Evolution of the Human Race
The irony of the current financial crisis?
It has created a new breed of self-taught, 'home-schooled' financial planners.
These people are also known as you, me, our parents (yes, our parents in their late 50s/ early 60s) - people who have suddenly been forced to:
(a) Learn the brilliant lingo of financial marketers
(who knew the subtle difference between 'capital-protected' and 'capital-guaranteed' before this? I suppose some online thesaurus may even suggest both as interchangeable verbs)
(b) Study the financial documents we signed years ago, down to the fineprint
(wow, I didn't know I signed off my rights on this. Has it occurred to you that the Bank reserves the right to change anything, when the customer does not have the right to do anything after signing on the document?)
(c) Trawl financial websites during our off-hours
(My mom now counts Mr Tan Kin Lian's blog as a credible watchlist. Beware all you bank products who are named in his blacklist!)
I truly feel like I've acquired some level of proficiency in banking products now, all thanks to the inefficient regulators and well-paid geniuses who are paid to dream up the elaborate structured products.
It has created a new breed of self-taught, 'home-schooled' financial planners.
These people are also known as you, me, our parents (yes, our parents in their late 50s/ early 60s) - people who have suddenly been forced to:
(a) Learn the brilliant lingo of financial marketers
(who knew the subtle difference between 'capital-protected' and 'capital-guaranteed' before this? I suppose some online thesaurus may even suggest both as interchangeable verbs)
(b) Study the financial documents we signed years ago, down to the fineprint
(wow, I didn't know I signed off my rights on this. Has it occurred to you that the Bank reserves the right to change anything, when the customer does not have the right to do anything after signing on the document?)
(c) Trawl financial websites during our off-hours
(My mom now counts Mr Tan Kin Lian's blog as a credible watchlist. Beware all you bank products who are named in his blacklist!)
I truly feel like I've acquired some level of proficiency in banking products now, all thanks to the inefficient regulators and well-paid geniuses who are paid to dream up the elaborate structured products.