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Larry Winget Says: You’re Broke Because You Want To Be

How Totally True… If you are offended by the title because I do not know you at all… Sad to know is that, this is really the case happening in the world – You’re Broke Today Because You Want To Be!

This view was evident after a small chat with a Client and reading a book by Larry Winget: You’re Broke Because You Want to Be: How to Stop Getting By and Start Getting Ahead

My Chat With A “Poor” Client

The CPF Board has recently raised the premiums for the Medishield Plan (a medical insurance plan) and the raised premiums also mean that the benefits have also increased.

The Premium for the Medishield Plan is basically very low and affordable for every (almost) Singaporeans but very sad to say is that this Client is unable to afford it…

As we chat on… tears were on the edge of her eyes… and she was also saying that she still owed her tv license fees, utilites bill and phone bills for the last 2 months. She would rather forgo this medical coverage and suffer at home (if she is down with any major illnesses) than rather not to be able to service the rest of the bills.

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It’s Either You Understand ILPs Or You Don’t

Do you know what’s Investment-Linked Plans (ILPs)?

Whatever the case is, this plan can either help you to make your money work real hard and make you smile or totally dry up your money (suffer a loss) and leave you cursing (at the company or the Planner).

I am writing this post with great disheartening that there are many Planners who are still selling this plan to Clients who are:

  • totally non-risk takers (risk averse)
  • short term savers
  • ignorant of the sale charges of the plan and the advisory fees (commission)
  • thinking that this kind of plan is a pure Savings plan and the funds that they put in (monthly or lump sum) are 100% capital guaranteed which means that they will still get back their sum invested if no bonuses are given or the funds are not performing at all!
Do You Know What You Are Investing?

So Do You Know Really What You Are Investing?

My Chat With A Client Who Cried

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30 Critical Illnesses – #1 Killer – Major Cancers

I was going through the insurance claims list of my company and was shocked to see that majority of the claims is due to Cancer-related.

The Thing About Cancer

Photo courtesy of sxc.hu and alwyck

What was even shocking to know is that Cancer can come knocking at your own door, even if you are just 2 years old or 55 years old when you are reading this and also regardless of whether you like it or not!

Cancer can strike anyone! So how prepared are you?

The #1 Killer:

  • For Singapore Men is Colo-Rectum
  • For Singapore Women is Breast
  • For Singapore Children is Leukaemia

Cancer do not cause instant death and you may have to go through a few years of fighting. You either lose or win this battle! So do you have enough Critical Illnesses Insurance and Medical Insurance to last you through this?

If you are still ignorant about the effects of Cancer, there are many informative sites like the National Cancer Centre Singapore site >> http://www.nccs.com.sg/pat/08.htm (click this to read up on what Cancer is all about and its warning Signs)

What Causes Cancer?

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Financial Planning Tip #4: Settle Your Basic Financial Planning

Financial Planning Tip #4 is to settle your basic Financial Planning needs before even talking about specialist financial services like taxation advice and investment management.

What Are Your Basic Financial Planning Needs?

If you do not know what they are and their priority, there is a simple model for you to remember, as you can refer to the picture below:

Financial Planning is like building a house

Financial Planning is like building a house

So how can you refer to the simple house model above?

Below any of your dream house can be built, you have to have the foundation set up first. So in this case, it will be in terms of your planning for your

  1. Life Protection for Critical Illness and Disability
  2. Health Insurance for huge Medical Bills

Why are they important?

Before you can have your luxurious interior design, furniture and such, you have to set up the foundation, the whole structure of the house, the fixtures and fittings first. These are of the highest importance to ensure the stability of the house. The initial cost for setting up these are high and you have to set aside huge amount of commitment before you get to enjoy the rest of the house later.

Therefore the same principle applies to Life Protection and Health Insurance. These two areas are of the highest importance. You can have the highest paid job or the most rewarding business but you have to be physically alive and healthy in order to enjoy all the benefits (moving up the scale to retirement, savings, dreams & ambitions and achievements).

Your Health Has An Impact On Your Financial Planning

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