Moderator: Charlie Phillips
Edgar Allen wrote:So I have been in finance for about 17 years and find myself redundant for the second time in a year.
During the last 9 years in Asia I have found the quality of financial planning available in English to be appalling, and am thinking about starting my own business in this line.
My thinking is that there are plenty of people in Taiwan in particular who are supposedly saving a little money as well as having some fun, but wonder whether this audience would be too young/immature for a service which would help them maximise their potential savings while they are here?
I know there are also plenty of entrepreneurial Forumosans, who have done well. Do you think this audience would benefit from some solid financial advice?
I am not talking about flogging investment linked plans with high penalties (except where this is what is wanted/needed) but rather taking someone through the need for different products, and the cross section of savings and protection that should be in place for peace of mind. This might include property, mutual funds, life insurance, medical insurance, permanent health and/or critical illness type cover, as well as pension planning for the older group.
I would be very interested to hear views from Forumosans not just on whether they would use such a service, but whether they think others would do and what the draw backs would be.
I am also interested to hear horror stories. I know that I won't get rich if I do this properly and that the successful guys always rip people off. If you have had a bad experience then let us all know about it - forewarned is forearmed as they say.
Edgar Allen wrote:What happens if you can't go to work tomorrow?
What happens if you were seriously hospitalised tomorrow?
What happens if the stock market tanks?
What happens when you go home and the Taiwan dollar is worth nada?
What would you do if you found out you had cancer?
How do you save money? Do you dip into it for emergencies? What constitutes an emergency?
What plans do you have for retirement? How much money do you think you need?
Edgar Allen wrote:Realistically he is not going to work until he is 72 - so how would he fund a 20 year plan?
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