Me & My Money Series (Sunday Times)

wah civil service really pays well

Wow! Another lover of luxury cars! haha... She must really be earning tons of moolah to be able to afford both a Mercedes and a BMW Convertible!

Jul 31, 2011
Switch to insurance job pays off
High-flier joined the industry for the money but now sees her career as a worthy one
Lorna Tan
Senior Correspondent

It was the prospect of making good money that lured Ms Eunice Yuen into the insurance industry. She joined Prudential as an adviser in 2000, and it took a mere six months before her sales commissions exceeded her annual pay of $40,000 from her previous job as a sales engineer.

By then, her perception of an insurance career had changed.

'I have delivered a number of claims payouts to my clients. But this is not the only aspect that leaves a deep impact on me... It is the fact that my services can give security to the families so they know they are in safe hands if the breadwinner is no longer around one day,' said Ms Yuen, 34.

In 2004, she made the bold decision to be an agency leader at Prudential, which means that she would be responsible for recruiting and developing her own team of advisers. Back then, there were very few women agency leaders in Prudential and she hoped to see more women take on a leadership role.

In 2007, she was promoted to be a financial services director. Now she leads a team of 50 advisers, including four managers, and earns her income from the sales that they bring in. Ms Yuen has been one of Prudential's top agency leaders since 2009. That year, she won the Agency Development Award. This was followed by the Million Dollar Agency Award a year later.

She graduated with an electronic engineering diploma from Temasek Polytechnic in 1996, and obtained her credentials as a chartered financial consultant in 2005 and as a chartered life underwriter in 2007.

Before joining Prudential in 2000, she worked for two years each in a telecommunications firm in customer service and in an engineering firm as a sales engineer. She is single.

Q: Are you a spender or saver?

I consider myself an investor. I don't scrimp but rather proceed cautiously and prudently with what I choose to spend on. I save 40 per cent of my income and the bulk of it is invested. I prefer medium- to long-term investments and measure the risk they pose as opposed to my potential returns.

Q: How much do you charge to your credit cards every month?

I have two credit cards and I pay off my bills in full every month. I charge an average of $1,000 a month to my cards. For personal expenditure, I withdraw about $2,000 from the ATM a month. I keep track of what I spend on and review if the expenditure was wise.

Q: What financial planning have you done for yourself?

I invest in insurance, blue chips and property. I plan my finances according to my phase in life and currently I'm in the wealth accumulation cycle. In terms of insurance, my life and critical illness cover is $1 million. I have four endowment plans and two investment-linked insurance plans (ILPs).

Through the ILPs, I invest in a managed portfolio of funds of which 70 per cent are in equities and the balance in fixed income. I have another $40,000 invested in banking stocks.

I am not a speculator and I do not seek short-term return thrills. I prefer to look for stable growth and dividends.

My other focus of wealth accumulation lies in my business/career, which is also my passion. Here, the bulk of my investment is in human resource development, that is, developing and helping my agency to grow, thereby helping my clients to grow.

Q: Moneywise, what were your growing-up years like?

I'm the eldest in the family and I have a younger sister and brother. We lived in a three-room HDB flat in Rochor Road.

My father was a civil servant in a support administration role, and my mother, a housewife. My parents instilled in me the need to be disciplined and prudent with my money. They are down-to-earth people and are very particular about family values and filial piety. We were told to save our weekly pocket money for a rainy day and not to seek instant results. That moulded my character and instilled in me strong core values which helped in my own management of finances and career.

Q: How did you get interested in investing?

I started reading about investments and actively upgrading myself as a financial consultant after I joined Prudential. Knowledge and being up to date are important when you are providing financial advice. We are talking about people's hard-earned money here.

Q: What property do you own?

A modest 1,100 sq ft, two-bedroom condo bought in 2007 in the east for about $1 million. It has appreciated since then but I don't monitor the value.

Q: What's the most extravagant thing you have bought?

It has to be my car - a white BMW Cabriolet which I bought for $180,000 in 2009. I love convertibles, and before the BMW, I was driving a silver Mercedes-Benz SLK after I got promoted to be a financial services director in 2007.

Perhaps while I discipline myself in terms of work and investment, I have another side that thrives on the fast and the furious.

Q: What's your retirement plan?

I seek to be financially independent before age 45. I can't bear to give up my career though. What retirement means to me is when I can choose to work and have the lifestyle I want and not be forced to work because of financial or other commitments. I reckon I will need $8,000 a month in today's dollar. My home will be fully paid for and I must have acquired assets that give me regular income such as through developing my insurance business and investment properties.

I plan to continue passing on the skills and experience I have acquired over the years and inspire more leaders to come forth in the industry and challenge them to constantly surpass themselves.

Q: Home is now...

My cosy two-bedroom condo.

Q: I drive...

The white BMW Cabriolet.

lorna@sph.com.sg

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WORST AND BEST BETS

Q: What has been your worst investment to date?

Speculation in shares without doing any due diligence. In 1998, I invested $10,000 in two penny stocks after a friend recommended them. I'm still holding on to them, and to date, I have lost almost half. It was not a smart move to jump straight in without doing some homework and analysis.

Q: And your best investment?

It has to be my business. The returns and satisfaction have been great. I have seen many of my advisers progress and I have groomed managers and successful leaders who have done well in the finance industry.

In turn, this has also contributed to my income. Investing in human resource is essential as people are the core foundation of my organisation without which I cannot be where I am today. While market and economic forces and natural catastrophes may affect stocks and shares, a strong-minded team stays firm and is able to withstand market fluctuations.

Incidentally, my team comprises young people in their mid-20s to early 30s, and 70 per cent of them are women.

Wow, this interview is about a guy who is way out of most people's league - not the ordinary "man on the street" type. He is talking in hundreds of millions whereas most of us just dream of our first! Plus, when you boil down to it, he's a SPENDER! The right kind of values to teach in Sunday Times?

Aug 7, 2011
Big investor goes with gut instinct
SingXpress executive chairman's No. 1 investment rule is to ignore what others say
By Lorna Tan, Senior Correspondent

Hong Kong-born Chan Heng Fai, who is the executive chairman of property firm SingXpress, has an eye for opportunities - and it has served him well.

He was pursuing a business management diploma in London North Western Polytechnic (now London Metropolitan University) in 1969 when he embarked on his first business venture.

Back then, he could not afford to fly home during vacations and realised that other foreign students had a similar problem. That was how aircraft-chartering firm Inter-Asia came about. Mr Chan, now 66, found out that by chartering an entire aircraft, he could sell tickets to students at a fraction of regular commercial prices and still generate healthy profits. It cost him just £100 (S$200) to set up the business. In 1972, the firm - with its 12 offices globally - was sold for £500,000. He was 28 then.

He lost his wealth in stock trading a year later and accumulated a debt of HK$10 million (S$1.6 million), but persevered to perfect his skills. He joined Wing Full Security as a remisier and cleared his debt in about eight years.

In 1984, he migrated to Vancouver, Canada, after he sold off an asset securities firm which he had set up four years earlier. In 1988, he acquired a US commercial bank, American Pacific Bank, for US$350,000 (S$424,000). It was close to bankruptcy but he restructured and grew it, finally listing it on Nasdaq. In 2005, he sold it for US$34 million to Riverview Bancorp. His stake then was 44 per cent.

Meanwhile, he returned to Hong Kong in 1993 and bought Hong Kong-listed Xpress Group. He restructured it to become the master holding firm for all his business activities, such as his Singapore property investment arm SingXpress Land. SingXpress projects include Southbank Soho, a home-cum-office concept condo, and cluster housing Charlton Residences.

Mr Chan is married to housewife Kong Yoke Keow, 60. They have two sons, Tong Wan, 36, and Tung Moe, 32, a daughter, Mary-Ann, 40, and six grandchildren. Both sons are directors at SingXpress Land.

Q: Are you a spender or saver?

I am definitely not a saver... I spend when I need to, but not frivolously. I do not budget between investments and savings. I am willing to aggressively move between being fully invested with nothing set aside for savings, to fully 'in cash', depending on my market outlook.

Q: How much do you charge to your credit cards every month?

I'm a pioneer of the credit card business and have operated three credit card businesses in my life, as part of my banking business. I fully pay down my credit card each month. I avoid interest charges and never draw cash on my credit card.

My average balance really depends on my prevailing spending needs. For example, I have bought a Mercedes Benz on my credit card before. If I need cash I write a cheque and have someone take it to the bank to withdraw the cash for me, to save time. I generally carry three to four cards.

Q: What financial planning have you done for yourself?

I am an aggressive investor. I target 20 per cent returns a year on my capital and have generally achieved that since the 1980s. For my personal investments, I am more of a trader than a long-term investor. For example, at this moment I am 99 per cent in cash because I read the short-term momentum and the global financial market uncertainties as bearish. But despite that, my medium- and long-term outlook on markets is bullish.

Prior to shifting to cash in May, I had more than a quarter of a HK$1 billion in blue chips like Apple, Microsoft, Citicorp, 10 Japanese stocks, Singapore real estate investment trusts, Bank of China and Henderson Land.

I also had HK$40 million to HK$50 million in Hongkong Bank preference shares yielding 7 per cent to 8 per cent a year. My No. 1 rule of thumb is not to listen to other analysts, but to believe in my own gut feeling. My advice to retail investors is to really go long-term and choose the best fundamental stock that pays a lot of dividends and sit on it. About 95 per cent of traders lose money, so don't try to be short-term traders.

Q: Moneywise, what were your growing-up years like?

I am the oldest of five children. My father ran a business distributing tablecloths, bedspreads and pillow cases in Hong Kong. He was a traditional Chinese businessman running an old Chinese shop and was very respected in his business. He was hard-working and kind-hearted, which greatly influenced me.

We had little money and lived in a rented shophouse at On Hing Terrace in Central. My 'bedroom' was sometimes under the staircase and sometimes on top of cabinets.

In terms of handling money I became the total opposite of my family, who were extreme savers. I was a spender hungry for the finer things in life. Despite the lack of money, as a teenager I would save for half a year, and then spend it all taking a friend to a stylish meal at Peninsula Hotel. The funding for my overseas studies came from the Catholic Church via a scholarship.

Q: How did you get interested in investing?

In the early 1970s I lost my entire fortune and more in stock market speculation right after selling Inter-Asia. I didn't know what I was doing and simply relied on rumours and tips fed to me by my brokers. This experience spurred me to turn professional. I studied every publication and scrap of material available on the topic of security trading.

Q: What property do you own?

Over the years I have held Hong Kong, British and Canadian passports. I recently became a Singaporean. One reason is because I'm confident about the property market here. In mid-June, I bought a 14,500 sq ft good-class bungalow in the Bukit Timah/Holland area for approximately $29 million.

I maintain my 6,500 sq ft home in Hong Kong at 11 Pollock's Path, located at The Peak. I bought it in 2004 for HK$45 million. It is worth HK$500 million based on my neighbour's recent transaction.

Q: What's the most extravagant thing you have bought?

In 1972, I bought a three-storey mansion with a basement in Hampstead Heath, England. It occupied 0.2ha and I paid approximately £250,000. Within six months, I was offered £350,000, so I sold it for a £100,000 profit. I consider it one of my life's biggest misses in that I did not hold on to it. It would now fetch in excess of £20 million.

Q: What's your retirement plan?

I do not have a retirement plan. I was able to retire when I was 28, but I enjoy the creativity of my work. I won't retire... not until the day I cannot leave the hospital.

Q: Home is now...

My primary home is my bungalow in Singapore and my secondary home is at The Peak in Hong Kong.

Q: I drive...

I have a tiffany blue Rolls-Royce, a burgundy Mercedes Benz and a champagne gold Toyota Alphard in Hong Kong. In Singapore, I own a silver Toyota Alphard.

lorna@sph.com.sg

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WORST AND BEST BETS

Q: What has been your worst investment to date?

Between 1995 and 1997 - after I returned from America as a successful businessman - I made a number of personal investments in China. They included joint ventures with the city government in two cement plants, two breweries, one medical saline manufacturer and the biggest duck farm in China. The typical formula of the shareholding was 80 per cent (mine) and 20 per cent (the government's). In reality, the government's 20 per cent shareholding was more 'powerful' than mine. Once the money went into each joint venture, I found that I lost all control and was blocked and undermined. I estimated that I lost about HK$300 million to HK$400 million (S$50 million to S$60 million) on those investments.

Q: And your best?

They are Inter-Asia, an aircraft chartering business I started while in college in London, and American Pacific Bank, a US commercial bank which I acquired in 1988. Under my guidance, it became a Nasdaq-listed high-asset quality bank, with zero loan losses for over five years consecutively before it was ultimately bought and merged with Riverview Bancorp.

So stocks or properties made him what he is today?

I think he is like Warren Buffet or Ooi Hong Leong - his wealth is from developing businesses. Trading is just icing on the cake.

It's interesting to read that he considers himself more of a trader, but he advised others to be long term investor and go for dividend?

Hmm... Listen to what I say; but don't follow what I do.

He belongs to the special 5% group of profitable traders, and we are not

just wondering houses on the peak or houses in mongkok, which one is more expensive?

(07-08-2011, 10:18 PM)pianist Wrote: just wondering houses on the peak or houses in mongkok, which one is more expensive?

Err..I thought Mongkok is a little like Geylang. How can it be more expensive than the peak.

(08-08-2011, 01:40 AM)touzi Wrote:

(07-08-2011, 10:18 PM)pianist Wrote: just wondering houses on the peak or houses in mongkok, which one is more expensive?

Err..I thought Mongkok is a little like Geylang. How can it be more expensive than the peak.

To flaunt their wealth, the richs need to build bungalows at the peak. Just like Mr Chan
[Image: Chan%20Heng%20Fai_home.jpg]
http://www.asiatatler.com/hong-kong/most...ible-homes

The Straits Times
Published on Aug 14, 2011
Moderate risk taker targets 20% returns
Servion Global V-P has portfolio managers to handle his investments

By Magdalen Ng

Servion Global Services regional director Rajesh Krishnan has been working with the company for 15 years.

But he had not intended to stay that long.

He said: 'When I joined in 1996, the main drive for me was to work in a start-up, gain experience and then venture out on my own.'

However, the engineering graduate grew passionate about his work that revolves around sales, and customer-centric solutions, and stayed on.

The 41-year-old Chennai native moved to Singapore in 2003, where he has been managing the operations across the Asia-Pacific region.

He is married to Revathy, a housewife. The have two sons, Aditya, 13, and Pranav, eight.

Q: Are you a spender or saver?

I'm not a hard-core splurger. My friends call me a 'value-for-money' person, so it really depends on whether I think the thing I'm spending on is important. I don't think twice about spending on my children's education.

I also don't buy cheap stuff because I believe in quality. But before I buy anything, I always do my research to see if there are any promotions, or maximise the rewards points on my card.

Q: How much do you charge to your credit cards every month?

I do not operate on a budget, but each month, I spend about $5,000, and pay it off promptly.

I have about five cards, and try to use the plastic for unplanned activities, so I can keep track of my expenses.

Planned spending, such as tuition fees or bills, I usually settle through cheques.

Q: What financial planning have you done for yourself?

I have a portfolio split rather evenly among equities, real estate and insurance. I do not have savings-based insurance. I believe that in case of any unfortunate events, my family will have some assurance.

As for the real investments, I leave the bulk of it to the specialists. I have engaged a handful of portfolio managers to do it.

I am a moderate risk taker, and set myself with target returns of 10 to 20 per cent.

Q: Moneywise, what were your growing-up years like?

I grew up in a close-knit family.

It was not really hand-to-mouth, but we never indulged in any luxuries. My father was a teacher and my mother was a housewife. They worked hard, and stretched beyond their abilities to make sure that my younger brother and I got the best education and exposure.

I could see and experience the struggle they went through, and I understood the value of money and investing in kids from them.

Now, whenever my two sons - who are learning the piano - are practising, either my wife or I sit in with them. It's not fair for them to be practising alone, so we are like their audience.

Q: How did you get interested in investing?

A lot of my friends and classmates were from the finance industry, and I was always fascinated by the stories they told me, and how they managed their finances.

Now, other than the money I put with my portfolio managers, I still dabble a little on my own, as a hobby. I spend about 30 minutes to an hour each day to 'manage' my shares.

Q: What property do you own?

I own a plot of land and a property that is rented out, in India. I am also looking to buy a sea-facing apartment in Singapore, but am waiting for the correct time.

Q: What's the most extravagant thing you have bought?

Gadgets are my weaknesses. The latest toy that I bought was a Canon 550D which, together with some lenses, cost me more than $2,000.

I'm interested in sports photography, so I'm trying to get into it, and I hope that buying this expensive camera will give me some motivation to work on my photography frequently.

Q: What's your retirement plan?

I never really thought much about my retirement until I met a group of retired uncles on the golf course. They play every week, and that is when I thought that I would want to have enough to live on and play golf, as well as a group of friends to spend time with.

Hopefully I can stop work by the time I'm 55 or 60. Right now, I'm still working on my investments, and will continue to save. It should be enough.

Q: Home is now....

A rented apartment in Costa Del Sol.

Q: I drive....

A bottle-green Nissan Sunny. I'm not a guy who is into fast cars, I just want something that will get me from point to point, and not give me trouble on the roads.

songyuan@sph.com.sg

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WORST AND BEST BETS

Q: What has been your best investment to date?

My best investments have been in a handful of blue-chip stocks in India.

I bought them eight to nine years ago, and they have almost tripled in value in the last decade. The best part about it is that I bought them on my own research.

Q: And your worst?

In the early days of my career, I always set aside some of my earnings in a separate bank account, and following some advice of my friends, dabbled in the equity markets.

While I was very excited by it, it was a baptism by fire into investing that remains, to date, my worst investment.

I never mixed equity trading with financial planning from then on.

Wow, very rich girl! Stays in a landed property in Bukit Timah haha.

Jokes aside, what surprised me, though, was that she does NOT have a retirement plan (and she is already 28), and that most of her cash is in the bank (she only mentions bonds a few shares). Not very sure what value you can get from this interview.

The Straits Times
Aug 21, 2011
Marrying work and passions
Ex-lawyer has invested her energy and funds into bridal and fashion boutique

By Magdalen Ng
Almost five years into her job as a legal eagle, Ms Evangeline Lee decided to pursue her passion for fashion and entrepreneurship.

Since the start of the year, the 28-year-old has been a shareholder in high-end bridal boutique and fashion house Irene's Creation, which is located at Raffles Hotel Arcade.

She felt that she needed to seize the opportunity to do what she loves while she is still young, after a chance meeting with the founder of the business, Ms Irene Teo.

A former senior associate at Wong Partnership, Ms Lee said that despite the pay cut, she wanted to do something she was passionate about.

She said: 'I would like to bring into this business a holistic vision that extends beyond just marketing a fashion product to helping to promote the institution of marriage...

'It gives me great satisfaction, dressing a bride and groom for one of life's pinnacle moments.'

Q: Are you a spender or saver?

I try to strike a balance between my expenditure and my savings. I usually save more than half of my monthly income, and spend mainly on food and shopping.

I have a weakness for bags, shoes and clothes, like many other girls, but I do try not to spend too much.

Q: How much do you charge to your credit cards every month?

There is no regular amount that I spend.

I have two to three credit cards which I charge to, and I pay off my bills every month.

I draw from the ATM when my cash runs low, but I tend to charge more of my spending to my cards rather than use cash to pay.

Q: What financial planning have you done for yourself?

I started working only a few years ago and I am not married, so my personal financial planning is still relatively simple.

I have taken up medical and life insurance plans and placed the rest of my savings in the bank.

I also own some bonds and a few stocks.

Q: Moneywise, what were your growing-up years like?

I grew up in a financially comfortable environment. My dad is involved in the investment industry. My mum was formerly a banker and is now in the real estate industry. I have a younger brother. He is still in university.

My parents come from humble backgrounds, and have instilled in me the value of being a good steward of your money.

When I was younger, my dad went through a severe financial crisis during the 1986 recession. But I always remember him telling me that it is important to be a blessing to others, particularly those in need, and never to take our finances for granted.

It is also important to be thankful for whatever you have and to live within one's means.

Q: How did you get interested in investing?

When my brother and I were teenagers, my father would sit us down and talk to us about how to invest, so we were always exposed to the idea.

He impressed on me the need to make investments and financial decisions based on sound information and fundamentals, and good advice.

It was a natural progression for me to develop an interest in investments. I started with a few stocks and bonds and, now that I have become involved in Irene's Creation, I have invested my money in this business.

I don't really do day trading because I don't have the time to monitor the markets closely. I do try to read up whenever I can.

Q: What property do you own?

I do not own any at the moment. I hope to buy one in the future, but now, I have just invested in the business; I don't want to spread my finances too thinly.

Q: What's the most extravagant thing you have bought?

It was a branded bag that burned a four-figure hole in my pocket.

Q: What's your retirement plan?

I have not made specific plans but intend to do some financial planning soon.

Q: Home is now....

I live with my parents and brother in a landed property in Bukit Timah.

Q: I drive....

A BMW 5 series. I don't own it; it's a family car.

songyuan@sph.com.sg

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Worst and best bets

Q: My worst investment to date...

My personal investment history is only very recent, and the amount invested to date is not significant. I generally take a longer-term perspective on whatever I invest in, so I have not experienced any significant losses on my investment.

But there are a few equities I own that have gone under. There's nothing really much I can do about it other than hold on and see what happens.

Q: My best investment to date...

Aside from a couple of securities which have provided relatively good yields, I believe that the business I am in now will turn out to be one of my best investments.

A good investment must be measured in terms of not just financial returns but also intangible factors such as social impact and satisfaction.