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Me & My Money Series (Sunday Times)
The Straits Times
Sep 4, 2011
me & my money
Dressed for success
But it's not money that drives lifestyle coach Lionel Lim, who has simple needs - he does not drive and spends just 30% of his income
By Magdalen Ng
It is hard to believe that lifestyle and fitness coach Lionel Lim was a shy, acne-prone and sickly kid.
Said the 35-year-old former civil servant: 'It just shows that if I can do it, there is hope for the masses.'
Now an entrepreneur, he manages a lifestyle academy that trains individuals, providing customised courses for teenagers and adults on grooming, fitness, wellness and communication arts.
Mr Lim, who is single, graduated with an honours degree from the Faculty of Arts and Social Sciences at the National University of Singapore (NUS). He also has a diploma in style coaching from Britain's Style Coaching Institute.
He said: 'I feel these skills are important to modern-day teens and adults seeking refinement in their lives and careers, but these are things that are not taught in school.'
Q: Are you a spender or saver?
I see myself more as a saver. I have three bank accounts - one for personal savings, one for investments and one for business expenses. Having separate accounts helps me closely monitor and manage my finances.
On average, I spend about 30 per cent of my income, which ranges from $8,000 to $10,000 monthly. I invest 35 per cent and save the rest.
Q: How much do you charge to your credit cards every month?
I charge only about $200 to my credit cards a month, unless I'm buying big-ticket items like business materials, personal development courses, electrical appliances, furniture or spa packages.
I have five credit cards and usually charge to my Standard Chartered card as it helps me accumulate points which I can use to offset my yearly insurance premiums. I always make it a point to pay off my credit card bills every month.
I withdraw about $600 a month from the ATM.
Q: What financial planning have you done for yourself?
Besides my four insurance policies which are for life, critical illness and savings, my investment portfolio covers both the short term and long term.
They include stocks and shares, investment funds of various sorts for different tenures, land banking and art pieces.
My shares are mainly blue chips, including SingTel, Singapore Press Holdings and the local banks.
Q: Moneywise, what were your growing-up years like?
My dad was a businessman supplying baby prams to department stores while mum is a homemaker.
The business was doing relatively okay until he wound it up in 1997. As a kid, I never had to worry about my school fees or whether there would be food on the table for the next meal.
Although I'm the only child, my parents instilled the notion of being financially independent since I was young. I started working part-time as a sales promoter at Best Denki after my A levels. And while my peers were enjoying their varsity breaks, I held temporary jobs during each break at the NUS.
It was more than just earning my own keep because with each stint, I also honed my people management, computer and sales skills.
Q: How did you get interested in investing?
I watched my dad invest in shares when I was young. It intrigued me as he would have these share certificates in the past before it went scripless. But I began seriously investing only after graduation when I had enough money of my own.
My first investment was similarly in shares but, unlike dad who also bought Malaysian shares, I chose a local blue chip. Then I used both my CPF and investment monies to invest in various funds with the tenure ranging from two years to 10 years. About four years ago, I went into land banking.
Q: What property do you own?
I co-own a two-storey terraced house in the MacPherson area with my mother. It is a family property which we have owned for a long time, so I do not know how much it was bought for. My father died in 2006. It is currently worth about $1.8 million.
Q: What is the most extravagant thing you have bought?
One of the two most extravagant things I have bought would be my toy collection, estimated at $6,000, and housed in a personal toy museum made of glass built at the cost of $20,000.
I also got myself a Tods bag which cost about $1,800. I bought it at the airport about a year ago while waiting to board the plane as the flight was delayed. I walked into the shop and came out less than five minutes later with the bag. I have no regrets as it was love at first sight.
Q: What's your retirement plan?
I envisage that I would need about $2,000 a month when I retire as our money is going to depreciate as the years go by.
Although I'm in my 30s, I am financially relaxed and comfortable but continue to work because I enjoy what I do. Extra income does not excite me as much as the opportunity to do something I truly enjoy and the sense of accomplishment of having scaled a higher peak in my career.
Q: Home is now....
The terraced house in MacPherson which we refurbished in 2007.
Q: I drive....
I prefer to be driven as it allows me to concentrate on planning for business and my coaching lessons, so I mostly take taxis.
songyuan@sph.com.sg
----------------------------------------------------
WORST AND BEST BETS
Q: My worst investment to date...
My worst investment was a business venture; a partner ran away with the company's money.
He told clients to transfer the monies into his personal account instead of the company's account. Although the loss was about $2,000, which may not be a huge sum, it taught me to be more prudent when it came to managing my finances - a mantra which has served me well all these years.
Q: My best investment to date...
Although my investments in various instruments are giving me good returns, I consider my best investment to be the lifestyle transformation business I started.
Not only does it allow me to earn more than what I used to earn as an employee, but also I get to make a positive impact on the lives of others.
I have transformed the lives of close to 1,000 people in more than 80 different companies and schools in the span of about three years, through my workshops and training. This intrinsic satisfaction is something that cannot be measured in dollars and cents but is so much more meaningful.
Sep 4, 2011
me & my money
Dressed for success
But it's not money that drives lifestyle coach Lionel Lim, who has simple needs - he does not drive and spends just 30% of his income
By Magdalen Ng
It is hard to believe that lifestyle and fitness coach Lionel Lim was a shy, acne-prone and sickly kid.
Said the 35-year-old former civil servant: 'It just shows that if I can do it, there is hope for the masses.'
Now an entrepreneur, he manages a lifestyle academy that trains individuals, providing customised courses for teenagers and adults on grooming, fitness, wellness and communication arts.
Mr Lim, who is single, graduated with an honours degree from the Faculty of Arts and Social Sciences at the National University of Singapore (NUS). He also has a diploma in style coaching from Britain's Style Coaching Institute.
He said: 'I feel these skills are important to modern-day teens and adults seeking refinement in their lives and careers, but these are things that are not taught in school.'
Q: Are you a spender or saver?
I see myself more as a saver. I have three bank accounts - one for personal savings, one for investments and one for business expenses. Having separate accounts helps me closely monitor and manage my finances.
On average, I spend about 30 per cent of my income, which ranges from $8,000 to $10,000 monthly. I invest 35 per cent and save the rest.
Q: How much do you charge to your credit cards every month?
I charge only about $200 to my credit cards a month, unless I'm buying big-ticket items like business materials, personal development courses, electrical appliances, furniture or spa packages.
I have five credit cards and usually charge to my Standard Chartered card as it helps me accumulate points which I can use to offset my yearly insurance premiums. I always make it a point to pay off my credit card bills every month.
I withdraw about $600 a month from the ATM.
Q: What financial planning have you done for yourself?
Besides my four insurance policies which are for life, critical illness and savings, my investment portfolio covers both the short term and long term.
They include stocks and shares, investment funds of various sorts for different tenures, land banking and art pieces.
My shares are mainly blue chips, including SingTel, Singapore Press Holdings and the local banks.
Q: Moneywise, what were your growing-up years like?
My dad was a businessman supplying baby prams to department stores while mum is a homemaker.
The business was doing relatively okay until he wound it up in 1997. As a kid, I never had to worry about my school fees or whether there would be food on the table for the next meal.
Although I'm the only child, my parents instilled the notion of being financially independent since I was young. I started working part-time as a sales promoter at Best Denki after my A levels. And while my peers were enjoying their varsity breaks, I held temporary jobs during each break at the NUS.
It was more than just earning my own keep because with each stint, I also honed my people management, computer and sales skills.
Q: How did you get interested in investing?
I watched my dad invest in shares when I was young. It intrigued me as he would have these share certificates in the past before it went scripless. But I began seriously investing only after graduation when I had enough money of my own.
My first investment was similarly in shares but, unlike dad who also bought Malaysian shares, I chose a local blue chip. Then I used both my CPF and investment monies to invest in various funds with the tenure ranging from two years to 10 years. About four years ago, I went into land banking.
Q: What property do you own?
I co-own a two-storey terraced house in the MacPherson area with my mother. It is a family property which we have owned for a long time, so I do not know how much it was bought for. My father died in 2006. It is currently worth about $1.8 million.
Q: What is the most extravagant thing you have bought?
One of the two most extravagant things I have bought would be my toy collection, estimated at $6,000, and housed in a personal toy museum made of glass built at the cost of $20,000.
I also got myself a Tods bag which cost about $1,800. I bought it at the airport about a year ago while waiting to board the plane as the flight was delayed. I walked into the shop and came out less than five minutes later with the bag. I have no regrets as it was love at first sight.
Q: What's your retirement plan?
I envisage that I would need about $2,000 a month when I retire as our money is going to depreciate as the years go by.
Although I'm in my 30s, I am financially relaxed and comfortable but continue to work because I enjoy what I do. Extra income does not excite me as much as the opportunity to do something I truly enjoy and the sense of accomplishment of having scaled a higher peak in my career.
Q: Home is now....
The terraced house in MacPherson which we refurbished in 2007.
Q: I drive....
I prefer to be driven as it allows me to concentrate on planning for business and my coaching lessons, so I mostly take taxis.
songyuan@sph.com.sg
----------------------------------------------------
WORST AND BEST BETS
Q: My worst investment to date...
My worst investment was a business venture; a partner ran away with the company's money.
He told clients to transfer the monies into his personal account instead of the company's account. Although the loss was about $2,000, which may not be a huge sum, it taught me to be more prudent when it came to managing my finances - a mantra which has served me well all these years.
Q: My best investment to date...
Although my investments in various instruments are giving me good returns, I consider my best investment to be the lifestyle transformation business I started.
Not only does it allow me to earn more than what I used to earn as an employee, but also I get to make a positive impact on the lives of others.
I have transformed the lives of close to 1,000 people in more than 80 different companies and schools in the span of about three years, through my workshops and training. This intrinsic satisfaction is something that cannot be measured in dollars and cents but is so much more meaningful.
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