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Me & My Money Series (Sunday Times)
Interesting, another case where the interviewee bought a very expensive BMW, but this time for this wife, haha!
The Straits Times
http://www.straitstimes.com
Published on Jul 29, 2012
Me and my money
Wealth without health is skin-deep
Skin care businessman emphasises well-being to enjoy family time
By Joyce Teo
A sideline investment to allow a career change for his wife turned out to be even more transformative for businessman Tan Juinn Wen.
Mr Tan, 53, became a Nu Skin distributor when the skin care and nutritional products firm opened an office here 12 years ago. His aim was to create a business for his stockbroker wife so that she could quit her job and fulfil her wish to be a full-time mother to their two girls, who were 10 and six then.
Mr Tan, who graduated with a bachelor of science in mathematical economics and econometrics from the London School of Economics, was introduced to the brand in 1996 when he was a stockbroker.
'My client was with Nu Skin. I didn't know (it) then but he was my biggest client so I just bought a whole box of products from him for $2,000,' he says.
'But I thought there must be a reason why he, a Harvard graduate, is in it.'
Mr Tan, believing the firm was a global franchise business, quit his job, one he had held for 15 years.
It was quite a big step for someone who grew up poor and knew all too well the importance of money.
Also, he says: 'Having money is obviously important, but having the time and health to enjoy money with your family is even more important.'
Mr Tan admits that there is a lot of confusion and suspicion around the concept of multi-level marketing, which is used by Nu Skin to sell its products.
'Like all business models, it can be abused and used to exploit man's greed. But done ethically, it is an equitable model for hard work - it lowers costs by reducing the layers of distribution to deliver higher quality products at lower price points.'
Not all products lend themselves to direct multi- level marketing, Mr Tan adds. 'Consumers need to exercise discernment and do some research.'
His wife Angelyn Sng, 52, helps him with the business. They have two children - Athena, 21, who is studying at Cambridge, and Alethea, 17.
Q: Are you a spender or saver?
We eat what we hunt, but we share it with our loved ones, putting some aside for the proverbial rainy day.
While we love the good things in life, we only spend what we can afford, based on what we earn.
We invest our money and we spend on food, entertainment and travelling when we spend time with our girls. We have a family tradition of watching movies on Fridays.
The concept of savings in our parents' era of low inflation and high job security was to leave it in the banks. Savings now has to include investing in various asset classes such as property, stocks and businesses that can generate income and yet have a risk profile that is appropriate for our needs and appetite.
---------
Q: What properties do you own?
Apart from the house we are living in, my wife and I own a few freehold properties that we are leasing out.
One of them is a 2,400 sq ft condo in central Singapore, which we bought at the 1996 peak. We were renting it then and the landlord said he had an offer for it so we just bought it.
It was right before the Government's cooling measures came and depressed prices for the next 10 years. Our condo's value fell by half but the prices has more than doubled since 2006. The key in investing is the capacity and nerve to hold the investment for the long term based on fundamentals.
Q: What's the most extravagant thing you have bought?
A BMW Z3 sports car for my wife on her 40th birthday. The smile on her face was priceless. It was an expensive expression of love, one that cost me $240,000.
Q: What's your retirement plan?
I plan to continue with my Nu Skin business and to stay active and healthy so I can enjoy travelling.
Q: Home is now....
A house in central Singapore.
Q: I drive....
A Lexus SUV.
joyceteo@sph.com.sg
--------------
WORST AND BEST BETS
Q: What's your best investment to date?
My best purchase has to be my house. It has a built-up area of 6,500 sq ft, sits on 10,000 sq ft of land and has a pool.
My wife and I had just returned to Singapore from my five-year work stint in London, with a baby. While I was away for work in Hong Kong, my wife put down the
1 per cent deposit for the $3 million property.
That was 15 years ago. We had the house built from scratch. If I were to sell it today, its value would have gone up at least five times.
Q: What is your worst investment to date?
I bought shares in Pan Electric Industries when I was an inexperienced investor in my early 20s, raw and in a hurry to make big money fast. I followed the herd on a rumour.
The company collapsed in 1985 and the stock became worthless overnight. I can't remember the amount I lost but it must have been between $50,000 and $100,000.
It was almost everything I had then. That experience set me off to learn to invest wisely and conservatively.
My advice for investors is to be discerning. Do not over-leverage on financial instruments. Spend within your means, do not put all your eggs in one basket and do your own homework.
The Straits Times
http://www.straitstimes.com
Published on Jul 29, 2012
Me and my money
Wealth without health is skin-deep
Skin care businessman emphasises well-being to enjoy family time
By Joyce Teo
A sideline investment to allow a career change for his wife turned out to be even more transformative for businessman Tan Juinn Wen.
Mr Tan, 53, became a Nu Skin distributor when the skin care and nutritional products firm opened an office here 12 years ago. His aim was to create a business for his stockbroker wife so that she could quit her job and fulfil her wish to be a full-time mother to their two girls, who were 10 and six then.
Mr Tan, who graduated with a bachelor of science in mathematical economics and econometrics from the London School of Economics, was introduced to the brand in 1996 when he was a stockbroker.
'My client was with Nu Skin. I didn't know (it) then but he was my biggest client so I just bought a whole box of products from him for $2,000,' he says.
'But I thought there must be a reason why he, a Harvard graduate, is in it.'
Mr Tan, believing the firm was a global franchise business, quit his job, one he had held for 15 years.
It was quite a big step for someone who grew up poor and knew all too well the importance of money.
Also, he says: 'Having money is obviously important, but having the time and health to enjoy money with your family is even more important.'
Mr Tan admits that there is a lot of confusion and suspicion around the concept of multi-level marketing, which is used by Nu Skin to sell its products.
'Like all business models, it can be abused and used to exploit man's greed. But done ethically, it is an equitable model for hard work - it lowers costs by reducing the layers of distribution to deliver higher quality products at lower price points.'
Not all products lend themselves to direct multi- level marketing, Mr Tan adds. 'Consumers need to exercise discernment and do some research.'
His wife Angelyn Sng, 52, helps him with the business. They have two children - Athena, 21, who is studying at Cambridge, and Alethea, 17.
Q: Are you a spender or saver?
We eat what we hunt, but we share it with our loved ones, putting some aside for the proverbial rainy day.
While we love the good things in life, we only spend what we can afford, based on what we earn.
We invest our money and we spend on food, entertainment and travelling when we spend time with our girls. We have a family tradition of watching movies on Fridays.
The concept of savings in our parents' era of low inflation and high job security was to leave it in the banks. Savings now has to include investing in various asset classes such as property, stocks and businesses that can generate income and yet have a risk profile that is appropriate for our needs and appetite.
---------
Q: What properties do you own?
Apart from the house we are living in, my wife and I own a few freehold properties that we are leasing out.
One of them is a 2,400 sq ft condo in central Singapore, which we bought at the 1996 peak. We were renting it then and the landlord said he had an offer for it so we just bought it.
It was right before the Government's cooling measures came and depressed prices for the next 10 years. Our condo's value fell by half but the prices has more than doubled since 2006. The key in investing is the capacity and nerve to hold the investment for the long term based on fundamentals.
Q: What's the most extravagant thing you have bought?
A BMW Z3 sports car for my wife on her 40th birthday. The smile on her face was priceless. It was an expensive expression of love, one that cost me $240,000.
Q: What's your retirement plan?
I plan to continue with my Nu Skin business and to stay active and healthy so I can enjoy travelling.
Q: Home is now....
A house in central Singapore.
Q: I drive....
A Lexus SUV.
joyceteo@sph.com.sg
--------------
WORST AND BEST BETS
Q: What's your best investment to date?
My best purchase has to be my house. It has a built-up area of 6,500 sq ft, sits on 10,000 sq ft of land and has a pool.
My wife and I had just returned to Singapore from my five-year work stint in London, with a baby. While I was away for work in Hong Kong, my wife put down the
1 per cent deposit for the $3 million property.
That was 15 years ago. We had the house built from scratch. If I were to sell it today, its value would have gone up at least five times.
Q: What is your worst investment to date?
I bought shares in Pan Electric Industries when I was an inexperienced investor in my early 20s, raw and in a hurry to make big money fast. I followed the herd on a rumour.
The company collapsed in 1985 and the stock became worthless overnight. I can't remember the amount I lost but it must have been between $50,000 and $100,000.
It was almost everything I had then. That experience set me off to learn to invest wisely and conservatively.
My advice for investors is to be discerning. Do not over-leverage on financial instruments. Spend within your means, do not put all your eggs in one basket and do your own homework.
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