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Me & My Money Series (Sunday Times)
Yep, he's a spender all right. Even before his own company really makes it big (it was mentioned he's drawing a minimal wage, and also no mention of whether his Company was profitable), he's already bought a $1 million condo and a very expensive BMW. Well, I guess image is important if you're a businessman? 
I was also looking at this "best" investment - buying HDB in 2003 for $528,000 and selling it last year for $733,000. That's a gain of about $205,000 (38.8%) over 7 years. Without factoring in the cost of financing, that's a compounded gain of about 4+% per annum only, nothing much to shout about!
The Straits Times
Sep 18, 2011
me & my money
From poor kid to rich dad
Vincent Tan had to work when he was a child, and that made him want to be a boss
By Joyce Teo
Growing up poor, Mr Vincent Tan had to take on odd jobs from a young age to supplement the family income. His father died when he was 10 and his mother worked as a hawker to support him and his six siblings.
When he was in primary school, he was peddling food and newspapers around his neighbourhood and at the Bedok bus interchange. In secondary school, he worked as an electrician's assistant during the school holidays.
This taught Mr Tan, 42, the value of money and fuelled in him the desire to start his own company.
'Life hasn't been easy, so I want to provide a better life for my family. I don't want my kids to have the same experience,' he says.
So when a former classmate from Ngee Ann Polytechnic suggested some three years ago that they start their own electronic components distribution company, he jumped at the chance. After all, it was in a line that he knew well, having spent 15 years in it. He was then the marketing director at Advent Electronics.
Mr Tan and his friend each invested $50,000 in Acton Technology, which now has six staff here and three in Thailand. Mr Tan runs the company and also helps his partner with the sales and marketing work at the latter's Philippines-based electronic components distribution firm.
Last year, Acton's revenue rose to US$1.9 million (S$2.4 million) from US$780,000 in 2009. This is projected to rise to US$2.6 million this year. Mr Tan says he and his partner are, for now, content with minimal pay as the profits are being ploughed back into the business.
Mr Tan has a master's in strategic marketing, which he took up in 1998. He had to juggle work with studies and taking care of his first-born child. His wife Lynn, 39, is a librarian. They have a daughter, Celeste, 13, and a son, Dante, 10.
Q: Are you a spender or saver?
I would say I am more of a spender, though I think I try to strike a balance between saving and spending. If I like something, I will earn the money to buy it. I take my family overseas every year. The farthest we have been to is Australia. I don't spend beyond my means. I save about 40 per cent of my monthly income and use some for insurance payments.
Q: How much do you charge to your credit cards every month?
I have several credit cards but I usually use only two - one for my company expenses and one for my personal expenses. I charge an average of $3,000 to $4,000 to the credit cards every month as I use them to pay for my own and my family's insurance. I withdraw $200 from the ATM each week.
Q: What financial planning have you done for yourself?
I have about $60,000 invested in a few stocks such as CapitaMall Trust and Swiber Holdings. They are more for long-term investment.
I am also insured for close to $1 million and have bought medical insurance, endowment plans and life policies for my family.
Q: Money-wise, what were your growing-up years like?
I grew up in a relatively poor family. I lived with my parents, six siblings and two cousins - so there were 11 of us - in a two-room rented flat in Balam Road in the MacPherson area.
Q: How did you get interested in investing?
I learnt about investing in shares through my friends. I started in 1999 and invested in stocks such as Singapore Petroleum Company on the advice of a friend. I got out in a couple of months and lost $10,000 as the stock kept falling. My friend also lost a lot of money.
I went back into the stock market a few years ago. It's different now as I do my own homework. I read up a little about the company that I want to buy into.
Q: What property do you own?
A 999-year leasehold three-bedroom condo in Springdale in Upper Bukit Timah, which I bought last July for about $1 million.
Q: What's the most extravagant thing you have bought?
A brand-new BMW 320i for $130,000 in 2007 and a Jaeger-LeCoultre watch for about $8,000 five years ago.
Q: What's your retirement plan?
I hope to be financially independent by 50. If I grow the company, I can list it one day. I'll still want to work but the work will be more fulfilling.
Q: Home is now...
The unit at Springdale.
Q: I drive...
A grey BMW 320i.
joyceteo@sph.com.sg
-------------------------------------------------
WORST AND BEST BETS
What has been your worst investment to date?
Shares of Chartered Semiconductor, which I bought in 2004 at $3.94.
I thought they were very safe as I was buying into a Government-linked company.
But I lost almost $20,000 when the firm delisted in 2009. I had used my CPF funds to buy the shares but that was still a painful experience.
And your best?
My previous home. It was a 99-year leasehold condo in Yishun, which I bought in 2003 during the Sars period.
I paid $528,000 for it and sold it for $733,000 last April.
I was also looking at this "best" investment - buying HDB in 2003 for $528,000 and selling it last year for $733,000. That's a gain of about $205,000 (38.8%) over 7 years. Without factoring in the cost of financing, that's a compounded gain of about 4+% per annum only, nothing much to shout about!
The Straits Times
Sep 18, 2011
me & my money
From poor kid to rich dad
Vincent Tan had to work when he was a child, and that made him want to be a boss
By Joyce Teo
Growing up poor, Mr Vincent Tan had to take on odd jobs from a young age to supplement the family income. His father died when he was 10 and his mother worked as a hawker to support him and his six siblings.
When he was in primary school, he was peddling food and newspapers around his neighbourhood and at the Bedok bus interchange. In secondary school, he worked as an electrician's assistant during the school holidays.
This taught Mr Tan, 42, the value of money and fuelled in him the desire to start his own company.
'Life hasn't been easy, so I want to provide a better life for my family. I don't want my kids to have the same experience,' he says.
So when a former classmate from Ngee Ann Polytechnic suggested some three years ago that they start their own electronic components distribution company, he jumped at the chance. After all, it was in a line that he knew well, having spent 15 years in it. He was then the marketing director at Advent Electronics.
Mr Tan and his friend each invested $50,000 in Acton Technology, which now has six staff here and three in Thailand. Mr Tan runs the company and also helps his partner with the sales and marketing work at the latter's Philippines-based electronic components distribution firm.
Last year, Acton's revenue rose to US$1.9 million (S$2.4 million) from US$780,000 in 2009. This is projected to rise to US$2.6 million this year. Mr Tan says he and his partner are, for now, content with minimal pay as the profits are being ploughed back into the business.
Mr Tan has a master's in strategic marketing, which he took up in 1998. He had to juggle work with studies and taking care of his first-born child. His wife Lynn, 39, is a librarian. They have a daughter, Celeste, 13, and a son, Dante, 10.
Q: Are you a spender or saver?
I would say I am more of a spender, though I think I try to strike a balance between saving and spending. If I like something, I will earn the money to buy it. I take my family overseas every year. The farthest we have been to is Australia. I don't spend beyond my means. I save about 40 per cent of my monthly income and use some for insurance payments.
Q: How much do you charge to your credit cards every month?
I have several credit cards but I usually use only two - one for my company expenses and one for my personal expenses. I charge an average of $3,000 to $4,000 to the credit cards every month as I use them to pay for my own and my family's insurance. I withdraw $200 from the ATM each week.
Q: What financial planning have you done for yourself?
I have about $60,000 invested in a few stocks such as CapitaMall Trust and Swiber Holdings. They are more for long-term investment.
I am also insured for close to $1 million and have bought medical insurance, endowment plans and life policies for my family.
Q: Money-wise, what were your growing-up years like?
I grew up in a relatively poor family. I lived with my parents, six siblings and two cousins - so there were 11 of us - in a two-room rented flat in Balam Road in the MacPherson area.
Q: How did you get interested in investing?
I learnt about investing in shares through my friends. I started in 1999 and invested in stocks such as Singapore Petroleum Company on the advice of a friend. I got out in a couple of months and lost $10,000 as the stock kept falling. My friend also lost a lot of money.
I went back into the stock market a few years ago. It's different now as I do my own homework. I read up a little about the company that I want to buy into.
Q: What property do you own?
A 999-year leasehold three-bedroom condo in Springdale in Upper Bukit Timah, which I bought last July for about $1 million.
Q: What's the most extravagant thing you have bought?
A brand-new BMW 320i for $130,000 in 2007 and a Jaeger-LeCoultre watch for about $8,000 five years ago.
Q: What's your retirement plan?
I hope to be financially independent by 50. If I grow the company, I can list it one day. I'll still want to work but the work will be more fulfilling.
Q: Home is now...
The unit at Springdale.
Q: I drive...
A grey BMW 320i.
joyceteo@sph.com.sg
-------------------------------------------------
WORST AND BEST BETS
What has been your worst investment to date?
Shares of Chartered Semiconductor, which I bought in 2004 at $3.94.
I thought they were very safe as I was buying into a Government-linked company.
But I lost almost $20,000 when the firm delisted in 2009. I had used my CPF funds to buy the shares but that was still a painful experience.
And your best?
My previous home. It was a 99-year leasehold condo in Yishun, which I bought in 2003 during the Sars period.
I paid $528,000 for it and sold it for $733,000 last April.
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