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Me & My Money Series (Sunday Times)
It's not often a man admits his wife is his best investment! Haha!
Oct 24, 2010
me & my money
Entrepreneur scores with learning method
Author is behind Scores on the Board method that teaches efficient skills learning
By Lorna Tan, Senior Correspondent
Having successfully managed an Internet business for three years which he sold in 2002, entrepreneur and author Bill Lang's mission since then has been to teach people how to improve their businesses. His training and consultancy firm, Bill Lang International, was set up in 2003.
A master's graduate of Harvard Business School, the 47-year-old Australian is behind the Scores on the Board method which helps business owners and executives learn skills more efficiently.
In 2007, he was appointed president of Singaporean firm Training Edge International. He now travels here four times a year to meet clients and conduct seminars.
When it comes to personal finance, he relies on his wife Fiona Targett, 43, a former private banker and financial planner. She is currently chief financial officer of Bill Lang International.
After he graduated from the University of Melbourne in 1986 with an honours degree in commerce and law, Mr Lang joined McKinsey as a business analyst. In 1989, he left for the United States to pursue a master's in business administration at Harvard Business School on a scholarship.
He returned to Australia in 1991 and joined insurer AXA as head of strategic marketing for Australasia. From 1994 till 1999, he ran his own management consulting firm, Ford Lang & Associates, before it was sold off at a profit. With a friend, he subsequently set up an Internet firm, Sharinga Networks, which was valued at A$200million at the end of 2002. He declined to say how much it was sold for.
He has written four books and his latest book, Scores On The Board - The 5 Part System For Building Skills, has sold several thousand copies since it was published in September last year.
The couple have a daughter Naomi, 17, and two sons, Harrison, 14, and Mitchell, 12.
Q: Are you a spender or saver?
When I was an employee, I used to save 20per cent of my income. When I was in my late 20s, I had to pay off my study loan to fund my MBA studies and then buy a house. I'm most definitely a spender in the areas of learning.
To keep on top of the latest breakthroughs, I constantly travel the world, interview the leading experts and scientists and translate what I have learnt into approaches that everyday people can quickly learn and use. I spend easily A$2,000 (S$2,500) on books and another A$15,000 to A$20,000 on conference fees every year.
Q: How much do you charge to your credit cards every month?
I use two credit cards, one for business and another for personal expenses. My credit card expenses amount to A$100,000 a year and I pay in full every month. I make cash withdrawals once a fortnight. The amount is between A$200 and A$300 each time.
Q: What financial planning have you done for yourself?
My wife is a former banker and financial planner. Together we determine our business and family financial goals and risk tolerance. We then work closely with a financial planner on portfolio selection.
Investments include index funds, direct property investment and private equity investments in technology, services and manufacturing start-up companies. At present, the private equity includes investments in a software firm and a surfboard technology firm. We channel funds into investments on an annual basis.
For start-ups, I need the management to be honest and have the ability to learn quickly. There must be first-mover opportunity and the ability to build a loyal customer base as well as a reasonable return of 50per cent within five years.
I also have life, medical and income protection insurance.
Q: Moneywise, what were your growing-up years like?
I'm the eldest child in a family of six. My dad started his car cleaning business in a backyard. My mum had her own dry-cleaning business and she held Tupperware parties.
During my teenage years, I delivered newspapers at 5.30am on a bicycle, made chips in a fish and chip shop and was a part-time cleaner at a factory. At the University of Melbourne, I cleaned toilets, delivered wine and started a hot dog vending business with two classmates.
Q: How did you get interested in investing?
As a commerce student, I started to learn about accounting and finance. During summer vacations I worked with auditing firm KPMG and became more interested...
My focus was always on building the value of businesses and this led to an interest in investing in them. But it wasn't until my early 30s when my university debts were repaid that I had investable dollars.
Q: What property do you own?
I own four residential properties and one commercial property.
I have a two-storey, four-bedroom house in Melbourne which was built in the 1930s and modelled after the Southern plantation home Tara in the film Gone With The Wind. It is located 10km from the business district. The land size is 22,000 sq ft. I bought it in 2005 and it was in excess of A$1million. It has probably doubled in value.
Over the last decade, I've bought three other residential properties in Queensland and Victoria. Their annual rental yields are about 5per cent. I also bought a three-storey office building in Melbourne in 2007. Its value has appreciated in the last three years. I prefer to keep the price confidential.
Q: What's the most extravagant thing you have bought?
It was a trip with my son Harrison to Tanna Island in the Pacific Ocean in 2007. The one-week trip cost me A$6,000. We had to take a small plane and fly across a jungle for six hours. We visited Mount Yasur, an active volcano on the island. It erupts every 10 minutes.
Q: What's your retirement plan?
I am not planning to retire. Our goal is to stay healthy, to keep learning and keep teaching...I reckon Fiona and I would need A$6,000 a month when we do retire. I consider myself financially independent.
Q: Home is now...
My home in Melbourne.
Q: I drive...
A silver Mercedes ML 350.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q: What's your worst investment to date?
It was my first property - a one-bedroom, 500 sq ft apartment that I had bought in 1987 for $80,000. Interest on the mortgage was 15.5 per cent. Several years later, I sold it for $90,000. When adjusted to account for inflation and interest payments, it was a highly negative investment.
Q: And your best?
Persuading my wife to marry me. A former private banker and financial planner with solid saving and investing values, she is by far the best investment I have made. She often tells me I am the biggest mortgage she has ever had to manage!
We married in 1991.
Oct 24, 2010
me & my money
Entrepreneur scores with learning method
Author is behind Scores on the Board method that teaches efficient skills learning
By Lorna Tan, Senior Correspondent
Having successfully managed an Internet business for three years which he sold in 2002, entrepreneur and author Bill Lang's mission since then has been to teach people how to improve their businesses. His training and consultancy firm, Bill Lang International, was set up in 2003.
A master's graduate of Harvard Business School, the 47-year-old Australian is behind the Scores on the Board method which helps business owners and executives learn skills more efficiently.
In 2007, he was appointed president of Singaporean firm Training Edge International. He now travels here four times a year to meet clients and conduct seminars.
When it comes to personal finance, he relies on his wife Fiona Targett, 43, a former private banker and financial planner. She is currently chief financial officer of Bill Lang International.
After he graduated from the University of Melbourne in 1986 with an honours degree in commerce and law, Mr Lang joined McKinsey as a business analyst. In 1989, he left for the United States to pursue a master's in business administration at Harvard Business School on a scholarship.
He returned to Australia in 1991 and joined insurer AXA as head of strategic marketing for Australasia. From 1994 till 1999, he ran his own management consulting firm, Ford Lang & Associates, before it was sold off at a profit. With a friend, he subsequently set up an Internet firm, Sharinga Networks, which was valued at A$200million at the end of 2002. He declined to say how much it was sold for.
He has written four books and his latest book, Scores On The Board - The 5 Part System For Building Skills, has sold several thousand copies since it was published in September last year.
The couple have a daughter Naomi, 17, and two sons, Harrison, 14, and Mitchell, 12.
Q: Are you a spender or saver?
When I was an employee, I used to save 20per cent of my income. When I was in my late 20s, I had to pay off my study loan to fund my MBA studies and then buy a house. I'm most definitely a spender in the areas of learning.
To keep on top of the latest breakthroughs, I constantly travel the world, interview the leading experts and scientists and translate what I have learnt into approaches that everyday people can quickly learn and use. I spend easily A$2,000 (S$2,500) on books and another A$15,000 to A$20,000 on conference fees every year.
Q: How much do you charge to your credit cards every month?
I use two credit cards, one for business and another for personal expenses. My credit card expenses amount to A$100,000 a year and I pay in full every month. I make cash withdrawals once a fortnight. The amount is between A$200 and A$300 each time.
Q: What financial planning have you done for yourself?
My wife is a former banker and financial planner. Together we determine our business and family financial goals and risk tolerance. We then work closely with a financial planner on portfolio selection.
Investments include index funds, direct property investment and private equity investments in technology, services and manufacturing start-up companies. At present, the private equity includes investments in a software firm and a surfboard technology firm. We channel funds into investments on an annual basis.
For start-ups, I need the management to be honest and have the ability to learn quickly. There must be first-mover opportunity and the ability to build a loyal customer base as well as a reasonable return of 50per cent within five years.
I also have life, medical and income protection insurance.
Q: Moneywise, what were your growing-up years like?
I'm the eldest child in a family of six. My dad started his car cleaning business in a backyard. My mum had her own dry-cleaning business and she held Tupperware parties.
During my teenage years, I delivered newspapers at 5.30am on a bicycle, made chips in a fish and chip shop and was a part-time cleaner at a factory. At the University of Melbourne, I cleaned toilets, delivered wine and started a hot dog vending business with two classmates.
Q: How did you get interested in investing?
As a commerce student, I started to learn about accounting and finance. During summer vacations I worked with auditing firm KPMG and became more interested...
My focus was always on building the value of businesses and this led to an interest in investing in them. But it wasn't until my early 30s when my university debts were repaid that I had investable dollars.
Q: What property do you own?
I own four residential properties and one commercial property.
I have a two-storey, four-bedroom house in Melbourne which was built in the 1930s and modelled after the Southern plantation home Tara in the film Gone With The Wind. It is located 10km from the business district. The land size is 22,000 sq ft. I bought it in 2005 and it was in excess of A$1million. It has probably doubled in value.
Over the last decade, I've bought three other residential properties in Queensland and Victoria. Their annual rental yields are about 5per cent. I also bought a three-storey office building in Melbourne in 2007. Its value has appreciated in the last three years. I prefer to keep the price confidential.
Q: What's the most extravagant thing you have bought?
It was a trip with my son Harrison to Tanna Island in the Pacific Ocean in 2007. The one-week trip cost me A$6,000. We had to take a small plane and fly across a jungle for six hours. We visited Mount Yasur, an active volcano on the island. It erupts every 10 minutes.
Q: What's your retirement plan?
I am not planning to retire. Our goal is to stay healthy, to keep learning and keep teaching...I reckon Fiona and I would need A$6,000 a month when we do retire. I consider myself financially independent.
Q: Home is now...
My home in Melbourne.
Q: I drive...
A silver Mercedes ML 350.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q: What's your worst investment to date?
It was my first property - a one-bedroom, 500 sq ft apartment that I had bought in 1987 for $80,000. Interest on the mortgage was 15.5 per cent. Several years later, I sold it for $90,000. When adjusted to account for inflation and interest payments, it was a highly negative investment.
Q: And your best?
Persuading my wife to marry me. A former private banker and financial planner with solid saving and investing values, she is by far the best investment I have made. She often tells me I am the biggest mortgage she has ever had to manage!
We married in 1991.
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