insight
工程技术，地产投资，信仰家园，时尚生活
正文
Me & My Money Series (Sunday Times)
This 27-year old China girl reminds me of what d.o.g. had mentioned back in 2003 - if you are earning a good enough salary then you may not even need to invest in order to retire financially free. This girl made $500,000 in commissions in one year alone - very impressive, so I think she can definitely save a significant amount to grow her wealth. From the interview, she is very risk-averse and considers "cash as king". The only problem is that she is in a sales-related job, and thus needs to continually earn "active income". Assuming she drops from the Million-$ RoundTable, she may not see that high a level of income and may see the need to rely on some sources of passive income, which are currently absent.
Frankly, I am surprised that a Financial Planner can be so conservative. Doesn't she know that cash rots in the bank while inflation at 4% eats it away? Her plan is also to buy a "Mickey Mouse" unit for her 88-year old grandmother. She says she can afford it comfortably without a loan but isn't 500 sq ft really a tight fit even for one person?
I do applaud her intentions to help less fortunate children - not many have this kind of passion and zeal in life.
However, she does let slip in an indirect way that she buys a LOT of branded goods (also, ahem a BMW), but I guess that's because she can afford it! 
(On a side note - her worst investment is a massage chair?? How does a massage chair qualify as an investment since it cannot bring in cash flows?)
May 1, 2011
me & my money
Top financial adviser plays it safe
Sole breadwinner learnt importance of insurance the hard way and avoids risks
By Lorna Tan, Senior Correspondent
Prudential Assurance's top adviser Celene Chen learnt the importance of having proper insurance protection the hard way. She was 17 when her stepfather collapsed suddenly in the bathroom after a blood vessel burst in his brain. He underwent brain surgery and suffered a major stroke.
'The hospital bills came up to about $80,000. That my stepdad was bedridden was bad enough, but having to worry about the escalating medical bills over that one year added tremendous mental and emotional stress on my mum and I,' she recalled.
Ms Chen, 27, was born in Shanghai and came here when she was eight. Now a Singaporean, she joined Prudential as a financial consultant when she was in her final year at the Singapore Institute of Management (SIM) in 2006. She became the top rookie financial consultant at Prudential the next year and was one of its top 10 financial consultants from 2007 to 2009.
Last year, she became the insurer's top financial consultant, with commissions of about $500,000. She is also a member of the prestigious Million Dollar Round Table in the last four years.
Ms Chen considers herself a very conservative investor. As she is the sole breadwinner in her family, she prefers to have plenty of cash in multiple joint accounts with her mother so that the latter has easy access to the money should anything untoward happen to her. She is well protected with a life cover of $3 million and three investment- linked insurance policies. Also, she has three properties in China.
Ms Chen completed her bachelor's in business at SIM in 2007. She is single.
Q: Are you a spender or saver?
Other than shoes, I hardly splurge on myself. I'm thankful to be in a suitable career where I can save about half my income, with the balance going to family and work expenses. I work hard so that I can afford to buy luxurious gifts for my loved ones, including my parents, grandma, younger cousins and very close friends.
Q: How much do you charge to your credit cards every month?
I have only one credit card and my mum is the supplementary cardholder. The monthly charges vary but they are usually about $5,000 on average and always fully paid, because I see credit card interest as wasted money. I withdraw about $500 weekly from the ATM.
Q: What financial planning have you done for yourself?
I spend about $6,000 monthly on my mum's and my life insurance plans, including 10 term plans with critical illness cover inclusive of early stage illness, four whole life plans and three investment-linked plans and term plans which are mostly invested in Asian funds. I also have accident plans and medical plans. I'm extremely risk averse, so I don't venture into stocks.
My main priority is to make sure that I'll leave my mum with at least $3 million in cash payouts, with all assets fully paid for, should anything serious happen to me.
As I'm the sole breadwinner in my family, I must ensure that my stepdad and mum do not go hungry if I'm no longer around. I do not like risk as I realised while growing up that life is unpredictable. I park my money in fixed deposits and cash and my mum has access to multiple joint accounts.
Q: Money-wise, what were your growing-up years like?
I was born in Shanghai and I had my early education in Tokyo as my mum and her siblings had migrated there during their university days. I arrived in Singapore at the age of eight as my father insisted that I have exposure to both English and Chinese education.
My parents were born in Shanghai. My father was a businessman who made and sold lighting fixtures while my mum is a housewife. I am the only child and I was brought up to be very independent. For instance, the first time I flew alone I was seven. I washed and ironed my own uniform from Primary 2 onwards.
My parents and I lived in a three-bedroom unit at Spanish Village in Farrer Road till their divorce when I was 10. Thereafter, my mum and I rented a one-room Housing Board (HDB) flat in Holland Road. After she remarried two years later, we lived in a three-bedroom HDB flat, also in Holland Road. My stepdad was a renovation contractor who retired in 2002 after his stroke.
Q: How did you get interested in investing?
I'm a low-risk taker and I believe cash is king. I invest with what I can afford and in investments that don't have high volatility.
When it comes to properties, I don't consider myself an investor, because when I buy any property, it will be for the sake of my family members' needs, not for investment. Of course, I will consider factors like location and property characteristics to ensure potential monetary gains. But I've never been motivated by purely investment yields.
Q: What property do you own?
I co-own a 2,500 sq ft two-storey shophouse in Nan Jing West Road, Shanghai, with three other cousins. It was bequeathed to us in 2006 by my paternal grandfather. It is rented out and my share of the monthly rental is about $5,000. I'm not sure of its current value.
I bought a 1,600 sq ft 70-year leasehold condominium unit in Yan An West Road, Shanghai, in 2008, for about 2.2 million yuan (S$415,000). It's for my maternal grandma to stay in when she is in Shanghai, where she spends three months each year. She also spends time in Singapore, Tokyo and Shenzhen. The property has appreciated 11/2 times.
Last year, I bought an old 500 sq ft Shenzhen apartment from a relative at a discounted price of 1.5 million yuan for my grandma's use. I don't know its current worth.
My next investment is likely to be in Singapore, where I'm looking at a 500 sq ft one-bedroom apartment at Rangoon 88 in Rangoon Road as a gift for my grandma for her 88th birthday in 2013.
I chose it because of the auspicious name and address and I can finance it comfortably with my savings without the burden of a loan.
Q: What's the most extravagant thing you have bought?
It was a simple blow-dry service that I paid $60 for on Chinese New Year's Eve at a neighbourhood hair salon in Eunos. I consider it extravagant because it was not value for money.
I don't mind paying for quality goods such as brands like Ferragamo, Louis Vuitton, Fendi, Tods and so on, because I can wear them for many years. I do not buy more than two pairs of brand-name shoes each year; they range from $600 to more than $2,000 a pair.
Q: What's your retirement plan?
To be a housewife who can contribute to the success of the family and be more engaged in social work. I always have a passion to help the needy. Over the next two years, I'm aiming to get a certificate in counselling so I can help less fortunate children.
Q: Home is now...
A rented condo in Tanjong Rhu.
Q: I drive...
A dark grey BMW 3 series.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q: What has been your worst investment to date?
It was a massage chair that I bought three years ago for my mother on Mother's Day. It cost about $4,000. After one month, my mum concluded that human massage was still better so the chair became a white elephant in the living room for almost a year before she gave it away to her friend.
Q: And your best?
My faith in God, whom I believe is the ultimate provider of everything in our lives. My favourite scripture is: 'Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.'
I tithe 10 per cent of my income every month at Faith Community Baptist Church.
In financial terms, I consider my Shanghai apartment my best investment. This is a 1,600 sq ft condo which I bought for my maternal grandma's use in 2008 for about 2.2 million yuan (S$414,000). It has gone up about 1.5 times since then. The condo is registered under both our names.
Frankly, I am surprised that a Financial Planner can be so conservative. Doesn't she know that cash rots in the bank while inflation at 4% eats it away? Her plan is also to buy a "Mickey Mouse" unit for her 88-year old grandmother. She says she can afford it comfortably without a loan but isn't 500 sq ft really a tight fit even for one person?
I do applaud her intentions to help less fortunate children - not many have this kind of passion and zeal in life.
However, she does let slip in an indirect way that she buys a LOT of branded goods (also, ahem a BMW), but I guess that's because she can afford it! (On a side note - her worst investment is a massage chair?? How does a massage chair qualify as an investment since it cannot bring in cash flows?)
May 1, 2011
me & my money
Top financial adviser plays it safe
Sole breadwinner learnt importance of insurance the hard way and avoids risks
By Lorna Tan, Senior Correspondent
Prudential Assurance's top adviser Celene Chen learnt the importance of having proper insurance protection the hard way. She was 17 when her stepfather collapsed suddenly in the bathroom after a blood vessel burst in his brain. He underwent brain surgery and suffered a major stroke.
'The hospital bills came up to about $80,000. That my stepdad was bedridden was bad enough, but having to worry about the escalating medical bills over that one year added tremendous mental and emotional stress on my mum and I,' she recalled.
Ms Chen, 27, was born in Shanghai and came here when she was eight. Now a Singaporean, she joined Prudential as a financial consultant when she was in her final year at the Singapore Institute of Management (SIM) in 2006. She became the top rookie financial consultant at Prudential the next year and was one of its top 10 financial consultants from 2007 to 2009.
Last year, she became the insurer's top financial consultant, with commissions of about $500,000. She is also a member of the prestigious Million Dollar Round Table in the last four years.
Ms Chen considers herself a very conservative investor. As she is the sole breadwinner in her family, she prefers to have plenty of cash in multiple joint accounts with her mother so that the latter has easy access to the money should anything untoward happen to her. She is well protected with a life cover of $3 million and three investment- linked insurance policies. Also, she has three properties in China.
Ms Chen completed her bachelor's in business at SIM in 2007. She is single.
Q: Are you a spender or saver?
Other than shoes, I hardly splurge on myself. I'm thankful to be in a suitable career where I can save about half my income, with the balance going to family and work expenses. I work hard so that I can afford to buy luxurious gifts for my loved ones, including my parents, grandma, younger cousins and very close friends.
Q: How much do you charge to your credit cards every month?
I have only one credit card and my mum is the supplementary cardholder. The monthly charges vary but they are usually about $5,000 on average and always fully paid, because I see credit card interest as wasted money. I withdraw about $500 weekly from the ATM.
Q: What financial planning have you done for yourself?
I spend about $6,000 monthly on my mum's and my life insurance plans, including 10 term plans with critical illness cover inclusive of early stage illness, four whole life plans and three investment-linked plans and term plans which are mostly invested in Asian funds. I also have accident plans and medical plans. I'm extremely risk averse, so I don't venture into stocks.
My main priority is to make sure that I'll leave my mum with at least $3 million in cash payouts, with all assets fully paid for, should anything serious happen to me.
As I'm the sole breadwinner in my family, I must ensure that my stepdad and mum do not go hungry if I'm no longer around. I do not like risk as I realised while growing up that life is unpredictable. I park my money in fixed deposits and cash and my mum has access to multiple joint accounts.
Q: Money-wise, what were your growing-up years like?
I was born in Shanghai and I had my early education in Tokyo as my mum and her siblings had migrated there during their university days. I arrived in Singapore at the age of eight as my father insisted that I have exposure to both English and Chinese education.
My parents were born in Shanghai. My father was a businessman who made and sold lighting fixtures while my mum is a housewife. I am the only child and I was brought up to be very independent. For instance, the first time I flew alone I was seven. I washed and ironed my own uniform from Primary 2 onwards.
My parents and I lived in a three-bedroom unit at Spanish Village in Farrer Road till their divorce when I was 10. Thereafter, my mum and I rented a one-room Housing Board (HDB) flat in Holland Road. After she remarried two years later, we lived in a three-bedroom HDB flat, also in Holland Road. My stepdad was a renovation contractor who retired in 2002 after his stroke.
Q: How did you get interested in investing?
I'm a low-risk taker and I believe cash is king. I invest with what I can afford and in investments that don't have high volatility.
When it comes to properties, I don't consider myself an investor, because when I buy any property, it will be for the sake of my family members' needs, not for investment. Of course, I will consider factors like location and property characteristics to ensure potential monetary gains. But I've never been motivated by purely investment yields.
Q: What property do you own?
I co-own a 2,500 sq ft two-storey shophouse in Nan Jing West Road, Shanghai, with three other cousins. It was bequeathed to us in 2006 by my paternal grandfather. It is rented out and my share of the monthly rental is about $5,000. I'm not sure of its current value.
I bought a 1,600 sq ft 70-year leasehold condominium unit in Yan An West Road, Shanghai, in 2008, for about 2.2 million yuan (S$415,000). It's for my maternal grandma to stay in when she is in Shanghai, where she spends three months each year. She also spends time in Singapore, Tokyo and Shenzhen. The property has appreciated 11/2 times.
Last year, I bought an old 500 sq ft Shenzhen apartment from a relative at a discounted price of 1.5 million yuan for my grandma's use. I don't know its current worth.
My next investment is likely to be in Singapore, where I'm looking at a 500 sq ft one-bedroom apartment at Rangoon 88 in Rangoon Road as a gift for my grandma for her 88th birthday in 2013.
I chose it because of the auspicious name and address and I can finance it comfortably with my savings without the burden of a loan.
Q: What's the most extravagant thing you have bought?
It was a simple blow-dry service that I paid $60 for on Chinese New Year's Eve at a neighbourhood hair salon in Eunos. I consider it extravagant because it was not value for money.
I don't mind paying for quality goods such as brands like Ferragamo, Louis Vuitton, Fendi, Tods and so on, because I can wear them for many years. I do not buy more than two pairs of brand-name shoes each year; they range from $600 to more than $2,000 a pair.
Q: What's your retirement plan?
To be a housewife who can contribute to the success of the family and be more engaged in social work. I always have a passion to help the needy. Over the next two years, I'm aiming to get a certificate in counselling so I can help less fortunate children.
Q: Home is now...
A rented condo in Tanjong Rhu.
Q: I drive...
A dark grey BMW 3 series.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q: What has been your worst investment to date?
It was a massage chair that I bought three years ago for my mother on Mother's Day. It cost about $4,000. After one month, my mum concluded that human massage was still better so the chair became a white elephant in the living room for almost a year before she gave it away to her friend.
Q: And your best?
My faith in God, whom I believe is the ultimate provider of everything in our lives. My favourite scripture is: 'Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.'
I tithe 10 per cent of my income every month at Faith Community Baptist Church.
In financial terms, I consider my Shanghai apartment my best investment. This is a 1,600 sq ft condo which I bought for my maternal grandma's use in 2008 for about 2.2 million yuan (S$414,000). It has gone up about 1.5 times since then. The condo is registered under both our names.
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