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Me & My Money Series (Sunday Times)
Born with a golden spoon, this guy marries another billionaire! Wow! I think it makes it easier for you when you fail at a young age - he had $20,000 to invest when he was a teenager, how many of us can say the same?
I do note he is trying to play down his immense wealth, and I give him credit for that. But ST, please do showcase someone who 1) does NOT have a hidden agenda and 2) is more on the middle-class level who aspires to become financially free!
The Straits Times
http://www.straitstimes.com
Published on Feb 10, 2013
ME & MY MONEY
Invest in what you are familiar with
Hotelier Allen Law invests mostly in his hotel business, seeing potential for growth
By Joyce Teo
Mr Allen Law was too busy running and growing his family's hotel business to devote much time to thinking about how to invest his money.
But when he got married in 2010, his wife Tan Shin Hui was happy to take on the role, and now manages the couple's investments.
This came as a relief as the chief executive of Park Hotel Group says he would rather invest his money than let it sit in the bank: "I believe in the efficient use of funds."
Now 33, Mr Law first arrived here from his native Hong Kong in 2005, the year the group acquired its first hotel here, the current Grand Park Orchard, then named Crown Hotel.
He had just a small suitcase with him. The plan was to stay a month.
But the group added two more hotels here and that was when he knew Hong Kong was not going to be his home for a long while.
And then, of course, he met his wife here.
Today, the privately-held group has eight hotels, here, in China, Japan and Hong Kong. Two more will soon open here.
"Time management, that's the toughest part for me now," says Mr Law. The couple have a son, Ian, 16 months old.
Mr Law's father Law Kar Po is ranked No. 18 on the latest Forbes list of Hong Kong's 50 Richest with wealth of US$2.6 billion (S$3.28 billion), up from the 36th spot a year ago.
His wife, billionaire banker Wee Cho Yaw's granddaughter, 29, is head of marketing communications at Park Hotel Group.
Q: Are you a spender or saver?
Money is merely a means to an end. I believe in saving for a rainy day and would rather invest my money.
I spend when required, such as on my family, holidays and on special occasions. I spend the most on my wife and son as I don't really shop for myself.
While I don't count my pennies whenever I spend, I do have a keen sense of value, and do spend rationally.
My wife and I try to take two to three holidays a year around the world and the travel expenses can be quite significant.
We like to travel comfortably and try new hotels and acclaimed restaurants. On our most recent trip to Europe last year, we spent around $30,000. The plane tickets were probably the biggest expense as we fly business class on long-haul flights. For short trips, I like to fly economy class as the seat fits me nicely.
Q: How much do you charge to your credit cards every month?
Not much actually. My wife has a supplementary card and most of the expenses are undertaken by her. This way, only one of us needs to check the bill.
Q: What financial planning have you done for yourself?
I invest mostly in my hotel business as there is a lot of potential for growth.
On the personal front, I invest in a diversified portfolio that includes stocks, bonds, insurance, property, and so on.
My wife handles it as I really don't have the time to monitor it, but we do discuss bigger investments such as those pertaining to property. Ultimately, we want the amount to be sustainable.
Before I got married, all I had were some blue chips, which I did not touch at all.
My wife and I invested in a condo unit recently and we are actively looking for more properties to invest in.
We don't look at only UOL projects. For now, we like mid-market properties in districts 9, 10 and 11 that are priced around $1,500 per sq ft as we think this segment has potential to grow.
These properties will also be easier to lease out or sell rather than a luxury one which may not be so easy to let go of now.
It's good to invest only in things that one is familiar with. In the wake of the financial crisis, it is important to invest in companies that have sustainable business models and good corporate governance.
Q: Moneywise, what were your growing-up years like?
I am the middle child and I have two sisters, one of whom handles the group's retail business.
My dad is an investor and property developer while my mum is a housewife. My parents believe in being disciplined when it comes to spending as well as the importance of the value of money.
They don't believe in having a lavish lifestyle. My father, who grew up poor, has been driving the same Porsche for more than 20 years now. He doesn't see a need to change it and would rather do charity.
During my school years, we were always given just enough and never too much that would have caused us to be frivolous with spending.
I would get an allowance every quarter when I was studying in the UK. It was not a lot but I remember I always had spare cash left and could support my sister's shopping habit. She would ask to borrow my money but she never returned it. So I said I will just fund her shopping.
Q: How did you get interested in investing?
Coming from a business family, it is quite a common topic of discussion among the elders. Hence, from a young age, I was exposed to the notion of investing.
I believe my first investment was in a penny stock listed on the Hong Kong Stock Exchange. I was still a teenager then and I chose the stock after reading up on financial news in the newspapers and investment journals.
My goal was to make one million dollars before I graduated from university. But I didn't make it. In fact, I lost most of my money.
Q: What property do you own?
A 3,300 sq ft condominium unit in Bukit Timah that we reside in and another one that we invested in at the end of last year.
We bought our current place in 2009 when prices were quite depressed. We paid just below $1,300 per sq ft then. Prices have since increased by about 50 per cent.
Q: What's the most extravagant thing you have bought?
I would say it's the diamond engagement ring that I got for my wife. It's the most I ever spent on an item.
Q: What's your retirement plan?
I am too young to think about retirement and there is still a lot that I want to do. But I imagine an attractive retirement would be when I can have the time (and still be healthy enough) to travel and to spend quality time with my kids and grandkids.
Q: Home is now...
Singapore, where I am a permanent resident.
Q: I drive...
A black Mercedes E-class, which was purchased in 2007. It doubled as a limousine for guests then. Cars to me are a means of getting from A to B.
joyceteo@sph.com.sg
-----------
WORST AND BEST BETS
Q: What's your worst investment to date?
A penny stock that I invested in when I was in my teens.
It was definitely a high-risk investment, but I chose it as I was looking for high returns. I put in about $20,000 and I ended up losing almost all of it.
Q: And your best?
Some bonds that we bought last year, as we were able to make a decent sum in a short period.
But if I were to sell the apartment that my family is currently living in, it will be my best investment. Already, its price has appreciated by 50 per cent since we bought it in 2009.
Born with a golden spoon, this guy marries another billionaire! Wow! I think it makes it easier for you when you fail at a young age - he had $20,000 to invest when he was a teenager, how many of us can say the same?
I do note he is trying to play down his immense wealth, and I give him credit for that. But ST, please do showcase someone who 1) does NOT have a hidden agenda and 2) is more on the middle-class level who aspires to become financially free!
The Straits Times
http://www.straitstimes.com
Published on Feb 10, 2013
ME & MY MONEY
Invest in what you are familiar with
Hotelier Allen Law invests mostly in his hotel business, seeing potential for growth
By Joyce Teo
Mr Allen Law was too busy running and growing his family's hotel business to devote much time to thinking about how to invest his money.
But when he got married in 2010, his wife Tan Shin Hui was happy to take on the role, and now manages the couple's investments.
This came as a relief as the chief executive of Park Hotel Group says he would rather invest his money than let it sit in the bank: "I believe in the efficient use of funds."
Now 33, Mr Law first arrived here from his native Hong Kong in 2005, the year the group acquired its first hotel here, the current Grand Park Orchard, then named Crown Hotel.
He had just a small suitcase with him. The plan was to stay a month.
But the group added two more hotels here and that was when he knew Hong Kong was not going to be his home for a long while.
And then, of course, he met his wife here.
Today, the privately-held group has eight hotels, here, in China, Japan and Hong Kong. Two more will soon open here.
"Time management, that's the toughest part for me now," says Mr Law. The couple have a son, Ian, 16 months old.
Mr Law's father Law Kar Po is ranked No. 18 on the latest Forbes list of Hong Kong's 50 Richest with wealth of US$2.6 billion (S$3.28 billion), up from the 36th spot a year ago.
His wife, billionaire banker Wee Cho Yaw's granddaughter, 29, is head of marketing communications at Park Hotel Group.
Q: Are you a spender or saver?
Money is merely a means to an end. I believe in saving for a rainy day and would rather invest my money.
I spend when required, such as on my family, holidays and on special occasions. I spend the most on my wife and son as I don't really shop for myself.
While I don't count my pennies whenever I spend, I do have a keen sense of value, and do spend rationally.
My wife and I try to take two to three holidays a year around the world and the travel expenses can be quite significant.
We like to travel comfortably and try new hotels and acclaimed restaurants. On our most recent trip to Europe last year, we spent around $30,000. The plane tickets were probably the biggest expense as we fly business class on long-haul flights. For short trips, I like to fly economy class as the seat fits me nicely.
Q: How much do you charge to your credit cards every month?
Not much actually. My wife has a supplementary card and most of the expenses are undertaken by her. This way, only one of us needs to check the bill.
Q: What financial planning have you done for yourself?
I invest mostly in my hotel business as there is a lot of potential for growth.
On the personal front, I invest in a diversified portfolio that includes stocks, bonds, insurance, property, and so on.
My wife handles it as I really don't have the time to monitor it, but we do discuss bigger investments such as those pertaining to property. Ultimately, we want the amount to be sustainable.
Before I got married, all I had were some blue chips, which I did not touch at all.
My wife and I invested in a condo unit recently and we are actively looking for more properties to invest in.
We don't look at only UOL projects. For now, we like mid-market properties in districts 9, 10 and 11 that are priced around $1,500 per sq ft as we think this segment has potential to grow.
These properties will also be easier to lease out or sell rather than a luxury one which may not be so easy to let go of now.
It's good to invest only in things that one is familiar with. In the wake of the financial crisis, it is important to invest in companies that have sustainable business models and good corporate governance.
Q: Moneywise, what were your growing-up years like?
I am the middle child and I have two sisters, one of whom handles the group's retail business.
My dad is an investor and property developer while my mum is a housewife. My parents believe in being disciplined when it comes to spending as well as the importance of the value of money.
They don't believe in having a lavish lifestyle. My father, who grew up poor, has been driving the same Porsche for more than 20 years now. He doesn't see a need to change it and would rather do charity.
During my school years, we were always given just enough and never too much that would have caused us to be frivolous with spending.
I would get an allowance every quarter when I was studying in the UK. It was not a lot but I remember I always had spare cash left and could support my sister's shopping habit. She would ask to borrow my money but she never returned it. So I said I will just fund her shopping.
Q: How did you get interested in investing?
Coming from a business family, it is quite a common topic of discussion among the elders. Hence, from a young age, I was exposed to the notion of investing.
I believe my first investment was in a penny stock listed on the Hong Kong Stock Exchange. I was still a teenager then and I chose the stock after reading up on financial news in the newspapers and investment journals.
My goal was to make one million dollars before I graduated from university. But I didn't make it. In fact, I lost most of my money.
Q: What property do you own?
A 3,300 sq ft condominium unit in Bukit Timah that we reside in and another one that we invested in at the end of last year.
We bought our current place in 2009 when prices were quite depressed. We paid just below $1,300 per sq ft then. Prices have since increased by about 50 per cent.
Q: What's the most extravagant thing you have bought?
I would say it's the diamond engagement ring that I got for my wife. It's the most I ever spent on an item.
Q: What's your retirement plan?
I am too young to think about retirement and there is still a lot that I want to do. But I imagine an attractive retirement would be when I can have the time (and still be healthy enough) to travel and to spend quality time with my kids and grandkids.
Q: Home is now...
Singapore, where I am a permanent resident.
Q: I drive...
A black Mercedes E-class, which was purchased in 2007. It doubled as a limousine for guests then. Cars to me are a means of getting from A to B.
joyceteo@sph.com.sg
-----------
WORST AND BEST BETS
Q: What's your worst investment to date?
A penny stock that I invested in when I was in my teens.
It was definitely a high-risk investment, but I chose it as I was looking for high returns. I put in about $20,000 and I ended up losing almost all of it.
Q: And your best?
Some bonds that we bought last year, as we were able to make a decent sum in a short period.
But if I were to sell the apartment that my family is currently living in, it will be my best investment. Already, its price has appreciated by 50 per cent since we bought it in 2009.
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