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Showing posts from October, 2015

Human's Financial Behaviour Explained (Via Monkeys)

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By Cai Junhao, ChFC, CLU

Just came across a thought provoking video on TED about how humans often make illogical financial decisions. Little did we know that we aren't so different from monkeys after all... Check out the video below:

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Copyright Cai Junhao, ChFC

Cai Junhao, ChFC, CLU: Singapore; A Chartered Financial Consultant, with 17 years of experience practising in Singapore. I am a Qualifying Member of the Million Dollar Round Table (MDRT®) 2019 - 2023, and hold the Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®), and the Associate Estate Planning Practitioner (AEPP®) accreditations. My motto is to provide my client with Comprehensive, Justified and Honest financial planning advice.

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By Cai Junhao, ChFC, CLU

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By Cai Junhao, ChFC, CLU

Today a business friend asked me if there is any way to insure her parents, who are in their late 70s, against medical costs. I told her that unfortunately the policies at my disposal have a maximum entry age of 75, and therefore I’m not able to provide cover for them. However I advised her on a viable alternative, that is “self-insurance”. I asked if she has any other siblings and she replied yes. I then went on to suggest that from now on, she and her siblings should start contributing some money into a medical fund for their parents, and this pool of money becomes an “insurance fund” for them. Coupled with Medishield Life as well as their Medisave funds, this approach should help to alleviate most of the medical costs. Suddenly I can see an imaginary light bulb lit up in her mind — an “a-ha” moment! She said that if each sibling contribute $200 monthly, it seems like this is a do-able strategy. Financial planning isn’t always about buying more insurance policies. Sometimes