Me & My Money Series (Sunday Times)

[thleong]

SK II

[safetyfirst]

i am going to say something "controversial". Go ahead and shoot.

This HK. born lady seems to be very different from SG. born lady.
A very different mindset.- Self-employed, risks taker and willing to learn from mistakes. Never say die, you have to live another day. Very brave leh!

i always admire people who dare to go into their own business.
Pst... i can only be a "passive business-man utd. Paiseh.

yeah i also like the idea of a passive businessman. Firstly i am not capable enough to manage a business, secondly, why try so hard, let the experts manage it for me while i collect the dividends, heehee

[Temperament]

i am going to say something "controversial". Go ahead and shoot.

This HK. born lady seems to be very different from SG. born lady.
A very different mindset.- Self-employed, risks taker and willing to learn from mistakes. Never say die, you have to live another day. Very brave leh!

i always admire people who dare to go into their own business.
Pst... i can only be a "passive business-man utd. Paiseh.

yeah i also like the idea of a passive businessman. Firstly i am not capable enough to manage a business, secondly, why try so hard, let the experts manage it for me while i collect the dividends, heehee

On 2nd thought, you are right.

[Contrarian]

> If the FT is a job-creator, or is filling a skills gap that no Singaporean has, I'm not so averse. So long
> as he's not filling jobs that Singaporeans can fill.

Some HR I meet in XX Singapore - 2 FTs.
An HR director in OXXXXX - An FT.
Real estate Asiapac HR VP - FT
My company global account + sales head - GM + Deputy Head (N. America)
My company sales - A few sales expat term, housing and kids schooling in UWC and XXX International school all paid for. Same chasing deals as locals.
My own boss & 1 colleague - 2 FTs

When the previous pre-sales guy left, boss hired a European headhunting firm. His / her friend of course. Could not find. So he asked me... showed me the CVs - 4 out of 6 FTs...

Bros, this is today's current state...

[2V.]

This is common in banking industry!

I heard from my friend that the French bank retrenched the bankers in Paris during Euro crisis, but later fill up the banking jobs in Singapore ..

The French really take care their own kind.

> If the FT is a job-creator, or is filling a skills gap that no Singaporean has, I'm not so averse. So long
> as he's not filling jobs that Singaporeans can fill.

Some HR I meet in XX Singapore - 2 FTs.
An HR director in OXXXXX - An FT.
Real estate Asiapac HR VP - FT
My company global account + sales head - GM + Deputy Head (N. America)
My company sales - A few sales expat term, housing and kids schooling in UWC and XXX International school all paid for. Same chasing deals as locals.
My own boss & 1 colleague - 2 FTs

When the previous pre-sales guy left, boss hired a European headhunting firm. His / her friend of course. Could not find. So he asked me... showed me the CVs - 4 out of 6 FTs...

Bros, this is today's current state...

[kayaroti]

MW, Thanks !

[Musicwhiz]

Born with a golden spoon, this guy marries another billionaire! Wow! I think it makes it easier for you when you fail at a young age - he had $20,000 to invest when he was a teenager, how many of us can say the same? I can't afford to lose that amount right now, much less in my teenage years!

I do note he is trying to play down his immense wealth, and I give him credit for that. But ST, please do showcase someone who 1) does NOT have a hidden agenda and 2) is more on the middle-class level who aspires to become financially free!

The Straits Times
www.straitstimes.com
Published on Feb 10, 2013
ME & MY MONEY
Invest in what you are familiar with
Hotelier Allen Law invests mostly in his hotel business, seeing potential for growth

By Joyce Teo

Mr Allen Law was too busy running and growing his family's hotel business to devote much time to thinking about how to invest his money.

But when he got married in 2010, his wife Tan Shin Hui was happy to take on the role, and now manages the couple's investments.

This came as a relief as the chief executive of Park Hotel Group says he would rather invest his money than let it sit in the bank: "I believe in the efficient use of funds."

Now 33, Mr Law first arrived here from his native Hong Kong in 2005, the year the group acquired its first hotel here, the current Grand Park Orchard, then named Crown Hotel.

He had just a small suitcase with him. The plan was to stay a month.

But the group added two more hotels here and that was when he knew Hong Kong was not going to be his home for a long while.

And then, of course, he met his wife here.

Today, the privately-held group has eight hotels, here, in China, Japan and Hong Kong. Two more will soon open here.

"Time management, that's the toughest part for me now," says Mr Law. The couple have a son, Ian, 16 months old.

Mr Law's father Law Kar Po is ranked No. 18 on the latest Forbes list of Hong Kong's 50 Richest with wealth of US$2.6 billion (S$3.28 billion), up from the 36th spot a year ago.

His wife, billionaire banker Wee Cho Yaw's granddaughter, 29, is head of marketing communications at Park Hotel Group.

Q: Are you a spender or saver?

Money is merely a means to an end. I believe in saving for a rainy day and would rather invest my money.

I spend when required, such as on my family, holidays and on special occasions. I spend the most on my wife and son as I don't really shop for myself.

While I don't count my pennies whenever I spend, I do have a keen sense of value, and do spend rationally.

My wife and I try to take two to three holidays a year around the world and the travel expenses can be quite significant.

We like to travel comfortably and try new hotels and acclaimed restaurants. On our most recent trip to Europe last year, we spent around $30,000. The plane tickets were probably the biggest expense as we fly business class on long-haul flights. For short trips, I like to fly economy class as the seat fits me nicely.

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

Not much actually. My wife has a supplementary card and most of the expenses are undertaken by her. This way, only one of us needs to check the bill.

Q: What financial planning have you done for yourself?

I invest mostly in my hotel business as there is a lot of potential for growth.

On the personal front, I invest in a diversified portfolio that includes stocks, bonds, insurance, property, and so on.

My wife handles it as I really don't have the time to monitor it, but we do discuss bigger investments such as those pertaining to property. Ultimately, we want the amount to be sustainable.

Before I got married, all I had were some blue chips, which I did not touch at all.

My wife and I invested in a condo unit recently and we are actively looking for more properties to invest in.

We don't look at only UOL projects. For now, we like mid-market properties in districts 9, 10 and 11 that are priced around $1,500 per sq ft as we think this segment has potential to grow.

These properties will also be easier to lease out or sell rather than a luxury one which may not be so easy to let go of now.

It's good to invest only in things that one is familiar with. In the wake of the financial crisis, it is important to invest in companies that have sustainable business models and good corporate governance.

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

I am the middle child and I have two sisters, one of whom handles the group's retail business.

My dad is an investor and property developer while my mum is a housewife. My parents believe in being disciplined when it comes to spending as well as the importance of the value of money.

They don't believe in having a lavish lifestyle. My father, who grew up poor, has been driving the same Porsche for more than 20 years now. He doesn't see a need to change it and would rather do charity.

During my school years, we were always given just enough and never too much that would have caused us to be frivolous with spending.

I would get an allowance every quarter when I was studying in the UK. It was not a lot but I remember I always had spare cash left and could support my sister's shopping habit. She would ask to borrow my money but she never returned it. So I said I will just fund her shopping.

Q: How did you get interested in investing?

Coming from a business family, it is quite a common topic of discussion among the elders. Hence, from a young age, I was exposed to the notion of investing.

I believe my first investment was in a penny stock listed on the Hong Kong Stock Exchange. I was still a teenager then and I chose the stock after reading up on financial news in the newspapers and investment journals.

My goal was to make one million dollars before I graduated from university. But I didn't make it. In fact, I lost most of my money.

Q: What property do you own?

A 3,300 sq ft condominium unit in Bukit Timah that we reside in and another one that we invested in at the end of last year.

We bought our current place in 2009 when prices were quite depressed. We paid just below $1,300 per sq ft then. Prices have since increased by about 50 per cent.

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

I would say it's the diamond engagement ring that I got for my wife. It's the most I ever spent on an item.

Q: What's your retirement plan?

I am too young to think about retirement and there is still a lot that I want to do. But I imagine an attractive retirement would be when I can have the time (and still be healthy enough) to travel and to spend quality time with my kids and grandkids.

Q: Home is now...

Singapore, where I am a permanent resident.

Q: I drive...

A black Mercedes E-class, which was purchased in 2007. It doubled as a limousine for guests then. Cars to me are a means of getting from A to B.

joyceteo@sph.com.sg
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WORST AND BEST BETS

Q: What's your worst investment to date?

A penny stock that I invested in when I was in my teens.

It was definitely a high-risk investment, but I chose it as I was looking for high returns. I put in about $20,000 and I ended up losing almost all of it.

Q: And your best?

Some bonds that we bought last year, as we were able to make a decent sum in a short period.

But if I were to sell the apartment that my family is currently living in, it will be my best investment. Already, its price has appreciated by 50 per cent since we bought it in 2009.

[LionFlyer]

Born with a golden spoon, this guy marries another billionaire! Wow! I think it makes it easier for you when you fail at a young age - he had $20,000 to invest when he was a teenager, how many of us can say the same? I can't afford to lose that amount right now, much less in my teenage years!

I do note he is trying to play down his immense wealth, and I give him credit for that. But ST, please do showcase someone who 1) does NOT have a hidden agenda and 2) is more on the middle-class level who aspires to become financially free!

There is another article on the chairman of Goodrich in ST. I thought that is more inspiring, considering last night, I was watching the autobiography of Tony Fernandes and wondering to myself whether we have someone like him.

[Musicwhiz]

To get caught out by Ferrochina, I doubt he was practising conservative investing!

The Straits Times
www.straitstimes.com
Published on Feb 17, 2013
Doc's finger on the pulse of investing
To achieve financial well-being, he bones up on share trading and emerges a winner

By Joyce Teo

He is a medical doctor but reckons he also knows a healthy stock when he sees one.

Dr Lim Cheow Yang, 42, embraces the idea of learning about financial well-being, since he already knows plenty about bodily health.

"Apart from health, the other important things in our lives are relationships and money.

"Relationship is something you can't study. As for health, there's nothing much for me to study as I am a doctor. So I focus on learning how to invest my money." And that, to him, is a piece of cake.

"I am very strong in mathematics so I find it easy to analyse financial statements and other data."

Dr Lim even reads A-level economics textbooks in his free time to acquaint himself with the investing world.

His interest in stock investing led him to join the recent StockWhiz share investing contest organised by Singapore Exchange, where he emerged the overall winner.

Q: Are you a spender or a saver?

I spend freely on things that I need but I am not fascinated by branded or luxurious goods.

I am easily contented with the simple things in life. I believe money will bring happiness up to only a certain level, beyond which the rule of diminishing returns sets in.

I save about 60 per cent to 80 per cent of my monthly income. I do not make an effort to save and whatever I do not spend becomes my savings.

A few years ago, while in Bangkok, I did an experiment on myself. I stayed in three different classes of hotels (three-star to five-star) on three consecutive nights and found that my happiness level remained the same throughout the three nights.

I realised it was the companionship that determined my happiness. To me, nearly everything boils down to people and relationships.

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

About $1,000 to $3,000. I do not like cash as I have a tendency to lose my wallet and hence my cash.

Q: What financial planning have you done?

My priority is to reduce my taxes through my Central Provident Fund (CPF) and the Supplementary Retirement Scheme (SRS). (The SRS is a savings programme that offers tax benefits. Every dollar that you save in your SRS account reduces your chargeable income by a dollar.)

Last year, I contributed $30,600 to my CPF. This is the maximum sum allowed for tax deduction for self-employed persons. Similarly, I contributed the maximum yearly sum of $12,750 to my SRS account.

I used my CPF Ordinary Account funds to buy blue-chip shares and transferred as much as I am allowed to, to the CPF Special Account as it offers a higher interest. I learnt this from a university friend who is now a cardiologist.

I also bought some blue chips with my SRS funds. They generate good dividends annually.

If I am ever severely short of cash, I can always sell my shares in my SRS account and withdraw the cash prematurely. I just have to pay a penalty of 5 per cent on the amount withdrawn. The amount will then become taxable income.

The SRS is good as it forces me to save for a rainy day and, at the same time, allows me to enjoy good tax savings.

I do not have any insurance plans because I feel it will be too much of a hassle to claim from insurance companies if I need to.

I have enough savings set aside for a rainy day.

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

I was born into a very poor family. My father was a blue-collar worker while my mother was a housewife.

We lived with my paternal grandparents, uncles, aunties and cousins in an attap house in a kampung near Defu Industrial Park.

My family has taught me to be thrifty since I was young.

In the mid-1970s, some of my father's friends roped him in as a partner in an industrial gas supplies business.

The business ran into some difficulties. All the partners left, except for my father who persevered and became the sole proprietor. Luck was with him as his business then blossomed.

Q: How did you get interested in investing?

That was when I realised that my savings were getting very little returns from the banks.

My first investment was in SingTel shares, which I bought on the open market at $1.90 a share in 2000. I sold them at $3.40 a share in 2007. I did read some self-help books on investment to teach myself the intricacies of share investing and trading.

Q: What property do you own?

I do not own any property. I am living a busy life as a doctor so I don't have the time to find and engage tenants.

But I do own property stocks. They're something I can just buy and sell. It's quite effortless.

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

A new Mitsubishi car that I bought when I was a second-year medical student at the University of Sydney in 1993.

That was just after I worked extremely hard to win a scholarship that paid for my school fees from the second to the sixth year, helping my father save nearly A$150,000.

I have no regrets as I was able to travel to many exotic destinations as well as places with good food where I bonded with many good friends.

Q: What's your retirement plan?

The money that I contribute to my CPF and SRS serves as my retirement savings, apart from helping me save on taxes.

I believe in working hard when I am young and being more leisurely about it when I am middle-aged. Now, I work at a leisurely pace, earning just enough money to lead a happy and simple life, as well as save for my retirement.

In the future, I would like to work in mainland China as a doctor as well as do voluntary work there in my free time.

My interest in Chinese history and culture as well as my strong command of the Chinese language will serve me well.

I have visited China more than 20 times in the past decade and have always felt emotionally attached to my ancestral homeland.

Based on my estimate, I will need about $3,000 (in today's value) a month to retire.

Q: Home is now…

My parents' semi-detached house in Springleaf estate.

Q: I drive…

A blue Toyota Altis.

joyceteo@sph.com.sg

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WORST AND BEST BETS

Q: What's your best investment to date?

My best investment was my purchase of 50,000 shares in property giant CapitaLand, at $2.21 a share, at the end of 2011.

I sold them off at $3.65 a share in December last year and made a profit of about $72,000.

Q: And your worst?

My worst investment was my FerroChina shares.

I suffered a loss of $40,000 after the debt-laden China company was delisted following its inability to restructure its debt.

In stock investing, you cannot always win. My advice for investors who are just starting out is to invest only money that you can afford to lose without losing sleep over it.

[VIChris]

[quote='Musicwhiz' pid='42996' dateline='1361075713']
WORST AND BEST BETS

Q: What's your best investment to date?

My best investment was my purchase of 50,000 shares in property giant CapitaLand, at $2.21 a share, at the end of 2011.

I sold them off at $3.65 a share in December last year and made a profit of about $72,000.

Q: And your worst?


Looks like he missed out on the market rally selling CapitalLand at an undervalue price.
Investor? Looks like a trader to me.

Cheers