Beware of this Insurance Agent

There are many insurance agents that we ought to be afraid of. After all, the typical insurance agent has a glib tongue that can probably out talk most of us. But the worst kind of insurance agent isn't the talkative one. It is the one who masquerades as a financial planner and yet is always trying to get client's to cancel their old policies to buy a new policy from them.

This is an especially common situation in Singapore where insurance agents change companies the way they change shoes. Because of buyout clauses, failure to hit sales quota, or some other kind of reason, insurance agents often change from one company to another over the years. This is nothing common and we should not blame them. After all, who really sticks with one company for more than 5 years in today's job market? Where people are encouraged to gain as much job experience in as wide a variety of roles possible, it is not surprising that people change companies.

But what happens when an insurance agent changes to another insurance company is probably the worst thing that can happen to his clients. It might be better if the insurance agent had left the industry altogether. For the insurance agent who changes company will soon try to convince his existing clients to switch over their policies to his new company. It is not a new trick. It is an old trick that has happened time and time again.

True. There are instances when an apple to apple comparison is done, the consumer can clearly see the benefits of a certain policy over another policy. However, the worst kind of comparison is the kind that tries to compare an apple to an egg. With this kind of insurance agent, one must beware.

This insurance agent will take a whole life policy and compare it with an ILP. And from there he will show you all the benefits the ILP has over your whole life policy.

If you have an ILP, he will take a term insurance and compare it to your ILP!!

If you have a term insurance, he will take an ILP or Whole life policy and show you the benefits of it over your term insurance!!!!!

With this kind of apple to egg comparison, it is impossible to refuse the "benefits" that are proposed by the agent.

Rule of thumb: Always do an apple to apple comparison. When you try to compare an apple to egg, it is impossible.

Don't say you have not been warned.

Gross Monthly Salary Poll Results

I conducted a poll on this site to find out the gross monthly salary of readers.

56% earn less than $5000 per month.
30% earn between $5000 and $10,000 per month.
13% earn more than $10,000 per month.

Interesting results. It shows me that some of my readers are earning $10,000 per month but they still find my site interesting/relevant enough even though I earn less than them.

Perhaps I should get them to share how they managed to earn such a high monthly income and what jobs or industries they are in.

City of Possibilities

I fell in love with the song Empire State of Mind by Alicia Keys and Jay Z. The song speaks about New York City - "concrete jungles where dreams are made of, there's nothing you can't do"

Living in Singapore, I can only sigh at dismay that none of our song writers have written a wonderful song about our country that is as passionate as Empire State of Mind.

After all, Singapore is indeed the City of Possibilities. In recent polls, Singapore is one of the top destinations for people who are thinking of migrating. It is also one of the most liveable cities in the world. The recent congestion on our trains and the skyrocketing population of over 5 million people is also testament to the fact that Singapore is a city where dreams can also come true. It is indeed useful to be reminded that the reason why there is an influx of foreigners to our country is because people WANT to come to our country. This ought to make us proud.

Mercer's Quality of Living Survey:

Singapore is ranked 28th. No other asian country ranked above it.

221 cities were evaluated based on 39 factors including economic, education, transportation, etc.

Cities ranked above Singapore in the region include Sydney (ranked 9th) and Melbourne (ranked 18th)

It is not surprising then that the National Day Rally recently focused quite a lot on the crowding situation that is taking place in Singapore and how the Government is taking action to combat it. Being an attractive city to live in, Singaporeans have to embrace foreigners. The key here is integration and not assimilation. With integration, we recognise that certain groups will remain distinct from us but in a certain sense, we will have to find common ground that will bind us all together.

It is never easy and it remains a challenge. But this is what Singapore has to contend with. I think the measures that the Government has taken is sufficient to see us through in the long run.

Life and Its Funny Turns

Life takes funny turns now and then. Ten years ago, I would never have imagined that I will be where I am today, doing the work I am doing and living the life that I am living. It is funny how far separated dreams or wishes are separated from reality.

Don't get me wrong, I am not saying that life isn't good now. It is superbly great. I just did not imagine all the twists and turns it brought me through.

Reading my old journal entries, I am amazed at my lack of maturity and also my naiveness and sense of idealism.

I am older and hopefully wiser.

Dividends and Passive Income (Aug 2010)

Received some dividends from my holdings in certain real estate investment trusts (REITs).

The following 2 REITs paid out distributions for the month of Aug 2010:

1. Ascott REIT ($423.60)
2. Suntec REIT ($25.28)

Total passive income and dividends for Aug 2010 = $448.88

It seems that dividends are still the main source of passive income for me as I do not have any money generating businesses or stuff to provide me with more passive income.

Youth Olympic Games

For those of you who missed the closing ceremony of the Youth Olympic Games, here is the video for you to enjoy.

Personally, I felt that the YOG was a huge and resounding success. Though I wasn't personally involved in it, I really felt proud to be a Singaporean to see the beauty of our country and its skyline broadcast to so many nations overseas. Watching the closing ceremony of the YOG literally gave me goosebumps when I heard the national anthem and also the song "Its not about winning(?)". It was simply amazing!

Singapore has really transformed over the years and I cannot say how amazing it is to be living in such times.

As Ng Ser Mian says, WE HAVE DONE IT, WE HAVE DELIVERED.

Hosting the YOG is indeed a proud moment in Singapore's history. And I am proud to be a witness to these times.

I was in Singapore where it all begun...

Curriculum Vitae or Resume

I have wondered about the differences between a C.V. (Curriculum Vitae) and a resume.

In fact, many people use it interchangeably and when people refer to C.V. nowadays, it seems like they are talking about the same thing as a resume.

Is there any significant difference between the two? Which should you use for your job search in Singapore?

I got a template from somebody close when I was deciding to do up my C.V. a few years back. It was then that I realised that the template used involved putting up all my education details upfront while my work experience was located slightly to the back. I never questioned the logic of such a layout but used it anyway.

Whether such a format was effective still remains unknown to me. Another issue was it was pretty long (5 pages). I read elsewhere in the internet that a resume should only be 2 pages long at most.

I am not sure what format or template most people out there use. But I would like to think that a resume/CV in Singapore is as important as it is anywhere else in the world. A resume / CV could be the factor that helps you nail an interview with a potential employer. It is the first thing that a potential employer actually sees and whether you get called up for a job interview at the end of the day probably depends on how you arrange all your personal information in the most effective way in that few pieces of paper.

Another way the CV or resume helps is that it helps you develop a clear understanding of what your key selling points are to the potential employer. Should you get the interview, you will know how to effectively sell yourself according to how you have arranged the details in your resume/CV. So giving proper thought of what to include in it is probably a good use of your time if you are thinking of a career switch or looking for a job.

So the following questions are going through my head right now when I look at my C.V.:

1. Should I condense the 5 pages into 2 pages.

2. Should I put my employment history right up front instead of focusing on my academic qualifications?

3. What other skills or certification should I strive for to make my C.V. look more impressive.

Food for thought for the weekend!