Enlightened

I have just been sabo-ed by my boss to do a Personal Financial Review for a friend, and is dreading the whole process of having to do the calculations for him. The appointment was taking place at his home.

We sat down in his room and started the whole fact find process. I know for a fact it was not going to be very difficult as he just started work and have very little assets and liabilities. He has just started work and therefore need some help with allocation of his income. I have already did a savings plan for him and now trying to uncover what other financial objectives he should be concerned about.

I know for a fact that CPF then has just changed their laws to allow monies to be invested from 0 dollars up. My boss has also reminded me there were a lot of monies now for investment purpose. In my head I know that my friend will have CPF and there was another opportunity for sales. I went through the motion of doing the fact find.

'So any assets or liabilities?' knowing the answer is no. No. Do you have any existing plans, no, but i think parents have gotten something for me. The fact find conversation somehow started to move towards his education. He has just completed his education in UK. He had just come back and found a job as an engineer. I eventually asked him, so how old is your dad? He told me: 60.

60!? Suddenly, I started to think for myself. Do I still want to support my kid through his education and all when I am 60? Our statutory retirement age then was 55. 60?! I suddenly feared that I cannot retire in future. I feared that at the point of me wanting to retire, I cannot as I have kids still dependent on my income. Did a quick calculation that if I want to retire without much commitment to my kids, the age I must have my last kid is 35. (I am late already)

I suddenly became enlightened how my job value adds to people. It became clear why the need for doing a financial review is important. Many of us do not think too far into the future. We assume that everything will fall into place. It might but why run the risk?

I did up the personal financial review just as my friend's mom walked in. What are you all doing? Auntie I doing investments, you have CPF. I don't know how to see, said my friend's mom. Auntie you pass me your CPF statement I help you.

She went out to her room and returned with her CPF statement. Showed her how much she has in OA, SA, and medisave. She agreed to invest her CPF monies. Auntie, have you thought about your other insurance. Its ok, i got friends in other insurance companies and everything is cared for. In my head, I told myself, since she is not comfortable to talk about it then I will not push. I am already losing friend's on a daily basis. Next time then talk. Since her friends in other insurance companies should take care of her properly.

Little do I know this thought will come back and haunt me today.

Photo by: Eddi 07- Free Stock