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Full Version: Me & My Money Series (Sunday Times)
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I have noticed that the majority of forumers here r always very sceptical of those folks who get profiled in this Series - We try to analyse and break down the rosy picture that they have painted, by looking for contradictions and numbers with the limited information they provide. When it doesn't work, we conclude with 'hey, your family's rich' or 'lucky bastard'..

Why not focus exclusively on what we can learn from each personality that was profiled, rather than spending energy on debunkery?
For example, for Miss Tan in this 25th Sept article, we could learn on her thriftness (wkend car, saving 2/3 income), and more importantly, her plan to 'spend more time with her family when she is 30' (although i am not sure whether that's achieveable though)
(25-09-2011, 01:59 PM)weijian Wrote: [ -> ]I have noticed that the majority of forumers here r always very sceptical of those folks who get profiled in this Series - We try to analyse and break down the rosy picture that they have painted, by looking for contradictions and numbers with the limited information they provide. When it doesn't work, we conclude with 'hey, your family's rich' or 'lucky bastard'..

Why not focus exclusively on what we can learn from each personality that was profiled, rather than spending energy on debunkery?
For example, for Miss Tan in this 25th Sept article, we could learn on her thriftness (wkend car, saving 2/3 income), and more importantly, her plan to 'spend more time with her family when she is 30' (although i am not sure whether that's achieveable though)

Well, perhaps a clarification is in order (at least from me Haha). I would expect that people who can appear on a national newspaper in an exclusive column such as "Me & My Money" would have something profound to contribute on how they managed to build their wealth. The recent stories have been inspiring I must admit but there are also many aspects which had me surprised as they seem to be common mistakes which most average men on the street make. My assumption was that if one was qualified enough to make it to this column then one should have the savviness to learn from all these common mistakes and be able to educate the folk out there on best practices or mistakes to avoid.

To be fair some of the interviewees have managed to provide very good advice, and some aspects of their habits are also commendable.

But honestly, there have also been a good number who have been extravagant and ostentatious, and it would seem that parsimony and frugality is not an aspect of their lives and that is something which I always actively try to advocate whether on this forum or on my blog.

Just my 2-cents, hope I did not offend anyone!
hi musicwhiz,
Well, Me&myMoney comes once a week, and admittedly, it is my fav section in ST after Hooi Ling's 'Show me the money' series (in fact, i used to inspire to get profiled 1 day..haha)

Long time ago, it used to profile really inspiring personalities and i do agree with u that recently these have slowly been drying up... Just that sometimes i find the 'witch hunt' on this forum a little disturbing..hope i dont offend anyone too! Smile

Me & My Money encourages people to write in to talk about how they spend/earn... and a good portion of the 'interviews' are really just advertisements for fashion consultants etc. with no real/good advice (i.e apple will always go up) for the average man on the street.

Anyway think this recent Tan Yi Fong's interview is one of the better ones in the series, try getting your wife/gf to start a biz and you'll see how hard it is to convince people to move outside their general lifestyle and doing something different. The cost of a clothing retailer (especially online ones) is very low, depending on the quantity you buy a dress would cost you a few dollars. Selling it for $10 to $15 is will get you quite a high profit... considering the costs involved after establishing the network I don't see why 20% isn't achievable.
They need to get someone who excels in something that they do, someone whom can inspire us and someone to look up to.
The folks featured nowadays are typical day to day folks. Adds very little value to the readers. To the more well read folks lurking here(there are quite a few), it's probably a waste of column space, seriously.

It would be more meaningful if they had provided some details on how they go about conducting their business and what they are doing to build up their moat, what targets they have set themselves, etc etc.... Fashion is fickle, low cost set-up means low cost barriers, not easy to grow and remain profitable.




Just a curious question - this guy sounds like he's not very rich and he even lost money in his first business venture ($200,000); and till he hit 30 he wasn't even paying his Credit Card bills in full. Then how is it that he can "afford" a $900,000 2,002 sqft penthouse AND a Porsche? Tongue

His worst investment is also somewhat funny - a fixed deposit? I think everyone knows FD are not investments, but simply a place to park money. And his best investment does not generate cashflows, so how can it be considered an investment? Huh

The Straits Times
Oct 2, 2011
me & my money
From riches to rags - and the richer for it

Tech entrepreneur faced setbacks on path to success, and learnt vital lessons

By Joyce Teo

Mr Daniel Lim, 36, started his own Web design firm - called Magic Mushroom - without formal training in the area.

Today, the self-confessed 'Energizer bunny' is also the owner of Studio MDS, which has created interactive virtual tours for companies such as Singapore Flyer and ExtraSpace since the start of the year. Mr Lim had stumbled on the advanced virtual tours developed by an American and sought him out as a business partner.

But it has not always been smooth sailing for him. He lost about $200,000 in his first business venture, a boutique day spa. He had borrowed money and dived into it with a close friend, but the money was siphoned off the business, he says.

'I was down and out for half a year, but I knew I was not going to go back to the corporate world,' says the Nanyang Technological University graduate.

'I like the fact that I call the shots, that people don't breathe down my neck.'

Q: Are you a spender or saver?

On a bad day, I am a spender. I just had a bad month. I've been a bad boy, buying everything in this anime store.

I am a huge addict of Apple products and shoes. I buy branded goods, but these are transient stuff. Yes, they give you pleasure, but I can also live without them.

'I strive to save 15 per cent of my monthly income and invest 25 per cent of it.

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

I charge most of my personal and business expenses to my Amex platinum card, which average about $8,000 a month.

I pay off my credit card bills on time. Credit card interest is the worst kind. Our hard-earned money should be spent more wisely.

Q: What financial planning have you done for yourself?

I heard a lot of horror stories about financial planners before I met mine. I am not exactly a numbers person and I have a bad memory, so I leave my investments to him.

I'm currently invested in an actively managed portfolio in Asia and the United States. I have managed annual returns of 6 per cent so far.

I invest for the long term. I do dollar cost averaging and increase my investments when the market is weak. I just pumped in another $10,000 and will be putting aside an extra $1,000 each month for the next 12 months.

When tension escalated between North and South Korea last year, I put about $5,000 into the FTIF-Templeton Korea Fund-SGD. I made a profit of about $2,000 when I sold in April this year.

There is a big difference between investing and speculating. Like casino gambling or betting on horses, speculating in the market can be exciting or even rewarding if you get lucky. But it's the worst imaginable way to build your wealth.

That's because Wall Street, like Las Vegas or the racetrack, has calibrated the odds so that the house always prevails in the end, against everyone who tries to beat the house at its own speculative game.

I have $1 million worth of life insurance coverage.

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

I was born into a very wealthy family and then we became paupers when my father fled the country after his business failed. We have not seen or heard from my dad since I was 10.

We survived on whatever savings we had.

When I was doing my A levels, we ran out of money and couldn't afford to pay for my exam papers.

I got permission from school to take time off during the revision period to give tuition. I made enough to pay for the exam.

During my national service, my mum started working to make ends meet. Unfortunately, due to a heart condition, she fell ill and required a bypass.

Being stuck in camp and having no money for my mum's operation left me exasperated. Fortunately, my captain allowed me to take time off and he also gave me some money. I will never forget such genuine kindness.

Because we went from riches to rags, I understand that money and material things are but transient objects. That could be why I used to live and spend for the moment.

My maternal family taught me the value of kinship and that we can be poor but happy. So I do not have an emotional attachment to money. Money is a currency, a means to an end.

Thanks to this lack of emotional attachment, I am able to stay calm amid market crashes.

My belief regarding investments is this: Investment is about the tenacity to lose battles and the ability to win the war.

Q: How did you get interested in investing?

I'm a late bloomer. Being a Gemini, I live for the moment. I was hard-wired not to think beyond my next meal or my next pay cheque.

But when I turned 30, I started asking myself a lot of questions - many centred on my lack of personal achievements.

I freaked out when I looked at my bank account balance and decided to take charge of many aspects of my life.

Not knowing what to do or where to start, I headed to the bookstore and Robert Kiyosaki's Rich Dad Poor Dad was shouting: 'Buy me, buy me! I will change your life!'

It taught me really simple personal financial management concepts that were embarrassingly absent from my entire education and which are sadly still sorely missing in today's education system.

It was a shock to me that I had some of the worst financial habits ever, like not paying my credit card bill in full.

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

An 8-Core Mac Pro. I maxed out on the specs and it cost me over $10,000. I have absolutely no regrets as investing in the best tools can make a huge difference in one's work.

Q: What's your retirement plan?

I subscribe to the idea of having financial freedom to afford mini-retirements throughout life, instead of working towards one grand retirement. I may have the will to travel extensively during my golden years, but it may be physically taxing.

I enjoy what I do too much to want to retire. The concept of retiring completely is quite a nightmare to me.

I plan to attain financial independence when I am 40.

Q: Home is now....

A 2,002 sq ft penthouse in Upper Bukit Timah that I bought for $900,000 five years ago.

Q: I drive....

A black Porsche Boxster PDK

joyceteo@sph.com.sg

----------------------------------------------

WORST AND BEST BETS

What is your worst investment to date?


It was my first investment, a $20,000 fixed deposit with a local bank. It matured a few months ago. I made a pittance, it was not enough to cushion inflation.

I was doing regular banking one day and the teller suggested I speak to a manager who introduced me to the idea. I signed up on the spot. I thought they were very nice people and really wanted to help me.

What is your best investment to date?

My best investment to date is in humanitarian causes. I support a Vietnamese boy, who has just turned 12, and a few less privileged students in Thailand.
(02-10-2011, 09:19 AM)Musicwhiz Wrote: [ -> ]Just a curious question - this guy sounds like he's not very rich and he even lost money in his first business venture ($200,000); and till he hit 30 he wasn't even paying his Credit Card bills in full. Then how is it that he can "afford" a $900,000 2,002 sqft penthouse AND a Porsche? Tongue

His worst investment is also somewhat funny - a fixed deposit? I think everyone knows FD are not investments, but simply a place to park money. And his best investment does not generate cashflows, so how can it be considered an investment? Huh

900000/2002 = 450.
$450psf for a penthouse in Bukit Timah??
I mean... look at the price below..


Busy weekend for Ho Bee, GuocoLand. Ho Bee will preview Vertis, Guoco will launch The Quartz. HO Bee is this weekend previewing its Vertis apartments at Amber Gardens for sale at an average price of about $700 per square foot. The 18-storey development, of 42 units, is being built next to the Chinese Swimming Club. Ho Bee is developing the project on a 20,280 sq ft freehold site it bought in September for $18 million through a tender exercise from the swimming club. Its land price worked out to $317 per sq ft of potential gross floor area. The Quartz, a 99-year-leasehold project next to Buangkok MRT Station. GuocoLand has sold 80 units since it previewed the project about a fortnight ago. To date it has released 150 of the total 625 units in the development. The average price is $490 psf, with prices of three-bedroom units starting at $500,000.

Quartz at Buangkok, a suburban location, leasehold was selling at $490psf.

Koh Brothers buys Bukit Timah site for $30m. The purchase Alocassia Apartment on Bukit Timah Road consists of 45 residential units with a strata floor area of 35,166 sq ft and seven commercial units with a strata floor area of 9,397 sq ft. The average per square feet of net sellable area is $673.


How to buy a penthouse at 900k in 2006? Is koh san around?
He was featured in State Times previously, about his Porsche car purchase. His father was previously a porsche car dealer or something along that.
hi music whiz,
thanks for always faithfully putting these articles in the forum (in a timely manner as well!). It is truly appreciated.
(It saves me 90cents, knowing that the only articles i wanna read in Sunday times can be found for free on valuebuddies, before the end of the day) Wink

Last week, i made an comment that valuebuddies folks r always very sceptical of such profiled personalities...In this week's article, i have to admit that this guy here is just meant for self glorification and everyone's right to debunk and be sceptical of what was presented..
Yeo san, yes sir I am here!.

Nowadays ppty sale /resale more on the buyer market with low transaction volume. However, rental market still commanding good yield aro 4% for LH ppty and mortgage rate at 1%.(ultra low) those Leverage Investor now happy happy every night sleep soundly, hehe

"$450psf for a penthouse in Upper Bukit Timah??" Very vague detail leh….

Okay, truth fact from me, 6.5 yrs old I bot a Terrace house in geylang area with 702 sq ft (land area) and 1200 sq ft (built-up area) for only $60k…full-stop.

No way bro, unless it a leasehold ppty balance less than 20 yrs, but I cant find such a ppty in upper bukit timah area , of which I also own one FH in this locality bought in 1997 at $580 PSF.

5 yrs ago my sis Fernhill Drive ppty (Dist 10 near Dalvey road) en-bloc and in the year 2006 she got a good bargain a FH ppty at Upper Bukit Timah area, the project name called Maplewood, 3 bedders, 1325 sq ft @$800k aro $603 PSF.

Btw, late 2007 ppty peak thereafter late 2008 ppty burst and Mar’2009 hit the lowest point and rebound all the way till now.

You are correct Yeo san, it no way for him the get a FH or even 99 yrs LH ppty at $450 PSF in 2006, and somemore it a penthouse I lagi dun believe him…at least if he revealed the project name then I can verified it straightaway.