Random Finance Tip #3

Posted
4 May 2007 by: Jag Foo

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If you have noticed, I've been neglecting the financial portion of my blog. I guess this is partially because I've also started my editorial consultancy duties for a finance company, and I am a bit less keen on writing more financial articles. Can be quite taxing doing the same things again and again. That aside, let's go straight to the point. This is actually a continuation of where I left off from Random Finance Tip #2 So today's Random Finance Tip and third of this series is................... "Always Study The FINE PRINT First Before Buying A Financial Product"Why? Cos' everyone always want to show their most beautiful and nicest side first!It's like when you are chasing after your dream girl, you will want to indulge her with sweet nothings and honey words, and sweep her off her feet with your charm and wit. You won't want to scare her away with your fart and body odour, or start acting like a irritating punk, don't you? Same thing with financial institutions. They show you the most beautiful side of the deal and make it very prominent, but usually it is just 1 portion of the big picture. The rest of the deal that they do not really want you to see are normally tucked away quietly in the fine print. I know this very well, as I used to scan through financial products (fixed deposit and loans) and their publicized offered rates. Very often, these rates only last for a short period of time, or there is certain catch to it, such as having to put in a substantial sum first before you are able to qualify for the deal. Can't blame them, really. They gotta make business. They too, have to make money to put food on their families' table. I can't really slam them as I've friends working in the finance line. However with that said, the onus and responsibility is actually on you, as the consumer, to protect yourself by understanding everything clearly first before taking the plunge. And one of the first step is to READ the FINE PRINT! Let's be honest, how many here do not read the fine print or were caught out before due to not paying much attention to the fine print? I reckon there are quite a fair bit. Nevertheless I wanna hear from you. Share with me here with your experiences. tag:Finance, financial institution, Financial products, fine print, fixed deposit, loans Random finance tips

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6 Comments

Posted by
Dave
11 May 2007 @ 1pm

I totally agree. Always read the fine print. I got screwed once. Hopefully its the last time.

Posted by
Yong Sing
11 May 2007 @ 1pm

Hi Dave,

First off, thanks for your comments.

Reading the fine print is absolutely important! Many people are just lazy to read to fine prints, and missed out some vital information.

We have a responsibility to protect ourselves.

Cheers,
YongSing Jag

Posted by
Chris Cade
29 August 2007 @ 8am

I can’t say I’ve been bitten technically by the “fine print,” but I can say that I’m not too fond of my Whole Life insurance policy that I’ve had for a couple of years.

It took me a couple of years to truly understand what was going on… especially since I initially followed in my father’s footsteps in pursuing the policy actively.

So in this case, the fine print was ironically my own mind, my own conditioning, which blinded me to the truth for a couple of years.

Posted by
Jag Foo
29 August 2007 @ 10am

Hi Chris,

Good point there.

Sometimes, it is not the contract that put wools over our us, but our own mentality.

Speaking about life insurance, there is a lot of hidden points your advisor won’t tell you. Have to really read through and understand everything fully.

Jag

Posted by
Gorilla Trades
19 October 2007 @ 4am

A lot of times, if there is a mountain of fine print i don’t even go through with whatever it is they are offering, just because most of the times it turns out ot be shady.

Posted by
Jag Foo
19 October 2007 @ 5pm

Hey Gorilla trades,

I agree with you.

I hate those lumps of fine print. Sometimes it is only when we read the fine prints, when we realize that the whole picture is not good as it sounds.

Jag