Somehow what he says about cars not making the man doesn't quite resonate when he zipping around in his Ferrari.....but he is a wealthy man born of a wealthy family plus he is the only child, so I can understand where he's coming from. (I guess I am sour grapes! Haha!).
No best investment though? That's surprising considering he is so entrepreneurial.....
The Straits Times
www.straitstimes.com
Published on Jan 20, 2013
me & my money
Money does not make the man
That's the philosophy of Sri Lankan entrepreneur-designer who has learnt not to get too emotional about wealth
By Joyce Teo
If you spot a red Ferrari 355 GTS zipping around town, there is a good chance that you will find Mr Lalin Michael Jinasena behind the wheel.
The Sri Lankan entrepreneur and designer, 35, has been based in Singapore for more than a year now.
He is working on his new business, a mobile app he created called Elephanti. It helps to connect people with their favourite stores and places in their city.
Mr Jinasena may hail from a wealthy family in Sri Lanka but he is quick to say that money does not define who you are.
"My father used to tell me that even if you arrive in a Ferrari, it should be the person that matters and not the car."
Mr Jinasena chose to relocate to Singapore with his wife when they wanted a "change of lifestyle".
"It's very cosmopolitan," he says. "It's also safe and orderly. People follow rules here and everyone's treated equally here.
"In terms of shopping and dining, everything's here... It's difficult to find another country in Asia that offers the same package."
Mr Jinasena owns Casa Colombo, an award-winning boutique hotel in Colombo where everything, from the furniture to the fabrics, was designed by him.
He also started Gonuts with Donuts, the first donut chain in Sri Lanka. He recently sold two other hotels in Sri Lanka that were passed down by his father but has kept a manufacturing business.
Mr Jinasena has a bachelor's degree in product design and manufacture and a master's degree in business management from Loughborough University in Britain.
His wife Michelle Sielman-Jinasena, 30, is a fashion designer. They have no children.
Q: Are you a spender or saver?
I am a bit of both. I save but I do spend on the things I like, albeit in moderation and in proportion to my income. I spend a fair amount on photography, which is my hobby and something that gives me a lot of pleasure.
My wife and I also like to buy unique things like speciality perfumes. I am crazy about shoes and so is my wife, so we both have a fairly sizeable collection.
Q: How much do you charge to your credit cards every month?
I usually use my debit cards. But when I do use my credit cards, I pay my bills in full every month. I am thus rarely in debt.
Q: What financial planning have you done for yourself?
I invest mostly in my own projects and companies. These include cafes, restaurants and hotels.
One of my first major investments was Casa Colombo, which is a refurbished mansion. It has been very successful and was awarded the Best Design Boutique Hotel in the World by the Boutique Hotel Awards of London, among others.
It took some time to pay back, but is now doing well.
When I first saw the mansion, it was in such bad shape. When I took my father to see it, he looked at me and said: "It looks like a mess." And he just walked away.
But I saw the potential. I had set out with this idea to create a hotel that combines old architecture with my modern design. It was a very risky idea as no one had done that before. But I knew instinctively that it would work.
You have to follow your gut.
I also invested in a donut cafe chain that I started six years ago. It is still the only donut cafe in Sri Lanka.
Since moving here, I have invested quite a lot in Elephanti, which I created with the understanding that we need a better way of getting the attention of customers, and to keep them coming back.
I have a pretty diverse portfolio, which also includes investments with other companies. For example, I invested with the Banyan Tree group (pre-IPO) in a hotel project in the Maldives.
I have learnt not to get too emotional about wealth and the companies you create. Everyone gets attached to the companies they create, especially when they spend a lot of time and effort developing it.
My father is quite emotional about the companies he built and never wanted to let go. He would worry about his staff. But today, the sense of loyalty is no longer there. People change jobs often and there are also more employment opportunities.
Eventually, one has to understand that these are just instruments with which to make money.
If something does not work out after a given length of time, it's prudent to divest and re-invest those funds elsewhere.
Q: Moneywise, what were your growing-up years like?
I was born into a fairly wealthy family in Sri Lanka. However, my parents made it a point to not give me that impression when I was very young, or to make me believe that things came easy. They did not shower me with gifts, even though I was an only child.
We had a chicken coop with about 30 to 40 chickens. I remember every time I asked them for something, my father would tell me that my mother, who was a housewife, had to sell some eggs before they could buy it for me. I believed them.
Although my father was the chairman of one of the largest family-owned conglomerates in Sri Lanka - Jinasena Group, he still made it a point to have dinner with us every day. He is now retired.
We used to spend a lot of time together as a family, which I think is rare these days. My parents ingrained in me that the money does not make the man.
I am glad, because today I see many people who believe that their newfound wealth defines them as people.
My parents - my mother was from a poor family while my father was from a middle-income family - were very conservative and didn't spend lavishly. It was I who pushed them to spend more to enjoy themselves.
Q: How did you get interested in investing?
I've always been interested. When I was in my teens, I used to sit at my father's desk and watch him work. I didn't have a say then but I liked getting involved and I used to give him all kinds of advice on how to run the company. I was also always designing things.
My mind is always buzzing with the next idea or plan that I can turn into a business and I have been fortunate to be able to turn a few ideas into very successful businesses.
I invest in my own ideas, and in creating something unique and different. I also invest in talent that I recruit to help me realise those ideas. I have a team of about 250 people working for me in various companies that I directly own and operate in Sri Lanka, here and the US.
Q: What properties do you own?
I do not yet own properties here. However, I own a fair amount of properties in Sri Lanka, including tea estates and factories. I am looking to buy here.
Q: What's the most extravagant thing you have bought?
It has to be my 35-foot (10m) Flybridge yacht in Singapore that cost roughly $200,000.
My father was the captain of the Sri Lankan yachting team and one of the best sailors in Sri Lanka.
And I have always been a water person and had a small power boat since I was about six at our holiday home on a lake in Sri Lanka. I have always been crazy about yachts and their design, and now I finally have one of my own.
Q: What's your retirement plan?
I do not have retirement plans. I am too young and have too many ideas and things I want to do now. However, the most ideal way to retire would be in Africa with my camera.
Q: Home is now...
Singapore, which Michelle and I love. We rent a high-floor condo in the Marina Bay area.
Q: I drive...
A silver Porsche Boxster in Sri Lanka and a red Ferrari 355 GTS in Singapore. It's an old Ferrari model but it is the car I grew up drooling over. It's like a collector's item and I got it for $250,000.
joyceteo@sph.com.sg
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WORSE AND BEST BETS
Q: What's your worst investment to date?
I opened a branch of my Gonuts with Donuts cafe chain in the Maldives about three years back. It was my first foray overseas and I designed the cafe to really stand out.
It started off doing quite well, and had queues going all the way around two blocks.
Unfortunately, after about a year, I found that my Maldivian partners were not trustworthy (you need a Maldivian partner to have a business there) and so, I decided to shut it down. I invested around US$200,000 (S$245,000) and lost most of it.
Q: And your best?
I am too young to talk about this. I invest in ideas I believe in and these things take time to bear fruit. You can ask me again in five years' time.