When Boyfriends Give Bad Financial Advice
I’ve had a few friends who went through breakups with their significant others over the past year, and incidentally, two of them had boyfriends who are in the financial advisory industry. Coincidentally, both are from the same Licensed Financial Advisory (LFA) firm. While better than tied insurance agents because of their capacity to recommend a good and proper financial portfolio, I regard this company (like many others, actually) to be a sales-focussed firm. They even made the newspaper for certain dubious business practices.
I have always been curious about the kind of recommendations my friends’ boyfriends would give them, and I have not had the opportunity to find out until their break ups. I was shocked but perhaps not entirely surprised to see that both had poorly constructed financial portfolios. One of them was underinsured and encumbered by the monthly premium obligation. The other was quite adequately insured but at a high cost, and her investment portfolio consisted largely of endowment and investment-linked policies that had very high charges compared to the alternatives I can think of. She too could not keep up her premium obligations despite having a relatively well-paying job. Both of them eventually lapsed some policies as they could not keep up with the high financial obligations.
Remembering My Grandfather
My grandfather passed away last Monday and was cremated on the Friday that followed.
We were not close when he was healthier, and hardly ever spoke. Towards the end he became increasingly sickly, seemingly withering out of this world and becoming oblivious to people. I didn’t speak to him then. Eventually, he passed on and everyone choked on tears, bidding their last farewells. I didn’t say anything either.
I forgot when it happened, but I will always remember a time when we were both much younger and out together one afternoon, and he bought me the latest Sonic video game just because I stopped to look. I guess we didn’t really need to say much to each other. I shall silently keep him in my memories.
How I Ruined My Father’s Insurability
This is a topic that is close to my heart and also explains the motivation behind what I do.
My dad fought and thankfully won a critical illness back when I was still a young boy, a time when managing my finances meant putting away coins into a piggy bank. Back then, both my parents were in their prime and provided a lifestyle for my sister and I which was, by most standards, a very comfortable one.
We were too young to know why Dad left his stable job, or the reason behind the abrupt resignation of my mother from her illustrious insurance career. It was much later did I realise how my parents have been sheltering us from worry and distress.