Me & My Money Series (Sunday Times)

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Bloviate! Ha! Ha!
This is the first time i see this word. You are certainly right in using this word on Them (BShitters).
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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Rainbow 
(13-01-2013, 06:21 PM)felixleong Wrote: here is how you get people who thinks they have "80% accuracy"

Felix, I just wanted to add to your point....
.... memory lapse ...
.... it's easy to remember our own wins and totally forgot/can not recall our losses...

This definitely helps to achieve 80% targets... QED
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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..... Huh

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

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.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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SG loves to issue pink card to all these Elite born with a silver spoon, and these are the people causing high cost of living 'Inflation'.
Something like Singaporean go to JB for shopping, take a calculator and press...'cheap arh, cheap arh', buy until their things all becomes expensive.

The other day I visited a friend whose operates a canteen in NUS and he told me that nowadays SG admitted many FTs most are older than our local guys, especially "ah tiong" he guess the ratio could be as high as 40% FTs vs Local, anyway good for his business, especially during weekend.

Why do we need so many FTs in our university, anyway good for me, hehe...residential rental market in demand.

In conclusion, SG is for the rich...if you have no job and income stop and not a rich guy, good luck to you. You better look for cheaper environment elsewhere for your golden years.
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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. Interesting that he considers the yacht his most extravagant purchase when the Ferrari costs more...
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This guy is Kung-Fu Panda style - Inner Peace! His reply for the car he is driving is classic - it doesn't matter! (Very Zen-like). But then he doesn't give much insights into how he built wealth or invests, so even though I can identify with his focus on health and inner peace, we cannot learn very much about his style or personal finance habits. I guess he is deliberately brief as he has no agenda to push, unlike previous interviewees? Huh

The Straits Times
www.straitstimes.com
Published on Jan 27, 2013
me & my money
He prizes health over wealth

Taiji instructor quit his property agent job to pursue inner peace and lead a happier life

By Joyce Teo

Mr Daniel Tan, an enthusiast of the Chinese martial art of wushu, once led a life no different from many others - busy, stressful and chasing the next big deal.

But all that changed around a decade ago.

"I had high blood pressure, so my doctor advised me to exercise more," says the 50-year-old.

It was also his mother's death around that time that jolted him into action.

Having picked up wushu in his 20s, he decided to become a taijiquan instructor.

He also started spending more time to learn more about traditional Chinese medicine as he delved deeper into the world of Buddhism. And then he quit his real estate agent job.

"Without good health, there is no point having a lot of things in life," he tells you.

He has seen too many of his friends pay a high price for their success.

"They do very well as entrepreneurs but they end up with stroke, Parkinson's disease and other health problems.

"I am now doing something that I am passionate about and I am grateful for the simple joys in life."

Practising taiji, a form of Chinese martial arts, can help to boost immunity, regulate blood pressure and promote better sleep, says Mr Tan, who teaches a taiji group at East Coast Park.

His aim is to help others work towards holistic health and inner peace - "It's about mind, body and soul."

Up to 100 members or more gather to practise taiji and also do good deeds like raising funds for the elderly and needy.

"I am very happy to be an instructor because it's my passion. I can make a lot of good friends as there is no conflict of interest and we all help one another.

"No matter how big your house is, you won't be contented as we have insatiable desires," says Mr Tan.

The key is to work towards inner peace, a state where you have less trouble, better health, a better family life as well as good friends, he adds.

"I am now happier than before because I have fewer desires."

Mr Tan is also a wushu judge and has won numerous gold and silver medals in wushu competitions.

He is married to Madam Alice Ng, 50, a housewife who is a certified taiji instructor.

They have three children - Jia Ting, 16; Jia Gen, 17; and Jia Hui, 19.

Q: Are you a spender or saver?

I am a saver.

I spend wisely. I invest my money to prepare for my future retirement and spend on my children's education.

And I donate to charity several times a year.

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

About $500 a month.

Q: What financial planning have you done for yourself?

I don't trade shares and prefer the passive income that property gives.

I have a freehold condominium unit that I lease out. I bought it more than 20 years ago for $265,000. It's now worth about $1.5 million.

My sons always laugh at me for missing out on many business opportunities.

It's because I prefer to take good care of my health and my family.

Having said that, I remain open to good business opportunities if they come my way.

I am also waiting for the right opportunity to buy another investment property or perhaps invest in the stock market. I think property prices are too high now.

I bought insurance plans for my three children when they were babies. It's for their education, which is very important.

For me, the plans are a form of forced savings.

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

I am a Singaporean now but I was born in Malaysia.

I grew up in a very poor family, with 12 brothers and sisters.

My parents were farmers and I had to help them in the morning before going to school.

Life was hard because my father passed away when I was 10.

That's why, when I was young, I told myself I must work hard and earn money.

Q: How did you get interested in investing?

I started to invest in property when I became a property agent.

Q: What property do you own?

A condominium unit in the east that I have leased out.

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

I can't think of any at the moment as I am careful with my spending and am grateful for simple joys.

Some young people spend a lot of money on materialistic things that are not necessary. There is no point as they rack up debts and have no savings.

When I was a property agent and I saw that my supervisor had a Rolls-Royce, I too thought it was something to aspire to. But that was in the past.

Not everyone can do it, but if you can be contented with what you have and let go of your materialistic desires, you will be a much happier person.

It's all about changing your state of mind.

Q: What's your retirement plan?

I don't need a lot of money so I can just live off the passive income from my property. It's good to lead a simple life.

In Singapore, it is not easy to retire early because of high costs. But if you don't spend freely and live simply, you can still do it.

Q: Home is now....

An HDB flat in the east.

Q: I drive....

It doesn't matter what car I drive. It's not important.

joyceteo@sph.com.sg
--------------
Worst and best bets

Q: What is your worst investment to date?


I bought shares of a local retail firm a few years ago and lost more than $50,000 when the stock price fell.

Since then, I have never bought any shares.

Someone recommended that I buy the company's shares and I blindly bought them without doing any research.

My advice is for investors to do their own research and not blindly follow other people's recommendations.

Q: What is your best investment to date?

It has to be my condominium unit as I am able to lease it out for income. The value has also risen significantly.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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this is the best learning - Not everyone can do it, but if you can be contented with what you have and let go of your materialistic desires, you will be a much happier person.
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"But godliness with contentment is great gain." In the Bible (1st Timonthy 6:6)
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(20-01-2013, 02:06 PM)koh_52 Wrote: SG loves to issue pink card to all these Elite born with a silver spoon, and these are the people causing high cost of living 'Inflation'.
Something like Singaporean go to JB for shopping, take a calculator and press...'cheap arh, cheap arh', buy until their things all becomes expensive.

The other day I visited a friend whose operates a canteen in NUS and he told me that nowadays SG admitted many FTs most are older than our local guys, especially "ah tiong" he guess the ratio could be as high as 40% FTs vs Local, anyway good for his business, especially during weekend.

Why do we need so many FTs in our university, anyway good for me, hehe...residential rental market in demand.

In conclusion, SG is for the rich...if you have no job and income stop and not a rich guy, good luck to you. You better look for cheaper environment elsewhere for your golden years.

Lets put it this, we live in a time where the fear of inflation is really caused by gov - high COE, high property land tender and release of never ending FT. Why gov create this I dont know, they are already loosing votes.

The policy is failing in getting enough votes to run the same. The business community is now grip by fear of tightening after having bought so much land and building like crazy, labor has now become an issue that irk voters. That tightening may go overboard and I know of businessman that now fret about this issue, and if you discuss it further, they become very agitated. They are aggressive player in the policy that had helped and work to the best of their advantage. Now the tide is turning, but it will not hurt them. Just look around, contractor turned developer are new billion capitalization.

Ordinary ppl like me are the most hurt which ever policy flip. No labor my boss get angry over it, what is he to do to feed so many ppl in the Co. and ppl keep telling him the issue is labor? I think the worse to come is Gov do not have cooler head over this issue? The recent tighten on property purchase by foreigner with a 15% slap is going to hurt even more. Virtually, the secondary market sale standstill. Without foreign to lubricate the deals, local will also shrink back. With FT clamp down, we could also see foreigner that earn less than 8k, reduce the mid-tier rental, what is the guy that bought the 500sqft condo to do?

All this I m talking about has no data to know, only gov can give confidence, but I think the nos. of investment 2nd and 3rd home Condo had already been bought and the day will come when PAP no longer gov the majority and confidence start to be shaken, be it spore has land or not to support 6million population, will be hit by economic cycle. And sometimes as they often unsuspectingly become a feared reality. Housing is 1/3 market cap and closely tied to banking and infrastructure development!

I remember years back, long before the financial crisis happen in USA, the French and German bank kept saying to participant of banking forum of the US housing market bubble. They claim Europe was a clean house, the cards are in safe bets. Guess what - Europe looks more sick than USA. The monetary union price is now more of a burden to French bank.

So how safe is policy risk! depend now on Singapore voters readings. If they gave a wrong signal and the gov goes overboard by a series of measures, we are about to tip when market reacts -vely. That I m pretty sure, will hit me most, then the ppl with power and money - it goes without saying, the middle class is already the underclass with paycheck that is ever shrinking against inflation. The feel good factor now becomes a dreaded reality of having a Condo, but finding it tough to maintain!!

This week the edge Song Seng Wun the chief analyst (probably a HK FT) from no other than CIMB the rolling stones of investment articles commented that "20yrs ago 100$ would have bought him a good dinner in a top restuarant, today add another zero", meaning your money if had not grow at that rate, you;re good only at eating in HDB zhi char, may be also not enough. No wonder, the middle class people vote against PAP!
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- "Don't risk what you have for your family for things that your family doesn't have and doesn't need."
Is it Contentment or Kiasi or Kiasu or what?
Can anyone tell me? Then why do we invest then? Ah Inflation. They say making 10% P/A for your portfolio is nothing if one day your portfolio can't keep up with the inflation/devaluation of the day; After a WW or US and EURO really over printed their currencies until nobody wants anymore. Have you wonder why Spot GOLD is about 1.6K/oz today?
So asset allocation in some real hard assets is still very important at the end of the day. No?
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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