16 Comments

1. 

   fizah on February 19, 2009 at 8:06 pm

   hey.. i have a qn.

   im still young and totally clueless about all this insurance thingy. isit really necessary for me to get it.. or should i wait till im older.

   Reply
2. 

   ctea on February 19, 2009 at 8:41 pm

   i was wondering, u could add in a slot in helping people to choose an appropriate financial planner.get them to comprehend more on the information on financial planners, so to clarify on the consumer’s part in having to put their trust with. i mean without much thought.. just a brief one i supposed. cause what ure including is quite sufficient i guess. though i might not understand much la abt finance.

   and yes.. one more,just out of curiosity, saving and investing..Its a common misconception that the terms “Saving” and “Investing” are synonymous with each other.im not too sure, but i guess there is and should have a difference between the two right?
   Getting a hold of the difference between saving and investing is the key to managing your money more wisely i supposed. It will help one make more informed choices about financial requirements and needs and actually prevent the unnecessary loss of wealth.

   well this is just my two cents worth.
   anyway i wish all the best with the upcoming book!!

   Reply
3. 

   Helmi Hakim on February 20, 2009 at 10:43 pm

   fizah & ctea >>> Thanks fizah & ctea for your comments. 🙂

   fizah >>> You need 2 types of insurance.

   1) Hospitalisation Insurance

   In the event of hospitalisation, you dont have to pay the bill in full. Hospitalisation insurance plan will help to subsidise the amount for you.

   A simple, heart by pass surgery can cost about SGD 50,000.

   It is best to get hospitalisation insurance, when you are young and healthy.
   
   2) Whole Life Insurance

   If you are currently working, whole life insurance will serve as
   – income replacement tool
   In case of permanent disability (totally paralysed, cannot work at all) or critical illness were to strike, like heart attack,cancer etcs, proceeds from insurance will help to pay for your existing expenses. (you will learn about cashflow statement in the book)

   In case of death (touch wood), your family will get money. If you have been contributing money to your family (parents), the insurance proceeds will definitely help them.

   ctea >>> There are key differentiation between savings and investing.

   In my book, I will detailed the importance of having 6 months of contingency funds, savings at least 20% of your monthly income and strategies for you,to invest successfully to beat inflation and at the same time, meet your financial objectives! 🙂

   Btw, saturday is coming and I’m expecting a gush of traffics to this blog… I really hope, you readers can contribute some ideas on what exactly you will like me to share in the book.

   Thanks so much! 🙂

   Reply
4. 

   Alwardi on February 20, 2009 at 11:52 pm

   Great idea.

   Readers of this book will benefit greatly and increase their financial intelligence.

   Concerning the questions people have towards insurance, a bunch of my friends often complain about bumping into an insurance agent and dismissing the need to have insurance policy.

   They fail to understand the simple fact that what they are buying is A PEACE OF MIND knowing that they are covered in case such unwanted incidents were to happen to themselves.

   Understanding this simple fact will help them to realize the logical step to follow: Get an insurance coverage! Hope you will be expounding this in your book =)

   Reply
5. 

   Azh on February 20, 2009 at 11:58 pm

   Mr Helmi

   1st thing first, make words and sentence in a way easy for the mass to understand. Talking about cashflow and things like that is understandable for me, but to many, it might not. So try to make it as simple as possible..

   2nd, make it in a way that it is very applicable and interesting and very easy for Singaporeans to relate with.

   3rdly, about passive income, there are LOT of ways to do it, it is not impossible at all, it all depends on your effort you put in, and whether you know where to tap into.

   Thanks.

   Azh

   Reply
6. 

   Fardah on February 21, 2009 at 9:45 am

   A working adult who is already covered for medical insurance by his employer. Is it necessary/important for him to take up his own medical insurance? Please explain why.

   Reply
7. 

   zai on February 22, 2009 at 3:29 pm

   how can i start with an investment, What is the advantages? There is how many investment plan type? which investment plan type would be more advantage?

   Reply
8. 

   Lynda on February 22, 2009 at 9:42 pm

   I got question…

   How to make people actually understand, how important is insurance in their life? Some of them may just think that we as a financial planner try to cheat them. How do we explain that?

   Reply
9. 

   Helmi Hakim on February 22, 2009 at 9:52 pm

   Alwardi>>> Thank you for your comments.

   Most people who are ignorant about insurance, failed to understand the purpose of insurance itself.

   There have been lots of talks on the goodness on savings,goodness of investments, however, when comes to insurance, the objectives seems blurred.

   I will make sure, I expound and reiterate the importance of insurance as a form of income replacement and assets protection in the book, that I will write.

   Insyallah! 🙂

   Reply
10. 

    Helmi Hakim on February 22, 2009 at 9:57 pm

    Azh >>> Thank you for your comments.

    I am a firm advocator of simplicity.

    In this book, I will simplify complex jargons, that I guarantee a 15 year old kid will understand.

    Too many people shy away from understanding their own personal finance, because they thought it is something of “rocket science”.

    Yes….Practical stuffs… Things that you can do IMMEDIATELY to improve your financial life…everything, I will share in the book.

    Thanks so much again for your support! 🙂

    Reply
11. 

    Helmi Hakim on February 22, 2009 at 10:11 pm

    Fardah >>> Thank you Kak Fardah for your question. 🙂

    This is the most common “excuse” given by people who dont want to get medical insurance.

    “My employer cover me already”.

    Read today’s Straits Times (22 February 2009) under the “invest” section, of a relationship manager, Stephen Tang who never thought of buying a personal medical plan as he has always counted on his employer’s insurance programme.

    It dawned on him only when he got the pink slip last month, that now faces the gloomy prospect of not having any medical coverage.

    To make matters worse, he was diagnosed with high blood pressure last year.

    This means that insurers may shy away from covering this condition or they may charge Mr Tang,37 a higher premium for providing medical cover.

    He is not alone. The group medical insurance programmes provided by most firms to their staff are not portable. The coverage ceases when the person leaves the job.

    By that time, he may no longer be considered insurable if he has been diagnosed with certain medical conditions.
    
    Unless you have vast savings to dig into to cover health-care expenses, the majority of us are better of buying a suitable medical plan.

    The good news is that in need not burn a big hole in your pockets as the premiums for some plans are payable from your Medisave accounts.

    Short answer: Get his own medical insurance plan! 🙂

    Reply
12. 

    Helmi Hakim on February 22, 2009 at 10:24 pm

    zai>>> Thank you for your question. 🙂

    Usually before we recommend any investments plans to our client, we will determine their risk profile by asking a few important questions.

    1) What is your objectives of savings you money? (the purpose)
    2) How long,can you stay invested before liquidating your money? (investment time frame)
    3) How much do you expect to make?
    4) Is it is more important to make money, then to protect them? (Rank 1 to 5)
    5) Able to endure short term flunctuations? (Rank 1 to 5)
    6) Do not need to withdraw money before stated investment horizon?

    So, you see, different people have different risk profiles.

    Different risk profiles will lead to different recommendations to which financial instruments is the BEST to cater for the client! 🙂

    Reply
13. 

    Helmi Hakim on February 22, 2009 at 10:34 pm

    Lynda >>> Thank you for your question. 🙂

    People buy people.

    People talk to you because they like you. But people buy from you because they TRUST YOU.

    Our profession as a financial consultant is simple but not easy.

    Our job is to motivate clients to make decisions that is consistent to our findings. We have conducted our obligations well, as long as we have done our very best to educate clients of what, they really need.

    I guess…I work by the motto. Practice what you preach.

    Show you clients what you have, why you have it and why you believe, THEY SHOULD HAVE IT TOO! Explain to them on the rationale…

    Insyallah… God will open up their heart, their mind and their soul to be righteous, responsible and take personal charge of their own financial life. Amin! 🙂

    Reply
14. 

    Helmi Hakim on February 22, 2009 at 10:57 pm

    Hi friends….

    Anyone reading this blog right now. 🙂

    Do post any queries that you have on insurance, savings and investments.

    I will answer it here and will elaborate more on it, in the book, that I am currently writing. I wish to help, enlighten and educate more people out there with my humble knowledge and experience….

    I will like to thank all those who has supported me by contributing ideas through these blog posts, through email and those who called me directly!

    Thank you so much for you support! I truly appreciate your help. You, sporting people get me going…. (BIG SMILE)

    Last but not least….I will like to assert that…..This book is not my book. This book is YOUR book. It comes together through YOUR collective suggestions. Your critical, constructive ideas. I am just your humble servant, cranking my brain to deliver my detailed findings to you. You simply deserves the BEST! 🙂

    Reply
15. 

    Hyzel on May 5, 2009 at 12:06 am

    WooHoo! Go hakim! Go! GO! Go!

    An author at such an age is unbelievable! You one of the few Malays in this crop of generation that is starting to set the barometers of excellence. Well done.

    PS: I know you have yet to send it to be reviewed by the publishers but nevertheless,I wish you the best of luck. If it doesn’t materialize,either way,you’re gonna be a somebody! I know it,cause my spider sense is tingling.hehe.

    Reply
16. 

    Mohamad Azry on July 14, 2009 at 8:35 pm

    googled my way to here…very useful stuff. keep up the work esp from “anak melayu” 🙂
    anyway is this book out yet? where can i get it?
    thanks…will bookmark your site

    Reply