Lee Jin Fei Andre
22 upvotes received
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Read as much as you can, and learn from as many people as possible. Doing insurance, but not your run-of-the-mill agent.
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  • Asked by Anonymous

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered 2w ago
    To be honest, if you feel that cutting his allowance will cut you some slack, you are probably: 1. giving him too much in the first place; or 2. if you already are giving him lower than average, it's probably just enough money for recess and could affect his growth in this crucial period of his life Whether it's 1 or 2, he's probably too young to understand the true value of money, especially if he's spending everything you give him. He may not be able to empathise with you both with regards to the situation, and cause greater distress within the family. And if he does, it may cause developmental hindrance especially in matters related to money, which I have experienced before. You are currently at a very tricky crossroad - You can either suffer in silence and let your child come to some realisation (hopefully never and lead a blissful and ignorant childhood till he's old enough to realiseand thank you for all you've done for him) or hope for his understanding by telling him early through reducing his allowance and risk developmental issues. For either way you as parents will have the shorter end of the stick, and this is one of the challenges of parenthood you will have to face. So you have to make a difficult choice, bearing in mind for one's release from suffering, someone else has to pick up the pieces, whether it be you (the parents) or him (the child).
  • Asked by Anonymous

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered on 16 Nov 2018
    Depends on what your goals are, and whether you'd be willing to sacrifice the few years of your life if you're going to pursue something else after the bond ends. Do you see yourself in this career, or is it just a stepping stone to get some higher than average moolah ? I did consider signing on as a pilot once, but the bond was long and if I didn't like it I would be stuck in a profession for 10 whole years without any chance of leaving early (I mean you could but the penalty really is out of this world). When signing on there's no such thing as "I wanna just try it out and see how" because you're stuck for that few years. Bear that in mind and if your heart is still telling you the pros are so much better than the cons I guess you'll have your answer then.
  • Asked by Anonymous

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered on 30 Oct 2018
    Here's an idea. Inculcate a savings habit from young. Give them more allowance than they need but tell them that 20% of it must be stashed in their piggy bank with a record of how much was being "deposited" in everytime. Tell them that if they wanted to spend on something they can only spend what's inside the piggy bank, but only a maximum of 10% of their accumulated funds each month. For anything extra they will have to do work around the house and you'll increase their allowance by x% for each KPI done. It's important to give them more than they need for recesses otherwise they'll starve after saving the 20% (especially if they're lazy and don't want to do any work) so please bear that in mind ๐Ÿ˜‚ This method is so that even if they're lazy to work for more, they'll at least have the saving habit. And when they want to spend on something they'll realise how difficult is it to buy something when you don't work for additional allowance each month. ๐Ÿ‘
  • Asked by Anonymous

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered on 25 Oct 2018
    Always focus on clearing your existing debts, especially at such an interest rate. The more you drag, the more it compounds, the worse the debt. Using the money to invest right now is foolhardy and would cause you even more stress. Take for example you have $1,000 left after savings and expenses right now. You could choose to use it to invest of clear the debts. This means that you'll need 60 months or 5 years before you breakeven for just capital alone without interest payment. If investing it reaps 5% p.a as an example, the returns can barely service the yearly loan interest at all. You'll end up paying much more for the loan instead. TL; DR: It doesn't make any financial sense to invest rn. The opportunity cost for servicing the loan is lower than investing the leftover money. Pay your loan asap.
  • Asked by Anonymous

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered on 15 Oct 2018
    There are a few things you could take into consideration before giving any of them up. Do reply with the names of the plans you have taken up so we can advise you much better. 1. Depending on which ILP you've purchased, it may be possible to go on a temporary premium holiday, or lower the premium per month for that matter. If you know for sure that this financial burden is temporary and would like to carry on the plan in the future, you can consider doing this. 2. If you die die need to give up one, then ask yourself: are you saving/investing for something in particular, and if you'd be okay to exit regardless of market volatility in 30 years. If you can take the risk, keep the ILP, otherwise keep the endowment instead. But if you definitely need that sum of money, then keep the endowment. 3. Or suck it up, and grit through the pain now. Enjoy the fruits of your labour later. Most importantly, consider what are your main priorities first. If you have seriously urgent short term liabilities, then obviously neither of these plans are for you right now. Your adviser should know this, and unless you have purposely withheld information from him/her, I urge you to question your adviser as to why he/she proposed this to you in the first place. It is obvious that one party has grossly overestimated your budget, and whether it be you or your adviser I'll leave it up to yourself to make the judgment.
  • Asked by Anonymous

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered on 12 Oct 2018
    If a person is still undergoing treatment for depression, I'm sorry to say that it is highly likely your friend will be rejected by most if not all insurers at the moment. Cases of depression are too risky for insurers to underwrite, and hence will not be given much chance at all. This may include those still undergoing consultations, and taking medication etc. From experience, only if a person has officially recovered from the condition will the insurer been more keen to underwrite, and before a certain number of years after recovery, the insured will most likely have exclusion on all treatments or surgery related to any mental conditions for the time being. An appeal to remove exclusion can only be done after a number of years, and is subject to additional underwriting as well. Not all hope is lost of course, as your friend can still try to apply for moratorium underwriting for health insurance. This is only offered by Aviva at the moment, but is an option to consider. This advice is from experience, and may not fully represent the underwriting requirements of each insurer. If unsure, always check with a financial adviser from the insurers you would like to apply to.
  • Asked by Rai Hanah M

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered on 02 Oct 2018
    Post retirement there are only a few things to look out for. 1. -Most important- Integrated shield plan (last entry age 75) - This is especially important as older folks are very susceptible to chronic illnesses. It is very common that a person will rake up very high bills during the final 5 to 8 years of their life. 2. Personal Accident plan (last entry age usually 69/74) - Good to have, as older folk tend to slip and fall much more easily. Due to a more fragile body, they will also be more susceptible to fractures and injuries. This means more X-rays, MRIs and even prolonged treatment for bruises. - However even the longest term should only be till age 85 3. A small fund to foot for his integrated shield plan and personal accident premiums 4. -Least important- Any possible wealth preservation plans to transfer legacy This 4 are what I would recommend for people reaching retirement or already post-retirement to look out for. Hope this helps you out!
  • Asked by Anonymous

    Lee Jin Fei Andre
    Lee Jin Fei Andre
    8 Answers, 22 Upvotes
    Answered on 03 Jul 2018
    I am not sure what exactly do you mean but every agent, whether an IFA or a tied agent must have an RNF (representative notification framework) code from what I know. This is especially important as this number is proof that he/she is certified by MAS to advise in financial products he/she is deemed qualified (as required under the Financial Advisers Act) Additionally, the code can be tracked on the MAS website, either to flag fraudulent agents or to provide any history of fraudulent activity done by the agent for any outside potential prospects and employers' reference. Back to the topic, if your IFA do not have an RNF code (also stipulated by MAS to be shown during prospecting with clients), that means that he/she is not qualified to advise on any financial products, as doing so would violate the Financial Advisers Act which is an offence. I do not advise signing any products with that agent.

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