Ron is easy to understand and humorous. I learnt a lot on servicing my clients from his training. The latest one was during NTUC Income’s launch of “Power of 5″ at Suntec’s The ROCK auditorium.
View the rest of his videos by clicking here
Central Provident Fund Board
CPF has clearly stated in it’s website that ALL the CPF savings in the Ordinary, Special and Medisave accounts as well as the discounted SingTel shares bought in 1993 when SingTel went public, will be distributed to his nominees according to the proportion stated in his nomination form.
If you have not made a nomination, your CPF savings will be distributed to your family members according to Singapore’s Intestacy laws. Muslims will have to follow the Inheritance Certificate from the Syariah Court.
If you have invested your CPF savings, the Dependent Protection Scheme (DPS) claims proceeds and properties bought using CPF savings are NOT covered by the CPF nomination. You should have a valid will to cover these assets. Properties held with the legal status of “Joint Tenancy”, usually with your spouse, is not affected as it will automatically vested in the spouse name. But your spouse should have a will too, in case both die at the same time.
If you are getting married soon, make a new nomination after marriage as your previous nomination while you were single will no longer be valid.
If you are divorcing your spouse soon and no longer want to leave any money to your spouse, make a new nomination as your previous nomination is still valid even when you divorce!
Click here for the nomination form and instructions.
A great leader and father
Born into a middle-income Peranakan family in Malacca, he came to Singapore when he was two years old. His early education was at Anglo-Chinese School (1927–1936) and later at Raffles College (1936–1939). click here for more…
He was diagnosed with bladder cancer in September 1983 and he retired from politics in December 1984. He kept a low profile but remained active with various organisations where he served on the board or as an adviser. After he married Dr. Phua Swee Liang in 1991, the couple travelled widely to places such as Australia and Hawaii. However, a series of strokes in the late 1990s and early 2000s took a heavy toll on him. He was bedridden in his final years and passed away on 14 May 2010. Click here for more…
“With his passing, we have lost a remarkable and outstanding son,” said Minister Mentor Lee Kuan Yew
More about Dr. Goh Keng Swee
Want to know more? click here and here
Pay your tribute to the late Dr Goh Keng Swee here available up to 30 May 2010.
Living the high life
Let’s take a look at the future…When you retire at age 55 with $5,000,000 in the bank, what do you do with it?
The most important thing to do is to preserve your wealth! Investing in stocks and shares will be very risky, most investments do have some form of volatility. Perpetual bonds give higher coupon rates but you may never see your principal sum again. Preferential shares give good dividends but you never know how long the company will last!
I have the answer to all these uncertainties.
There is an insurance plan for high net worth people like you!
You can withdraw an amount (guaranteed) every year for the rest of your life, preserve your original capital sum and leave behind a legacy more than your original capital sum when you pass on. Your future generations will remember you for a long long time! You can also nominate a charitable organisation as the beneficiary.
You can have your cake and eat it… and still give away more than a cake when you no longer need to eat the cake.
If you have more than US$1,000,000 or know someone who has that amount and would like to have a guaranteed stream of income for the rest of his/her life, please call me immediately.
One Dollar Saved Is Another Dollar Gained
Liquidity means your ability to convert an asset into cash easily without significant loss of value. The faster an asset is convertible into cash the more liquid it is. The ratio shows your ability to meet monthly expenses.
The higher the ratio , the more liquid your assets are. This ratio should be three to six months for you to have adequate liquidity. This means you are able to cover three to six months of expenses in case your income stops for whatever reasons. Some people will be more comfortable with up to 12 months but too much will not be good as the bank’s interest rates are less than 1% p.a. That is below Singapore’s average inflation rate of 3%. Your money is losing it’s purchasing power if you leave all of it in the banks.
Basic Liquidity Ratio = Cash in the Bank divided by Your Monthly Expenses
Luxury, once enjoyed becomes a neccesity!
This ratio excludes the debt repayment for your properties. It shows you the amount of your income towards non-mortgage debt repayments. A ratio of 15% or lower is considered to be safe while a ratio of more than 20% indicate an undesirable situation.
Too high a ratio means that you have been spending beyond your means. This type of debts are more related to lifestyle expenses so it is wise not to keep running up your credit card bills! You may need counseling if you have gone out of control.
Non mortgage Debt Service Ratio = Total monthly NM debt repayments divided by Monthly “Take Home” Income
$ingapore I$ A Great Place To Live
This ratio measures the proportion of ‘take home’ income, less CPF contributions that is used to make regular repayments of debt. ‘Take home’ income is all your income inclusive of interest income, rental income and dividend income minus both employer and employee CPF contributions.
A ratio of 35% or below indicates that there is enough “take home” income for your debt repayments. If it is more than 45%, you better watch out as you may risk failing to meet your monthly debt repayments!
Debt Service Ratio = Total Monthly Debt Repayment divided by the Monthly “Take Home” income
Every Cent Counts
Savings ratio is the proportion of income the individual sets aside as savings for the future. Savings can be used for children’s education funding, future retirement goals etc. You should save a minimum of 10% of your gross income. Most Asians are able to save more than 10% as we have been taught to be savers since many of our parents were migrants who suffered through World War 2. They were very thrifty to the point of being misers which the younger generations could not understand.
Savings Ratio = Monthly Savings divided by your monthly gross income from all sources
May I take a moment of your time to reflect on this important matter called MONEY?