Uncomfortable questions, even for a Maverick.
I was at Reservist and it killed me not to be able to produce my own content or have more interaction with my clients and prospects.
On the bright side, it opened up more reading and reflection time.
When I started writing again, I had a section called #teachingtuesdays. It would be trying to address simple questions with simple concepts, since my #moneymondays tended to be for people who had a degree of financial-savvyness and I could rattle on with technical terms till kingdom come. Obviously, such stuff isn't particularly sales friendly or easy for anyone to understand. I had problems maintaining this weekly writing thing because I have extremely weak social skills and adaptation. Explaining a basic concept bored me tremendously. But I noticed that I didn't mind when it was in the form of a question, where I had to teach. I think teaching is significantly more interesting than lecturing. It also helps that despite considerable support from my client base (thanks guys), I was not chosen for Seedly's AMA. That's right Kenneth. Totally singling you out. In any case, this combination of factors led me to do a mini #askmeanything. To be honest, I avoided putting it on Facebook because I was pretty terrified that no one would ask me anything. Even my Facebook friends do not like the tone of my answers on Facebook sometimes. So I put together a small focus group of some clients and acquaintances on Whatsapp. Upon completion, I am suddenly not bitter about not being on Seedly's one. I think AMA's are actually very hard. I've always told my clients that there's no question that is too rude or personal. Uncomfortable questions breed wealth. When we challenge lifelong concepts like working for money, or not leaving excess money in the bank - concepts that a few short decades ago were basically law and a given - it can make us uncomfortable. But it can also make us rich. But wow, some of these questions were so uncomfortable that it reminded me to always take my job very seriously. In any case, I was quite satisfied with the results. So... Every Tuesday, I'll be posting a 'Shots Fired' session like this one - 5 questions, no matter how uncomfortable - will be answered as honestly as I can. I tend to rattle on, so you can see that some of these answers have been summarized. It is my hope that it gives clients assurance, and potential clients/prospects a better understanding of how I treat you and your money. Also, it's easier to write. ---- 1) Why do you keep starting fights online?
...I don't, I think...
(Maybe someone will eventually post evidence to the contrary). Occasionally I just correct financial advice or an opinion that could potentially be more detrimental than useful...
Political arguments don't count.
2) Especially with Financial bloggers.
I don't know about especially. I'm hard on everyone, especially people who have significant influence or are registered professionals.
Admittedly, part of the reason why I started Money Maverick was because there's so much of this: not just from financial bloggers but from people in my own profession too, and I'd rather have a post address something once than have to type it out repeatedly.
Mostly it's just people who give advice online recklessly and thoughtlessly.
3) Why does your advice seem contrary to most online information?
Wow okay. I don't even know where to begin.
If I had to sum it up - the majority of things online are consistent. The majority of people are also not rich. It's difficult to be contrarian, but I'd like anyone who utilizes my services to aim bigger.
4) Why do you keep pushing whole life plans?
I don't. It might not seem that way, but I actually don't. Even times where I've suggested term would be better, some people just aren't comfortable with investing, or even something risk-free like CPF. Without investing the difference, there are too many advantages from a whole life plan to just ignore. I've realized that public perception on whole life plans isn't as bad as I thought it was.
Especially for something with an Early Critical Illness rider - there's a benefit to automation and the cost difference between a ECI term plan isn't particularly large, so BTIR would be challenging.
My own portfolio has both term and whole life, and my clients will attest that I've given them BTIR options.
5) Why are my returns negative so far?
Uh, I am not in control of the market. But like I always mention - time is your greatest weapon. Wait it out - there's no reason for it not to bounce back based on the effort put in prior. Investing is a long game. Have a happy day.
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Money Maverick is a Licensed Financial Consultant with MAS, who specializes in Investments and Critical Illness Insurance.
The views on his blog are strictly of his own opinion and have no affiliation to any of the companies he works with.
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