How much do you know about Financial Planning? - Singapore's Online Community

shingshing · 28-08-2007, 10:07 PM

Just wanted to know just how much do you know about Financial Planning? Meaning planning your own finances well to meet your short term and/or long term obligations?

I've got a friend who's a Financial Planner (in other words, insurance agents) who told me before that most people out there dunno anything about financial planning. Which I really agree too.

From what I see, alot of people are easily deceived by the freebies to sign up something or simply using discount vouchers for the sake of using it even though they don't really need to spend on the items/services.

And in many cases, even banks are deceiving elderlys to invest by calculating misleading % of returns. Per annum and per month makes a BIG difference. And they always say first year guaranteed got n% of return and subsequently is up to the performance of their portfolio of which they expected to be at least z% of returns. But in actual fact, they only manipulate the % of returns to appear attractive but returns are still low as ever.

And even if you are not financially trained, don't you think the phrase "nothing is free in this world" is really true in the commercial world out there?

I just dun feel good that some people got cheated out there and yet they feel so happy...:disgust2:

Anyway, share with us how much you know. Why you think its important and why you think its not?

Your views, please. :mellow3:

**burgerboi** · 28-08-2007, 10:26 PM

i dun really know that much about financial planning and advising
but i do plan financially for my future alrdy
started saving and things liddat
wad i have learned from the reality of the world is that there are too many cheats in the world
there is no free lunch in the world
wad they say bout saving this amount and get 30% extra back in return?
fakes, there is definitely some catch there

**Ican** · 28-08-2007, 11:53 PM

There are tactics and there are strategies. Tactics are like cutting the coupons and buying financial products just becoz everyone is buying it.

Strategies are more like knowing what to do and why. And it will amaze you when you find out that actually strategies are simple things you do that make a huge difference.

I wont say I know my financial planing very well, but I always set aside a sum of money for expenses and for savings. I also keep the coins everyday in a 'tong kong' and once its full (could be a couple of hundrend dollars) deposit it in the bank.

I also make sure I will not spend all my money and waiting for pay cheques after pay cheques. I think its true that if you cant manage and cant discipline yourself, you cant be rich....its simple downright fundamental rule of being rich.

I think discipline is the key....the rest are just tools.

iamme · 29-08-2007, 02:53 PM

The term "Financial Planner" has received so many negative associations that most of us will frown when we heard it. Such a pity for a very good words right?

However I'm not surprised, especially in Singapore, where not everyone is "investment savvy" to say the least. The education system here is so much rigged that you've been told since you are a little kid that you have to go to a good school so you can have a good job, and then a good living.

Partially that is right, but that's not the whole thing. You won't get rich (seems like it is the easiest term to use here...) by just working normal safe good job everyday. You will live in moderate and all, yes, but you are not "rich".

To be "rich" you will need something more, which everyone of you need to find it out by yourself =)

Having said all that I have never and never will invest in a saving-investment-related-crap that every financial institution can come up with... do it yourself! If you have the know how that is... If you don't know how, well, hit the book!

**sgalextoh** · 29-08-2007, 03:04 PM

	Quote:			Originally Posted by iamme
	The term "Financial Planner" has received so many negative associations that most of us will frown when we heard it. Such a pity for a very good words right? However I'm not surprised, especially in Singapore, where not everyone is "investment savvy" to say the least. The education system here is so much rigged that you've been told since you are a little kid that you have to go to a good school so you can have a good job, and then a good living. Partially that is right, but that's not the whole thing. You won't get rich (seems like it is the easiest term to use here...) by just working normal safe good job everyday. You will live in moderate and all, yes, but you are not "rich". To be "rich" you will need something more, which everyone of you need to find it out by yourself =) Having said all that I have never and never will invest in a saving-investment-related-crap that every financial institution can come up with... do it yourself! If you have the know how that is... If you don't know how, well, hit the book!

It's quite amazing on the word rich. Just thought of one question. If everyone in the world gets rich, who's going to be poor? And since everyone is rich, does the product that we use daily like toilet paper gets cheaper or even higher?

iamme · 29-08-2007, 03:10 PM

Interesting question you have there =)

I'm not saying that everyone can get rich. Rich is a situation where we take the top percentage of the population on the financial stats, and we bestowed them with the title "rich people". Rich is not the amount of money you have, but a condition that you are on the top percentile compared to those around you.

Oh and when everyone is "rich", toilet paper price will go up.

**sgalextoh** · 29-08-2007, 03:18 PM

Thanks. It's a experince from my dad and mum. They told me when they pai to that time, you can have a ice-kachang for only like 5cents. That was in the early 70's. Just look back in time. Why does people keep complaining money not enough while they gets maybe 100bucks increment in pay yearly. The value of the money is going down. I still remember 10-15 years ago, you can get a plate of chicken rice for just $2. Now with the standard of living going up and people is getting pay rise every year, those hawkers also need pay rise! That's why you have to pay $3 for the same amount of chicken rice you get 10-15 years ago.

iamme · 29-08-2007, 03:21 PM

Yup, inflation kills, especially those that doesn't keep up. So again rich can't be measured by just numbers, but by being at the top percentile of your society.

People on the top and mid percentile will be less affected by inflation, but those at the bottom percentile will definitely feel it.

shingshing · 03-09-2007, 10:35 PM

	Quote:			Originally Posted by iamme
	However I'm not surprised, especially in Singapore, where not everyone is "investment savvy" to say the least. The education system here is so much rigged that you've been told since you are a little kid that you have to go to a good school so you can have a good job, and then a good living.

Yes, we only know how to work for others. But dunno how to make people work for us...Not many of us are risk takers...

**stevetan** · 04-09-2007, 02:35 AM

That is why the rich is getting richer. Howvever for action takers, it is different. They will get their fair share. You can learn how to invest in different fields. The more sources of passive incomes the better.

**blushing_guy** · 09-09-2007, 08:09 PM

For me I am not really that into "investment savvy" or know a lot on financial planning but I will save a certain amount of $$$ in my bank. When the amount hits like $30k or so, I will just place it into FD/TD and the cycle goes on... :biggrin4:

**k3nn7i** · 09-09-2007, 08:47 PM

tink the word financial planning is oweis associated wif insurance agents.
i was attached to an insurance company b4, so i roughly noe, hw and wad are the financial planners are doing. basically, they help us in planning financially by introducing some of their company's products which insurance. maybe tats y, ppl associate them wif insurance agent

**sinned** · 16-09-2007, 01:27 PM

i wanna learn more. hmm.. been reading up some books. but i hope i will have a good financial consultant/planner. Not those that wanna earn your commission then let u die that kind.

I gather that many ppl will look for these planners/consultants that are not from just 1 major company. they mix and match plans available best for u.

**BerylSandydowns** · 16-09-2007, 06:59 PM

do not know much. but interested to take up course to learn more about it. hee

**wenchong1985** · 16-09-2007, 07:33 PM

as long as the money in your bank keep increasing mean u are good enough le