My first visit to China was in 1987. I recall my impressions of that visit:
* foreigners are required to use the "foreign exchange certificate", which has a higher exchange rate compared to the local currency.
* tourists pay a higher admission ticket to the tourist spots, compared to locals
* the toilets were unclean
* there are many people to provide service
I am now in China again, nearly 20 years later. I saw the big changes to the lifestyle and the standard of living.
* the cities are now similar to other cities around the world
* there is only one currency
* prices are now the same for locals and tourists
* there is inadequate workers to provide service
Somehow, I miss the old China.
Saturday, March 31, 2007
Thursday, March 29, 2007
Websites that impose their password pattern
Some websites insist that the password must fit their pattern, such as:
* must be at least 8 digits.
* must be more than 8 digits
* must be exactly 8 digits
* must have both numeric and alphabetic characters.
The designers of these websites forget that the ordinary people, like me, have to deal with more than 10 different websites and passwords. By insisting on a password that fit their pattern, they force the user to create an unfamiliar password that they are likely to remember quickly.
Singpass insist that the password must be more than 8 digits. I keep forgetting my password. I must have asked for it to be re-set at leat 10 times.
* must be at least 8 digits.
* must be more than 8 digits
* must be exactly 8 digits
* must have both numeric and alphabetic characters.
The designers of these websites forget that the ordinary people, like me, have to deal with more than 10 different websites and passwords. By insisting on a password that fit their pattern, they force the user to create an unfamiliar password that they are likely to remember quickly.
Singpass insist that the password must be more than 8 digits. I keep forgetting my password. I must have asked for it to be re-set at leat 10 times.
Income Tax Returns for 2007
I filed my income tax returns for 2007 through the internet.
The portal is well designed, but still too complicated. As a taxpayer, I have to read a lot of irrelevant details, just to learn that they do not apply to me.
I had a lot of trouble with the IRAS password. They insist on exactly 8 digits. I had to create a new password just to meet this requirement. I am likely to forget this password, when I need it.
The portal is well designed, but still too complicated. As a taxpayer, I have to read a lot of irrelevant details, just to learn that they do not apply to me.
I had a lot of trouble with the IRAS password. They insist on exactly 8 digits. I had to create a new password just to meet this requirement. I am likely to forget this password, when I need it.
Invest in fixed deposit for one month
Hi Mr Tan,
I have some cash which I need to use for the down payment of my house in May. I have left this in the savings account which gives peanuts.
Is it still worthwhile to put this in the money market and take out after a month or so?
=======================================
My reply:
I suggest that you put the money in 1 month fixed deposit. You should be able to get 2% p.a.
If you put in the money market, it can earn 3% to 3.5% p.a, but you are subject to some risk of fluctuation.
As you are investing for 1 month, it is better to keep things simple and invest in the fixed deposit.
I have some cash which I need to use for the down payment of my house in May. I have left this in the savings account which gives peanuts.
Is it still worthwhile to put this in the money market and take out after a month or so?
=======================================
My reply:
I suggest that you put the money in 1 month fixed deposit. You should be able to get 2% p.a.
If you put in the money market, it can earn 3% to 3.5% p.a, but you are subject to some risk of fluctuation.
As you are investing for 1 month, it is better to keep things simple and invest in the fixed deposit.
How to cope with the next recession
I expect the next recession in the USA to happen in one year's time, maybe in 2008.
If it happens, it will affect the rest of the world. We will feel the impact.
We should take the economic cycle in its stride, and not worry too much about it. When the economy is slow, we will have more leisure time, and time for the family. We can adjust to the slower pace and wait for the economy to recover. We can draw down on our savings.
If we have mortgage payments, we need to work out some arrangement with the bank to defer the payments. If we have some spare savings in the CPF, they can be used to pay the mortgage installments.
Many centuries ago, most people were involved in farming. In good years, their keep some of the harvest. They draw down on the stock during the bad years, eg drought. They accept the cycles are part of the farming life.
If it happens, it will affect the rest of the world. We will feel the impact.
We should take the economic cycle in its stride, and not worry too much about it. When the economy is slow, we will have more leisure time, and time for the family. We can adjust to the slower pace and wait for the economy to recover. We can draw down on our savings.
If we have mortgage payments, we need to work out some arrangement with the bank to defer the payments. If we have some spare savings in the CPF, they can be used to pay the mortgage installments.
Many centuries ago, most people were involved in farming. In good years, their keep some of the harvest. They draw down on the stock during the bad years, eg drought. They accept the cycles are part of the farming life.
Wednesday, March 28, 2007
Security check at Changi Airport
I find it quite troublesome to go through the security check at Changi Airport.
I am asked to remove our laptops, mobile phones, watches and other metal devices. When I walk through the metal frame, it still beeps. This is followed by a body search. If this is the case, there is no need to ask me to remove all the loose items.
In most airports, I am able to walk with ordinary items. But, not at Changi Airport.
I hope that the security at Changi Airport can be set at a more practical level. After a few years, it is time to review our security arrangement.
I am asked to remove our laptops, mobile phones, watches and other metal devices. When I walk through the metal frame, it still beeps. This is followed by a body search. If this is the case, there is no need to ask me to remove all the loose items.
In most airports, I am able to walk with ordinary items. But, not at Changi Airport.
I hope that the security at Changi Airport can be set at a more practical level. After a few years, it is time to review our security arrangement.
Court fines
Larry Haverkamp has posted an interesting story about court fines in South Africa. Read his blog.
Pays 20 years for a whole life policy
Mr Tan,
Income has introduced a whole life policy where the premium is payable for 20 years only.
What is the difference, compared to a critical year policy?
I find the premium to be quite high for Income's policy.
------------------------------
My reply:
Under the Income policy, you are contratually required to pay the premium for 20 years only, and enjoy the coverage for the whole of life. It does not use the future rate of bonus to pay the future premium. In fact, the future bonus will add to the cash and protection value of the policy.
A "critical year" policy use the future bonus to pay the future premium. It makes a bold assumption on the future rate of bonus to have a shorter "critical year". This is not guaranteed.
Some people find the premium under the "limited payment" policy to be expensive. It could be more than twice of the premium under a whole life or living policy, where the premium is payable until age 85.
If you wish to enjoy a lower premium, you should take a whole life or living policy, with premium payable for life. You can stop the premium at any time, and convert the policy into a paid up policy for a reduced sum assured.
What's wrong with the "critical year" policy?
The insurance agent project a high rate of bonus and tells the customer that the premium will be self funding after x years. When the rate of bonus drops, the critical year is extended for many more years. The customer enjoys a lower premium rate, but is not guaranteed that the premium will actually stop at the critical year.
Conclusion: To enjoy a lower premium, take an ordinary whole life or living policy. To enjoy a "limited premium", be prepared to pay a higher premium.
Income has introduced a whole life policy where the premium is payable for 20 years only.
What is the difference, compared to a critical year policy?
I find the premium to be quite high for Income's policy.
------------------------------
My reply:
Under the Income policy, you are contratually required to pay the premium for 20 years only, and enjoy the coverage for the whole of life. It does not use the future rate of bonus to pay the future premium. In fact, the future bonus will add to the cash and protection value of the policy.
A "critical year" policy use the future bonus to pay the future premium. It makes a bold assumption on the future rate of bonus to have a shorter "critical year". This is not guaranteed.
Some people find the premium under the "limited payment" policy to be expensive. It could be more than twice of the premium under a whole life or living policy, where the premium is payable until age 85.
If you wish to enjoy a lower premium, you should take a whole life or living policy, with premium payable for life. You can stop the premium at any time, and convert the policy into a paid up policy for a reduced sum assured.
What's wrong with the "critical year" policy?
The insurance agent project a high rate of bonus and tells the customer that the premium will be self funding after x years. When the rate of bonus drops, the critical year is extended for many more years. The customer enjoys a lower premium rate, but is not guaranteed that the premium will actually stop at the critical year.
Conclusion: To enjoy a lower premium, take an ordinary whole life or living policy. To enjoy a "limited premium", be prepared to pay a higher premium.
Sudoku fan enjoys birthday gift
Dear Mr. Tan,
I am the mother of J, a Guest Service Manager at H Kuala Lumpur.
Yesterday was my 53rd birthday and she presented two of your Logic9 (Vol 4 & 5) to me. I just love it and keep doing it on the bus journey from K.L. to Port Dickson (on a day trip with some senior citizen).
I would like to say thank you for the gift, which I really appreciate very much.
Where can I get the rest of the volume after I have finished these two, and how much it is in Malaysian Ringgit?
Once again, a big Thank You and all the best in your future.
Yours Sincerely,
I am the mother of J, a Guest Service Manager at H Kuala Lumpur.
Yesterday was my 53rd birthday and she presented two of your Logic9 (Vol 4 & 5) to me. I just love it and keep doing it on the bus journey from K.L. to Port Dickson (on a day trip with some senior citizen).
I would like to say thank you for the gift, which I really appreciate very much.
Where can I get the rest of the volume after I have finished these two, and how much it is in Malaysian Ringgit?
Once again, a big Thank You and all the best in your future.
Yours Sincerely,
Tuesday, March 27, 2007
My name, Liang
My father gave me the name, Liang. It means "bright". The Chinese character is shown on the right panel of this blog. It is not common for males to have this name.
I was delighted to learn, recently, that there is another personality in Chinese history, that has this name. He is Zhuge Liang.
Here is a short description, taken from Wikipedia:
Zhuge Liang was one of the greatest Chinese strategists of the Three Kingdoms era, as well as a statesman, engineer, scholar, and inventor.
Zhuge is an uncommon two-character compound family name. His name (or even just his surname) has become synonymous with intelligence and wit in Chinese culture.
Some books rumored to be written by Zhuge Liang can be found today, for example the Thirty-six Strategies of Zhuge Liang, and Mastering the Art of War are two that are generally available. Supposedly, his mastery of infantry and cavalry formation tactics were unrivalled.
I was delighted to learn, recently, that there is another personality in Chinese history, that has this name. He is Zhuge Liang.
Here is a short description, taken from Wikipedia:
Zhuge Liang was one of the greatest Chinese strategists of the Three Kingdoms era, as well as a statesman, engineer, scholar, and inventor.
Zhuge is an uncommon two-character compound family name. His name (or even just his surname) has become synonymous with intelligence and wit in Chinese culture.
Some books rumored to be written by Zhuge Liang can be found today, for example the Thirty-six Strategies of Zhuge Liang, and Mastering the Art of War are two that are generally available. Supposedly, his mastery of infantry and cavalry formation tactics were unrivalled.
Know a city through its train system
I have visited Kuala Lumpur many times in the past. But, I did not get to know the city well.
On this trip, I decided to learn the commuter train system. There are a few lines which travelled through different parts of the city.
I begin to get to know the city better, by recognising the train stations. It is quite interesting.
Tip: Learn a city through the train system. You can get to know the most important places in the city, as the train stations will be located there.
On this trip, I decided to learn the commuter train system. There are a few lines which travelled through different parts of the city.
I begin to get to know the city better, by recognising the train stations. It is quite interesting.
Tip: Learn a city through the train system. You can get to know the most important places in the city, as the train stations will be located there.
Alvin Soong's Blog
I wish to introduce you to the Soong family - Henry, Michael, Wendy and Alvin. Henry and Michael are twin brothers. Wendy and Alvin are Michael's children.
They are dedicated insurance advisers of NTUC Income. They served their customers with dedication over the years.
Alvin has written a blog. I like you to visit his blog. You may find some useful insights and advice.
Alvin Soong's blog
---------------------------------------
There is another famous Soong family in recent Chinese history. They are the Soong sisters. They married Sun Yat Sen, Chiang Kai Shek and a rich businessman.
They are dedicated insurance advisers of NTUC Income. They served their customers with dedication over the years.
Alvin has written a blog. I like you to visit his blog. You may find some useful insights and advice.
Alvin Soong's blog
---------------------------------------
There is another famous Soong family in recent Chinese history. They are the Soong sisters. They married Sun Yat Sen, Chiang Kai Shek and a rich businessman.
Thomas Phua's Blog
Last week, I recommended my blog visitors to contact Thomas Phua, through his blog, if they are interested in motor insurance.
Many people visited Thomas' blog. Initially, there were a few enquiries, but no buyers.
Recently, some of the enquiries have turned out to be business for Thomas. He now wants to invite me for lunch.
I recommend Thomas, because he takes good care of his motor insurance clients. Many of them stick with him loyally for many years.
Many people visited Thomas' blog. Initially, there were a few enquiries, but no buyers.
Recently, some of the enquiries have turned out to be business for Thomas. He now wants to invite me for lunch.
I recommend Thomas, because he takes good care of his motor insurance clients. Many of them stick with him loyally for many years.
Better to invest in the Money Market
Dear Mr Tan
I am looking at investing in bonds. How do I go about it?
----------------------
Reply from Dr Money (Larry Haverkamp):
I recommend money market funds instead -- since the interest rates are the same and you can withdraw your money at any time -- (with no penalty and no cost).
You can check out the best 4 money market funds at www.AskDrMoney.com < Best Bank Depost Rates
---------------------------
I agree with Dr Money. I invest my spare funds in the money market, instead of a bond fund.
The return from the bond funds available in Singapore, after deducting charges, are not attractive.
I am looking at investing in bonds. How do I go about it?
----------------------
Reply from Dr Money (Larry Haverkamp):
I recommend money market funds instead -- since the interest rates are the same and you can withdraw your money at any time -- (with no penalty and no cost).
You can check out the best 4 money market funds at www.AskDrMoney.com < Best Bank Depost Rates
---------------------------
I agree with Dr Money. I invest my spare funds in the money market, instead of a bond fund.
The return from the bond funds available in Singapore, after deducting charges, are not attractive.
Taxi service in Singapore
Someone posted this comment.
Basically all the additional charges we have to pay for taxi has escalated to a ridiculous situation. In addition, it is also causing a lot of confusion to tourists. I have many overseas friends who have complained about the confusion they have on taxi surcharges, ERP charges, peak hour charges. I don't blamed them because I get confused too.
I think the authorities should look into simplifying these charges i.e. build these into fare structure. I also agreed that some charges should be lower to prevent abuse by taxi drivers. Take for example, the situation with midnight surcharge. I remembered it used to be impossible to get a cab between 10.3o pm to 12 midnight.
Some of these surcharges are killing the business of taxi driver slowly but surely. To call for a cab during peak hour in the city will cost you at least $9 before the journey starts. This certainly puts me off from using the service as taxi fare has become exorbitant.
The ERP gantry at Plaza Singapura. I cannot believe that I have to pay to get out of city.
Anonymous
Basically all the additional charges we have to pay for taxi has escalated to a ridiculous situation. In addition, it is also causing a lot of confusion to tourists. I have many overseas friends who have complained about the confusion they have on taxi surcharges, ERP charges, peak hour charges. I don't blamed them because I get confused too.
I think the authorities should look into simplifying these charges i.e. build these into fare structure. I also agreed that some charges should be lower to prevent abuse by taxi drivers. Take for example, the situation with midnight surcharge. I remembered it used to be impossible to get a cab between 10.3o pm to 12 midnight.
Some of these surcharges are killing the business of taxi driver slowly but surely. To call for a cab during peak hour in the city will cost you at least $9 before the journey starts. This certainly puts me off from using the service as taxi fare has become exorbitant.
The ERP gantry at Plaza Singapura. I cannot believe that I have to pay to get out of city.
Anonymous
Importance of values in our life
Someone sent this comment on the blog posted by Dr. Lee Kum Tatt’s wife:
“With the present trend of couples (or may be juz ladies) in Singapore not wanting to have children, furnishing the excuse of “career”, I am surprised and amazed at Mrs. Lee’s credentials.
Not her academics, but her life. 4 children?! With a successful career, and a supportive wife. I am interested in her views and thinking. Is there anyway to obtain a copy of her books?
Here are the answers given by Mrs Lee Kum Tatt.
Blog
Tan Kin Lian
“With the present trend of couples (or may be juz ladies) in Singapore not wanting to have children, furnishing the excuse of “career”, I am surprised and amazed at Mrs. Lee’s credentials.
Not her academics, but her life. 4 children?! With a successful career, and a supportive wife. I am interested in her views and thinking. Is there anyway to obtain a copy of her books?
Here are the answers given by Mrs Lee Kum Tatt.
Blog
Tan Kin Lian
Monday, March 26, 2007
Commuter train service in Kuala Lumpur
I wish to share my experience with the commuter train service in Kuala Lumpur.
I took the Putra LRT Line from KL Sentral to Dang Wangi (3 stops). It is like the MRT in Singapore, but is less crowded and slightly slower. The ride is comfortable.
On my return, I took the KTM Commuter from Bank Negara to KL Sentral. The train is slow, but is air conditioned. The stations are sold (except for KL Sentral).
The disadvantage is that the commuter train system in Kuala Lumpur is not well integrated. If I have to change trains to reach my destination, I have to pay a separate fare for each line. This is not convenient.
I took the Putra LRT Line from KL Sentral to Dang Wangi (3 stops). It is like the MRT in Singapore, but is less crowded and slightly slower. The ride is comfortable.
On my return, I took the KTM Commuter from Bank Negara to KL Sentral. The train is slow, but is air conditioned. The stations are sold (except for KL Sentral).
The disadvantage is that the commuter train system in Kuala Lumpur is not well integrated. If I have to change trains to reach my destination, I have to pay a separate fare for each line. This is not convenient.
Taxi service in Kuala Lumpur
It is easy to get a taxi in Kuala Lumpur. If you wait at a taxi stop outside a shopping complex, a taxi will appear soon. There is a queue of taxis waiting for passengers at the KL Sentral station.
I understand that the taxi service in Singapore used to be like this many years ago. But not any more now.
Some commuters complained that it is quite difficult to get a taxi during the busy period. You can wait in the taxi stop for a long time without any taxi appearing. The only way to get a taxi is to make a call and pay an additional fee of $2.50 or $4.
Some taxi drivers prefer to wait for a call, rather than pick up a passenger at the taxi stop.
To prevent this bad habit, some commuters have asked for the call fee to be abolished.
I think that the call fee should be allowed, but it should be reduced to $1. This will remove the incentive for the taxi driver to wait for a call.
I understand that the taxi service in Singapore used to be like this many years ago. But not any more now.
Some commuters complained that it is quite difficult to get a taxi during the busy period. You can wait in the taxi stop for a long time without any taxi appearing. The only way to get a taxi is to make a call and pay an additional fee of $2.50 or $4.
Some taxi drivers prefer to wait for a call, rather than pick up a passenger at the taxi stop.
To prevent this bad habit, some commuters have asked for the call fee to be abolished.
I think that the call fee should be allowed, but it should be reduced to $1. This will remove the incentive for the taxi driver to wait for a call.
Traffic congestion in Kuala Lumpur
I am now in Kuala Lumpur.
My friend complained about the traffic congestion. It takes him more than one hour to drive to the office and back, and the distance is quite short. He envied the traffic situation in Singapore, which he though was much better.
I told my friend that the many roads in Singapore are now quite contested. The situation has worsened in recent years. There are too many cars on the road.
It seems that many cities suffer from the same problem - inadequate public transport, too many private cars congesting the roads.
My friend complained about the traffic congestion. It takes him more than one hour to drive to the office and back, and the distance is quite short. He envied the traffic situation in Singapore, which he though was much better.
I told my friend that the many roads in Singapore are now quite contested. The situation has worsened in recent years. There are too many cars on the road.
It seems that many cities suffer from the same problem - inadequate public transport, too many private cars congesting the roads.
Technology for car pooling to an event
Here is my concept of a system, using technology, to facilitate car pooling to an event.
* the event organiser notify the guests to send a SMS to a certain number, if they wish to car pool
* the SMS message contains the event code (eg 1234), postal code of the pickup point (eg 80) and role (1=driver 2=passenger)
* the computer system match the people by event and date and send a SMS to notify them to contact each other.
* there is an understanding that the passenger should pay $3 to $5 for each trip, i.e. to help the driver to defray the expenses.
I hope that this idea can catch on. Or someone can come forward with a better, more practical concept.
* the event organiser notify the guests to send a SMS to a certain number, if they wish to car pool
* the SMS message contains the event code (eg 1234), postal code of the pickup point (eg 80) and role (1=driver 2=passenger)
* the computer system match the people by event and date and send a SMS to notify them to contact each other.
* there is an understanding that the passenger should pay $3 to $5 for each trip, i.e. to help the driver to defray the expenses.
I hope that this idea can catch on. Or someone can come forward with a better, more practical concept.
My vision of the public transport system
Here is my vision of a public transport system:
* the MRT forms the backbone of public transport
* express bus services join the town centers to provide a shorter, faster way (if the MRT takes a long way)
* feeder services (using light buses or cars) bring passengers to the MRT stations or town centers (to take the express buses).
The express bus services should have few stops, maybe at the town centers.
It is easier for commuters to understand this system. They have fewer bus services to remember. They only need to be familiar with the local feeder systems.
Under my vision, there is a need to make one or two changes, from the feeder to the main line. This may be slightly inconvenient, but the commuter can get used to it. I talk from personal experience.
* the MRT forms the backbone of public transport
* express bus services join the town centers to provide a shorter, faster way (if the MRT takes a long way)
* feeder services (using light buses or cars) bring passengers to the MRT stations or town centers (to take the express buses).
The express bus services should have few stops, maybe at the town centers.
It is easier for commuters to understand this system. They have fewer bus services to remember. They only need to be familiar with the local feeder systems.
Under my vision, there is a need to make one or two changes, from the feeder to the main line. This may be slightly inconvenient, but the commuter can get used to it. I talk from personal experience.
My childhood
A few people told me that they were touched by the story in Monday Interview. As a child, I frequently waited at the bus stop for my father to return home after a sea trip.
This was 50 years ago.
Each trip took three days. He went out to sea to bring food provisions to the Riau Islands and return to Singapore with a boat load of fish.
He usually returned at a certain time at night. I went earlier to wait for his usual bus.
Sometimes, he was late. I had to wait for two or three buses to pass by, before he alighted. Those times, I had to wait for one hour or longer.
But, it was all right. In those days, there was no television, and no computer games to occupy our time.
This was 50 years ago.
Each trip took three days. He went out to sea to bring food provisions to the Riau Islands and return to Singapore with a boat load of fish.
He usually returned at a certain time at night. I went earlier to wait for his usual bus.
Sometimes, he was late. I had to wait for two or three buses to pass by, before he alighted. Those times, I had to wait for one hour or longer.
But, it was all right. In those days, there was no television, and no computer games to occupy our time.
Sincerity
A few people have described me as being "sincere". I wonder, what gives them this impression?
Perhaps, I am willing to speak my mind, honestly. I also think in the interest of the wider community, and not for self interest. I also take a positive approach towards matters, and see the brighter side.
To summarise:
* be honest
* look towards wider interest
* be positive
I hope that many people can cultivate these qualities and join the "sincere" club!
Perhaps, I am willing to speak my mind, honestly. I also think in the interest of the wider community, and not for self interest. I also take a positive approach towards matters, and see the brighter side.
To summarise:
* be honest
* look towards wider interest
* be positive
I hope that many people can cultivate these qualities and join the "sincere" club!
High oil prices and the stockmarket
Someone asked me.
The oil price has increased above US$60 again. This should be bad for the global economy. Why is the stockmarket still going up?
My reply:
It is a matter of timing. Investors expect the high oil price to increase the profits of the oil companies and the oil service sector. They bought these shares, resulting in a higher market index.
The high oil price will result in lower consumer spending. The effect will be felt in a few months' time. When this occurs, then the stockmarket will come down.
This is only my guess. Generally, I do not like the high stockmarket prices. I think that it will correct downwards, but it may take a few more months.
The oil price has increased above US$60 again. This should be bad for the global economy. Why is the stockmarket still going up?
My reply:
It is a matter of timing. Investors expect the high oil price to increase the profits of the oil companies and the oil service sector. They bought these shares, resulting in a higher market index.
The high oil price will result in lower consumer spending. The effect will be felt in a few months' time. When this occurs, then the stockmarket will come down.
This is only my guess. Generally, I do not like the high stockmarket prices. I think that it will correct downwards, but it may take a few more months.
Good experience with Wireless@SG
I used by notebook PC to access Wireless@SG at Starbucks in Raffles City and in Changi Airport. I was able to get connected easily in both locations. The surfing speed was quite fast.
My experience with Wireless@SG has been satisfactory. You can have access at many hotspots in Singapore. It is free for the first three years.
This is helpful for me, as I intend to work outside an office. If I visit town and have to spend a few hours there for the next meeting, I will bring my notebook PC to do my work at a coffee place.
This is my new lifestyle. It is a mobile lifestyle. It is fun. Wow!
My experience with Wireless@SG has been satisfactory. You can have access at many hotspots in Singapore. It is free for the first three years.
This is helpful for me, as I intend to work outside an office. If I visit town and have to spend a few hours there for the next meeting, I will bring my notebook PC to do my work at a coffee place.
This is my new lifestyle. It is a mobile lifestyle. It is fun. Wow!
Sunday, March 25, 2007
Monday Interview in Straits Times
I received this e-mail from a friend, very early in the morning.
Kin Lian,
I saw your story in Monday Interview in the Straits Times. It is interesting to read about your childhood days and your values that shape your character. There is a lot of mention about your blog. Keep up the good work.
Kin Lian,
I saw your story in Monday Interview in the Straits Times. It is interesting to read about your childhood days and your values that shape your character. There is a lot of mention about your blog. Keep up the good work.
The Woman behind Dr. Lee Kum Tatt
Behind every successful man there is a woman. Dr. Lee Kum Tatt’s woman is his wife of more than 50 years. Mrs. Engeline Lee herself is quite a unique lady. I encouraged her to share some of her philosophy and experiences with us under her husband’s blog. She can complement what her husband does. She can give her views on what motivates her husband, how he responds to his own fantasies and produced the results.
Mrs. Engeline Lee, who has contributed much to the development of the famous RISIS orchids, tells us her story and her feelings on this project.
Story
Tan Kin Lian
Mrs. Engeline Lee, who has contributed much to the development of the famous RISIS orchids, tells us her story and her feelings on this project.
Story
Tan Kin Lian
A better transport system
There is a complaint that the buses, MRT trains and taxis are very busy during the peak period. Of course.
It does not help if more people buy private cars. The roads will be congested as well.
We need to find more practical solutions, including:
* stagger the office hours
* have more buses and MRT trains, so that more people are encouraged to use public transport.
It does not help if more people buy private cars. The roads will be congested as well.
We need to find more practical solutions, including:
* stagger the office hours
* have more buses and MRT trains, so that more people are encouraged to use public transport.
Shuttle bus to an event
Someone suggested that the organiser of an event (eg wedding or corporate dinner) should arrange a shuttle service to a nearby MRT station, and encourage their guests to take public transport. This will reduce the congestion on the road or insufficient parking spaces.
I agree.
We should also look for a practical way for people to car pool to the same event.
I agree.
We should also look for a practical way for people to car pool to the same event.
Market Salaries for Top People
Sent to two newspapers.
25 March 2007
Editor
I believe that most Singaporeans accept the rationale of paying attractive salaries to government ministers and top civil servants, and adjusting their salaries to reflect changes in the market.
Perhaps the concern is the use of the current benchmark, which is based on the top 8 salaries in Singapore. This is a small sample and is likely to produce highly volatile results that are affected by exceptional factors.
I wish to suggest a modified formula:
* calculate the benchmark based on the top 100, 500 or 1000 salaries in Singapore
* calculate the salaries of the office holders at certain percentages (could be more than 100%) of the benchmark according to their level of responsibility
* this will result in a more stable benchmark that will reflect changes in the market for the top people in Singapore.
For the younger top civil servants, the benchmark can be computed based on the top 100, 500 or 1000 salaries for people below 35 years.
Tan Kin Lian
25 March 2007
Editor
I believe that most Singaporeans accept the rationale of paying attractive salaries to government ministers and top civil servants, and adjusting their salaries to reflect changes in the market.
Perhaps the concern is the use of the current benchmark, which is based on the top 8 salaries in Singapore. This is a small sample and is likely to produce highly volatile results that are affected by exceptional factors.
I wish to suggest a modified formula:
* calculate the benchmark based on the top 100, 500 or 1000 salaries in Singapore
* calculate the salaries of the office holders at certain percentages (could be more than 100%) of the benchmark according to their level of responsibility
* this will result in a more stable benchmark that will reflect changes in the market for the top people in Singapore.
For the younger top civil servants, the benchmark can be computed based on the top 100, 500 or 1000 salaries for people below 35 years.
Tan Kin Lian
Google Mail
I use google mail. It allows me to keep all my previous mails in the server. I can search for any mail by entering the search words.
I find this feature to be very useful. For example, if I serach for "Kuala Lumpur", I get all the e-mails with this name in the message. This allows me to look for the relevant e-mails.
I find it easier to keep my mails in the server and to call for them when needed. If I print and file the papers, I may not be able to find them. Electronic filing is more useful.
I find this feature to be very useful. For example, if I serach for "Kuala Lumpur", I get all the e-mails with this name in the message. This allows me to look for the relevant e-mails.
I find it easier to keep my mails in the server and to call for them when needed. If I print and file the papers, I may not be able to find them. Electronic filing is more useful.
Active use of PDA
I make active use of a PDA (personal digital assistant).
It provides the following functions:
* mobilephone
* contacts
* calendar
* notes
I have some programs in the PDA, including:
* bus guide
* digital street directory
* logic9 puzzles
My PDA can be synchronised with my personal computer. If I lose my PDA, the data is still available.
The digital street directory is very useful. I can enter a street name or postal code, and the map is displayed immediately. This directory is developed on my specification and will be made available to distributors of new PDAs.
It provides the following functions:
* mobilephone
* contacts
* calendar
* notes
I have some programs in the PDA, including:
* bus guide
* digital street directory
* logic9 puzzles
My PDA can be synchronised with my personal computer. If I lose my PDA, the data is still available.
The digital street directory is very useful. I can enter a street name or postal code, and the map is displayed immediately. This directory is developed on my specification and will be made available to distributors of new PDAs.
Active Blogs
My blog has 400 visitors a day. I used to think that it is very active.
I asked a friend to search for the most active blogs in Singapore. She found the following:
www.mrbrown.com
www.xiaxue.blogspot.com
They have much more visitors than me. Wow!
I asked a friend to search for the most active blogs in Singapore. She found the following:
www.mrbrown.com
www.xiaxue.blogspot.com
They have much more visitors than me. Wow!
Saturday, March 24, 2007
An excellent ballet, Coppellia
I watched the ballet performance of Coppelia at Victoria Theatre on Saturday night.
It was an excellent performance. The sets, customer, dancing and story line were very good. The show was enjoyable, one of the best that I have seen.
The theatre was nearly full. They gave a resounding applause throughout the show. One third of the audience were children.
The show will be performed for one more night, ie Sunday. Tickets are still available at $28 to $58.
Here are some tips:
* Buy the program and read the story line. You will enjoy the show better
* Bring your children. They will like the show.
* Do not miss this show.
It was an excellent performance. The sets, customer, dancing and story line were very good. The show was enjoyable, one of the best that I have seen.
The theatre was nearly full. They gave a resounding applause throughout the show. One third of the audience were children.
The show will be performed for one more night, ie Sunday. Tickets are still available at $28 to $58.
Here are some tips:
* Buy the program and read the story line. You will enjoy the show better
* Bring your children. They will like the show.
* Do not miss this show.
Stay - when you are needed
A long time friend sent me this story.
--------------------
A nurse took the tired, anxious serviceman to the bedside. "Your son is here," she said to the old man. She had to repeat the words several times before the patient's eyes opened.
Heavily sedated because of the pain of his heart attack, he dimly saw the young
uniformed Marine standing outside the oxygen tent. He reached out his hand. The Marine wrapped his toughened fingers around the old man's limp ones, squeezing a
message of love and encouragement.
The nurse brought a chair so that the Marine could sit beside the bed.All through the night, the young Marine sat there in the poorly lighted ward, holding the old man's hand and offering him words of love and strength. Occasionally, the nurse suggested that the Marine move away and rest awhile.
He refused. Whenever the nurse came into the ward, the Marine was oblivious of her and of the night noises of the hospital - the clanking of the oxygen tank, the laughter of the night staff members exchanging greetings, the cries and moans of the other patients.
Now and then she heard him say a few gentle words. The dying man said nothing, only held tightly to his son all through the night.
Along towards dawn, the old man died. The Marine released the now lifeless hand he had been holding and went to tell the nurse. While she did what she had to do, he
waited.
Finally, she returned. She started to offer words of sympathy, but the Marine interrupted her. "Who was that man?" he asked.
The nurse was startled, "He was your father," she answered.
"No, he wasn't," the Marine replied. "I never saw him before in my life."
"Then why didn't you say something when I took you to him?"
"I knew right away there had been a mistake, but I also knew he needed his son, and
his son just wasn't here. When I realized that he was too sick to tell whether or not I was his son, knowing how much he needed me, I stayed."
The next time someone needs you ... just be there. Stay.
--------------------
A nurse took the tired, anxious serviceman to the bedside. "Your son is here," she said to the old man. She had to repeat the words several times before the patient's eyes opened.
Heavily sedated because of the pain of his heart attack, he dimly saw the young
uniformed Marine standing outside the oxygen tent. He reached out his hand. The Marine wrapped his toughened fingers around the old man's limp ones, squeezing a
message of love and encouragement.
The nurse brought a chair so that the Marine could sit beside the bed.All through the night, the young Marine sat there in the poorly lighted ward, holding the old man's hand and offering him words of love and strength. Occasionally, the nurse suggested that the Marine move away and rest awhile.
He refused. Whenever the nurse came into the ward, the Marine was oblivious of her and of the night noises of the hospital - the clanking of the oxygen tank, the laughter of the night staff members exchanging greetings, the cries and moans of the other patients.
Now and then she heard him say a few gentle words. The dying man said nothing, only held tightly to his son all through the night.
Along towards dawn, the old man died. The Marine released the now lifeless hand he had been holding and went to tell the nurse. While she did what she had to do, he
waited.
Finally, she returned. She started to offer words of sympathy, but the Marine interrupted her. "Who was that man?" he asked.
The nurse was startled, "He was your father," she answered.
"No, he wasn't," the Marine replied. "I never saw him before in my life."
"Then why didn't you say something when I took you to him?"
"I knew right away there had been a mistake, but I also knew he needed his son, and
his son just wasn't here. When I realized that he was too sick to tell whether or not I was his son, knowing how much he needed me, I stayed."
The next time someone needs you ... just be there. Stay.
Engage in a debate
Dear Mr Tan
I can say I am among the first to discover, read and enjoy your blog at least some long while ago. I am reading it every day now.
I hope your blog will inspire more local senior executives, public figures and thought leaders to come up with even better form of blogging.
I like your genre of blog, very practical, insightful, helpful observations and perspectives on financial and social issues.
One may or need not always agree with your sincere views.
I wonder why no senior executives in the same or related industry, public figures or thought leaders come by your blog and engage you in debate about your views or offer alternative perspectives especially on financial matters? Perhaps you could encourage more meaningful responses to make your blog even more interesting and useful for your readers.
It is often we read, learn and quote western foreign management gurus such as Jack Welch, perhaps we should more appreciate our own local managers who are so willing to share their observations, local wisdom and insights, more relevant at least in the local context.
Cheers
BP Pan
I can say I am among the first to discover, read and enjoy your blog at least some long while ago. I am reading it every day now.
I hope your blog will inspire more local senior executives, public figures and thought leaders to come up with even better form of blogging.
I like your genre of blog, very practical, insightful, helpful observations and perspectives on financial and social issues.
One may or need not always agree with your sincere views.
I wonder why no senior executives in the same or related industry, public figures or thought leaders come by your blog and engage you in debate about your views or offer alternative perspectives especially on financial matters? Perhaps you could encourage more meaningful responses to make your blog even more interesting and useful for your readers.
It is often we read, learn and quote western foreign management gurus such as Jack Welch, perhaps we should more appreciate our own local managers who are so willing to share their observations, local wisdom and insights, more relevant at least in the local context.
Cheers
BP Pan
Friday, March 23, 2007
USA Treasury Secretary
Someone told me.
Henry Paulson was chairman of Goldman Sachs. He earned more than USD 30 million in 2005.
He was invited by President Bush to be the Secretary of the Treasury, for a salary of less than USD 200,000. He accepted. He did not need to be paid the same salary as he earned in the private sector.
Perhaps, there are other motivation for people, such as Henry Paulson, to serve in the top levels of government?
Henry Paulson was chairman of Goldman Sachs. He earned more than USD 30 million in 2005.
He was invited by President Bush to be the Secretary of the Treasury, for a salary of less than USD 200,000. He accepted. He did not need to be paid the same salary as he earned in the private sector.
Perhaps, there are other motivation for people, such as Henry Paulson, to serve in the top levels of government?
Return over past 20 years
Annualized returns in SGD, with dividend re-invested, as follows:
measured as at 31/12/2006
5 yr 10 yr 15 yr 20 yr
Singapore Equity 17.8% 8.0% 9.3% 9.2%
Global Equity 6.5% 9.1% 8.7% 7.7%
Global Bond 3.9% 4.5% 5.3% 5.5%
Over the past 20 years, Singapore Equity earned an average return of 9.2% per annum, global equity earned 7.7% p.a. and global bonds earned 5.5% p.a.
Over the past 10 years, Singapore equity earned 8% p.a., gobal equity earned 9.1% p.a. and global bonds earned 4.5% p.a.
These returns are all converted to S$ and include the reinvestment of dividends.
Conclusion: invest in global equity or Singapore equity to get a better, long term return. Invest for many years, to average out the fluctuations.
A different way to determine the market salary
Someone suggested a different way to determine the market salary of government minsters and top civil servants. It goes like this:
* find out the mean salary of the top 1,000 people who earned the highest salary
* this is used as a benchmark to determine the salary of ministers and top civil servants.
* the office holders can earn a certain percentage (may be more than 100%) of the benchmark salary.
His argument:
* the benchmark should be calculated on 1,000 people, and not the top 8 people
* the economy needs least 1,000 top people to manage it well
* a larger base gives greater stability
* it ensures that a very high proportion of the top people remain in the cohort each year
To calculate the benchmark for the young top talents, he suggested that it should be based on the top 1,000 salaries in the relevant age group, for example, 30 to 35 years.
This suggestion seems to make a lot of sense. I do not know what is the benchmark for the top 1,000 people, and if it reflects a better trend over the years.
It is worth exploring.
* find out the mean salary of the top 1,000 people who earned the highest salary
* this is used as a benchmark to determine the salary of ministers and top civil servants.
* the office holders can earn a certain percentage (may be more than 100%) of the benchmark salary.
His argument:
* the benchmark should be calculated on 1,000 people, and not the top 8 people
* the economy needs least 1,000 top people to manage it well
* a larger base gives greater stability
* it ensures that a very high proportion of the top people remain in the cohort each year
To calculate the benchmark for the young top talents, he suggested that it should be based on the top 1,000 salaries in the relevant age group, for example, 30 to 35 years.
This suggestion seems to make a lot of sense. I do not know what is the benchmark for the top 1,000 people, and if it reflects a better trend over the years.
It is worth exploring.
Encourage car pooling
I attended a function at Shangri-la Hotel last night. There were 3 people in my car.
The road to Shangri-la was congested. Traffic moved slowly. It took 30 minutes just to clear the last kilometer.
On arriving at Shangri-la, there was no parking space. We were asked to park at the nearby apartments. There were three big functions at the hotel.
Guess what? Most of the people drove to the hotel alone. There was insufficient parking spaces.
I hope that there is some way to encourage people to take public transport or car pool. Maybe, this can be done through a contact center or website.
The road to Shangri-la was congested. Traffic moved slowly. It took 30 minutes just to clear the last kilometer.
On arriving at Shangri-la, there was no parking space. We were asked to park at the nearby apartments. There were three big functions at the hotel.
Guess what? Most of the people drove to the hotel alone. There was insufficient parking spaces.
I hope that there is some way to encourage people to take public transport or car pool. Maybe, this can be done through a contact center or website.
Thursday, March 22, 2007
Planning for Retirement
Dear Mr Tan
I would like to seek your advice on planning for retirement.
Currently, I am 37 years. I have 2 sons and my mother to take care. I have done some insurance planning & annunity for my mother. But, I am not sure whether it is sufficient.
We have incomeshield plan "b". But, we want to take up the Enhanced ishield basic rider, we have exclusions on the family members. Do you think we should accept the exclusions?
What do you think of share investments and unit trusts? I have invested in Tech fund as well as shares using CPF. As for unit trust, I bought 'Bridge' from POSB using special account.
------------------------------------
My reply:
I hope that it is all right with you, if I ask X to advise you. X is an insurance adviser with NTUC Income. I am confident that he wil be able to give you good advice as the products from NTUC Income provide good value to the consumers. I have recommend many of my friends to X and he has served them well.
You can also read about some of these FAQs:
Ideal plan
Flexi-link
They are posted in FAQ
You can also read my financial planning tips in my website,
Tips
I would like to seek your advice on planning for retirement.
Currently, I am 37 years. I have 2 sons and my mother to take care. I have done some insurance planning & annunity for my mother. But, I am not sure whether it is sufficient.
We have incomeshield plan "b". But, we want to take up the Enhanced ishield basic rider, we have exclusions on the family members. Do you think we should accept the exclusions?
What do you think of share investments and unit trusts? I have invested in Tech fund as well as shares using CPF. As for unit trust, I bought 'Bridge' from POSB using special account.
------------------------------------
My reply:
I hope that it is all right with you, if I ask X to advise you. X is an insurance adviser with NTUC Income. I am confident that he wil be able to give you good advice as the products from NTUC Income provide good value to the consumers. I have recommend many of my friends to X and he has served them well.
You can also read about some of these FAQs:
Ideal plan
Flexi-link
They are posted in FAQ
You can also read my financial planning tips in my website,
Tips
A suitable plan for a new born child?
Dear Mr Tan,
I'll like to buy some insurance for my son to save for his education. Which one would you recommend? Living or Education or investment linked products such as Ideal Plan?The return for education products are not so attractive but investment linked products carries a risk. My son is 1 mth old.
---------------------------
My reply:
I recommend an investment linked plan. If you are investing for 20 years, the risk will average out, and you should be able to get an attractive return, which is better than an education plan (life insurance policy).
There is the risk that the stockmarket may be at a low point at the time that you need to draw out the money. In that case, you can draw out in installments over three years or wait for a better time. You do not need to take out all of the funds at one time.
Because you have the flexibility to choose the right time to realise your investment, you can turn "risk to your advantage".
Read about it in this FAQ
Ideal plan for a child
I'll like to buy some insurance for my son to save for his education. Which one would you recommend? Living or Education or investment linked products such as Ideal Plan?The return for education products are not so attractive but investment linked products carries a risk. My son is 1 mth old.
---------------------------
My reply:
I recommend an investment linked plan. If you are investing for 20 years, the risk will average out, and you should be able to get an attractive return, which is better than an education plan (life insurance policy).
There is the risk that the stockmarket may be at a low point at the time that you need to draw out the money. In that case, you can draw out in installments over three years or wait for a better time. You do not need to take out all of the funds at one time.
Because you have the flexibility to choose the right time to realise your investment, you can turn "risk to your advantage".
Read about it in this FAQ
Ideal plan for a child
Should I continue my current ILP plan?
Dear Mr Tan
1)Is the difference for Term Insurance and Life Insurance only lies on there are saving in the life insurance and whereas the converage is generally the same for both type of insurances.
Reply: Generally, the coverage is the same. In the case of a life insurance policy, the protection and savings are combined into one product. I advocate that protection should be bought separately. This gives you greater flexibility in your investments and ensure that you get a better return.
2) I am 40 years old and I have a ILP life insurance which I bought 12years ago and only recently the cash value is about the same as the total premium I have paid, will it be better if I surrender this policy and buy term insurance policy which is cheaper and invest the rest in the global fund on a monthly basis.
Reply: It depends on the charges that you will continue to pay on your ILP policy.
You have incurred high charges in the past, which explains why it takes 12 years just to break even. This has been a bad investment (due to the high charges) but there is no way for you to recover them.
You can study the charges on your ILP policy for the future years, compared to the alternative type of investment (which also have charges). I suggest that you visit the business center of NTUC Income and talk to a consultant.
See www.income.coop.
1)Is the difference for Term Insurance and Life Insurance only lies on there are saving in the life insurance and whereas the converage is generally the same for both type of insurances.
Reply: Generally, the coverage is the same. In the case of a life insurance policy, the protection and savings are combined into one product. I advocate that protection should be bought separately. This gives you greater flexibility in your investments and ensure that you get a better return.
2) I am 40 years old and I have a ILP life insurance which I bought 12years ago and only recently the cash value is about the same as the total premium I have paid, will it be better if I surrender this policy and buy term insurance policy which is cheaper and invest the rest in the global fund on a monthly basis.
Reply: It depends on the charges that you will continue to pay on your ILP policy.
You have incurred high charges in the past, which explains why it takes 12 years just to break even. This has been a bad investment (due to the high charges) but there is no way for you to recover them.
You can study the charges on your ILP policy for the future years, compared to the alternative type of investment (which also have charges). I suggest that you visit the business center of NTUC Income and talk to a consultant.
See www.income.coop.
Analysis of a "currency linked" investment
I have the option to make the following investment of $1 million:
a) 1 m in SGD deposit : 2.9%pa (interest : $2,383 per month )
b) 1 m in USD deposit @ 1.53 = USD 653,594 @ 4.9%pa (interest: USD 2632 per month )
c) currency-linked investment: 1 million SGD/ USD : strike at 1.5240, 5% p.a. (USD 656,168, interest USD 2,696)
The interest rate between (b) and (c) is only 0.1% difference. If USD falls by 2%, I face the loss. If it gains by 2%, the bank gives me only 0.4% (difference between 1.524 and 1.53) and keeps the difference of 1.6%. I have decided NOT to buy the "currency linked" investment.
If I wish to invest in USD, it is better to take the straight forward deposit, ie (b) above. Do not invest in (c).
a) 1 m in SGD deposit : 2.9%pa (interest : $2,383 per month )
b) 1 m in USD deposit @ 1.53 = USD 653,594 @ 4.9%pa (interest: USD 2632 per month )
c) currency-linked investment: 1 million SGD/ USD : strike at 1.5240, 5% p.a. (USD 656,168, interest USD 2,696)
The interest rate between (b) and (c) is only 0.1% difference. If USD falls by 2%, I face the loss. If it gains by 2%, the bank gives me only 0.4% (difference between 1.524 and 1.53) and keeps the difference of 1.6%. I have decided NOT to buy the "currency linked" investment.
If I wish to invest in USD, it is better to take the straight forward deposit, ie (b) above. Do not invest in (c).
Activities of Center For Seniors
21 March 2007
Editor
Forum Page
Straits Times
I refer to your editorial on 20 March 07, entitled "It's time to rethink 'old'".
Think "old" and we often think of frailty and disability of seniors, and liability for society. The more kindly among us often advise those about to retire at 62, or earlier, to "take it easy'.
The newly-formed Centre For Seniors (CFS), which will open its doors in Junction 8 tower block next month, will point seniors in the other direction, to continue to work for as long as possible or be otherwise actively engaged.
Most seniors today enjoy good health and are able to work for a few more years. To retire when they can work is to suffer loss of income, companionship at the workplace, and less CPF savings.
Next month CFS will launch its "Seniors Employment Guidance" programme in partnership with NTUC's "Silver Collar Dragon Boat" programme. SEG will reach out to workers who are closer to 62 years, to inform them of the benefits of continuing to work and of the need to take into account their physical, mental, social and financial needs as they age.
At the same time, CFS will launch another programme called "Life-Long Learning", to enrich those seniors who have retired or who are not in the workforce eg housewives. This programme, run together with YAH! Community College of Marine Parade Family Service Centre, will impart understanding of self and lifeskills and will
foster comradeship among course participants.
The vision of CFS is "A Singapore in which seniors enjoy their rightful place in the family, the community and the country."
Tan Kin Lian
Chairman
Centre For Seniors
Editor
Forum Page
Straits Times
I refer to your editorial on 20 March 07, entitled "It's time to rethink 'old'".
Think "old" and we often think of frailty and disability of seniors, and liability for society. The more kindly among us often advise those about to retire at 62, or earlier, to "take it easy'.
The newly-formed Centre For Seniors (CFS), which will open its doors in Junction 8 tower block next month, will point seniors in the other direction, to continue to work for as long as possible or be otherwise actively engaged.
Most seniors today enjoy good health and are able to work for a few more years. To retire when they can work is to suffer loss of income, companionship at the workplace, and less CPF savings.
Next month CFS will launch its "Seniors Employment Guidance" programme in partnership with NTUC's "Silver Collar Dragon Boat" programme. SEG will reach out to workers who are closer to 62 years, to inform them of the benefits of continuing to work and of the need to take into account their physical, mental, social and financial needs as they age.
At the same time, CFS will launch another programme called "Life-Long Learning", to enrich those seniors who have retired or who are not in the workforce eg housewives. This programme, run together with YAH! Community College of Marine Parade Family Service Centre, will impart understanding of self and lifeskills and will
foster comradeship among course participants.
The vision of CFS is "A Singapore in which seniors enjoy their rightful place in the family, the community and the country."
Tan Kin Lian
Chairman
Centre For Seniors
Too many groups catering to the elderly?
From a journalist:
1. Do you think the current group of committees are enough to cover the areas of concern or interest to the elderly? Do you think there ought to be more?
Reply: There are many elderly in Singapore. This group is growing rapidly. To fully cater for the diverse needs of the elderly, we need to have many organisations, providing different types of services and attracting different groups of the elderly, according to their area of interest.
2. Somewhat conversely, with so many committees taking care of the elderly, do you think that members of the public would be confused? What can be done to distinguish them?
Reply: The elderly person does not need to be involved with all the groups. They only need to be introduced to a group that can serve their needs. The Center for Seniors will be setting up a contact center and website. We hope to build a database of the various groups and their services. The seniors can call our contact center and be introduced to a group or activity that meet their interest and needs.
3. Last there are groups such as the Alzheimers' Association who feel that not enough
is being done for their groups. What do you think of this, and which other groups do you think can be better served?
Reply: I am not familiar with the situation of the Alzheimer's Association or other special groups. I hope that they are able to find the solution to their challenges.
1. Do you think the current group of committees are enough to cover the areas of concern or interest to the elderly? Do you think there ought to be more?
Reply: There are many elderly in Singapore. This group is growing rapidly. To fully cater for the diverse needs of the elderly, we need to have many organisations, providing different types of services and attracting different groups of the elderly, according to their area of interest.
2. Somewhat conversely, with so many committees taking care of the elderly, do you think that members of the public would be confused? What can be done to distinguish them?
Reply: The elderly person does not need to be involved with all the groups. They only need to be introduced to a group that can serve their needs. The Center for Seniors will be setting up a contact center and website. We hope to build a database of the various groups and their services. The seniors can call our contact center and be introduced to a group or activity that meet their interest and needs.
3. Last there are groups such as the Alzheimers' Association who feel that not enough
is being done for their groups. What do you think of this, and which other groups do you think can be better served?
Reply: I am not familiar with the situation of the Alzheimer's Association or other special groups. I hope that they are able to find the solution to their challenges.
Make it easy for elderly to board the bus
Dear Mr Tan,
The platforms on the buses for boarding and alighting are too high for senior citizens. I have seen senior citizens struggled to alight from our public buses. This makes me worries that they may fall from the steps of the buses.
From my observation,other than having a lower platform for buses, the government can also educate the boarding commuters do not stand too near to the bus stop curb. This will allow buses to stop closer to the bus stop which will alleviate the height of boarding for the communters.
I hope very near future buses will be more elderly friendly. I wonder if the authority has any plan for this. What is your view and experiences that you have on our public transport with regards to the buses platform?
RW
My reply:
Thank you for your observation. I have not paid attention to this matter before. I shall now do so.
The platforms on the buses for boarding and alighting are too high for senior citizens. I have seen senior citizens struggled to alight from our public buses. This makes me worries that they may fall from the steps of the buses.
From my observation,other than having a lower platform for buses, the government can also educate the boarding commuters do not stand too near to the bus stop curb. This will allow buses to stop closer to the bus stop which will alleviate the height of boarding for the communters.
I hope very near future buses will be more elderly friendly. I wonder if the authority has any plan for this. What is your view and experiences that you have on our public transport with regards to the buses platform?
RW
My reply:
Thank you for your observation. I have not paid attention to this matter before. I shall now do so.
Wednesday, March 21, 2007
Suitable product for 59 year old
Questions:
I am 59 years old and is will continue to work in a trading company till age of 62 years.
I do have $250K cash in hand now and I hope you can recommend what are the best investment products other than bank's fixed deposit for me.
I have a $100K I-Gifts policy, IncomeShield, and a personal accident policy.
I just purchased a HDB EA unit with full payment and I have already arranged necessary coverage & protection for my wife & daughter including insurance products.
I would like to hear your suggestions as this money is for my own future spending & use.
----------------------
My reply:
I suggest that you invest $150,000 in a life annuity and keep the $100,000 in the money market fund (to be invested into the Global Equity fund when the stockmarket corrects to a lower level.
You can read the FAQ on these two products at:
http://incnet.income.com.sg/uiGuide/guideDetailsPublic.aspx?gde=3307
http://incnet.income.com.sg/uiGuide/guideDetailsPublic.aspx?gde=3026
I will ask a consultant to explain these two products to you.
I am 59 years old and is will continue to work in a trading company till age of 62 years.
I do have $250K cash in hand now and I hope you can recommend what are the best investment products other than bank's fixed deposit for me.
I have a $100K I-Gifts policy, IncomeShield, and a personal accident policy.
I just purchased a HDB EA unit with full payment and I have already arranged necessary coverage & protection for my wife & daughter including insurance products.
I would like to hear your suggestions as this money is for my own future spending & use.
----------------------
My reply:
I suggest that you invest $150,000 in a life annuity and keep the $100,000 in the money market fund (to be invested into the Global Equity fund when the stockmarket corrects to a lower level.
You can read the FAQ on these two products at:
http://incnet.income.com.sg/uiGuide/guideDetailsPublic.aspx?gde=3307
http://incnet.income.com.sg/uiGuide/guideDetailsPublic.aspx?gde=3026
I will ask a consultant to explain these two products to you.
Sevem wonders of the world
What are the "seven wonders of the world". A little girl identified them as:
* to see
* to hear
* to smell
* to taste
* to feel
* to laugh
* to love
* to see
* to hear
* to smell
* to taste
* to feel
* to laugh
* to love
A blog for corporate branding
Dear Mr Tan,
I've been following your blog for a while now. I just wanna to thank you for showing the way for other C-level executives to give some thoughts on using blogging as a medium to convey a company's vision or as a way to branding.
Even though you've retired, I thought you'd still have valuable insights. It is great to see your write about your blogging experience so far in relation to other corporations or executives itching to take that big step forward.
Keep up with the blog~ I enjoy reading your stuff!
I've been following your blog for a while now. I just wanna to thank you for showing the way for other C-level executives to give some thoughts on using blogging as a medium to convey a company's vision or as a way to branding.
Even though you've retired, I thought you'd still have valuable insights. It is great to see your write about your blogging experience so far in relation to other corporations or executives itching to take that big step forward.
Keep up with the blog~ I enjoy reading your stuff!
What programming was like 40 years ago
I worked as a computer programmer nearly 40 years ago. I developed accounting, inventory and management reports for a large trading house.
The main frame computer had a memory of 32,000 bytes and a disk storage capacity of 4 megabytes. The computer system cost about 100 years of my salary. My special skill was to use the limited resource effectively.
Today, a personal computer costing $1,500 (ie half a month's salary of a programmer) has a memory of 500 megabytes (ie 1,500 times of 32K bytes) and a disk storage capacity of 90 Gbytes (ie 20,000 times of 4 megabytes).
How times have changed.
The main frame computer had a memory of 32,000 bytes and a disk storage capacity of 4 megabytes. The computer system cost about 100 years of my salary. My special skill was to use the limited resource effectively.
Today, a personal computer costing $1,500 (ie half a month's salary of a programmer) has a memory of 500 megabytes (ie 1,500 times of 32K bytes) and a disk storage capacity of 90 Gbytes (ie 20,000 times of 4 megabytes).
How times have changed.
Wireless@SG hotspots
I have signed up for Wireless@SG.
I checked for a list of hotspots in the website of the Infocomm Development Authority of Singapore.
Here are the establishments with many hotspots at their branches:
* Delifrance
* Starbucks
* Coffee Connection
* Burger King
* Kentucky Fried Chicken
* Library
* Hans
* Pizza Hut
* Hospital
If you like branded coffee or fast food, you are likely to find a hotspot.
I checked for a list of hotspots in the website of the Infocomm Development Authority of Singapore.
Here are the establishments with many hotspots at their branches:
* Delifrance
* Starbucks
* Coffee Connection
* Burger King
* Kentucky Fried Chicken
* Library
* Hans
* Pizza Hut
* Hospital
If you like branded coffee or fast food, you are likely to find a hotspot.
High performance organisation
At a management seminar, a speaker talk about a "high performance organisation".
It has the following key elements:
* direction
* good decision making
* integrated approach towards talent
* good in implementation
* sustainable, winning culture
This is a good framework.
It has the following key elements:
* direction
* good decision making
* integrated approach towards talent
* good in implementation
* sustainable, winning culture
This is a good framework.
Recruit Talent
At a management seminar, several speakers talk about the importance of recruiting talented people.
Apparently, "talent" is different from knowledge and skill.
I ask the speaker what aspects of "talent" is required?
His reply is:
* intellect
* teamwork
* customer service
* courage
I agree with these qualities. It is good to be clear about what is needed.
Apparently, "talent" is different from knowledge and skill.
I ask the speaker what aspects of "talent" is required?
His reply is:
* intellect
* teamwork
* customer service
* courage
I agree with these qualities. It is good to be clear about what is needed.
Monday, March 19, 2007
Magazines for people above 45: Prime, Gao Feng
I met the publisher of the PRIME and Gao Feng magazines. They are targetted at people above 45.
PRIME is about being in the prime of one's life. It is about celebrating one's life at whatever age they are at.
The bi-monthly magazine caters to both men and women who are 45 and above, going to retire as well as those already retired and living it up. They are a special segment that is hardly catered to in Singapore.
The magazine covers four areas including health, wealth, nutrition and leisure, and the topics are customised for this specific market.
The bi-monthly magazine's was launched in July 2006. It is available at selected news-stands and sold at $5.
It is all about changing mindsets, breaking down stereotypes and educating this very special population in Singapore.
Gao Feng is the chinese version, also bi-monthly and carrying the same content and sold at $5.
PRIME is about being in the prime of one's life. It is about celebrating one's life at whatever age they are at.
The bi-monthly magazine caters to both men and women who are 45 and above, going to retire as well as those already retired and living it up. They are a special segment that is hardly catered to in Singapore.
The magazine covers four areas including health, wealth, nutrition and leisure, and the topics are customised for this specific market.
The bi-monthly magazine's was launched in July 2006. It is available at selected news-stands and sold at $5.
It is all about changing mindsets, breaking down stereotypes and educating this very special population in Singapore.
Gao Feng is the chinese version, also bi-monthly and carrying the same content and sold at $5.
Bid for your own COE
There is a few letters in the newspaper about bidding for COE (certificate of entitlement) to use a private car.
Apparently, the buyers are not happy that the car dealers will pocket the profit from a drop in the COE price. If the price increase, the deliver is not obliged to deliver the car and can pressure the buyer to top up.
Perhaps, the car buyers should learn how to bid for the COE on their own. It may not be difficult.
If someone is knowledgeable how this can be done, send an e-mail to me. I shall share the experience. Maybe, the car buyer can get better control of the process.
Apparently, the buyers are not happy that the car dealers will pocket the profit from a drop in the COE price. If the price increase, the deliver is not obliged to deliver the car and can pressure the buyer to top up.
Perhaps, the car buyers should learn how to bid for the COE on their own. It may not be difficult.
If someone is knowledgeable how this can be done, send an e-mail to me. I shall share the experience. Maybe, the car buyer can get better control of the process.
Part time employment for seniors
I am the chairman of the Center for Seniors. It is a non-profit society.
One of the goals of the Center is to assist seniors to get part time employment. I approached two organisations to identify part time jobs that are suitable for seniors. These organisations are:
* SMRT
* NTUC Fairprice.
I received a positive and encouraging response from the chief executives, Saw Phaik Hwa (SMRT) and Tan Kian Chew (Fairprice). I wish to thank them.
We are now looking at part time work during peak hours to assist the commuters (of SMRT) and customers (of Fairprice). Details are now being worked out.
One of the goals of the Center is to assist seniors to get part time employment. I approached two organisations to identify part time jobs that are suitable for seniors. These organisations are:
* SMRT
* NTUC Fairprice.
I received a positive and encouraging response from the chief executives, Saw Phaik Hwa (SMRT) and Tan Kian Chew (Fairprice). I wish to thank them.
We are now looking at part time work during peak hours to assist the commuters (of SMRT) and customers (of Fairprice). Details are now being worked out.
Hospital bill for $20,000
I knew a person who suffered an unexpected heart attack. He went to hospital for one day, and passed away.
The family received a bill for more than $20,000. After government subsidy, the bill was $9,000.
It was much higher than they had expected. This is a second shock to the family, after the unexpected death.
Lesson: have adequate life or medical insurance to cover this unexpected cost!
The family received a bill for more than $20,000. After government subsidy, the bill was $9,000.
It was much higher than they had expected. This is a second shock to the family, after the unexpected death.
Lesson: have adequate life or medical insurance to cover this unexpected cost!
3G Mobile Data
I subsribed for a 3G mobile data card and pays $60 a month for unlimited access.
It allows me to use my notebook computer and access the internet anywhere in Singapore. The speed is quite satisfactory. I do not need to be near a wi-fi hotspot.
This is a good way for mobile people to keep in touch with the internet. As I do not have a town office, it allows me to work anywhere in Singapore. My personal office is my home.
I enjoy the new lifestyle.
It allows me to use my notebook computer and access the internet anywhere in Singapore. The speed is quite satisfactory. I do not need to be near a wi-fi hotspot.
This is a good way for mobile people to keep in touch with the internet. As I do not have a town office, it allows me to work anywhere in Singapore. My personal office is my home.
I enjoy the new lifestyle.
Simplify our public transport system
Many people find the system of bus services to be too complicated. They give up. They buy a car and use it all the time, almost.
There are many occasions where it is better to use public transport. It saves on driving time, and the hassle of looking for a parking space.
But, we need to simplify the system, so that people will find it easier to use public transport.
Here are my wishes:
* have more trains on the MRT system, so that it is less crowded and more frequent
* have low cost feeder services to MRT stations, using light buses or even private cars
* have express bus services to link the major towns centers, with just a few stops in between
Maybe, Hong Kong has a system that looks closer to my "wishes". Someone said that their system is more efficient.
There are many occasions where it is better to use public transport. It saves on driving time, and the hassle of looking for a parking space.
But, we need to simplify the system, so that people will find it easier to use public transport.
Here are my wishes:
* have more trains on the MRT system, so that it is less crowded and more frequent
* have low cost feeder services to MRT stations, using light buses or even private cars
* have express bus services to link the major towns centers, with just a few stops in between
Maybe, Hong Kong has a system that looks closer to my "wishes". Someone said that their system is more efficient.
Super-risky home loans
Larry Haverkamp talks about the problem with sub-prime mortgage loans in USA and its potential impact on financial markets.
Read about it in his blog
Read about it in his blog
Preparing for a Talk on Financial Planning
I was asked to give a talk on financial planning to seniors. What do I talk about?
After considering this matter, I decided that the topics in my website will be suitable, ie www.tankinlian.com/faq
These are questions that many people have asked me before. I have placed them in my website. I believe that they will be suitable to the seniors as well.
I will also handle questions that can be raised after my talk.
After considering this matter, I decided that the topics in my website will be suitable, ie www.tankinlian.com/faq
These are questions that many people have asked me before. I have placed them in my website. I believe that they will be suitable to the seniors as well.
I will also handle questions that can be raised after my talk.
How to handle a technical call center
Hello, Mr. Tan.
I have been to your talk before and a consistent visitor of your web site. I am impressed with how NTUC Income created its world class call center.
Understand that you are a person that most willing to share your knowledge and experience.
I am from a IT service line that had a call centre, but wanted badly to improve it to a world class standard.
Currently, I manage an IT Service Centre. With your years of experience in management, I believe you are the best person to advice me.
-------------------------------
My reply:
I suggest that you pay a visit to Call Center One (a subsidiary of NTUC Income). It is located at Beach Road. The manager can show you how they handle technical calls. You can decide if it is worthwhile to outsource the first level calls to them. They can pass the second level calls to be handled by your experts.
I have been to your talk before and a consistent visitor of your web site. I am impressed with how NTUC Income created its world class call center.
Understand that you are a person that most willing to share your knowledge and experience.
I am from a IT service line that had a call centre, but wanted badly to improve it to a world class standard.
Currently, I manage an IT Service Centre. With your years of experience in management, I believe you are the best person to advice me.
-------------------------------
My reply:
I suggest that you pay a visit to Call Center One (a subsidiary of NTUC Income). It is located at Beach Road. The manager can show you how they handle technical calls. You can decide if it is worthwhile to outsource the first level calls to them. They can pass the second level calls to be handled by your experts.
Saturday, March 17, 2007
Tips on Financial Planning
Many people visit my blog to get my views and tips on financial planning.
You will find my latest thinking on investment matters in the blog.
If you wish to have some general tips, you have to visit my website, Tan Kin Lian. Click on "Ask Mr Tan". You can send questions to me.
You will find my latest thinking on investment matters in the blog.
If you wish to have some general tips, you have to visit my website, Tan Kin Lian. Click on "Ask Mr Tan". You can send questions to me.
Logic9 (Sudoku) teaches 3 important skills
At the NUS symposium, I introduced Logic9 (Sudoku) to many participants. They enjoyed my 3 tips on how to solve the puzzle.
I said that Logic9 teaches 3 important skills:
- strategy
- thinking (left and right brain)
- entrepreneurship.
How it is possible?
To solve a logic9 puzzle, one has to know where to start. This is learning about "strategy".
You have to learn 3 tips - 1 uses the "left brain" and 2 uses the "right brain". This improves your focus and thinking.
For the complex puzzle (level 5), you have to deal with uncertainty. You have to take a tentative decision and see if it is right. If not, you have to re-do it. This is what entrepreneurship is about.
Amazing!
I said that Logic9 teaches 3 important skills:
- strategy
- thinking (left and right brain)
- entrepreneurship.
How it is possible?
To solve a logic9 puzzle, one has to know where to start. This is learning about "strategy".
You have to learn 3 tips - 1 uses the "left brain" and 2 uses the "right brain". This improves your focus and thinking.
For the complex puzzle (level 5), you have to deal with uncertainty. You have to take a tentative decision and see if it is right. If not, you have to re-do it. This is what entrepreneurship is about.
Amazing!
Older people are "not wanted"
At the NUS symposium, someone said that older people are "not wanted". They find it difficult to get work or to contribute their knowledge, even if they have experience. Even former parliamentarians and retired civil servants face this difficulty.
Here is my view.
* it is a matter of matching supply and demand
* the older people have knowledge and experience
* many businesses need, but do not know how to access them
* we need to find a new model for this to work
Here is a possible solution:
* set up a portal
* the experienced people can indicate their availablility and charges
* those who need the services can contact them
* agents can help to make the matches
Here is my view.
* it is a matter of matching supply and demand
* the older people have knowledge and experience
* many businesses need, but do not know how to access them
* we need to find a new model for this to work
Here is a possible solution:
* set up a portal
* the experienced people can indicate their availablility and charges
* those who need the services can contact them
* agents can help to make the matches
Being old
At the NUS symposium, someone said, "What's wrong with being old?" Why must we invent new terms, such as "mature".
It is a privilege to be "old". Only the lucky ones get "old". The others are not around anymore.
Young people are happy to be described as "young". Why should old people avoid being called "old"?
I agree with her view.
It is a privilege to be "old". Only the lucky ones get "old". The others are not around anymore.
Young people are happy to be described as "young". Why should old people avoid being called "old"?
I agree with her view.
Learning
At the symposium in NUS, I learned that there are 6 levels of learning:
* data
* information
* knowledge
* understanding
* insight
* wisdom
Most schools prepare the students only for the first 3 stages. Their focus is to prepare the students to "make a living". It is better to educate them "to live a life".
Some ideas about learnng:
* it is an attitude
* learning is part of living
* approach life in a learning mode
* to learn, one must have an enquiring mind
* one can be wise at a young age
* an older person with a closed mind has probably stopped learning at 20
Some interesting thoughts.
* data
* information
* knowledge
* understanding
* insight
* wisdom
Most schools prepare the students only for the first 3 stages. Their focus is to prepare the students to "make a living". It is better to educate them "to live a life".
Some ideas about learnng:
* it is an attitude
* learning is part of living
* approach life in a learning mode
* to learn, one must have an enquiring mind
* one can be wise at a young age
* an older person with a closed mind has probably stopped learning at 20
Some interesting thoughts.
Allow more people to attend the university courses
I attended a symposium at NUS.
A participant suggested that NUS should allow the public to attend its classes, if there are vacant places. The university representative said that it cost the university $24,000 a year to train an undergraduate, of which 75% is subsidised by the government. Priority has to be given to the undergraduates.
Here is my suggestion.
Perhaps each lecture hall can have a video camera. The public can log in through the internet and watch the classes. It may not be as good as being in class, but it is the next best available.
Bloomberg TV allows the public to view snippets of their programs through the internet.
A participant suggested that NUS should allow the public to attend its classes, if there are vacant places. The university representative said that it cost the university $24,000 a year to train an undergraduate, of which 75% is subsidised by the government. Priority has to be given to the undergraduates.
Here is my suggestion.
Perhaps each lecture hall can have a video camera. The public can log in through the internet and watch the classes. It may not be as good as being in class, but it is the next best available.
Bloomberg TV allows the public to view snippets of their programs through the internet.
Sub-prime mortgages in America
How bad is the problem with the sub-prime mortgages in America? Will it affect the US and global stockmarket? What are these mortgages anyway?
Dr Money (Larry Haverkamp) told me that his article on this topic will appear in Monday's issue of the New Paper. Buy a copy and read about it.
Dr Money (Larry Haverkamp) told me that his article on this topic will appear in Monday's issue of the New Paper. Buy a copy and read about it.
Motor Insurance, through an agent
If you wish to take motor insurance and need the service of an agent, I recommend Thomas Phua. He provides good service and is knowledgeable about the market. He has many loyal customers.
Often, he is able to get you a lower premium rate, if you are not insured with NTUC Income now. His mobile - 96889080
Thomas Phua
If you prefer to buy motor insurance directly from NTUC Income, you can call 63 INCOME (6346 2663)
Often, he is able to get you a lower premium rate, if you are not insured with NTUC Income now. His mobile - 96889080
Thomas Phua
If you prefer to buy motor insurance directly from NTUC Income, you can call 63 INCOME (6346 2663)
NUS Lifelong Learning courses
I attended a symposium on positive aging in NUS. I learned that NUS has an active lifelong learning program.
Details are in Courses
I am especially interested in their course on Medicine 101. It teaches the participants on how to take care of their health. They also have interesting language classes, eg Korean, Japanese, Spanish, French, Malay and Thai.
The classes are held in Park Mall, which is near Dhoby Ghaut MRT.
Details are in Courses
I am especially interested in their course on Medicine 101. It teaches the participants on how to take care of their health. They also have interesting language classes, eg Korean, Japanese, Spanish, French, Malay and Thai.
The classes are held in Park Mall, which is near Dhoby Ghaut MRT.
Friday, March 16, 2007
Visit interesting places in Singapore
Dear Mr Tan,
You have been writing a lot on your public transport experience. I wish to add my view.
Those who seldom take public transport has missed out alot in life. Why do I say this?
Many have just drive here and there and never get a chance to walk all over to appreciate the many things around us.
How often have we visited our own Chinatown, Little India, Telok Ayer Street area?
Many tour the world but missed our very own backyard that is visited by millions of tourist each year.
When my children were younger, I took the family by MRT to Tanjong Pagar and took a walk through Telok Ayer and City through Padang and end up at Suntech City.
I am sure families can spend time touring our own backyard first then to tour the world and miss our own.
Thomas Phua
You have been writing a lot on your public transport experience. I wish to add my view.
Those who seldom take public transport has missed out alot in life. Why do I say this?
Many have just drive here and there and never get a chance to walk all over to appreciate the many things around us.
How often have we visited our own Chinatown, Little India, Telok Ayer Street area?
Many tour the world but missed our very own backyard that is visited by millions of tourist each year.
When my children were younger, I took the family by MRT to Tanjong Pagar and took a walk through Telok Ayer and City through Padang and end up at Suntech City.
I am sure families can spend time touring our own backyard first then to tour the world and miss our own.
Thomas Phua
Importance of Great Teachers
As the founder chairmen of the Singapore Science Council, SISIR , Standards Council etc Dr. Lee Kum Tatt has initiated and participated in the development of the Science and Technology infrastructure and manpower of Singapore for many years.
Has it not been for the timely influence of his great teacher we would have lost a good scientist. This is Dr. Lee’s story on how he was guided by a Great Teacher.
Story
Tan Kin Lian
Has it not been for the timely influence of his great teacher we would have lost a good scientist. This is Dr. Lee’s story on how he was guided by a Great Teacher.
Story
Tan Kin Lian
Thursday, March 15, 2007
Dance Appreciation Series at the Esplanade
Dance Appreciation Series is jointly presented by the Singapore Dance Theatre and Esplanade, and supported by NTUC Income, to enhance the understanding of dance among new audiences.
Each hour-long session lets you peek behind the scenes to see how dancers take their daily classes, warm up for performances, and get ready to hit the stage in peak condition. You will also get to enjoy excerpts from our forthcoming contemporary and classical seasons. Each performance ticket costs only $10, and schools can also make
use of their special Arts Education Funds to secure bulk bookings.
Don’t miss the upcoming shows at the Esplanade Concert Hall …
• 1 May, 2007, 4pm – a May Day Special – Diving into Contemporary Dance
• 29 August, 4pm – The Legacy of Goh Choo San and his Choreography
• 1 October, 4pm – a Children’s Day Swan Lake Special
Tickets from Sistic on 6348-5555 or www.sistic.com.sg For more details, visit www.singaporedancetheatre.com or contact the General Manager on 6338-0611 / email: generalmanager@singaporedancetheatre.com
Each hour-long session lets you peek behind the scenes to see how dancers take their daily classes, warm up for performances, and get ready to hit the stage in peak condition. You will also get to enjoy excerpts from our forthcoming contemporary and classical seasons. Each performance ticket costs only $10, and schools can also make
use of their special Arts Education Funds to secure bulk bookings.
Don’t miss the upcoming shows at the Esplanade Concert Hall …
• 1 May, 2007, 4pm – a May Day Special – Diving into Contemporary Dance
• 29 August, 4pm – The Legacy of Goh Choo San and his Choreography
• 1 October, 4pm – a Children’s Day Swan Lake Special
Tickets from Sistic on 6348-5555 or www.sistic.com.sg For more details, visit www.singaporedancetheatre.com or contact the General Manager on 6338-0611 / email: generalmanager@singaporedancetheatre.com
Watch the ballet, Coppelia
I want to encourage you to watch the ballet performance, Coppelia. It is performed by the Singapore Dance Theatre.
------------------------------
Coppélia is a light-hearted comical ballet suited for both children and the young at heart. With engaging music, beautiful costumes, and a cast of weird and wonderful characters, it is sure to delight audiences of all ages.
Coppélia is performed by Singapore Dance Theatre at Victoria Theatre, 23 to 25 March, 8pm. Tickets from SISTIC on 6348-5555 or www.sistic.com.sg
------------------------------
Coppélia is a light-hearted comical ballet suited for both children and the young at heart. With engaging music, beautiful costumes, and a cast of weird and wonderful characters, it is sure to delight audiences of all ages.
Coppélia is performed by Singapore Dance Theatre at Victoria Theatre, 23 to 25 March, 8pm. Tickets from SISTIC on 6348-5555 or www.sistic.com.sg
Return from different types of investments?
What is the return, over a long period, from different types of investments?
For global equities, the average return over the past 10 to 20 years, is about 8% to 10% per annum, in US dollars.
For global bonds, the average return is about 4% to 6% in US dollars.
The average return is about 6% to 8% per annum, in US dollars. Converted to Singapore dollars, the average return is about 4% to 6% per annum.
What is the expected return for the future? Nobody knows. For myself, I am happy to get an average return of 4% to 6% per annum, in a well diversified portolio of equities and bonds.
If I invest entirely in equities, I target to get 6% to 8% per annum on the average, but I will have to accept the volatility in the actual returns. It can be quite ihgh in some years and may be negative in other years. If I invest for many years, the average return should be quite attractive.
For global equities, the average return over the past 10 to 20 years, is about 8% to 10% per annum, in US dollars.
For global bonds, the average return is about 4% to 6% in US dollars.
The average return is about 6% to 8% per annum, in US dollars. Converted to Singapore dollars, the average return is about 4% to 6% per annum.
What is the expected return for the future? Nobody knows. For myself, I am happy to get an average return of 4% to 6% per annum, in a well diversified portolio of equities and bonds.
If I invest entirely in equities, I target to get 6% to 8% per annum on the average, but I will have to accept the volatility in the actual returns. It can be quite ihgh in some years and may be negative in other years. If I invest for many years, the average return should be quite attractive.
How to deal with volatile stockmarkets
My friend, who is the chief investment officer of a large insurance company, describes the stock market as volatile during the recent few weeks.
This means that the price will go up one day and down on another day. The movements can be quite large.
What can a small investor do, in a volatile stock market?
My suggestion: take a long term perspective. Decide on what is the right level for the stock market. This gives you a clue on whether the prices are too high, or too low.
As a long term investor, you should buy when the prices are too low (compared to its underlying value) and sell when the prices are too high.
What is the underlying value? Take a look at the price earning ratio (ie the current price divided by the earnings per share. If the profit is expected to grow strongly over the next few years, a PE ratio of 15 to 25 can be justified. If the prospects are moderate, the PE ratio should be between 12 to 18.
Many stocks may have exceeded the upper limit. The prices are too high. It is time to sell them.
This means that the price will go up one day and down on another day. The movements can be quite large.
What can a small investor do, in a volatile stock market?
My suggestion: take a long term perspective. Decide on what is the right level for the stock market. This gives you a clue on whether the prices are too high, or too low.
As a long term investor, you should buy when the prices are too low (compared to its underlying value) and sell when the prices are too high.
What is the underlying value? Take a look at the price earning ratio (ie the current price divided by the earnings per share. If the profit is expected to grow strongly over the next few years, a PE ratio of 15 to 25 can be justified. If the prospects are moderate, the PE ratio should be between 12 to 18.
Many stocks may have exceeded the upper limit. The prices are too high. It is time to sell them.
Ask for a lift
I attended a board meeting at Fort Canning Center. It was far away from the main road.
After the meeting, I asked a fellow director for a lift to the MRT station. I took the MRT to my home. It was quite easy.
After the meeting, I asked a fellow director for a lift to the MRT station. I took the MRT to my home. It was quite easy.
Wednesday, March 14, 2007
Ethical issues
Dear Mr Tan,
Hi, I was just wondering, in your 30 years as the CEO of NTUC income, have you ever encountered any ethical issues or dilemmas? How did you try to resolve these issues in the best possible ways?
I am an undergraduate in Nanyang Technological University. I need this information for my project.
-----------------------------------
My reply:
We have to face ethical issues all the time. We have to address the question of what is right or wrong. Sometimes, it is quite difficult. Do we make more profit for the company by giving less to the customers (policyholders)? While it may be legal, it is ethically wrong.
There are many occasions when the competitors find new ways of developing their business, that are not fair to customers. Do we follow them? Are we prepared to lose out by not following them?
In my case, I decided that we have to be ethical, and do what is fair for all parties. We should give good value to our customers, and still make a fair profit for the business. By operating efficiently and at low cost, we can achieve a result that is good for the policyholders and the shareholders (of our cooperative society).
You can read about more of my views in
my talk
Hi, I was just wondering, in your 30 years as the CEO of NTUC income, have you ever encountered any ethical issues or dilemmas? How did you try to resolve these issues in the best possible ways?
I am an undergraduate in Nanyang Technological University. I need this information for my project.
-----------------------------------
My reply:
We have to face ethical issues all the time. We have to address the question of what is right or wrong. Sometimes, it is quite difficult. Do we make more profit for the company by giving less to the customers (policyholders)? While it may be legal, it is ethically wrong.
There are many occasions when the competitors find new ways of developing their business, that are not fair to customers. Do we follow them? Are we prepared to lose out by not following them?
In my case, I decided that we have to be ethical, and do what is fair for all parties. We should give good value to our customers, and still make a fair profit for the business. By operating efficiently and at low cost, we can achieve a result that is good for the policyholders and the shareholders (of our cooperative society).
You can read about more of my views in
my talk
Logic9 - why it is a better version of Sudoku
Many people like to play the puzzle, Sudoku. You have to fill in the blanks with the numbers 1 to 9, so that the number does not repeat in any row, colum or box (3X3 squares).
There are many patterns of Sudoku puzzles.
I have created my pattern of the Sudoku puzzles, and have marketed them under the name Logic9. The pocketbooks are available in several bookstores.
Vol 1 to 4 of the Logic9 puzzles have a special feature. All the puzzles have a unique answer and can be solved by a logical approach (using my 3 tips). There is no need to guess.
Many people enjoy my Logic9 puzzles, because of this special feature.
There are many patterns of Sudoku puzzles.
I have created my pattern of the Sudoku puzzles, and have marketed them under the name Logic9. The pocketbooks are available in several bookstores.
Vol 1 to 4 of the Logic9 puzzles have a special feature. All the puzzles have a unique answer and can be solved by a logical approach (using my 3 tips). There is no need to guess.
Many people enjoy my Logic9 puzzles, because of this special feature.
Mahjong helps to prevent dementia
There is a newspaper report that mahjong helps to prevent dementia. This is the result of a research in Hong Kong. Mahjong is also also practiced in Taiwan and in Singapore (Alexandra Hospital) as a therapy for older people.
I agree with this finding, based on my personal observation. My mother is 80 years old. She enjoys mahjong. This helps to keep her alert.
There is another game that can keep your mind alert. In my opinion, it will also prevent dementia, but it is not scientifically proven yet.
This is the game of Suduku. Our logic version is call Logic9. You shoud try this game at www.logic9.com.sg
I agree with this finding, based on my personal observation. My mother is 80 years old. She enjoys mahjong. This helps to keep her alert.
There is another game that can keep your mind alert. In my opinion, it will also prevent dementia, but it is not scientifically proven yet.
This is the game of Suduku. Our logic version is call Logic9. You shoud try this game at www.logic9.com.sg
Navigation system for Taxis
I took a taxi today. I asked to go to Fook Hai Building. The taxi driver did not know the way.
I suggest that each taxi should be installed with a navigation system. The taxi driver can enter the building or road name or the postal code. The navigation system will give directions to the taxi driver.
There is no need for the taxi drivers to know all the roads and buildings (which will be a difficult task) or to refer to the directory (and still not know the way to get there).
I suggest that each taxi should be installed with a navigation system. The taxi driver can enter the building or road name or the postal code. The navigation system will give directions to the taxi driver.
There is no need for the taxi drivers to know all the roads and buildings (which will be a difficult task) or to refer to the directory (and still not know the way to get there).
How to take a bus to your home
I record, as a note in my PDA, the following:
* bus services passing near my home
* bus services at interchanges near my home (ie accessible directly from my home)
If I am in any part of Singapore and I need to get a bus home, I will check if any of the bus services are recorded in my PDA (ie passing my home or at a nearby interchange).
I will be able to get back home directly or through the interchange.
I want to encourage car owners to learn how to use the bus services. You can leave your car at home and reach most part of Singapore easily by bus.
You can enjoy our excellent public transport system.
* bus services passing near my home
* bus services at interchanges near my home (ie accessible directly from my home)
If I am in any part of Singapore and I need to get a bus home, I will check if any of the bus services are recorded in my PDA (ie passing my home or at a nearby interchange).
I will be able to get back home directly or through the interchange.
I want to encourage car owners to learn how to use the bus services. You can leave your car at home and reach most part of Singapore easily by bus.
You can enjoy our excellent public transport system.
A role model for Dr Lee Kum Tatt
Dr. Lee Kum Tatt has touch many people's lives. Quite a number of people has also touched his and made him what he is. Here is an account on how his life and outlook has been touched by his role model, Dr Ling Tien Gi.
Story
Tan Kin Lian
Story
Tan Kin Lian
Tuesday, March 13, 2007
Public Transport Guide
There is a public transport guide available in the bookstore for about $6 (may be slightly more).
It contains a map of verious parts of Singapore. It shows all the bus stops and the bus services at the stops. It also shows the MRT system.
This guide is excellent for people taking the public transport. It is easy to find the services to move from one place to another, either by a direct connection or by one change of bus.
It contains a map of verious parts of Singapore. It shows all the bus stops and the bus services at the stops. It also shows the MRT system.
This guide is excellent for people taking the public transport. It is easy to find the services to move from one place to another, either by a direct connection or by one change of bus.
Book: The Essential Drucker
I first learned about Peter Drucker nearly 40 years ago, when I read his book "The Effective Executive". He wrote about the right approach to make business decisions. I remembered his advice clearly, "get the facts".
Over the past 30 years, I learned that the key difference between an practical manager and a theoretical scholar, is the ability to get the relevant facts to make bold decision.
I have also read other books by Peter Drucker. I get the following impression about him:
* his writings are simple, clear, easy to read
* he gives practical and relevant advice on management
* he strongly believes in working for the benefit of the customer and society as a whole
In many ways, I share his thinking, approach and values.
Peter Drucker has a doctorate in public and international law, and has worked as a newspaper reporter, economist, editorial columnist and university professor. He has also written many books on management.
His latest book, "The Essential Drucker" contains a selection from 60 years of his writings on management. I wish to recommend this book to practising and aspiring managers.
Peter Drucker passed away recently at a ripe old age.
Tan Kin Lian
Over the past 30 years, I learned that the key difference between an practical manager and a theoretical scholar, is the ability to get the relevant facts to make bold decision.
I have also read other books by Peter Drucker. I get the following impression about him:
* his writings are simple, clear, easy to read
* he gives practical and relevant advice on management
* he strongly believes in working for the benefit of the customer and society as a whole
In many ways, I share his thinking, approach and values.
Peter Drucker has a doctorate in public and international law, and has worked as a newspaper reporter, economist, editorial columnist and university professor. He has also written many books on management.
His latest book, "The Essential Drucker" contains a selection from 60 years of his writings on management. I wish to recommend this book to practising and aspiring managers.
Peter Drucker passed away recently at a ripe old age.
Tan Kin Lian
Lifelong learning course
The Center For Seniors is partnering the YAH Community Colleage to organise a 100 hour course on lifelong learning.
It is targetted at seniors. It covers life skills, knowledge of aging, financial planning, and social skills.
The participation cost is only $300. This is highly subsidised.
The course is conducted in Mandarin, and is targetted at 60 participants.
We hope to be able to organise a similar course in English, at a later date.
It is targetted at seniors. It covers life skills, knowledge of aging, financial planning, and social skills.
The participation cost is only $300. This is highly subsidised.
The course is conducted in Mandarin, and is targetted at 60 participants.
We hope to be able to organise a similar course in English, at a later date.
News interview on the bus
I was travelling home on the bus yesterday afternoon.
A journalist called me on my mobilephone. She needed some information urgently for a story that will appear the following day (about the lifelong learning program sponsored by the Center for Seniors).
I was able to answer her questions.
The story came out in the Straits Times today. But, the public may not be aware that the interview was done by mobilephone in a bus.
This is a new way of working, made possible through technology.
A journalist called me on my mobilephone. She needed some information urgently for a story that will appear the following day (about the lifelong learning program sponsored by the Center for Seniors).
I was able to answer her questions.
The story came out in the Straits Times today. But, the public may not be aware that the interview was done by mobilephone in a bus.
This is a new way of working, made possible through technology.
Underground link to Raffles Place
I attended a meeting at NTUC Center in Marina Boulevard. To return home, I had to take the train at Raffles Place MRT.
I was presently surprised to learn that there is an underground link from NTUC Center to Raffles Place. I could get to the MRT station without crossing any road. (I was not aware about this link previously).
This is similar to the underground link between City Hall MRT and Suntec City.
I wish to encourage car owners to leave your car at home, and take the public transport. It is convenient. You can help to reduces congestions on our roads.
I was presently surprised to learn that there is an underground link from NTUC Center to Raffles Place. I could get to the MRT station without crossing any road. (I was not aware about this link previously).
This is similar to the underground link between City Hall MRT and Suntec City.
I wish to encourage car owners to leave your car at home, and take the public transport. It is convenient. You can help to reduces congestions on our roads.
Buy a term insurance (including critical illness cover)
Dear Kin Lian,
I have been looking around for critical illness only policies. Most of these are tied-to whole life/etc..
But I found one underwritten by HSBC through Automobile Association, premium is reasonable (but not low), for a 100K PA, premium is $176 and critical illness rider of a $100K is $680, under the age group of 45 to 54 years.
At my age, I don't need whole life insurance, I would rather use the money saved and invest in mutual funds for my retirement.
I wonder if there are any other deals of this nature. By the way, I always enjoy reading your blogs.
----------------------
My reply:
You can buy a similar policy from NTUC Income. I will ask X to contact you and give you a quote, for a similar plan. You can see if it offers a better deal than the Automobile Association.
I agree that it is better to buy a term insurance (covering critical illness) rather than a whole life policy.
Tan Kin Lian
I have been looking around for critical illness only policies. Most of these are tied-to whole life/etc..
But I found one underwritten by HSBC through Automobile Association, premium is reasonable (but not low), for a 100K PA, premium is $176 and critical illness rider of a $100K is $680, under the age group of 45 to 54 years.
At my age, I don't need whole life insurance, I would rather use the money saved and invest in mutual funds for my retirement.
I wonder if there are any other deals of this nature. By the way, I always enjoy reading your blogs.
----------------------
My reply:
You can buy a similar policy from NTUC Income. I will ask X to contact you and give you a quote, for a similar plan. You can see if it offers a better deal than the Automobile Association.
I agree that it is better to buy a term insurance (covering critical illness) rather than a whole life policy.
Tan Kin Lian
Concession fares for senior citizens
I made some research about the concession fares for senior citizens.
Here is a brief summary:
* available to citizens and permanent residents, aged 60 and above
* available during off-peak periods (see below for peak hours)
* bus rides: 65 cents per trip (air-con), 60 cents (non-air con)
* train ride: $0.66 to $1.52, depending on distance (but lower than standard fare)
Peak hours:
SMRT: up to 9 am and between 4.30 pm to 7 pm on weekdays
SBS: up to 9 am on weekdays
Here is a brief summary:
* available to citizens and permanent residents, aged 60 and above
* available during off-peak periods (see below for peak hours)
* bus rides: 65 cents per trip (air-con), 60 cents (non-air con)
* train ride: $0.66 to $1.52, depending on distance (but lower than standard fare)
Peak hours:
SMRT: up to 9 am and between 4.30 pm to 7 pm on weekdays
SBS: up to 9 am on weekdays
How to improve the taxi service
I received this comment from a visitor to my blog. He suggested several measures to improve the taxi service in Singapore.
--------------------------------------------------------
I do not have the statistics. It may turn out that with emphasis of retraining and relearning, many people the lost their jobs turned taxi drivers may have returned to the job market as the economy has improved. I have heard of taxi drivers mentioning that there are lots of taxis in the depot.
Heavy demand for taxis? Perhaps, this is created by the service provider?
My view is that taxi drivers are still choosing passengers. I had experienced it many times especially during peak hours in Orchard area.
I understand that taxi drivers prefer to stay within Orchard area so that they can earn more for shuttle trips.
A public transport system should be integrated. The bus, train and taxi should complement each other. You pay more based on the level of deliverable and service. For the taxi, you pay more as it brings you almost to the doorstep of your destination.
Another way to improve service is the following:
1. Do away with booking fees with the exception for advanced booking
2. ERP surcharge to be borne by taxi companies or waive it entirely
3. Increase the flagdown rate and offer a discount during non-peak period.
Edwin
--------------------------------------------------------
I do not have the statistics. It may turn out that with emphasis of retraining and relearning, many people the lost their jobs turned taxi drivers may have returned to the job market as the economy has improved. I have heard of taxi drivers mentioning that there are lots of taxis in the depot.
Heavy demand for taxis? Perhaps, this is created by the service provider?
My view is that taxi drivers are still choosing passengers. I had experienced it many times especially during peak hours in Orchard area.
I understand that taxi drivers prefer to stay within Orchard area so that they can earn more for shuttle trips.
A public transport system should be integrated. The bus, train and taxi should complement each other. You pay more based on the level of deliverable and service. For the taxi, you pay more as it brings you almost to the doorstep of your destination.
Another way to improve service is the following:
1. Do away with booking fees with the exception for advanced booking
2. ERP surcharge to be borne by taxi companies or waive it entirely
3. Increase the flagdown rate and offer a discount during non-peak period.
Edwin
Monday, March 12, 2007
Take care of your medication
In the past, I see a doctor when I was sick and followed the medication that was prescribed for me. But, I did not learn about the purpose of each medication.
Recently, I have paid more attention to the following:
* what does each medicine do?
* how do the medicine interact with each other?
I asked my doctor. I also write it down for my record. This allows me to identify the medication that is needed for a chronic problem (which comes with old age).
I encourage you to do the same (if you have not done so already).
Recently, I have paid more attention to the following:
* what does each medicine do?
* how do the medicine interact with each other?
I asked my doctor. I also write it down for my record. This allows me to identify the medication that is needed for a chronic problem (which comes with old age).
I encourage you to do the same (if you have not done so already).
Difficult to bid for COE (to buy a car)
Here is a comment posted by a visitor to my blog:
------------------------------------------
I am trying very hard to figure out how the COE bidding and registration process but not much info that I can find from LTA website. How come so complicated! I was wondering why the car dealer got to bid the COE for us when the world is so connected, are they earning from COE as well? They should just be selling the vehicles.
Mr Tan, you head CASE Singapore so that consumers will benefits. Thank you!
------------------------------------------
I am trying very hard to figure out how the COE bidding and registration process but not much info that I can find from LTA website. How come so complicated! I was wondering why the car dealer got to bid the COE for us when the world is so connected, are they earning from COE as well? They should just be selling the vehicles.
Mr Tan, you head CASE Singapore so that consumers will benefits. Thank you!
Competition and partnership
Some people think about competition. They compete with other businesses in the same market.
I like to think of these other businesses as partners. We are partners in delivering a service to the market. We give choice to the consumers. Some consumers like a certain provider, while others like another provider. Each provider can serve its own market segment.
There is no need for the providers to compete hard and put the other providers out of business.
I like to think of these other businesses as partners. We are partners in delivering a service to the market. We give choice to the consumers. Some consumers like a certain provider, while others like another provider. Each provider can serve its own market segment.
There is no need for the providers to compete hard and put the other providers out of business.
Teach the young to be considerate
My friend drives a private bus. He makes a living by transporting workers and students.
Life is difficult for him. Due to competition, he is not able to get a rate for the transport service. He has to meet heavy expenses of running the bus, i.e insurance, road tax, petrol, repairs. He has to work 12 hours or more a day, to cover his expenses and earn enough money to feed his family.
If he is sick, he still has to drive the bus. He works alone and will not be able to get another driver to cover him. He finds little time to rest in his hectic schedule.
His son serves national service. Instead of taking the public transport, he asked his father to fetch him to camp once a week. This is quite inconsiderate of the young man. He should have allowed his father to take a rest.
Life is difficult for him. Due to competition, he is not able to get a rate for the transport service. He has to meet heavy expenses of running the bus, i.e insurance, road tax, petrol, repairs. He has to work 12 hours or more a day, to cover his expenses and earn enough money to feed his family.
If he is sick, he still has to drive the bus. He works alone and will not be able to get another driver to cover him. He finds little time to rest in his hectic schedule.
His son serves national service. Instead of taking the public transport, he asked his father to fetch him to camp once a week. This is quite inconsiderate of the young man. He should have allowed his father to take a rest.
The Blue Rose
According to Dr Lee Kum Tatt, the rose may appear in several colours, but most commonly in red. But, in nature, you can never find a blue rose. Dr Lee is fascinated by this fact and invented this story of the blue rose.
Blog
Tan Kin Lian.
Blog
Tan Kin Lian.
Sunday, March 11, 2007
Singapore Dance Theatre
I have been on the board of the Singapore Dance Theatre for many years.
This is our own ballet company. It has gained a reputation in the region and internationally. It has an excellent repertoire of dance performances.
The Theatre also aims to reach out to the general public and give them an exposure to dance, as a performing art. You have the chance to watch the dance performances in the Esplanade at a very low ticket price.
It also carries out performances in the heartlands of Singapore.
Find out more of the Singapore Dance Theatre in:
Singapore Dance Theatre
This is our own ballet company. It has gained a reputation in the region and internationally. It has an excellent repertoire of dance performances.
The Theatre also aims to reach out to the general public and give them an exposure to dance, as a performing art. You have the chance to watch the dance performances in the Esplanade at a very low ticket price.
It also carries out performances in the heartlands of Singapore.
Find out more of the Singapore Dance Theatre in:
Singapore Dance Theatre
Spirit of Enterprice - how it started
Five years ago, Russel Miller (an Amnerican citizen with permanent residency in Singapore) approached me to create an award for small enterprises in Singapore.
Other business awards tend to recognise the bigger or succesful organisations. The small enterprises are overlooked. Russell felt that it is important to recognise the efforts of more humble people.
We founded the organisation called "The Spirit of Enterprise". We brainstormed and came out with an unique approach towards recognising these small entrepreneurs and selecting them.
We also wanted to involve the student interviewers, so that they get the feel of what it is like to build a small business.
I am glad that the Spirit of Enterprise has survived five years and continues to grow strong. Russell Miller and I have now passed the baton to a new board of governors, although we continued to be informal advisers.
Visit this website:
Spirit of Enterprise
Other business awards tend to recognise the bigger or succesful organisations. The small enterprises are overlooked. Russell felt that it is important to recognise the efforts of more humble people.
We founded the organisation called "The Spirit of Enterprise". We brainstormed and came out with an unique approach towards recognising these small entrepreneurs and selecting them.
We also wanted to involve the student interviewers, so that they get the feel of what it is like to build a small business.
I am glad that the Spirit of Enterprise has survived five years and continues to grow strong. Russell Miller and I have now passed the baton to a new board of governors, although we continued to be informal advisers.
Visit this website:
Spirit of Enterprise
Saturday, March 10, 2007
Responding to a business proposal
I get e-mails from other people, inviting me to participate in their business ventures. I respond in the following manner:
* I send an acknowledgement first. This tells the other party that I have received the proposal.
* In a few days time, I send an e-mail to ask the other party to call me at a certain time, on my telephone number. This allows the other party to tell me more about the proposal and for me to ask question.
* I will consider the matter further, and give a reply after a few more days.
This idea may be important to the other party. I like to give it some careful consideration. I may only be participating in only a small number of these proposals, but I shall try to give some thoughts to each proposal.
* I send an acknowledgement first. This tells the other party that I have received the proposal.
* In a few days time, I send an e-mail to ask the other party to call me at a certain time, on my telephone number. This allows the other party to tell me more about the proposal and for me to ask question.
* I will consider the matter further, and give a reply after a few more days.
This idea may be important to the other party. I like to give it some careful consideration. I may only be participating in only a small number of these proposals, but I shall try to give some thoughts to each proposal.
A new way of marketing
I adopt an unusual approach in marketing. I call it "marketing in stages".
* I send a brief e-mail to the other party. It tells briefly about my idea and why it is exciting.
* A few days later, I send a SMS to announce that I shall be calling at a certain time to talk about a certain topic. This prepares the other party to expect my call.
* I follow up with a telephone call at the indicated time. I can talk about the idea in more detail and get a feel of the other party's thinking
* After the conversation, I follow up with an e-mail that gives more detail, but not too heavy. I ask for a response.
I find this approach to be quite effective. It takes little time (ie I do not need to travel and meet the other party face to face). I can get attention, because my e-mail is light and interesting.
This new method of marketing is possible today, because of e-mail and mobilephone. Try it. And let me know if it works better for you.
* I send a brief e-mail to the other party. It tells briefly about my idea and why it is exciting.
* A few days later, I send a SMS to announce that I shall be calling at a certain time to talk about a certain topic. This prepares the other party to expect my call.
* I follow up with a telephone call at the indicated time. I can talk about the idea in more detail and get a feel of the other party's thinking
* After the conversation, I follow up with an e-mail that gives more detail, but not too heavy. I ask for a response.
I find this approach to be quite effective. It takes little time (ie I do not need to travel and meet the other party face to face). I can get attention, because my e-mail is light and interesting.
This new method of marketing is possible today, because of e-mail and mobilephone. Try it. And let me know if it works better for you.
How to promote creativity
Dr Lee Kum Tatt sent this message to me.
------------------------------
Dear Kin Lian
I have finished Part II of the RISIS story in words together with pictures. It is more interesting than just words.
In trying to inspire and benefit others through my philosophy, values and experiences people like to know how I did my "magic" which they can also follow. I believe this is best done through pictures, cartoons and case studies which speak louder than just words alone.
Most scientists, artists and entrepreneurs are considered as mad fellows sometime in their lives. They are considered as creative only long after they succeed in doing what they consider is fun to do.
Most people want to be creative but do not know what to do. Some think they know what to do but they do not want to try because of the risks involved.
Our pragmatic and money minded society do not accept subjective ideas easily. People prefer to play safe with logical arguments backed by figures.
People not in this practice are considered as born losers. The result is that our society will produce more people with the "Kiasu" attitude.
The initiatives of our potential creative and innovative individuals (like the entrepreneurs, technopreneurs, artists and scientists will be stifled unintentionally if not killed in this process. This will be a pity and a threat to our Singapore society of the future.
The question is how do we reverse the present trend? We must create space and opportunities for our creative people to grow. I think we can make a good team together to promote what is good for our country.
Kum Tatt
------------------------------
Dear Kin Lian
I have finished Part II of the RISIS story in words together with pictures. It is more interesting than just words.
In trying to inspire and benefit others through my philosophy, values and experiences people like to know how I did my "magic" which they can also follow. I believe this is best done through pictures, cartoons and case studies which speak louder than just words alone.
Most scientists, artists and entrepreneurs are considered as mad fellows sometime in their lives. They are considered as creative only long after they succeed in doing what they consider is fun to do.
Most people want to be creative but do not know what to do. Some think they know what to do but they do not want to try because of the risks involved.
Our pragmatic and money minded society do not accept subjective ideas easily. People prefer to play safe with logical arguments backed by figures.
People not in this practice are considered as born losers. The result is that our society will produce more people with the "Kiasu" attitude.
The initiatives of our potential creative and innovative individuals (like the entrepreneurs, technopreneurs, artists and scientists will be stifled unintentionally if not killed in this process. This will be a pity and a threat to our Singapore society of the future.
The question is how do we reverse the present trend? We must create space and opportunities for our creative people to grow. I think we can make a good team together to promote what is good for our country.
Kum Tatt
Family with 4 small children
At Yio Chu Kang stadium, I saw a family with 4 small children, possibly aged 5 to 12 years.
The parents appear to come from humble background. They spoke in Mandarin. The mother appears to be a homemaker.
How do they manage to survive in the high cost environment in Singapore? I can only make a guess.
They probably have simple needs. They take the family to jog round the stadium. It's free.
Maybe they do not need to spend money on private tuition. The children appears to be quite well behaved and are willing to go to the stadium with the parents.
Perhaps, they are showing that it is possible to have a different lifestyle in Singapore.
The parents appear to come from humble background. They spoke in Mandarin. The mother appears to be a homemaker.
How do they manage to survive in the high cost environment in Singapore? I can only make a guess.
They probably have simple needs. They take the family to jog round the stadium. It's free.
Maybe they do not need to spend money on private tuition. The children appears to be quite well behaved and are willing to go to the stadium with the parents.
Perhaps, they are showing that it is possible to have a different lifestyle in Singapore.
Similarity between a medical and financial checkup
I was jogging 8 laps around Yio Chu Kang stadium this morning.
I wondered, "why the jog damage my knees?" I heard that many joggers had this problem.
The solution? See a doctor. Each person is different. So, the doctor can give advice that is suitable for me.
I pay the doctor a fee for the consultation. The doctor is required to give advice in my best interest and not to prescribe treatment that earns more money from him (at my expense).
The same situation applies to financial advice. Each person should have a financial checkup that is appropriate for his needs. The financial adviser should earn a fee for the consultation and should not recommend a product that earns the highest commission (at the expense of the customer).
Actually, financial matters may be quite straightforward for most people. They can learn some basic tips, and take the best decision for themselves.
My tips are simple. They are covered many times in my blog. Read about them. I advice my family and friends to follow these tips.
I wondered, "why the jog damage my knees?" I heard that many joggers had this problem.
The solution? See a doctor. Each person is different. So, the doctor can give advice that is suitable for me.
I pay the doctor a fee for the consultation. The doctor is required to give advice in my best interest and not to prescribe treatment that earns more money from him (at my expense).
The same situation applies to financial advice. Each person should have a financial checkup that is appropriate for his needs. The financial adviser should earn a fee for the consultation and should not recommend a product that earns the highest commission (at the expense of the customer).
Actually, financial matters may be quite straightforward for most people. They can learn some basic tips, and take the best decision for themselves.
My tips are simple. They are covered many times in my blog. Read about them. I advice my family and friends to follow these tips.
Photo of Dr Money
Do you want to see how Dr Money looks? Go to Larry Haverkamp's blog. A nice photo has now been added.
Photo
Photo
Wireless@SG
I have just registered for an account under the Wireless@SG. It allows me to have access to WiFi from many hotspots in Singapore to use the Internet through my notebook computer (with wireless access) or from a personal digital assistant (PDA).
There is no charge for this service for the first 3 years. This is sponsored by the Infocomm Development Authority (IDA), and aims to encourage more people to use the internet for their daily work.
Here is the link to register for an account:
Wireless@SG
There is no charge for this service for the first 3 years. This is sponsored by the Infocomm Development Authority (IDA), and aims to encourage more people to use the internet for their daily work.
Here is the link to register for an account:
Wireless@SG
Why does MAS allow the banks to sell structured products?
Dear Mr Tan
I was wondering why MAS allowed banks in Singapore to sell Structure products to customers if this product does not creat profit for customers but only to banks benefit. Especially if customers already using their CPF Funds to buy it.
--------------------------
My reply:
MAS adopt a "buyer beware" approach. They ask the consumer to know more about the product before buying it. They require the product provider to make the necessary disclosure about the product.
They prefer to take a "hands off" approach and do not wish to decide whether the product is or is not suitable for consumers.
I disagree with the approach taken by MAS. In my view, they have the duty to make sure that the product is reasonably fairly designed and represents fair value to the consumer. It is difficult for the consumer, who is not knowledgeable about complicated products, to know whether the product represents a fair deal.
I also expect the Consumer Association of Singapore (CASE) to be more active in protecting the interest of the consumers. However, they are not adequately funded and do not have enough resources and clout.
The Central Providet Fund (CPF) has recently decided that they should be more active in setting a limit on the expense charges of investment products sold under the CPF Investment Scheme. Previously, they did not want to prescribe the limits, as they wish to leave it to "market forces".
I hope that the MAS will take a more active approach in the future. Let us give them so more time to learn about the experience.
I was wondering why MAS allowed banks in Singapore to sell Structure products to customers if this product does not creat profit for customers but only to banks benefit. Especially if customers already using their CPF Funds to buy it.
--------------------------
My reply:
MAS adopt a "buyer beware" approach. They ask the consumer to know more about the product before buying it. They require the product provider to make the necessary disclosure about the product.
They prefer to take a "hands off" approach and do not wish to decide whether the product is or is not suitable for consumers.
I disagree with the approach taken by MAS. In my view, they have the duty to make sure that the product is reasonably fairly designed and represents fair value to the consumer. It is difficult for the consumer, who is not knowledgeable about complicated products, to know whether the product represents a fair deal.
I also expect the Consumer Association of Singapore (CASE) to be more active in protecting the interest of the consumers. However, they are not adequately funded and do not have enough resources and clout.
The Central Providet Fund (CPF) has recently decided that they should be more active in setting a limit on the expense charges of investment products sold under the CPF Investment Scheme. Previously, they did not want to prescribe the limits, as they wish to leave it to "market forces".
I hope that the MAS will take a more active approach in the future. Let us give them so more time to learn about the experience.
Friday, March 9, 2007
Thomas Phua
Thomas Phua is a practical person.
* He writes a blog (about insurance)
* He rides a motorcycle (which is convenient to move around).
* He provides excellent advice and service to his large base of policyholders
I asked Thomas about the risk of using a motorcycle. He said that he rides carefully, and has been doing it for many years.
Thomas just posted a story about an accident. A pedestrian (boy) runs into his motorcycle (and not the other way round). He had to make a report to the Police about this accident.
Accident
* He writes a blog (about insurance)
* He rides a motorcycle (which is convenient to move around).
* He provides excellent advice and service to his large base of policyholders
I asked Thomas about the risk of using a motorcycle. He said that he rides carefully, and has been doing it for many years.
Thomas just posted a story about an accident. A pedestrian (boy) runs into his motorcycle (and not the other way round). He had to make a report to the Police about this accident.
Accident
Is it time to re-invest in the market?
The market rebound is stronger than I expected.
Is it time to re-invest in the market?
For my personal investments, I have decided to wait for another week or two. I still feel that the stock prices are too high. It is better to invest at a lower price. In the meantime, I am happy to keep my new money in the money market fund and earn 3% to 3.5%.
Earlier, I missed the chance to sell my existing portfolio. I may take this opportunity to sell some of the portfolio now (as the prices have partially recovered).
There is a risk that I may miss this buying opportunity. But, I have decided that it does not matter.
However, for young people investing a small sum each month, it is all right to continue to make the regular investment as you are applying the averaging principle. The average cost of your investment will depend on the prices over a period of time.
Is it time to re-invest in the market?
For my personal investments, I have decided to wait for another week or two. I still feel that the stock prices are too high. It is better to invest at a lower price. In the meantime, I am happy to keep my new money in the money market fund and earn 3% to 3.5%.
Earlier, I missed the chance to sell my existing portfolio. I may take this opportunity to sell some of the portfolio now (as the prices have partially recovered).
There is a risk that I may miss this buying opportunity. But, I have decided that it does not matter.
However, for young people investing a small sum each month, it is all right to continue to make the regular investment as you are applying the averaging principle. The average cost of your investment will depend on the prices over a period of time.
Islands named after Tan family
There are two islands named after the Tan family.
* Bintan, in Indonesia (ie son of Tan in the Indonesian langauge)
* Mactan, off Cebu Philippines (ie son of Tan in the Scottish language).
Just joking.
I just stayed at the Plantation Bay resort in Mactan, Philippines. It is off-season and is a wonderful experience.
* Bintan, in Indonesia (ie son of Tan in the Indonesian langauge)
* Mactan, off Cebu Philippines (ie son of Tan in the Scottish language).
Just joking.
I just stayed at the Plantation Bay resort in Mactan, Philippines. It is off-season and is a wonderful experience.
Excellent service from the call center
I called NTUC Income' hotline (6346 2663) to ask for referral to an eye doctor.
The call center personnel addressed me by name, as the call center system was able to retrieve my particulars using my mobilephone number. He also gave birthday greetings to me, as it was my birthday.
He advised me to visit the emergency department of a nearby hospital, as it was already evening, and all the private doctors had stopped work for the day.
This was excellent service. It was done within 5 minutes.
The call center personnel addressed me by name, as the call center system was able to retrieve my particulars using my mobilephone number. He also gave birthday greetings to me, as it was my birthday.
He advised me to visit the emergency department of a nearby hospital, as it was already evening, and all the private doctors had stopped work for the day.
This was excellent service. It was done within 5 minutes.
Thursday, March 8, 2007
Government initiated Insurance Plans
The government initiate the following insuance plans:
Medishield (can opt to private Shield
Eldershield
Dependent Protection Scheme
What is the difference between these plans?
Read the posting in:
Thomas Phua's blog
Medishield (can opt to private Shield
Eldershield
Dependent Protection Scheme
What is the difference between these plans?
Read the posting in:
Thomas Phua's blog
Best Call Center in Technology and Innovation
NTUC Income received the award for being the best call center in the world, in the use of technology and innovation. This is a hotly contest competition among call centers in all types of businesses (and not just in insurance).
I will share the secret of how NTUC Income achieve this global award.
I will share the secret of how NTUC Income achieve this global award.
Policyholder Enquiry (POLE)
NTUC Income has an excellent service in its website. It is called POLE (policyholder enquiry).
I have just logged into POLE to check my various insurance policies. It gives me a total picture. I have decided to consolidate some of my investment linked policies.
I have just logged into POLE to check my various insurance policies. It gives me a total picture. I have decided to consolidate some of my investment linked policies.
Consolidate my Investment Linked policies
I have many investment linked policies with NTUC Income, taken at different times and invested in different funds.
I have just given instruction for these policies to be consolidated into a few policies, one for each fund. This allows me to keep track of the investments better. It also avoid paying the annual policy fee on the small investments.
My investments through SRS have to be kept separately. My CPFIS investments are now merged with my cash investments, as I have passed the CPF withdrawal age.
I have just given instruction for these policies to be consolidated into a few policies, one for each fund. This allows me to keep track of the investments better. It also avoid paying the annual policy fee on the small investments.
My investments through SRS have to be kept separately. My CPFIS investments are now merged with my cash investments, as I have passed the CPF withdrawal age.
Contact the business manager directly
I received complaints concerning businesses under the NTUC group which do not directly come under me. I referred the complainant to the relevent manager in charge of the business.
Sometimes, the business manager did not respond to the complainant. The complainant came to me again. This is not fair to me.
The complainant should contact the business manager directly, and not continue to trouble me on a matter that I am not responsible for.
As I have now left NTUC Income, the complainant should contact sq@income.coop directly on any matter involving NTUC Income.
Sometimes, the business manager did not respond to the complainant. The complainant came to me again. This is not fair to me.
The complainant should contact the business manager directly, and not continue to trouble me on a matter that I am not responsible for.
As I have now left NTUC Income, the complainant should contact sq@income.coop directly on any matter involving NTUC Income.
Find a locksmith
I needed a locksmith to open the door to my study room (which was locked accidentally).
I checked the Yellow Pages. Several of the locksmiths did not answer the telephone. One finally did, and quoted a price of $85 for this service.
I called NTUC Income. It was answered immediately. They called a locksmith to contact me. The locksmith returned by call and quoted $50 (the normal charge). He came within half an hour.
If you need a locksmith or a contractor to fix your home, you can call the hotline of NTUC Income, ie 63INCOME (63462663).
I checked the Yellow Pages. Several of the locksmiths did not answer the telephone. One finally did, and quoted a price of $85 for this service.
I called NTUC Income. It was answered immediately. They called a locksmith to contact me. The locksmith returned by call and quoted $50 (the normal charge). He came within half an hour.
If you need a locksmith or a contractor to fix your home, you can call the hotline of NTUC Income, ie 63INCOME (63462663).
Few comments on my postings
Here is a comment left by a visitor called Cheekiss ...
Congrats on the high traffic on your site. However, I noticed that very few comments was left on your postings. Queer, isn't it?
Congrats on the high traffic on your site. However, I noticed that very few comments was left on your postings. Queer, isn't it?
Visit to Davao and Cebu
I visited Davao and Cebu in the Philippines. They are the next two largest cities after Manila.
Davao is in Mindanao Island. Cebu is in the Visayas. Both are charming cities, not so crowded and not so well developed. Life is quite leisurely (ie not hectic). The cost of living is quite low.
Davao is in Mindanao Island. Cebu is in the Visayas. Both are charming cities, not so crowded and not so well developed. Life is quite leisurely (ie not hectic). The cost of living is quite low.
Population grows by 2.5% yearly in Philippines
Philippines has a population of 80 million. This is much higher than I expected.
My friend told me that growth rate is 2.5% per annum. Over the past 20 years, the population grew from 50 to 80 million.
By contrast, the local population of Singapore is not increasing. Our growth comes from immigration.
My friend told me that growth rate is 2.5% per annum. Over the past 20 years, the population grew from 50 to 80 million.
By contrast, the local population of Singapore is not increasing. Our growth comes from immigration.
Wednesday, March 7, 2007
Story of the Risis Orchid (part 1)
Dr. Lee Kum Tatt is the Creator of the RISIS Gold Orchid – “Singapore’s Gift to the World”. Stories have been written on how the RISIS orchid came about by academics, journalists, and local T.V. programs over the last 30 years. Questions are still being asked on how did the RISIS orchid became such a hit? Here is Part I from the horse’s mouth on how a fantasy is turned into a reality.
story
Tan Kin Lian
story
Tan Kin Lian
Tuesday, March 6, 2007
Simplify our life
Life is too complicated in Singapore.
It is complicated to figure out the bus services and the concession for senior citizens (as they differ between the operators). It is complicated to figure out the charges for taxis. It is complicated to figure out the entitlement to the workfare bonus.
We need to simplify the rules governing our daily life.
It is complicated to figure out the bus services and the concession for senior citizens (as they differ between the operators). It is complicated to figure out the charges for taxis. It is complicated to figure out the entitlement to the workfare bonus.
We need to simplify the rules governing our daily life.
30 years of experience in 3 points
Someone asked me to summarise the key features of my 30 years of experience in developing the business of NTUC Income.
I like to cover them in 3 key points:
* Business strategy
* Entrepreneurial approach
* Efficient management
I adopt a business strategy that recognises the realities and strengths of NTUC Income. We are a cooperative society that aims to give better value to our policyholders. We act accordingly and communicate this distinctive feature to our policyholders. Over the years, we build a base of loyal customers.
I adopt an entrepreneurial approach. I act promptly and have a nimble behaviour. I learn and adapt from the results. By trying many times, I am able to find a better way. I am also able to learn how to do things better for the future.
I focus on efficient management - how to improve efficiency, reduce wastage, and keep the cost low. I learn how to make the best use of the available resources. I adopt technology to improve efficiency and reduce the cost. I find a way to reduce the cost of technology, and increase the cost savings.
Some top managers are detached from the business. They tend to manage on theory, rather than have a good feel of the business.
If we look at many large businesses, you will find that those businesses with a CEO that is in touch, tend to perform much better.
I like to cover them in 3 key points:
* Business strategy
* Entrepreneurial approach
* Efficient management
I adopt a business strategy that recognises the realities and strengths of NTUC Income. We are a cooperative society that aims to give better value to our policyholders. We act accordingly and communicate this distinctive feature to our policyholders. Over the years, we build a base of loyal customers.
I adopt an entrepreneurial approach. I act promptly and have a nimble behaviour. I learn and adapt from the results. By trying many times, I am able to find a better way. I am also able to learn how to do things better for the future.
I focus on efficient management - how to improve efficiency, reduce wastage, and keep the cost low. I learn how to make the best use of the available resources. I adopt technology to improve efficiency and reduce the cost. I find a way to reduce the cost of technology, and increase the cost savings.
Some top managers are detached from the business. They tend to manage on theory, rather than have a good feel of the business.
If we look at many large businesses, you will find that those businesses with a CEO that is in touch, tend to perform much better.
Monday, March 5, 2007
Sharp fall in the stockmarket
Why did the global stockmarkets fall so much, so fast?
The answer is simple. When the market falls, the buyers stay away. Some of the weak holders (on margins) are forced to liquidate. The hedge funds come in to sell in large quantities.
This result in a sharp and steep fall in the market. And it can continue for several days.
When will the market rebound?
When all the selling has been done. The buyers decide that it is time to re-enter the market and buy the stocks at cheap prices. You can expect a sharp rebound.
What is a good timing? I don't know. The professionals, who are in the market everyday, may be in a better position to get the market reading and make the right judgement. The small timers will always lose out.
The answer is simple. When the market falls, the buyers stay away. Some of the weak holders (on margins) are forced to liquidate. The hedge funds come in to sell in large quantities.
This result in a sharp and steep fall in the market. And it can continue for several days.
When will the market rebound?
When all the selling has been done. The buyers decide that it is time to re-enter the market and buy the stocks at cheap prices. You can expect a sharp rebound.
What is a good timing? I don't know. The professionals, who are in the market everyday, may be in a better position to get the market reading and make the right judgement. The small timers will always lose out.
The Best Financial Plan
Here is my view of the best financial plan, which is suitable for every person.
* Have adequate savings, representing 10 to 20% of your regular earnings
* Invest in a large, well diversified, low cost fund
* Choose a flexible plan that gives you the freedom to change, at minimal cost
* Buy low cost term insurance to provide protection against death and disability
Do not be locked into a high cost plan that locks you up for many years, so that the agent and the financial institution can make a lot of profit from you. Do not fall for the "guarantees" which ends up in denying you the freedom to change your mind.
* Have adequate savings, representing 10 to 20% of your regular earnings
* Invest in a large, well diversified, low cost fund
* Choose a flexible plan that gives you the freedom to change, at minimal cost
* Buy low cost term insurance to provide protection against death and disability
Do not be locked into a high cost plan that locks you up for many years, so that the agent and the financial institution can make a lot of profit from you. Do not fall for the "guarantees" which ends up in denying you the freedom to change your mind.
Two large families
My wife came from two large extended families. Her father had 6 brothers and sisters. Her mother had 10 brothers and sisters. Both families have many children and grandchildren.
At the wake of my wife's father (who passed away last week), I met many members of the extended families. I knew them many years ago, when I married my wife. 30 years have passed. We have all grown much older.
I get to know many of them more closely during the last few nights of the wake.
At the wake of my wife's father (who passed away last week), I met many members of the extended families. I knew them many years ago, when I married my wife. 30 years have passed. We have all grown much older.
I get to know many of them more closely during the last few nights of the wake.
Important Motivating Factors
Lee Kum Tatt has often been asked what made him do many of the things he did in life when it was not his duty nor career requirement and there was no remuneration or material reward. His standard answer has been that if we have gone through what he has been through we would probably not have done differently.
I encouraged Dr. Lee to share with us some of his personal experiences which made him what he is.
Lee Kum Tatt's blog
Tan Kin Lian
I encouraged Dr. Lee to share with us some of his personal experiences which made him what he is.
Lee Kum Tatt's blog
Tan Kin Lian
Sunday, March 4, 2007
Keep track of my stocks with Business Times
I keep track of my stocks in the Business Times website, www.businesstimes.com.sg
I created a portfolio to show the stocks that I owned, the number of stocks held and the cost price.
I can view the portfolio at any time, and see the value of my holdings, compared to my cost. I can also view the performance of the stocks for the same day.
I can store my profile in the PC. This allows me to access the information without having to "log in".
Well done to Business Times!
The CDP (Central Depository) also has a similar service. However, I have some problem in remembering the account number and the password. I used it quite rarely.
I created a portfolio to show the stocks that I owned, the number of stocks held and the cost price.
I can view the portfolio at any time, and see the value of my holdings, compared to my cost. I can also view the performance of the stocks for the same day.
I can store my profile in the PC. This allows me to access the information without having to "log in".
Well done to Business Times!
The CDP (Central Depository) also has a similar service. However, I have some problem in remembering the account number and the password. I used it quite rarely.
My blog is read in Vietnam
My friend worked in Vietnam. He sent this message to me:
I enjoying reading your blog in Vietnam. This is the way to keep me updated and it is not too heavy. Cheers to you being promoted as grandfather.
I enjoying reading your blog in Vietnam. This is the way to keep me updated and it is not too heavy. Cheers to you being promoted as grandfather.
Successful aging
Someone sent to me an article about successful aging.
The authors (Rowe and Khan, 1998) said that successful aging is determined by individual lifestyle choices in diet, exercise, pursuit of mental challenges, self sufficiency and involvement with other people.
They define it as:
* ability to maintain a low rate of disease and disease related disability
* high mental and physical functions
* active engagement with life
Another author (Novak, 1985) define it as "a good old age ... comes about when, given a basic income, reasonable health, good self-esteem and a little energy, a person sets out to discover a meaningful life."
Another author (Wong, 1998) said, "Successful aging is about positive attitudes towards life and death, about the spiritual and existential quests, and about personal growth in wisdom and spirituality". Successful aging is 80% attitude and 20% everyting else.
My uncle Larry Koh, who passed away two weeks ago, displayed a positive attitude towards life. Although he had been in poor health for a few years, he "enjoyed life to the fullest" (his quote).
He engaged in activies that occupy his mind, and enjoyed interacting with other people. He made it a point to go out on the MRT train to visit places, in a wheelchair.
Here is my tip: If you like a mental challenge, try this puzzle at Logic9
The authors (Rowe and Khan, 1998) said that successful aging is determined by individual lifestyle choices in diet, exercise, pursuit of mental challenges, self sufficiency and involvement with other people.
They define it as:
* ability to maintain a low rate of disease and disease related disability
* high mental and physical functions
* active engagement with life
Another author (Novak, 1985) define it as "a good old age ... comes about when, given a basic income, reasonable health, good self-esteem and a little energy, a person sets out to discover a meaningful life."
Another author (Wong, 1998) said, "Successful aging is about positive attitudes towards life and death, about the spiritual and existential quests, and about personal growth in wisdom and spirituality". Successful aging is 80% attitude and 20% everyting else.
My uncle Larry Koh, who passed away two weeks ago, displayed a positive attitude towards life. Although he had been in poor health for a few years, he "enjoyed life to the fullest" (his quote).
He engaged in activies that occupy his mind, and enjoyed interacting with other people. He made it a point to go out on the MRT train to visit places, in a wheelchair.
Here is my tip: If you like a mental challenge, try this puzzle at Logic9
Find the right people
Every manager knows that it is important to attract the right people to join your business, and that people make the difference.
The challenge is:
* how to identify the right people?
* how to attract them (when they have other opportunities)?
* how to motivated them to stay with you and to perform well?
I adopt the following approach:
* be transparent: share the vision and strategies
* discuss how the new employee can contribute to the plan
* help the new employee to learn how his or her skills can be put to productive use
I recruit for attitude, and train for skill (the RATS formula). This allows the employee to perform best in my business (and not elsewhere). It will be a compelling reason for the employee to stay with me.
I am willing to change the specification of the job to fit the skill and preference of the employee, so long as the value of the contribution can justify the pay.
I find this approach to be more sustainable than recruiting talented people (who have other opportunities). I like to recruit some talented people, that they must be able to "fit" into my business.
The challenge is:
* how to identify the right people?
* how to attract them (when they have other opportunities)?
* how to motivated them to stay with you and to perform well?
I adopt the following approach:
* be transparent: share the vision and strategies
* discuss how the new employee can contribute to the plan
* help the new employee to learn how his or her skills can be put to productive use
I recruit for attitude, and train for skill (the RATS formula). This allows the employee to perform best in my business (and not elsewhere). It will be a compelling reason for the employee to stay with me.
I am willing to change the specification of the job to fit the skill and preference of the employee, so long as the value of the contribution can justify the pay.
I find this approach to be more sustainable than recruiting talented people (who have other opportunities). I like to recruit some talented people, that they must be able to "fit" into my business.
Saturday, March 3, 2007
Part time work for a home maker
Hello Mr Tan,
My wife is a home-maker because of circumstances. My almost 2-year-old son has a feeding problem (i.e. difficult to make him drink milk or ea solid foods). My wife decided to take personal care of him.
She increasingly feels being out of touch with the working world. I hope you have some part-time work for her to occupy her mind.
---------------------
My reply:
I hope that your wife is able to access the internet. Ask her to read my blog regularly. If there are part time work opportunities, I shall put them in my blog.
She can also e-mail to me, to give her views.
Perhaps, she can learn how to play Logic9 (Sudoku). She can buy them from the bookstore or any of NTUC Income branches. It is a great way to occupy her time and be mentally active.
My wife is a home-maker because of circumstances. My almost 2-year-old son has a feeding problem (i.e. difficult to make him drink milk or ea solid foods). My wife decided to take personal care of him.
She increasingly feels being out of touch with the working world. I hope you have some part-time work for her to occupy her mind.
---------------------
My reply:
I hope that your wife is able to access the internet. Ask her to read my blog regularly. If there are part time work opportunities, I shall put them in my blog.
She can also e-mail to me, to give her views.
Perhaps, she can learn how to play Logic9 (Sudoku). She can buy them from the bookstore or any of NTUC Income branches. It is a great way to occupy her time and be mentally active.
Is it time to invest in the stockmarket?
The stockmarket has corrected by about 5%.
Someone asked me, "Is it time to invest in the stockmarket?"
My view:
* better to wait for one or two more weeks
* there is the possibility that the correction may continue for another 5% to 10%
* I prefer to wait until the ST Index comes down closer to 2,700
All the best.
Someone asked me, "Is it time to invest in the stockmarket?"
My view:
* better to wait for one or two more weeks
* there is the possibility that the correction may continue for another 5% to 10%
* I prefer to wait until the ST Index comes down closer to 2,700
All the best.
Do not use your CPF to pay down your loan
Larry Haverkamp advised that it is better to take a loan at 3.5% interest, instead of using your CPF savings to pay down the loan.
Read about his reason in his blog, Blog
Read about his reason in his blog, Blog
Friday, March 2, 2007
Learn to use our public transport system
Too many people rely on private cars and taxis to move around Singapore, because they are not familiar with the public transport system.
The solution? We have to educate the public on how to use the buses and trains.
After leaving NTUC Income, I have started to learn about the public transport. I find the service to be excellent.
My tip? You can paste on your ez-Link card, the bus services that serve your neighbourhood, and also the nearby interchanges.
If you have to take a bus from anywhere in Singapore, you can see the services listed at the bus stop. Look for a service that reaches your nearby interchange or pass our home. You can reach home easily with a direct bus or one change of bus.
The solution? We have to educate the public on how to use the buses and trains.
After leaving NTUC Income, I have started to learn about the public transport. I find the service to be excellent.
My tip? You can paste on your ez-Link card, the bus services that serve your neighbourhood, and also the nearby interchanges.
If you have to take a bus from anywhere in Singapore, you can see the services listed at the bus stop. Look for a service that reaches your nearby interchange or pass our home. You can reach home easily with a direct bus or one change of bus.
Heavy demand for taxis
In Today paper, several readers wrote about the difficulty in getting a taxi during the peak period. There is clearly a heavy demand for taxis that cannot be met, especially during the peak period.
One reader commented that we have proportionately more taxis in Singapore than in Hong Kong, relative to the population. The taxi service in Hong Kong is better.
Increasing the number of taxis does not help. It will depress the earnings of the taxi drivers.
The solution: Find a more efficient way to use our available taxis. I suspect that the current system is too complicated, and result in wasted resources and higher cost.
One reader commented that we have proportionately more taxis in Singapore than in Hong Kong, relative to the population. The taxi service in Hong Kong is better.
Increasing the number of taxis does not help. It will depress the earnings of the taxi drivers.
The solution: Find a more efficient way to use our available taxis. I suspect that the current system is too complicated, and result in wasted resources and higher cost.
Insurance agents faced a conflict of interest
Insurance agents face a conflict of interest.
They have the choice of selling an expensive product that pays a high commission, or a low cost product that pays a low commission. Which should they sell?
If the agent thinks about the commission that he can earn, he will naturally sell the expensive product. This means that the customer has to pay more for the product.
The insurance company has to design the product so that it looks much better than it really is. They train the agent to market the product.
In reality, the product does not really give much more valuable coverage for the customer. It is a way to make more commission for the agent, and more profit for the insurance company.
The same point can be said for many of the structured deposits and structured products that are being sold on the market today.
My advice: As a consumer, you have the choice to buy the simple products that offer the necessary coverage at a reasonable price.
Do not be taken in by a well trained agent who can mislead you into buying the frills that are not really necessary, but cost you a lot more.
NTUC Income has been offering simple products that give better value to the customer. You can approach an insurance adviser from NTUC Income or visit the business center in Bras Basah Road. It is a safe bet.
They have the choice of selling an expensive product that pays a high commission, or a low cost product that pays a low commission. Which should they sell?
If the agent thinks about the commission that he can earn, he will naturally sell the expensive product. This means that the customer has to pay more for the product.
The insurance company has to design the product so that it looks much better than it really is. They train the agent to market the product.
In reality, the product does not really give much more valuable coverage for the customer. It is a way to make more commission for the agent, and more profit for the insurance company.
The same point can be said for many of the structured deposits and structured products that are being sold on the market today.
My advice: As a consumer, you have the choice to buy the simple products that offer the necessary coverage at a reasonable price.
Do not be taken in by a well trained agent who can mislead you into buying the frills that are not really necessary, but cost you a lot more.
NTUC Income has been offering simple products that give better value to the customer. You can approach an insurance adviser from NTUC Income or visit the business center in Bras Basah Road. It is a safe bet.
No reply because of wrong e-mail address
Mr Tan,
It is not fair to bother you with this matter since you have left INCOME on 20-Feb. But I just want to share with you my experience with INCOME service.
I have sent out another query to INCOME on 26-Feb-2007, and guess what Mr Tan, they don't even bother reply my email or call me.
I don't know why no one of the recipient of the email try to take ownership of this matter and try to solve the problem. What would you do if you were me Mr Tan?
I really am admiring you on how you, as CEO, answered personal email from customer or non customer within your busy and tight schedule and, after you have left INCOME, still active helping people to save their hard earned money spending on buying unnecessary insurance product.
Thanks a lot for educating us in buying/investing in the right insurance product.
------------------------------------
My reply:
I will ask X to look into this matter again. I suspect that you did not get a reply earlier because you used a wrong "reply address", which may have caused the reply to be "lost".
It is not fair to bother you with this matter since you have left INCOME on 20-Feb. But I just want to share with you my experience with INCOME service.
I have sent out another query to INCOME on 26-Feb-2007, and guess what Mr Tan, they don't even bother reply my email or call me.
I don't know why no one of the recipient of the email try to take ownership of this matter and try to solve the problem. What would you do if you were me Mr Tan?
I really am admiring you on how you, as CEO, answered personal email from customer or non customer within your busy and tight schedule and, after you have left INCOME, still active helping people to save their hard earned money spending on buying unnecessary insurance product.
Thanks a lot for educating us in buying/investing in the right insurance product.
------------------------------------
My reply:
I will ask X to look into this matter again. I suspect that you did not get a reply earlier because you used a wrong "reply address", which may have caused the reply to be "lost".
Subscribe to:
Posts (Atom)
:.
