the extremely low interest rates, the large influx of foreign workers and the inability of the government to anticipate the shortage of housing. It is aggravated by the inflow of speculative foreign funds (and the lack of control of the inflow).
As with other countries, I expect the pain to come when the property prices correct in Singapore. I do not buy the argument that the government could cushion the fall as Singapore is a small place and can be managed. When things get out of control, it cannot be easily managed.
Tan Kin Lian
This was the same argument given to the booming property prices in Japan in the late 1980s. Although the property prices went to astronomical levels, the optimists justified them by pointing out the exceptional performance of the Japanese economy, especially in exports. I could not remember if anyone said at that time that it reflected "a sign of rising wealth". The bubble burst in 1990 and the property prices have remained in the doldrums for two decades.
A similar situation could be found in America during the greater part of this decade. The rising home prices were justified by the reasoning that the American economy had inspired confidence of investors around the world. Well, the bubble had finally burst and even the most optimistic observers now do not expect any recovery for a few years. It could take longer.
The rising property prices in Singapore is more likely caused by the extremely low interest rates, the large influx of foreign workers and the inability of the government to anticipate the shortage of housing. It is aggravated by the inflow of speculative foreign funds (and the lack of control of the inflow).
As with other countries, I expect the pain to come when the property prices correct in Singapore. I do not buy the argument that the government could cushion the fall as Singapore is a small place and can be managed. When things get out of control, it cannot be easily managed.
Tan Kin Lian
Flouting of traffic rules
Tan How Chuan wrote to the Straits Times Forum to suggest that the Police should penalise drivers who cause rear end collisions. He lamented the lack of enforcement action by the Police on drivers who float the traffic rules and engage in tailgating.
I agree with him. Many Singapore drivers have bad habits. They are impatient, sound the horn unnecessary and tailgate.
I observe that there are insufficient policemen on the road. It could be due to a desire to reduce the cost of the public sector. This is a short sighted measure. In a well managed society, there should be a certain ratio of policemen to the population. If the population increases, we need more policemen. The exception is when the people behaves well, reducing the need for policing. I do not see any evidence of such a good trend.
The situation is made worse when the top civil servants are rewarded on a KPI which includes the ability to reduce manpower cost, without regard to the negative impact on society. I wonder if this could be a reason?
Another possibility explanation is the inability to recruit people to take up the job of policemen, especially if it involves outdoor work. I know that many people aspire to join the banks or enter the financial sector, or even to take up jobs as property or insurance agents. They are able to earn more from these jobs, even though they do not add value to the wealth of the economy, except to help inflate asset bubbles.
Quite likely, it is a combination of both factors.
I expect the standard of safety and low crime rate to deteriorate in the future. This will be sad trend, as Singapore had the quality of being clean, green and safe - and they are now disappearing. Already, we are seeing criminal gang activities among the young. I suspect that the actual crime situation is worse than what has been reported in the newspapers.
Tan Kin Lian
I agree with him. Many Singapore drivers have bad habits. They are impatient, sound the horn unnecessary and tailgate.
I observe that there are insufficient policemen on the road. It could be due to a desire to reduce the cost of the public sector. This is a short sighted measure. In a well managed society, there should be a certain ratio of policemen to the population. If the population increases, we need more policemen. The exception is when the people behaves well, reducing the need for policing. I do not see any evidence of such a good trend.
The situation is made worse when the top civil servants are rewarded on a KPI which includes the ability to reduce manpower cost, without regard to the negative impact on society. I wonder if this could be a reason?
Another possibility explanation is the inability to recruit people to take up the job of policemen, especially if it involves outdoor work. I know that many people aspire to join the banks or enter the financial sector, or even to take up jobs as property or insurance agents. They are able to earn more from these jobs, even though they do not add value to the wealth of the economy, except to help inflate asset bubbles.
Quite likely, it is a combination of both factors.
I expect the standard of safety and low crime rate to deteriorate in the future. This will be sad trend, as Singapore had the quality of being clean, green and safe - and they are now disappearing. Already, we are seeing criminal gang activities among the young. I suspect that the actual crime situation is worse than what has been reported in the newspapers.
Tan Kin Lian
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