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19-08-2012, 09:56 AM
I find that Me & My Money has again degenerated - they seem unable to provide interviews as good as the Millionaire Teacher one (Andrew Hallam). This guy's got a very good head start - his dad helps him out with the rental of his flat and his mum gave him a $1,000 a month allowance while in JC (that's more than what a lot of low-wage workers earn - $800 a month). Also, she sponsored his entire car of $60,000.
I also find it incomprehensible that he says he is a "saver", yet spends $80,000 on car part and other mods (which ironically cost more than the car itself).
Granted he is a motivated individual who has managed to make $200,000 in commissions from his job, but I feel his penchant for cars means the money will be sucked into an Audi or BMW someday (he alludes to this).
And this line also sounds very weird - "The reason I invested in property is so that I can see the potential price appreciation of the apartment" - so is he investing for income, or capital gains? This seems to indicate he think prices can ONLY appreciate, which is the prevailing sentiment right now, I guess!
*For the full article, please visitthe website.
The Straits Times
www.straitstimes.com
Published on Aug 19, 2012
Undergrad makes it big as financial planner
Saver with early start in working life earns place at Million Dollar Round Table
By Joyce Teo
As a schoolkid, Roy Tang Tien Foo was a bit of a tearaway, a trouble- maker in class and not too good on the academic front. But efforts by his teachers and parents helped set him straight, instilling in him a strong work ethic.
Mr Tang, now 23, is a part-time financial planner. He comes from a well-to-do family but has not been afraid to work hard.
He was a tutor during his junior college days, worked as a part-time salesman and tried working as a property agent, but that failed as he did not get any calls even after spending a few thousand dollars on courses and printing brochures.
-------------------
The enterprise grew and he had up to 16 students at one point.
It was his mother, a senior sales director with Manulife Financial, who introduced him to financial planning early last year.
He was keen because he had seen how a friend, who was badly injured in a motorcycle accident, suffered because she had very little insurance.
She had to spend a year in hospital, including two months in intensive care and another two months in the high-dependency ward. The cost came to about $650,000 and, naturally, she needed a lot of help to pay the bill.
In his first six months as a financial planner, Mr Tang would stay in the office reading up on finance, at times until 3am or 5am.
"In the first year, my car radio was off as every minute, I was constantly thinking of what to say to my clients."
His hard work paid off and he qualified for the Million Dollar Round Table, which recognises the top 6 per cent in the life insurance industry worldwide.
He first sold to his good friends, relatives and a businessman he plays table tennis with. His clients now come through referrals.
Mr Tang, who has two older siblings, is pursuing his mechanical engineering degree at Nanyang Technological University.
Q: Are you a spender or saver?
I am more of a saver. I set aside money for the future and know how much I can spend. This reduces a lot of stress and any unwillingness to enjoy my income after all the hard work.
About 20 to 30 per cent of my income goes to my insurance and saving plans.
I spend another 20 to 30 per cent on car maintenance, my mortgage and shopping, and I save the rest for special purchases, holidays and emergency use.
Q: How much do you charge to your credit cards every month?
About $2,000 to $3,000.
Q: What financial planning have you done for yourself?
I started planning for my future last year, when I purchased life insurance policies. I figured it is cheaper to buy them early.
I also invested in a property early this year, instead of leaving my money in the bank. Each month, the $3,800 rent more than covers the loan instalment of about $2,200. My dad gets the rent because he helps me manage the place, as well as collect the rent from my tenants.
Q: Moneywise, what were your growing-up years like?
I am fortunate to have been brought up in quite a well-to-do family.
My mother Christina Lee has been with Manulife Financial for more than 30 years while my father Johnson is a businessman.
My mother gave me sufficient pocket money so that I could cultivate the good habit of noting down my savings and spending. I got $1,000 a month when I was in junior college but I now pay for my school fees and expenses.
I have been trained since I was young to understand the value of money and money management. I would save my pocket money to buy bicycle parts, fishing rods and table tennis items.
As I grew older, I began to have other hobbies and realised my savings were no longer enough to feed my hobbies. That was when I started to work as a private tutor and a part-time salesman.
I always believe that I have to be financially responsible, to have a financial plan, save for a rainy day and spend within my means.
Q: How did you get interested in investing?
I started working at Manulife Financial early last year and earned my first lump sum of nearly $200,000 in commissions for that year.
As a financial planner, I know that leaving money in the bank will definitely not give me much returns so I consulted my dad, who has many years of experience investing in property, about investing in an apartment.
His advice was to look for an affordable property in town. So I bought an apartment at Pearls Centre in February for $760,000.
I decided to empty my bank account for it, so I paid a down payment of more than $180,000.
Once my account is empty, I feel like I have to work hard to fill it. Otherwise, if my account is full, I would slack off.
To be honest, I am not very good at making an investment. To me, making a right investment means capturing the right opportunities at the right time.
The reason I invested in property is so that I can see the potential price appreciation of the apartment.
Q: What property do you own?
An 800 sq ft apartment at Pearls Centre in Chinatown.
Q: What's the most extravagant things you have bought?
My 2005 Mitsubishi Evolution 9, which I bought in February for $60,000 cash. I thought of getting an Audi or a BMW as it would suit my job but I am still young and I am passionate about cars.
When I was 18, I used $5,000 of my savings to buy a 1980s Nissan Sunny. It leaked whenever it rained.
My mum then offered me $60,000 to buy a five-year-old Mazda RX8. But I then spent at least $80,000 on engine replacement, car servicing, and certain aftermarket modifications over four years.
Q: What's your retirement plan?
I plan to retire at the age of 65, though I aim to be financially independent by 40.
I will then be able to travel around the world, to explore and discover other cultures and parts of the world where few others have trod.
I dream of operating a franchise business selling bacon, pancakes and eggs for breakfast when I retire.
Q: Home is now...
A semi-detached house in Upper Thomson, where I live with my parents.
Q: I drive...
A yellow Mitsubishi Evolution 9.
joyceteo@sph.com.sg
----------------------------
WORST AND BEST BETS
Q: What’s your best investment to date?
It would have to be my one and only property, the Pearls Centre apartment, as it is generating good rental of $3,800 a month and has collective sale potential.
I bought it in February this year.
Q: What’s your worst investment to date?
None so far
I also find it incomprehensible that he says he is a "saver", yet spends $80,000 on car part and other mods (which ironically cost more than the car itself).
Granted he is a motivated individual who has managed to make $200,000 in commissions from his job, but I feel his penchant for cars means the money will be sucked into an Audi or BMW someday (he alludes to this).
And this line also sounds very weird - "The reason I invested in property is so that I can see the potential price appreciation of the apartment" - so is he investing for income, or capital gains? This seems to indicate he think prices can ONLY appreciate, which is the prevailing sentiment right now, I guess!
*For the full article, please visitthe website.
The Straits Times
www.straitstimes.com
Published on Aug 19, 2012
Undergrad makes it big as financial planner
Saver with early start in working life earns place at Million Dollar Round Table
By Joyce Teo
As a schoolkid, Roy Tang Tien Foo was a bit of a tearaway, a trouble- maker in class and not too good on the academic front. But efforts by his teachers and parents helped set him straight, instilling in him a strong work ethic.
Mr Tang, now 23, is a part-time financial planner. He comes from a well-to-do family but has not been afraid to work hard.
He was a tutor during his junior college days, worked as a part-time salesman and tried working as a property agent, but that failed as he did not get any calls even after spending a few thousand dollars on courses and printing brochures.
-------------------
The enterprise grew and he had up to 16 students at one point.
It was his mother, a senior sales director with Manulife Financial, who introduced him to financial planning early last year.
He was keen because he had seen how a friend, who was badly injured in a motorcycle accident, suffered because she had very little insurance.
She had to spend a year in hospital, including two months in intensive care and another two months in the high-dependency ward. The cost came to about $650,000 and, naturally, she needed a lot of help to pay the bill.
In his first six months as a financial planner, Mr Tang would stay in the office reading up on finance, at times until 3am or 5am.
"In the first year, my car radio was off as every minute, I was constantly thinking of what to say to my clients."
His hard work paid off and he qualified for the Million Dollar Round Table, which recognises the top 6 per cent in the life insurance industry worldwide.
He first sold to his good friends, relatives and a businessman he plays table tennis with. His clients now come through referrals.
Mr Tang, who has two older siblings, is pursuing his mechanical engineering degree at Nanyang Technological University.
Q: Are you a spender or saver?
I am more of a saver. I set aside money for the future and know how much I can spend. This reduces a lot of stress and any unwillingness to enjoy my income after all the hard work.
About 20 to 30 per cent of my income goes to my insurance and saving plans.
I spend another 20 to 30 per cent on car maintenance, my mortgage and shopping, and I save the rest for special purchases, holidays and emergency use.
Q: How much do you charge to your credit cards every month?
About $2,000 to $3,000.
Q: What financial planning have you done for yourself?
I started planning for my future last year, when I purchased life insurance policies. I figured it is cheaper to buy them early.
I also invested in a property early this year, instead of leaving my money in the bank. Each month, the $3,800 rent more than covers the loan instalment of about $2,200. My dad gets the rent because he helps me manage the place, as well as collect the rent from my tenants.
Q: Moneywise, what were your growing-up years like?
I am fortunate to have been brought up in quite a well-to-do family.
My mother Christina Lee has been with Manulife Financial for more than 30 years while my father Johnson is a businessman.
My mother gave me sufficient pocket money so that I could cultivate the good habit of noting down my savings and spending. I got $1,000 a month when I was in junior college but I now pay for my school fees and expenses.
I have been trained since I was young to understand the value of money and money management. I would save my pocket money to buy bicycle parts, fishing rods and table tennis items.
As I grew older, I began to have other hobbies and realised my savings were no longer enough to feed my hobbies. That was when I started to work as a private tutor and a part-time salesman.
I always believe that I have to be financially responsible, to have a financial plan, save for a rainy day and spend within my means.
Q: How did you get interested in investing?
I started working at Manulife Financial early last year and earned my first lump sum of nearly $200,000 in commissions for that year.
As a financial planner, I know that leaving money in the bank will definitely not give me much returns so I consulted my dad, who has many years of experience investing in property, about investing in an apartment.
His advice was to look for an affordable property in town. So I bought an apartment at Pearls Centre in February for $760,000.
I decided to empty my bank account for it, so I paid a down payment of more than $180,000.
Once my account is empty, I feel like I have to work hard to fill it. Otherwise, if my account is full, I would slack off.
To be honest, I am not very good at making an investment. To me, making a right investment means capturing the right opportunities at the right time.
The reason I invested in property is so that I can see the potential price appreciation of the apartment.
Q: What property do you own?
An 800 sq ft apartment at Pearls Centre in Chinatown.
Q: What's the most extravagant things you have bought?
My 2005 Mitsubishi Evolution 9, which I bought in February for $60,000 cash. I thought of getting an Audi or a BMW as it would suit my job but I am still young and I am passionate about cars.
When I was 18, I used $5,000 of my savings to buy a 1980s Nissan Sunny. It leaked whenever it rained.
My mum then offered me $60,000 to buy a five-year-old Mazda RX8. But I then spent at least $80,000 on engine replacement, car servicing, and certain aftermarket modifications over four years.
Q: What's your retirement plan?
I plan to retire at the age of 65, though I aim to be financially independent by 40.
I will then be able to travel around the world, to explore and discover other cultures and parts of the world where few others have trod.
I dream of operating a franchise business selling bacon, pancakes and eggs for breakfast when I retire.
Q: Home is now...
A semi-detached house in Upper Thomson, where I live with my parents.
Q: I drive...
A yellow Mitsubishi Evolution 9.
joyceteo@sph.com.sg
----------------------------
WORST AND BEST BETS
Q: What’s your best investment to date?
It would have to be my one and only property, the Pearls Centre apartment, as it is generating good rental of $3,800 a month and has collective sale potential.
I bought it in February this year.
Q: What’s your worst investment to date?
None so far
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/