As there is a growing trend of acquiring properties, either alone, with family members, friends or partners (not your spouse), it is often overlooked in understanding the types of property ownership as it determines how these properties are titled and how it will affect your financial situation, especially when the day you passes on. Briefly, here are 3 main types of ownership: Sole Ownership An individual whom fully owns and has complete interest in the property. This is com
2nd part of understanding some commonly used and heard legal words with regards to estate planning and inheritance matters. Executor 执行人 zhí xíng rén A person appointed by a deceased person to take effect or execute his instructions and wishes in his Will. Intestate 无遗嘱 wú yí zhǔ A person who passes on without making a valid Will, we commonly say he died intestate. Administrator 管理人 guǎn lǐ rén A person who manages or settles the estate of a deceased person when there is no W
Ready to add some words into your dictionary? Here are a few commonly used and heard legal words with regards to estate planning and inheritance matters. Understand them and you will not be confused when situation arises. Estate Planning 遗产规划 yí chǎn guī huà A process to make arrangement on how a person’s assets will be preserved, managed and distributed after death, while minimizing legal fees, medical cost and taxes. Assets 资产 zī chǎn A person’s possessions and belongings w
2020 the year of the Metal Rat, according to the lunar calendar, is going to be a strong, prosperous, and lucky year for... I grew up believing that I need to study my birth sign at the start of the year so I can be well prepared of what’s coming for me that year.
If I get a high score for career, I’ll feel an energy boost and be expecting promotion coming my way. If I get a low score for romance, I’ll probably not trust anyone for the year since relationship might not turn
Give thanks for all that the universe or God has given you in the past 10 years. Whether it is good or bad, we still give thanks because life is not a destination, it is a learning process and work-in-progress journey.
How are you going to welcome the next 10 years ahead? Many people are stuck in this, or rather not sure how to plan. Too far to plan ahead? Here's a tip for you: A simple exercise is to first evaluation how was your past 10 years? Where were you at or what we
“I want to earn lots of money or achieve that prestigious award so that I can give my family a good life”. Have you ever heard of such phrase that people declare? Take a moment to think about this: What is a good life to you?
We often see on social media how “good life” our friends have with their new car, luxurious travel trip, limited-ed bag, happy family studio photos, fairy tale wedding, latest electronic gadgets, etc. Somehow these material images had given us an impres
I often get this question: Is the cost of health supplements claimable under my health insurance policy? It is common for doctors to prescribe post treatment health supplements or vitamins to patients in addition to the usual medication. As some medical conditions or certain major surgery may require longer term to recovery, health supplements are deem useful as a form of non-invasive maintenance. Some supplements may be given in bulk for preventive measures, especially for c
Everyone knows the importance of having insurance. We have heard so much from advisers or been educated by advertisements. We look for what we need, set aside a budget and apply for it. Most people will stop here. But do you know that financial planning doesn’t just stop after you sign on the dotted line? Implementing an insurance is only half the work done. Going back to basic, what is the main reason for getting an insurance? A couple of them: Leaving a financial legacy for
“Ladies and gentlemen, this is your weekend captain speaking, apologise for the slight delay. Do bear with me as I only fly on the weekend. We will take off as soon as I find the air pressure button.” “Hi, nice to meet you, I am a Gynaecologist, you can trust your first delivery in my hands. By the way I am also a certified Barista, Yoga coach, and a Real Estate agent, let me know if you want to visit a showflat and have a nice cup of coffee.” How would you feel if the pilot
Many of us own watches, or at least one watch in our life till date. Some may have a few for different occasions - for your day to day work image or attends business and formal event, different colour to match different outfit. There are many types of watches to choose from: luxury watches, fashion watches, dress watches, sport watch, analog, digital or a mechanical watch. “What time is it now?” Well, whatever your choice may be, whether it’s a Rolex submariner or a retro Cas
Wants are sold by society! A 101 financial tip to good money management is to understand the difference between a need and a want.
A need is a necessity, an obligation, an essential, a must-have, you almost can't live without.
How about, what is a want?
Want is a desire, a craving for, a wish, a good to have, should have but (actually) it's alright without.
"I'm feeling lazy today, just spend a little more on transport, take a cab."
"Once in a life time wedding, just go
Needs are imposed by nature! If you were to pen down a list of what your needs are on a paper, how much do you think you could write? I am quite sure you can easily fill up the whole piece if given some time. One of the key to good money management is to understand the difference between a need and a want. No one taught us on this differentiation in real life, things became grey and subjective to individual. Let's head back to some basics: what is a need? Need is a necessity,
When you are in a relationship, have you ever ask what is your partner's values and perceptions of money? Many couples do not discuss about money. Such conversation is deemed boring or complicated to some. The ego men wouldn’t talk about money, unless he earns more than the woman. On the same note, the woman wouldn’t talk about money, because she don’t want to scare the man away with her high expenditures. If both live a modest lifestyle, they naturally think there is nothing
Money by itself has no meaning to it, it is just a medium of exchange. But why is everyone chasing after money, looking for higher paying job, doing investments, attend trading courses, or even going into multiple businesses? What we want is not money, it is the things we want or experiences we gain using money. To form a family, a holiday to relax, the feeling of having status, gain attention, to have more time, for self development, for companionship, etc. The underlying re
All of us love to be given favour: having things done to our desire, being treated well, granted support even when it wasn’t meant to be. Every good things that happen, that’s natural favour, just that we may forget to count our blessings. Opps! Very often we may say “Such a coincident, Heng ah…, I’m so lucky today, I didn't do anything and I got it.” That’s favour on your side my friend. Ask, and you will receive. Most of the time, favour will be with the one who ask. People
Choose the right plan for the Best Buy Lorna Tan, 2 sep 2018, The Sunday times Buying a life insurance plan can be a bewildering experience for consumers as there are many products in the market. Insurance is a long term commitment, so it is important to make an informed decision after taking into account your financial circumstances and objectives. Here are some tips for consumers: #1 Do not buy on impulse Ensure that you can afford the premium over the tenure of the policy.
We can easily put a value to our property and our car, even a mobile phone and luxury bag has a value. What about the value of You? What is your price tag?
Imagine you have a golden goose at home and this golden goose diligently lay golden eggs for you everyday. The goose says “Master, you can use my golden eggs to buy anything you want”. Over the years, you have successfully used the golden eggs to fund for your daily needs eg. for food, for your education, purchase a house
A master was leaving house for travel, and before he leaves, he entrust his properties to his 3 servants. According to the abilities of each man, one servant received 5 bags of gold (talents), the second servant received 2 bags, and the third servant received one bag. The bags of money was a significant amount of money. The servants who received 5 and 2 bags immediately put the bags at work to gain profits. The third servant, on the other hand, dug a hole in the ground and hi
Many people grew up with the expectation of banks as "big, strong and friendly" institutions that will stand right by them to keep their savings secure and, in the case of fixed deposits, their principal guaranteed. As such, banks typically enjoy a high level of trust with their customers. Young and old instinctively view banks as safe havens for savings. This translates to a sense of security when they have dealings with a bank. It is common for banks to tie up with insuranc
Stepping into the end of 1st quarter of the year, many of you would have done planning and setting your direction for the year by now (I hope). It is not too difficult to set what you want, or at least just be better than previous year in any one of the areas of your career, finances, relationship, health, spiritual well being, personal lifestyle, or giving back (that’s extra tips for goal setting, you are welcome). There are so much we want to achieve and do, often driven by