Below is just a few highlights of a few regular Q&A sessions taking place on Tan Kin Lian's Facebook page.Kelvin FX asked:Hi Mr Tan, why do you think Gov refuse to give NSFs higher pay?REPLYThe reasons are:1. NSF and their parents have no courage to protest. 2. They believe in the propaganda that NS is needed to keep the cost low. This is the same concept as getting slaves to work for free. 3. Parent with children that have completed NS or have only girls do not want to support the move to pay more to NSF. This is the selfish attitude that is typical of the Singapore character.
Mohamad Hafiz asked:Sir, why is nsf in scdf and spf not given as much recognition as saf? How can this be changed?REPLYBecause the Government believes in discriminating its own people, sometimes quite unfairly. They call it "differentiating".Aisha Begam asked:Hi sir. Teenagers these days love to spend money on wants rather than needs. Do you have any ways to save money.REPLYThey should attend my talk on financial planning (www.fisca.sg/events) and learn about the purpose of savings. When they have a meaningful purpose, they will pursue it.Jerry Low asked:Mr TKL what if one day, a global cataclysm hits and combined with failing US and EU economy that hits the world. All money and stocks turn worthless and ppl turned to barter trading. What would you do?REPLYI will be a farmer. Is this a good idea?Someone asked:Hi Mr Tan, what is your view about policy encouraging the idea of selling one's home to get cash for retirement? I found this to be a sad scenario, when in one's old age one has to sell one's home and rent a place to live. Renting commercially is prohibitive. I know some people had to do this to survive!REPLYThis option should be considered with an open mind. Some people spent too much on buying their home or upgrading at a late age, and did not have enough savings for retirement.
With too much savings locked into their home, it is sensible to sell their home and buy a smaller home, or rent a place. Although rental is high, it follow the high value of the property. The proceeds from the sale of the property should be enough to pay rental and also to provide a retirement income.
It is important to invest the savings wisely. The best choice is to invest in an index fund, and avoid the unregulated or bad financial products.*Tan Kin Lian is a Singaporean businessman and social activist, and former Chief Executive Officer (CEO) of NTUC Income. Since stepping down as CEO in April 2007, his activities have included organising public rallies for people who lost their money due to investing in Lehman Brothers'Minibond products to seek redress. Tan stood in the 2011 Presidential Election and finished in fourth place out of four candidates with 4.91% of votes.For more interesting Q&A please visit Tan Kin Lian's FB page here.