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Investment Scams, is it common in today's environment?

How do we avoid investment scams during this COVID-19 pandemic when everybody is desperate to make more money?

With this COVID-19 pandemic creating havoc in everyone's life and businesses,

  • most people are affected badly,
  • some even lost their earning power,
  • some are short of financial resources and desperate to find ways to increase their income.

What people will do in desperate situation?

  • Some people are looking at ways to earn a living,
  • or improve their income,
  • others will think of investing in some financial instrument,
  • they hope this will be the way to go and earn more income.

Why do people invest?

With the bank interest rate at all time low, people will believe putting their money in the bank will not give a good return.

Human being by its nature, will always look for high return on investment.

Hence we will tend to look at investment instrument to boost up our returns and make more money.

Therefor in the eagerness to go after high returns on investment, people tend to forget the basic rules of investment.

The saying of Too Good To Be True especially those schemes which promised return of investment of more than 10% per month.

Some reports of the Investment scams and their methods

In the News published by The Straits Times of Singapore on 3rd April 2021,  under the heading - Promised Big Returns, Only To Leave Many High And Dry.

The Straits Times reported that a total of 15,756 scams in 2020,  and one of the scams involved cryptocurrency trading platform.

There are quite a few such platforms in Singapore.

MAS - The Central Bank of Singapore, more commonly known as Monetary Authority Of Singapore, does not regulated some of the platforms of cryotocurrency.

Even the Prime Minister of Singapore also said in his Facebook page that some platforms used his profile, see the link .

You can see those scammers will take whatever actions and tricks they can, in order to get people to invest in their platform.

Every day, we can read about people being scammed, and with internet now more popular, and easily accessible in everywhere, it is even easier for scammers to take advantage of human greed and cash in on this.

How do we detect and learn how to spot investment scams?

You may want to consider the following points:

1. Risk Factor

Every investment carries risk, and if someone tells you, what they offer do not have risk or very low risk, go back to the basic motto of investing -- Too Good To Be True.

What do you need to do when you come across such a plan?

  • With internet and other resources, if one come across such an investment plan,
  • do carry out your due diligence and research,
  • especially for those investments plan, which claim to offer very good return with low or no risk.
  • If this is being offered online,
  • you can not even meet up with the promoter of the plan.

it is advisable to just drop this plan.

2. Prove of track records

When someone promote their investment to you, and claimed they can generate good and high returns,

Please carry out the following steps to check

  • do ask them to show documentary proof,
  • that they themselves have used the same plan,
  • and generated so much profit,
  • Meanwhile to make sure the proof being shown are statement from a Trading House or Bank,
  • which showed the promoter account with the transactions,
  • if the promoter of the investment plan is not willing to provide such a proof of track records,
  • hence, it is advisable to walk away from such investment plan.

3. Regulatory Framework

For any investment scheme, we need to ask the following questions:

  • Is the scheme is approved and monitored by the Center Bank of the country?
  • where the investment plan is originated, are there any chances the scheme is a scam?
  • even if it is not a scam, can the investors get back their money?
  • Moreover, Is the investment money protected?
  • What happen in the event the investment go south and fail to generated the returns as promised?

4. Guaranteed Returns and Investment

If the investment plan promised guaranteed return and investment amount is protected, all the more we need to carry out a thorough due diligence.

  • Check with the relevant authority of the authenticity of the plan,
  • Who are the people behind the plan,
  • Are they on the white list or not.

5. Influence Tactics

Some plan will always tell you the offer is expiring in one or two days,  if you do not take advantage of it, you will lose a lucrative return or discounts being offered, which on the surface of it, look like a good bargain if you invest now and can get an even higher return than promised.

This tactic is to take advantage of human perception that scarce opportunity is a good item, and should take advantage of it.

6. Referral Scheme.

Some investments scheme offer referral scheme, that is, if you bring in certain investors, the platform will reward you some monetary rewards, or certain percentage of the invested amount of the investors you bring in to the plan or scheme.

It is quite unusual for any scheme to offer commission to investors who bring in investors to the scheme, if it is a legitimate scheme, all they need to do is to just publish a prospectus and let those who are interested to invest in, no need to incur additional cost for the plan.

7. What Are Available For Investor To Verify.

In Singapore, one can always go to Monetary Authority of Singapore (MAS) website to check on the validity of the investor plan, and if it is an oversea plan, they always search on the net with website like the SEC alert list such as .

1. https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investment-0

2. https://www.usa.gov/scams-and-frauds

These are just some issues about investors scam which we should be aware of.

You only live once, thus, it is important that we do not waste our life savings to scammers, in our eagerness to generate more returns on our investment.

Investment scams

To understand more on what we can do to detect fraud and scams, perhaps you want to learn HERE

if you have any ideas or wish to share your experience, do share it below in the comments section below.

What is Goal Achievement?

With goal achievement, it certainly creates satisfaction.

Our wonderful life usually happens in the journey towards attaining ours goal.

To attain our goals, we take action based on inspiration, hope and motivation.

However living a wonderful life can happen, regardless of achieving a goal or not.

So if you embark on some fitness program to keep yourself fit, and achieve the goal of reducing your weight, say from 80 kg to 67kg, then go for it.

Assuming 67 kg is your ideal weight, and if you can achieve the goal, it will be a huge satisfaction, and you accomplish your mission.

I have seen my friend trying her best to do some flat belly exercise, and does not seem to get anywhere .

One day, she tried out something, which I have been telling her to do, and it seemed it worked!!

This is just one of the examples of achieving goal set.

Goal Settings and Goal Achievement

In our life, we set a few goals since birth, since the day we started to know our surrounding.

As we enter school age, we set goal to have better grade.

Then we set goal to finish our education at tertiary level.

After that, we start our working life, we set another goal, to reach certain level in corporate world, if you are in the corporate world.

For those who are self-employed, earning passive income in online world, or self-made entrepreneur,  and making  money online, we will set our goal of so much per night.

So is goal setting that important?

Goal setting is just one tool we use to achieve our target.

We  use  goal setting as a barometer to focus on the task we have in hand.

Just like in Wealthy Affiliate journey, some set the goals as follows:

  1. how much money to make per day.
  2. The amount of money to make per week.
  3. What will be the amount we are aiming for per month.
  4. The goal of money made in a year.

We have a sense of satisfaction, the feeling of mission accomplished, when we achieved our goals.

However, the start up may not be smooth sailing, as people thought it was.

Without hard work and hours spent, focusing on setting goals,  trial and errors, we say we have achieved our goal, once we see the light at the end of the tunnel.

goal achievement

10

What is COVID-19 and How Has It Affected Us?

COVID-19, a term used to describe the pandemic happened in 2020 all over the world.

The most searched word at the moment and the dreaded word in almost every one's mind.

So what is COVID-19? and what has it done to change mankind thus far?

COVID-19 or Coronavirus as we initially called this virus, or some people referred to it as Wuhan Virus, since it was from  the City of Wuhan in China.

Effects of COVID-19 

Because of this virus, it changed a lot of things in this world,

  • force human to make changes, and
  • discard their usual lifestyle,
  • some businesses even had to change their mode of operation, and
  • some were forced to close down being badly affected by this.

Governments all over the world initially treated it as just another flu type of virus and some were ill prepared for this, eventually every country decided to follow China's way of dealing with this pandemic by locking down the whole city.

Lock Down, Restricted Movement Stay Home Order, Circuit Breaker

To deal with the human traffic so as to curb the spread of this COVID-19 pandemic, there are so many names or terms used, such as:

  • Locking down the city,
  • restricted movement,
  • stay home order or
  • circuit breaker as Singapore decided to have a more subtle name for their action.

One of the lock down effect was the closing of border, and this restricted the movement of people from one country to another, even for country with proximity like between Malaysia and Singapore, which was linked by a causeway,

One the busiest border crossing in the world, whereby at least 300,000 used the causeway to move either way between the two countries, it was practically deserted during the MCO (Movement Control Order), the term used by Malaysia, and Circuit Breaker, the term used by Singapore.

Industries Affected By Lock Down

The first industry badly hit by this closing of borders is the airline, most of the airlines decided to cancel their flights, and have the air crafts grounded, the only flight operating was mostly the cargo plane, which carried the essential goods from one country to another.

What To Expect Post COVID-19?

Now people are talking about post COVID-19, what is going to happen, and what can we learn from it.

Impact

SARS had some impact on human.

When at the height of it, people were talking about being hygienic and so on.

Cleanliness was the top priority, even in some restaurants, they would not have the cutlery on the table until the customers were at the table, places like Pizza Hut used to have the fork and knife on the table, even though there were no customers, but during SARS, they decided to keep all the forks and knife.

And now COVID-19, the situation was worse, restaurants had to close and only allowed takeaway.

Luckily with the advance of technology, and the emergence of APP, people can now order food online, and APP to search for food delivery, and most of the food outlets decided to work with the delivery companies, this is to ensure they still have customers during this challenging time.

Work From Home

Work from home became a norm for most of the companies.

This may become the norm even after post COVID-19, this will definitely affect the office building owners, as their office rental incomes may be badly affected post COVID-19.

Once the lease period expired, some companies may review the need, and decide to cut down the size of the office space, since most companies have already had ample practices during the lock down, and work from home for few months, this will help the companies to save quite a substantial amounts on rental payment for office space.

With the reduced office space,  less electricity consumed, less office stationery used, the productivity of the staffs may improve also, it may also help to improve work life balance, especially in Asia countries, whereby working long hours in office is the norm.

Adapt & Innovate

Business will have to adapt to the new norm in operating their businesses, after learning from the lock down and making changes during the lock down, if the businesses are not prepared to deal with the new norm, they will be phased out post COVID-19.

The one which can adapt faster and be prepared during the lock down, and hit the ground running after the lock down, will be the one which will gain more and achieve a greater height.

“Times and conditions change so rapidly, that we must keep our aim constantly focused on the future” – Walt Disney

https://www.pexels.com/@samerdaboul

Even though times are bad, and difficult for most of us, especially those in business, when COVID-19 affected every one in one way or another, however, this not the time to cry and whine about it, so much uncertainty about the future, and how to survive in this uncomfortable situation, we have to start taking stock of the situation, and learn something from this, the earlier we accept this, and move on and start making changes, innovate and adapt to the new norm, the earlier we come out victorious and stronger, to face the challenges ahead.

To move forward, we need to make profound changes, and move out of our comfort zone and innovate.

In scientific term, as stated by the American physicist and philosopher Thomas Kuhn, a concept called Paradigm Shift, which means a fundamental change in the basic concepts and experimental practices of a scientific discipline.

We can relate the changes we need to make to survive COVID-19 as a paradigm shift, since we need to make a profound change in a fundamental model or perception of ways we do our works and live our life.

What Businesses Should We Do In Case We Want To Start A New Business?

discuss business@cheeshi

During the lock down or Circuit Breaker as in Singapore, only certain businesses are allowed to continue to open, the rest needed to work from home or shut down completely.

Businesses involved in food and beverage, basic groceries, logistic, medical supply, health care, waste management, transport and telecommunication business are still open during the lock down.

Food stalls, fruits stalls, vegetable and meat sellers are doing brisk business during the lock down.

Super markets and groceries shops are also doing good business during the lock down because people still need to buy the necessities.

long queue at supermarket check out, @cheeshi

Restaurants, coffee shops and hawkers center operated in the following manners:

  • can only cater for people who buy foods for take away, and
  • no dine in is allowed, and
  • this created good business for delivery people.

For manufacturing entities, during COVID-19, it is obvious that those involved in health care and medical supply businesses are in great demand.

Factories involved in manufacturing surgical masks, disinfectant, gloves, medical PPE, ventilators and medicine were operating during the lock down.

On the other hand,  those in other types of manufacturing which are not essential would have to stop operation.

We can see from this lock down, what types of businesses still need to operate, and no need to take forced rest.

What Types Of Businesses Are Badly Affected?

COVID-19 affected Hotels business badly since the borders are close, travelers could not cross over from another country, if the lock down last few months, the hoteliers will have problem surviving unless they have a lot of cash reserves.

What about Transport business like taxi and buses?

Fewer people were taking the transport because of the stay home orders, they will only ferry the people who are in the essential business.

taxi returned affected by COVID-19 @cheeshi

As mentioned earlier, one of the badly hit is the airline, no cross border traveling mean the airline need to ground their planes and in the case of Singapore Airlines (SIA), SIA re-designated some of their crews to help out in hospitals, to attend to those who were not in emergency medical care, this is to enable the professional and trained nurses to attend to COVID-19 related cases.

What Can We Look Forward To Post COVID-19?

  1. 1. Change of business model

If the business wants to survive post COVID-19, what do they need to do?

  • They need to innovate and
  • adapt to the new norm, and
  • adjust the business model,
  • take action and
  • create results
  • instead of stand still or
  • shut down completely and
  • blame the pandemic for the chaos.
  1. 2. Prepare for the future

In time of crisis like what COVID-19 has created, it is important that business people

  • show some better character in this high stakes challenge, and
  • focus on objectives that can produce results.

And here I quote the Singapore Minister favorite words – to think two steps ahead, we also need to set long term goals in order to meet the uncertainty and challenges ahead.

  1. 3. Embracing new digital solutions and technology

This is the time

  • to review and
  • analyze what we have been doing, and
  • make adjustments and
  • adapt
  • so that we can be well-prepared for the future and
  • no time to whine on the losses and
  • lost opportunities.

https://www.pexels.com/@pixabay

  1. 4. Have a good game plan

Post COVID-19, we must have

  • a good game plan
  • so that we can focus on our primary objectives and
  • focus on our secondary objectives,
  • prioritize key initiatives and
  • take action
  • to ensure we meet the clear targets despite the uncertainty and so many unknown factors.

We learn along the ways, and make amends, so that we do not lose our focus on the task ahead.

Just like what Sir Winston Churchill said “ Don’t let your crisis go to waste!!”

You may also wish to read and learn about COVID-19 in my post, please HERE

WallStreet Forex Robot 2.0 Evolution

If you have any questions or wish to share your experience on this topic.

Please feel free to leave your comments, questions and your experience in the feedback space below.

I would be glad to get back to you and thank you for your feedback, comments and sharing of your experience.


The COVID-19 has so far shown a lot of social issues and discussions on everyone’s mind, at least it brought us to really think, about what were going on in our daily life, which we took it for granted, most frequent discussed subject is the plight of the foreign workers in Singapore

One hot topic in every one's mind is the foreign workers, whose infection appeared to make everyone worried, that Singapore was one of the epic center of the pandemic of COVID-19

As at 9th May 2020, the total numbers of confirmed cases of COVID-19 in Singapore was 22460, you can go to this site to see more details

WallStreet Forex Robot 2.0 Evolution
As MOH Press Statement showed majority of the cases were in the dormitories, where most of the residents are the foreign workers who come to Singapore to work.

Social Media had a a lot posts and commented about the conditions in the dormitories, and there are not shortage of negative comments about the foreign workers.

However, how many of us do really put ourselves in the foreign workers’ shoes and look from their point of view?

I like the Facebook post where the speaker said about the plight of the foreign workers, you can see the Facebook post here .

We will not go into details of these, neither are we going to comment.

There are a lot of comments in the social media.

Comments in Social Media

You can find comments in the social medias as follows:

  • Facebook,
  • Whatsapp,
  • Twitter,
  • Instagram,
  • Telegram,
  • or whatever social media channels you are used to surfing..

You can draw your own conclusion based on whatever you know and read

Let's learn about the plight of the foreign workers, who make an effort to come from their home countries, be it Bangladesh, India, Sri Lanka, Myanmar or Nepal and China to come to Singapore, hoping to earn some money, so they can provide a better living conditions for their families back home.

Third party account of migrant worker experience.

This is a third party account of what a migrant worker encountered.

I happened to know him, and close with him, and treated him as one of my friend.

It may not be the same with other migrant workers, or it was just sheer bad luck on his part that he worked for a monster employer.

Perhaps, for those in the countries mentioned above, they may want to think twice, before they decided to embark on this journey to financial freedom, which they think they can achieve in Singapore if that is what they are thinking.

Merlion Icon of Singapore @cheeshi

The Journey Begins

For some of them, in order to take that first step to come out, from the comfort of the home country with the family, they have to borrow some money and pay to the local home agents to come over to Singapore.

To them, it is a new beginning, some agents  told them , that they could make enough money, and good money which they might not be able to make in their home countries, so they thought.

However, the reality of this harsh truth strike them, when they touch down in Singapore, and when the Singapore Agent met him at the nice airport called Changi Airport.

Changi Control Tower @cheeshi

To make it to Singapore, some of them incurred so many debts, having to pay the home agent, as well as the Singapore Agents who charged the big amount for bringing them in.

The reality and the fantasy

Every one thought the foreign workers earn a good salary by coming to work in Singapore.

Especially In the construction industries.

Since the employer who hired him provide almost every thing. Therefore the foreign workers have sufficient money to remit back to their home countries.

So that was what every one in the public thought. The government said all foreign workers from the above mentioned countries could only apply for S Pass or Employment Pass, and there is a minimum salary if you applied for the two Passes.

The workers from the above mentioned countries could not apply for the work permit.

Conditions for hiring a worker from oversea?

Based on the requirement of Ministry of Man Power of Singapore (MOM), before a company brings in worker from the foreign country, the followings need to be done.

  • the employer has to apply for necessary papers,
  • Include a copy of the employment contract which clearly state the salary offered
  • Salary to the new foreign worker is SGD $ 2,400, the minimum salary scale for the S-Pass, you can check the criteria of S-Pass in this link,

Now the foreign worker thought he would be paid SGD $ 2,400 per month for working in Singapore.

SGD $2,400 will be quite a substantial amount for them back home.

This will help to ease his financial burden at home.

The different between Ideal and Reality

As I mentioned earlier, sometime the ideal is not the reality, and the truth hurt.

The reality does not conform with the ideal, but confirm it.

The renowned French Novelist Gustave realized it well, and made everyone know that - Reality does not conform to the ideal but confirms it.

In the Facebook link I shared earlier in this article, the speaker was doing a survey - on how much a foreign worker was making a month, and the result showed the amount was quite low, and he was quite right about the amount.

How much does a worker make per month?

Let’s have a closer look at how much actually a foreign worker makes per month.

Based on his contract submitted to MOM, it should be SGD $ 2,400.00

When he reached Singapore and reported to the employer, direct from the Changi Airport, his boss most probably told him that his salary would only be SGD $1,500 per month the most, if not SGD $1,000.

So every month, when he has his salary, he would have to withdraw SGD $ 1,400 and pay back to the boss in cash, assuming the employer told him his monthly would be SGD $ 1,000. This was similar to the modus operandi of a decided case in this link.

What most Human Resource (HR) will do?

  • Then the HR would inform him,
  • HR needed to deduct the air fare for the flight from his home country to Singapore,
  • more bad news for the foreign ensue, HR would inform him that he needed to go for medical checkup
  • before the MOM issued the S Pass, and
  • to go for medical check up, he would have to take leave to do so,
  • and since he would not be working, HR will deduct his salary
  • for being absent from work.
  • Assuming if the medical check up took one day,
  • then HR will deduct one day pay from his salary for the month.

After a few days when the medical report was ready, and he need to go and collect the report, and submit to MOM, again he needs to take leave of absent, and again, the HR would deduct his salary.

Dormitory/Accommodation Charges

Since he would most probably stay in the dormitory, the employer arranged that accommodation for the new worker, the employer supposedly paid the dormitory operator, for his workers staying in the dormitory as per his contract of engagement.

HR would then tell the foreign worker, that the company will deduct the rental paid to the dormitory from his salary.

The deduction will include
  • the bed rental,
  • service charge,
  • laundry service and
  • whatever charges the dormitory has.

From the above, we can see, in the first year or two,  the foreign worker financial situation is not glossy after all..

Working Hours

Now on the working hours, the followings are some of the situations:

  • they have to work long hours, and
  • most of the time beyond the legal working hours per day,
  • as stipulated in the Employment Act of Singapore, and
  • this is very common in Singapore, employers expect the workers to work long hours, and
  • if they are absent from work for even an hour,
  • Employers will deduct their salary,
  • on the other hand, even though they work beyond the normal 8 hours,
  • the employers will not pay them for the overtimes put in,
  • the employer would claim the contract stated that clearly,

For foreign workers working in the construction industry, if the authority such as MOM, NEA or others penalize the company for any delay in completion of work or fines.

What would the company do?

  • The usual practice is to deduct the salary from the workers,
  • The workers would take the blame for the faults,
  • which resulted in the penalty for the delay or violation of regulations.

So we can see the plight of the foreign workers, and their ideal working environment in Singapore, which is quite different from the ideal situation.

Quote on Reality and Perception

To quote a message I came across in Quara. Com

I quote “ Yes, undoubtedly the reality does not conform to our perception, of what an ideal is, but it does confirm what an ideal actually is in its own unique, beautiful and authentic way, perhaps that’s the reason why it is called ‘REAL ITY’. Unquote.

This could be something for those back home in Bangladesh, Sri Lanka, India, Myanmar and the subcontinent of Asia, who are contemplating to come to Singapore to work, to consider, before they think this is the way to escape poverty.

For Those Who Have Made It, What Are The Options?

For those who had made it,

  • Enduring the first two years of hardship, and
  • Saving as much as they could,
  • In order to repay the debts borrowed, and
  • Having some savings to go back to home land
  • After the end of the two years contract.
  • A good life lesson for them,
  • Make them the wiser,
  • Enrich their life
  • Some change their employers
  • Other Companies may offer a better deal for them
  • The deals may be better than the deal of first two years.

Some of them move on to a better pasture and finally managed to make some savings, and see the light at the end of the tunnels.

What future foreign workers need to look out for?

Potential workers who want to make the trip, it would be better that they consider their other options:

  • such as equip themselves with better knowledge
  • so that they can come here via the Employment Pass
  • Employment Pass which for that status will fetch a better salary than an S- Pass holder,
  • Hence the financial burden will be lesser and
  • it would also be easier for them to land a better job after the first contract end
  • if they find the first employer was not to their expectation.

Alternative Solutions For Would Be Foreign Workers

People who are still in the above mentioned countries, you may want to consider other options such as

  • it would be easier for them to try some online business, and
  • earn some passive income to supplement their household requirement,
  • instead of just dreaming of the good jobs in Singapore which may not be the case.
  • Tech savvy workers can learn new knowledge easily
  • better for them to embark on online training,
  • Use internet to earn some passive income

Perhaps they can look at this WA website, and learn some good lessons on doing internet business and subsequently achieving financial freedom.

In Conclusion

If you have any interesting pictures and views about this COVID-19 in term of social impacts on foreign workers, and wish to share your views, feel free to do so in the comments section.

I welcome your positive feedback and opinion, time being, stay safe and stay healthy.

11

COVID-19, the dreaded word in 2020 which has caused a lot of havoc all over the world, despite the fear and worry, COVID-19, what can we learn from this?

Because of this pandemic, medical experts were asking us to stay at homes as much as possible, in order to break the spread of this virus.

Social Distancing is the common words everybody and media is using.

Photo taken at one of the eatery

Just how effective is Social Distancing in curbing the spread of COVID-19?

No one will really know the effectiveness, how does this come about in the first place?

To a layman on the street, he will interpret it laterally, that the distance between him and another human has to be at a certain distance.

However it appears the social distancing is more than that, and it seems a lot of governments do not seem to convey the right messages to the people at large.

Measures Taken By Government In Fighting this pandemic

The government implemented the following Social Distancing measures:

1. Distance between two persons in public.

2. Cancellation of mass gatherings to avoid contact.

3. Restriction of travel.

4. Closure of schools and use home base learning by using internet.

5. Closure of work place of non-essential business to reduce the contacts

6. Quarantine of suspected infected patient and the contacts.


I am not going to elaborate in details of the above measures.

I will just write something about this, while being held up at home due to the measures!!!!

Because of this stay home measure, no one can go to work, other than those who are in the essential services:

Such as utility companies, telco, supermarkets, food and beverage outlets,

For those who never cook at home, and so used to eat at food courts or restaurants, they need to adapt and start ordering online for food delivery.

COVID-19, had affected almost all the industries and businesses.

Airlines need to ground their air crafts and because of this, the demand of fuel was lower.

The oil production is also affected, and oil prices tumbled so much, at one time, it even reached negative level.

Since fewer people were traveling and public transports also made fewer trips, this contributed to the lower of demand of fuel too.

A lot of drivers decided to stop driving taxis since there were less passengers and this had affected the taxi companies.

So are we going to see the new norm after this pandemic finally leave us for good?

For once, at the moment, due to less traffic on the road, in the air and so on, the pollution due to the emissions from the transports is less, and we can see clearer sky.

Likewise, factories had temporarily stopped production unless they are in the production of essential goods.

As a result of which, there is less use of air conditions and equipment in these industries.

The less usage of air condition and equipment also contribute to the improvement in the air quality to some extent.

The pandemic is really an eye-opener for a lot of people across the boards.

We sometimes consider some jobs not that attractive, for example, a delivery man job.

Suddenly these types of jobs are in great demand and a profession highly regarded.

Hawkers stalls are doing quite good business, as there are a lot of takeaway of foods and less cost involved in washing the plates and cutlery

Manufacturing companies which are in medical supply, health industries are doing well.

The demands of sanitizers, disinfectant, masks, glove, PPE, shoes and thermometers are high.

In view of this,  some factories converted their production lines to make all the medical supplies.

In China, Most of the car manufacturers converted their production lines to product gloves, masks, shoes and PPE.

Even reported that Foxconn, the OEM part suppliers of IPhone, refitted their productions to produce masks.

So were most of the garment factories in China, refitting their production lines to produce the necessary medical supplies.

With the near standstill of the economy, are we seeing the new norm of economy post COVID-19?

New Norm Of Economy?

A company's income is another company/consumer expense.

For example, if the airline is not flying, as travelers are not flying, so airline will not have income,

following which, all the air crews may not have their salary paid, unless the airline concerned has Hugh cash reserve to sustain the non-operating.

Assuming the air crews were not paid or only paid half, hence their purchasing power will reduce.

This will have domino effect , because the air crews will not spend, and the other industries will have no income since no one is spending money.

So if every one stays at home, no one has income, consequently  no spending power, at the end of the day, what is going to happen?

Do we go back to the time of barter trading, whereby I had this item, and you have what I need and you need what I have, so we exchange goods?

I am looking forward to pricing adjustments, since this work from home for most companies tell us one thing,

That they do not really need such an office space, so,

Does it mean office property prices will come down? even in Central Business District?

Home Base Learning

One of the good thing from the social distancing is the home base learning.

Bearing in mind kids nowadays always glue themselves to their mobile devices, and do not bother to study, or revise their study when they are at home.

They go to school as if it is  because the parents say so.

Immediately after school, the hands will be on the mobile phone, regardless of whether they are taking the meals at home or outside.

School kids were so happy, when the government announced the schools will be closed until certain dates.

"Hooray" no need to go to school, then it dawns on them that the device which they like so much because of internet connection, they have to use it  to do home base learning.

Now they realize the internet connection which they like so much, which give them enjoyment, now also give them some hard time.

The plus thing of this home base learning is; after this pandemic is over, the teachers can change profession and become internet broadcaster/presenters.

Since they now have ample experience in broadcasting through internet, courtesy of their on the job training  when giving lessons to the schools children.

Opportunity to keep fit

For those who stay at home and need to keep fit, this will be the time to learn how to keep fit when at home.

What one can do at home to do the exercise and burn the necessary calories.

For those who really want to challenge their body fitness or who are in burn yoga,

You can try burn yoga while working from home. You can click here to learn more about burn yoga

Learn and sharpen cooking skill

As for some who seldom cook and so rely on hawker foods, it is the time to learn and practice the cooking skills.

Finally these people get to use their kitchen to do some cooking.

After all nowadays there are so many tv channels or Youtube,  one can learn about cooking, just follow YouTube tutorial and so on.

Photo taken by Chee Shi
What can we learn from it?

Does Social Distancing lead to panic buying? Or

Announcement by government which was sometimes not clear enough, was the main cause of the panic buying?

Hoarding of toilet papers?

One phenomenon of this COVID-19 pandemic is the hoarding of toilet papers, tissue papers, even alcohol swipe which the diabetic patient use before they administer their medicine.

The hoarding of toilet papers not only happens in Hong Kong, Singapore or Malaysia.

It even happens in USA and Australia and European countries.

My friends in Hong Kong told me why the Hong Kong People buy a lot of toilet.

The hoarding of toilet papers was due to the rumor, that since Hong Kong get their supply of toilet papers from China.

China had instructed that all the toilet papers production line need to divert the raw materials to making of masks.

Apparently there were in short supply at one time, so the people in Hong Kong got panic and decided to stock up the toilet papers.

As for Singapore, toilet paper and tissue papers hoarding were of different reason.

What did the Singaporean do?
  • Apparently people in Singapore are very creative,
  • they put two pieces of toilet papers in between the mask and tissue paper,
  • the tissue paper will be the one which come into contact with the mouth and nose,
  • with the toilet paper in between the tissue paper and mask,
  • even though it is a 3 ply mask.

Anyone knows the reason for the hoarding in Western Countries?

In Summary

One of the good things of this pandemic is - nowadays people will queue to buy their goods at the market.

COVID-19,What can we learn from it?

So we have to look at the positive of this outbreak of the pandemic and take action to ensure we can cope with life after COVID-19.

If you have any interesting pictures and views about this COVID-19 in term of social impacts,

and wish to share your views, feel free to do so in the comments section below.

I welcome your positive feedback and opinion.

For the time being, stay safe and stay healthy.

2

There are so many Binary Options platforms out there, and most of the Binary Option claimed that you can use that to get rich fast!!!.

The platform is cashing in on the human greed, to lure people to the platform, basing on the basic human desire of Who Does Not Want To Get Rich.

How many people have been using Binary Options?

and learned a painful lesson that they will never forget?

There are Binary Options who claimed you can make a lot of money, and easy to get your investment back.

FREEBIE IN BINARY OPTION

Some Binary Options even provide one for one investment.

  • That is if you invest USD $2,000,
  • they will top up the account with USD $2,000 and
  • you have $ 4,000 Capital to trade using Binary Option,

What did not the platform administrator tell you in the beginning?

  • if you take the option of getting the free top up,
  • you are not able to withdraw your initial Capital,
  • until you make certain numbers of transactions.

In the internet, there are so many advertisements about Binary Option, and video showing how people have made a million within a short time, using the same actors or actress to lure you to believe this is THE WAY to make money.

photo by Chee Shi

WHAT IS BINARY OPTION?

According to Wikipedia definition

"A binary option is a financial exotic option in which the payoff is either some fixed monetary amount or nothing at all.[1][2]

The two main types of binary options are:

  • the cash-or-nothing binary option and
  • the asset-or-nothing binary option

The former pays some fixed amount of cash if the option expires in-the-money.

While the latter pays the value of the underlying security.

They are also called all-or-nothing options, digital options, (more common in forex/interest rate markets), and fixed return options (FROs) (on the American Stock Exchange)  "

So in layman term:

  • it is a yes or no, and
  • head and tail type of game,
  • it is like a game of chance, right or wrong.

When you want to find out more about the platform, initially, the customer service is so friendly and helpful.

However when you are winning using the Binary Option, they will have people making calls to you.

They are so eager to show you how to make more money, and encourage you to trade more, and in no time, you find out your winnings are gone.

As a result of which, they will call you to put in more money and tell you again, if you put in USD $5,000, they will top up USD $ 5,000 and here you are, you have now USD $ 10,000 to trade.

What Do Binary Option Platform Offer in Their Website?

Some websites even offered training on trading of binary option, and claimed to provide good trading support.

A lot of these websites even claimed to offer good tips, and sure win trade if you pay certain amounts of money.

Therefore I would suggest if you really want to trade binary option, do so with the local platform.

Where you can meet the administrator of the platform in person, and understand more about their operation.

Even that also may not be good enough, however do trade with good conscience.

DO YOU KNOW WHO YOU ARE DEALING WITH IN BINARY OPTION?

The main issue is -- the trader does not know who he is trading with, and how many players/traders are involving in this platform.

For all you know, you may be trading with the platform's software, and the platform operator is manipulating you.

You may think what  you see on screen is the real trade in the financial market.

Actually  there may be some lag in the data, which indicates you may be trading with the platform back end, who is just eating up your money/capital slowly.

WHAT HAPPENED IF YOU GUESSED RIGHT AND WIN?

If you happened to trade right and win, then the customer service will call you the next day, and tell you to trade more or play more.

Depending on what you are trading, whether it is forex, stock, indices or metals.

Someone will call and tell you that they have done some research, and it is a good time to do certain trades, and they would guide you and so on.

The next thing was you realize after a few trades, you have lost all your previous winnings money,.

Since the trades were for few minutes, you would know your trade results within minutes, and

Then they would call and advised you to bet in certain amount as the probability was higher with higher amount and so on.

WHAT HAPPENED IF YOU WANTED TO CASH OUT YOUR WINNINGS?

When you called or log in to your account, and indicated you wanted to withdraw your winning, you would not get any reply at all.

subsequently when you called or emailed them, they would inform that since you had taken the top up from the platform, you could not withdraw your winnings.

because they said you had not done enough trade transactions

They would ask you to continue trading, and you soon knew the game was a scam ,as there was no chance you could win, since it was just a program set up by them to ensure you put in money.

Are Binary Options Regulated?

If you go to their websites, that they claimed that the authorities in their country of residence are regulating their platform.

What are the tricks of the fraudsters?

  • They offered you to check their credential with the relevant authorities,
  • however, if you really check and read the reviews by some other who always monitor the scam and fraud,
  • you would find that a lot of them are really scam, and
  • operated by some fraudsters
  • who hide behind the internet and computer to thrive on human nature of greed of money and get rich quick.

Binary Option

Conclusion

If you really want to trade:

  • do so with the local platform
  • where you can meet up with the administrator and
  • with a company in your location, and
  • understand their operation and get some assurance and
  • check with the local relevant regulatory authorities.

If you are not good in financial market, do stay away from this instrument.

It will be better to trade in something which you know well, instead of looking for some quick short term gain.

If you have any questions or wish to share your experience on this topic.

Please feel free to leave your comments, questions and your experience in the feedback space below.

I would be glad to get back to you and

thank you for your feedback, comments and sharing of your experience.

2

In our life, we only live once and it is important that we live it right, thus, we need to make sure we live once but live it right.

Since we were born, we learned a lot of things from baby until we graduated and started working life and family life..

It is important that we get it right, especially when we reach the retirement age, and there are bills and commitment to be met.

There are people who are still hesitant of what to do, and what need to be done, in order to have a financial worry free retirement life.

A. Why do people put off their decision?

Just share one of my experience of encountering one person who keeps asking me what to do, as he is getting on his life and worry about his life for the next decade when he is in retirement.

I told him to try out online business, and if he can get on with it, he does not have to worry about his retirement life.

The last I heard from him was he was still thinking about it, and I told him "we only live once and we need to get it right."

His excuse was - there were so many people who had tried that and did not seem to be successful.

My answer to him was he needed to find out how many times these so called many people had put in, and how many hours of their efforts to really work on the online business.

It appeared that majority of people were looking for get-rich-quick type of scheme, and have the impression that online business is a get-rich-quick scheme with instant success without putting in much effort.

Why do people put off their decision?

Because they were not certain whether they could be successful, and most importantly was they were not willing to put in their effort.

Photo by Pedro da Silva on Unsplash

B. What do we do when we need to take a decisive step in life.

We tend to be hesitant when we face with some decisions to make, a lot of people put off making the decision to a later date and let the opportunity passed by.

You know you only live once, hence it is important you live it right, and grab the opportunity, since hardly there is a second chance.

Therefore, if there is an opportunity to move forward and make your life better, why don't you grab it and live it the fullest?

A lot of people regret that they did not take the chance offered when they were offered the opportunity to better their life, we should remember no risk no gain, after assessing the opportunity on hand, take it and move on.

We will not be an expert if we do not fail to achieve our goal.

Some people are great and appear successful, but

  • we never know how much and how hard they had tried, in order to reach what they are now,
  • how often have they failed,
  • and how difficult their situation was before they become great.

C. You Only Live Once, So How Do You Intend To Have A Financial Worry Free Retirement Life?

To be financial worry free during retirement life, we need to ensure we are independent, and decisive in making decision, when we have to decide how to live our retirement life happy and free of financial worry.

One of the way to make it is to do some online business ,and none better than using Wealthy Affiliate

We can use Wealthy Affiliate to learn and make money at the same time.

Even when you are in Old Folk Home living out your remaining life, you still have the ability to earn some money and live a good life there

So for those who are serious in making it online, and ensuring having a good retirement life, do the right thing and make the right decision.

Benefit Of Doing It Our Own Way To Achieve Financial Freedom

You do not have to depend on your offspring for support in your retirement life, if you are able to make some income from online business.

Do realize that having some handsome online business income will be good to finance your lifestyle in retirement, and can even bring you money even when you are on holiday enjoying your retirement.

Just imagine the best of the world when you are holidaying and your bank account still shows money keep coming in? This is the dream quite a lot of people like to have.

photo by Chee Shi

For those who work full time on employment, they only have their monthly wages to look forward to when on holiday, whereas if you are self reliance in internet business, you do not have to worry about your money, as it still earns you handsome income when you are sleeping.

Then you can really brag about You Only Live Once but Live Right.

If you have any questions or wish to share your experience on this topic, please feel free to leave your comments, questions and your experience in the feedback space below and I would be glad to get back to you and thank you for your feedback, comments and sharing of your experience.

Series 4 of the online financial scams

Today I am going to continue my online financial scams series, as highlighted by the China Public Security Bureau earlier this year.

We should share this knowledge about how to avoid online financial scams so that more people are aware of the scams.

5. Fictitious Claims Scams

a. Fictitious car accident scam

Acting as the relatives or friends of the victims of the car accidents, the scammers claim that

  • the victims need to settle the accidents settled immediately,
  • demand the other party to transfer the compensation money.
b. Scammed kidnap plot

The Scammer informed the victims' relative that the victims have been kidnapped.

They then asked the victim to pay ransom to a specific bank account.

The relative is warned not report to the police, if not, they will kill the victims.

c. Surgery Scam

Scammer informs the victim's parents or children that:

  • the kids or the parents need surgery immediately, due to sudden attack of sickness,
  • demand the victims remit the money before treatment can be made immediately.
d. Dire Strait Situation Scam

Scammer act as if he is  in serious financial, life threatening sickness .

He then appeals to the public via social media pleading to secure some donations.

With this in mind, the scammers will hope to get as much as possible.

e. Reported parcel with drug scam

Scammer informs the victim that:

  • the parcel addressed to the victims
  • they found drugs in the parcel, and
  • required the victim to pay some money to the National Security Account,
  • before they carry out a proper investigation.

f. photo shopped obscene and lewd photos scam

Scammers collect the photos of public servants:

  • use the computer to photoshop into obscene pictures, and
  • mail to the victim, attached with the bank account number,
  • threatening and blackmailing the public servants to pay up or risk being exposed.
g. Abortion Cost Scam

Scammer impersonating as the children:

  • to send short messaging to the parents,
  • knowing very well how the parents love their children,
  • convince the parents to transfer money for abortion cost.

6. Daily Living Scam

a. Impersonating as Land Lord Scam

Scammer impersonates the land lord:

  • send short messaging to the tenants,
  • informing the tenant, that
  • the landlord had changed the bank card and account numbers, and
  • advise the tenants to pay their rental to a specified account.
b. Telephone Bill Scam

Scammer acted as they are from the telco, calls the consumers, or using the pre-recorded voice message, informing the consumer to pay their outstanding bills to a designated bank account.

c. Tax Rebate On Goods Purchase Scam

After obtaining the particulars and information about the victims' recent purchases of houses or cars, the scammers calls the victims to informs the victims, that

  • due to the changes in tax policies,
  • hence they are entitled for rebate of tax and duties,
  • ask the victims to go to ATM to execute the transfer in order to enable them to get paid.
d. Change of Air Tickets Scam

Scammer act as official from the airline customer service,

  • the scammers inform the victim,
  • due to the cancellation of flights, refund of air ticket and changes of services,
  • they are entitled to have the refund.
How does the customer can get his refund?

However, for the purpose of getting the refund of their money, now they require the victims to make payments as processing fees.

e. Online Ticket Booking Scam

Scammers created a fake website for ticket booking,

  • using a much lower ticket prices to attract victims to purchase tickets online.
  • If any victim used the platform, they will discover something amiss.
  • The Scammer calls the victim to inform that the transaction was not successful.

As a result of it, the victim is  required to keep making payment online.

f. ATM Scam

Scammer jams the ATM cash dispenser slot, and

  • paste a fake phone hot line service number at the ATM,
  • after the victim used the number to call,
  • they then obtain the necessary details of the victims.
  • After waiting for the victim to go away, then
  • they retrieve the card from the ATM and
  • withdraw the money using the cards.

g. Credit Card Scam

Scammer calls the victim informing the victim that their credit cards details have been exposed.

As a result of that, they now required the victim to provide the necessary information to scam the victim, to enable them to check and rectify.

h. Remittance Scam

Scammers using the group chat short messaging method to require the victims to remit money to certain bank accounts, normally this happen when the victim was in the process of making remittance to banks.

Without checking, they will just act on the information and make the remittance to the bank account of the scammers.

With this, the scammers will be receiving money without the victims knowing.

Pointes to Ponder

With so much scams going on, it would be good every one of us stay alert and share the experience.

If you have any questions or wish to share your experience on this topic, please feel free to leave your comments, questions and your experience in the feedback space below

I would be glad to get back to you and thank you for your feedback, comments and sharing of your experience.

This is my third series on the Online Financial Scams. I hope this series can create some awareness to avoid online financial scams.

In the second series, I quoted some online financial scams as published and advised by the Public Security Bureau of China.

In this, I elaborate more on the advice given by The Public Security Bureau of China

2. Purchasing Scams

a. Impersonating supplier to scam

The scammers act like the real online suppliers, using attractive discounts, helping to purchase from overseas as bait, once the buyers remit the money.

The scammer will tell the victim that Customs have detained the goods, therefore the victim needs to pay additional tax, ask the buyers to pay additional amounts to carry out their scams.

b. Refund scam.

The scammers impersonate the online merchants like Taobao or JD customers services, call or message the buyers, to inform them that the goods purchased are out of stock and they need to refund the money remitted and ask the buyers to provide the bank card numbers and password and other information, to carry out their scam.

c. Online purchase scam

The scammers open online platform, once the buyers place orders, they inform that the buyers that the platform faced some problem and need to reboot. After that using messaging system to send fictitious activation code, getting the buyers to fill in their particulars, to carry out their scam

d. rock bottom price goods scam

Scammers published message such as they have second hands goods, like vehicles, computers and goods confiscated by Custom Department ready to be sold, once intended buyers contact them, and get the innocent buyers pay the necessary deposit and processing fees and scammed the buyers.

e. Termination of installment payment scam

The scammer impersonate the website workers and informed the customers that due to bank system error, require the victims to go to the ATM to terminate the installment payment plan and execute a cash transfer.

f. Collector scam

Scammers impersonating officer from the Collector Association, print invitations to all places claiming they are holding auction of collectors items and leave the contact number. Once the victims contact them, they will ask the victims to pay for valuation and assessment fees and require the victims to remit the amounts to designated bank account.

g. Courier receipt scam.

This scam works in the following manner:

  • Scammer impersonating they are from courier company, and
  • call the victim that there is a courier item to be delivered,
  • however the address and information are not clear,
  • hence require the victim to provide clearer information, before goods are delivered,
  • once the victim signed receipt,
  • they will call and inform that the victim
  • Victim will be asked to acknowledge for prepayment of money,
  • if they do not do so, the debt collection company will look for them.

3. Events/ Activities Scams

a. Promoting fictitious charities' message

Scammers put up a missing person poster and ask good Samaritan will help to spread the news about the missing person without realizing that the contact number posted is a scamming phone number.

b. "like" scam

Scammer post as merchants who promote the 'click like' will win prize campaign, requiring participants to provide their name, contact number and other personal data to a social media platform, after securing enough data, they call the victim and inform them that they have won a prize, however to claim their prize, they need to pay certain amount to guarantee their prize.

4. Incentive Inducement Scams

a. Impersonating well-known corporate for lottery won.

Scammers impersonating a well-known enterprise, and printed a lot of high resolution lottery tickets and mail to targets, after that will inform the victims that they need to pay personal income tax for the winnings, and ask the victims to disclose their main bank accounts numbers to remit the money.

b. Win prizes in entertainment program.

Scammers use the popular entertainment program to message the victims that they had won the lucky draw prize, however to get the prize, they need to furnish their income tax number or pay a guarantee amount to secure the prize.

c. Bonus Points Scam

Scammer call the victims telling the victim that their phone points are entitled to convert to cash, seducing the victims to click on the phishing link, if the victims click on the link and input their bank details and passwords, their account balance will be transferred away.

d. QR Code Scam

Using discount, incentive as bait, ask the victim to scan the QR Code to be a member, the QR Code has a Trojan Horse in it and once scanned, the scammer will use that Trojan Horse to steal the particulars of the victims' bank details.

e. Paying huge sum for a kid scam

The scammer tell the victim that he is willing to pay huge sum to have a kid, and is prepared to pay the sum to show is sincerity

f. Highly Paid Job Scam

The tricks of the Scammers, via social media, are as follows:

  • advertise that they are hiring professional
  • with attractive salary, and
  • request any victims to be at the designated place for interviews,
  • after that demanding the victims to pay for training, uniform and guarantee fees.

g. Email Scam

The Email Scam of the Scammers works as below:

  • use email to inform victims that they have won lucky prizes and
  • once the victim contacts the scammer,
  • scammer tell victim that they need to pay for the income tax for winning the prize,
  • ask the winner to pay  guarantee fees for the prizes and
  • demand the victim to remit money to secure their prizes

In Summary

If you have any questions or wish to share your experience on this topic, please feel free to leave your comments, questions and your experience in the feedback space below.

I would be glad to get back to you

Thank you for your feedback, comments and sharing of your experience.

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