As you begin to work in Singapore and get your first pay cheque, the person known as a ‘financial advisor’ will emerge to try to move some of your cash into their pocket for very little value in return to you. To simplify matters, I lump all who give/sell you some sort of financial advice as such, whether it is a banker or your favourite insurance sales person.
I want to share my thirty years of experience with such financial advisors, in the hope that others might be spared the losses I suffered under their poor and unprofessional advice. I will also share what I found that works to grow my money so that I do not have to work for money – my money can work for me.
I am what is known as an “Accredited Investor“. To me, the term just means there is a target drawn on my back, and any financial advisor can just stab as much as they want with no consequences as I am supposed to know the risks involved. There lies the crux of the problem: nobody will give you an accurate picture of the actual risks. If they did, there will be few sales of financial products. To be fair, they might also be genuinely ignorant due to cases of swindle, e.g. Madoff, Lehman Minibonds etc.
Stay tuned for more posts from me.