Last year, a financial salesperson attempted to breach the faculty at Singapore’s Nexus International School.
He wanted to sell contractual savings schemes, such as the kind I outlined in Millionaire Expat. He reached out to one of the school’s administrative leaders.
She forwarded his intention to the school’s faculty.
At that point, she received various emails saying, “No, don’t give this guy access to our teachers.” That school leader was Judy Cooper. She then took the next step.
She researched. And she said “no” to that financial salesman.
Judy’s research collectively saved her teachers tens of millions of pounds. That might sound dramatic.
But long-term contractual savings schemes provided by firms such as Zurich International, Friends Provident, Generali International, Royal London 360 (RL 360) and Royal Skandia (Old Mutual) have virtually no chance of beating inflation over a period of 10 years or longer.
They pay huge commissions to the people that sell them, and they lock teachers in for long periods of time, penalizing them heavily if they withdraw.
In short, they legally rob expats of strong financial futures.
I spoke at the Nexus International School in Singapore last night. I take my hat off to educational leaders like Judy Cooper (who, incidentally, now has a portfolio of ETFs with the help of PlanVision’s Mark Zoril). In turn, the teachers at Nexus are looking after one another. Thank you Judy Cooper.
And thank you, teachers at Nexus. I know that you’re prepared to help and protect the new teachers that arrive at your school next year.