insight
工程技术，地产投资，信仰家园，时尚生活
正文
Me & My Money Series (Sunday Times)
A man with a passion, that's good! But he seems to be rather showy - $100,000 Patek Philippe, Maserati and a cool condo (The Interlace).
The Straits Times
http://www.straitstimes.com
Published on Mar 17, 2013
Me and My Money
Dentist able to set up thriving practice, thanks to loans from two patients
By Joyce Teo
When a patient asked dentist Wong Keng Mun if he wanted to strike out on his own, he expressed the usual fears about risks and the lack of start-up cash, but the idea was planted.
Dr Wong recalls: "I told her I couldn't because I have no money, my parents are poor, etc.
"Then, she asked me, 'If you had all the money in the world, can you achieve what you want to do?' It made me think about it over a few weekends."
She and another patient believed in his vision and lent him the money for his T32 Dental Centre business, which has an education arm at its Camden Medical Centre base.
"Money is of course important, but spending on the right cause is more crucial. I am willing to invest in education," says Dr Wong, the company's managing director.
It helps that the education business, which trains dentists in fixed prosthodontics, restorative dentistry and so on, also pays well.
"In dentistry, the income that you are earning is limited by the hours and the number of patients you can treat.
"One pair of hands can't treat 50 patients at a time, but with one pair of hands, I can teach 50 people. So, within an hour, I can get better income," says Dr Wong, 40.
But before you start to think that money is everything to him, he says: "When you don't see so much money, you will be okay. When you see a lot of it, you may become greedy and keep chasing after the numbers. Right now, whatever I earn, it's good enough."
More importantly, he gets to use his money to further his vision for his business. "Being happy is doing what you enjoy doing, and hopefully, along the way, get compensated for it. With the money, you bring happiness to people around you."
His wife Widya Soejanto, 40, is a financial analyst. They have two daughters - Zhi Ning, seven, and Zhi Le, two.
Q: Are you a spender or saver?
My wife thinks I am 100 per cent a spender, but I do make it a point to save a minimum of 20 per cent of my income, and usually I am able to save more than that. But I will not hesitate to spend on things that are related and beneficial to my family, friends and myself.
I spend mostly on food, books, entertainment with business partners, friends and family, and recreational activities such as golf.
When I started the business, I hardly had any income for about two years. Cashflow is everything for new businesses.
Q: How much do you charge to your credit cards every month?
About $10,000. This will increase if I need to buy plane tickets for work trips. I travel for work about once a month on average.
Q: What financial planning have you done for yourself?
I have two life insurance policies amounting to $1 million and two term policies worth $1 million.
I have friends who asked me to invest in property or buy stocks. But I am stubborn. I always believe it is better to invest in something that you are passionate about.
I am not saying that money is not important. But with shares or properties, when you sell, you are just happy for that moment. It's not sustainable.
I would rather invest in my business. Once you get into business, it's not about how much you can earn at the end of the month, it's about how much you can achieve at the end of the month. It's the vision.
I am happier to see that happening than to see just my account increasing.
In dentistry, you will find that a brand generally dies after the founder leaves the company. I want to change that. We don't want to be a kopitiam, where dentists run their own operations. I want synergy. I want to bring the standard of dentistry here to an international level. Like at my clinic, we follow a standard set of rules.
Life is short, so you have to develop your passion. It's about what drives you when you wake up every morning. That is something that money can't buy.
Q: Money-wise, what were your growing-up years like?
I have an older sister and a younger sister. My dad was an odd-job contract worker at the shipyard, and is now retired.
My mother used to run a drinks stall, and is now a homemaker.
We would worry about whether we had enough money, but we scraped by.
My mother is a strong believer in investing in her children's education. She is a saver and was very strict with spending.
I was surprised when she decided to sell their fully paid-up four-room HDB flat in 1998 for $270,000 to finance my master's degree at the University of Washington. I spent a total of $200,000.
My sisters and my parents then bought another flat and took a new mortgage. That period, from 1999 to 2002, was the worst period for my parents and sisters.
My mum always told me not to just focus on money, but to do something that I like.
Q: How did you get interested in investing?
In 2003, my wife and I bought a property for our own use. And in 2005, I started T32 Dental Centre, a small practice at Paragon Shopping Centre, as I wanted to run my own business. T32 has since moved to Camden Medical Centre.
Q: What properties do you own?
A three-room condo at Harbour View Towers and a four-room condo at The Interlace, which I bought for my own use, two years ago.
Q: What's the most extravagant thing you have bought?
Probably the watch I bought recently, a Patek Philippe Perpetual Calendar 5159G that cost more than $100,000.
I am not a watch collector, but certain timepieces do catch my eye once in a while, and I will start putting money aside to buy them. I think it's important to reward myself every year.
Q: What's your retirement plan?
Nil. It has never crossed my mind.
Q: Home is now...
A condo at Harbour View Towers.
Q: I drive...
A Maserati S4.7 GT.
joyceteo@sph.com.sg
--------------------------
WORST AND BEST BETS
Q: What is your worst investment?
I bought a membership for the Laguna National Golf and Country Club about 10 years ago but we hardly go there. My membership will lapse in 11 years as I don't intend to top up $80,000 to extend it.
What I have learnt is: Don't buy something that you don't need. Two years ago, we joined the Sentosa Golf Club and we still use the facility almost every weekend.
Q: What is your best investment?
I don't have any realised ones so it'll have to be the 1,200 sq ft condominium unit at Harbour View Towers that my wife and I bought in 2003 for $500,000.
A few months ago, we had a tempting offer in excess of $1.6 million. But we are keeping the property, most likely for my parents.
The Straits Times
http://www.straitstimes.com
Published on Mar 17, 2013
Me and My Money
Dentist able to set up thriving practice, thanks to loans from two patients
By Joyce Teo
When a patient asked dentist Wong Keng Mun if he wanted to strike out on his own, he expressed the usual fears about risks and the lack of start-up cash, but the idea was planted.
Dr Wong recalls: "I told her I couldn't because I have no money, my parents are poor, etc.
"Then, she asked me, 'If you had all the money in the world, can you achieve what you want to do?' It made me think about it over a few weekends."
She and another patient believed in his vision and lent him the money for his T32 Dental Centre business, which has an education arm at its Camden Medical Centre base.
"Money is of course important, but spending on the right cause is more crucial. I am willing to invest in education," says Dr Wong, the company's managing director.
It helps that the education business, which trains dentists in fixed prosthodontics, restorative dentistry and so on, also pays well.
"In dentistry, the income that you are earning is limited by the hours and the number of patients you can treat.
"One pair of hands can't treat 50 patients at a time, but with one pair of hands, I can teach 50 people. So, within an hour, I can get better income," says Dr Wong, 40.
But before you start to think that money is everything to him, he says: "When you don't see so much money, you will be okay. When you see a lot of it, you may become greedy and keep chasing after the numbers. Right now, whatever I earn, it's good enough."
More importantly, he gets to use his money to further his vision for his business. "Being happy is doing what you enjoy doing, and hopefully, along the way, get compensated for it. With the money, you bring happiness to people around you."
His wife Widya Soejanto, 40, is a financial analyst. They have two daughters - Zhi Ning, seven, and Zhi Le, two.
Q: Are you a spender or saver?
My wife thinks I am 100 per cent a spender, but I do make it a point to save a minimum of 20 per cent of my income, and usually I am able to save more than that. But I will not hesitate to spend on things that are related and beneficial to my family, friends and myself.
I spend mostly on food, books, entertainment with business partners, friends and family, and recreational activities such as golf.
When I started the business, I hardly had any income for about two years. Cashflow is everything for new businesses.
Q: How much do you charge to your credit cards every month?
About $10,000. This will increase if I need to buy plane tickets for work trips. I travel for work about once a month on average.
Q: What financial planning have you done for yourself?
I have two life insurance policies amounting to $1 million and two term policies worth $1 million.
I have friends who asked me to invest in property or buy stocks. But I am stubborn. I always believe it is better to invest in something that you are passionate about.
I am not saying that money is not important. But with shares or properties, when you sell, you are just happy for that moment. It's not sustainable.
I would rather invest in my business. Once you get into business, it's not about how much you can earn at the end of the month, it's about how much you can achieve at the end of the month. It's the vision.
I am happier to see that happening than to see just my account increasing.
In dentistry, you will find that a brand generally dies after the founder leaves the company. I want to change that. We don't want to be a kopitiam, where dentists run their own operations. I want synergy. I want to bring the standard of dentistry here to an international level. Like at my clinic, we follow a standard set of rules.
Life is short, so you have to develop your passion. It's about what drives you when you wake up every morning. That is something that money can't buy.
Q: Money-wise, what were your growing-up years like?
I have an older sister and a younger sister. My dad was an odd-job contract worker at the shipyard, and is now retired.
My mother used to run a drinks stall, and is now a homemaker.
We would worry about whether we had enough money, but we scraped by.
My mother is a strong believer in investing in her children's education. She is a saver and was very strict with spending.
I was surprised when she decided to sell their fully paid-up four-room HDB flat in 1998 for $270,000 to finance my master's degree at the University of Washington. I spent a total of $200,000.
My sisters and my parents then bought another flat and took a new mortgage. That period, from 1999 to 2002, was the worst period for my parents and sisters.
My mum always told me not to just focus on money, but to do something that I like.
Q: How did you get interested in investing?
In 2003, my wife and I bought a property for our own use. And in 2005, I started T32 Dental Centre, a small practice at Paragon Shopping Centre, as I wanted to run my own business. T32 has since moved to Camden Medical Centre.
Q: What properties do you own?
A three-room condo at Harbour View Towers and a four-room condo at The Interlace, which I bought for my own use, two years ago.
Q: What's the most extravagant thing you have bought?
Probably the watch I bought recently, a Patek Philippe Perpetual Calendar 5159G that cost more than $100,000.
I am not a watch collector, but certain timepieces do catch my eye once in a while, and I will start putting money aside to buy them. I think it's important to reward myself every year.
Q: What's your retirement plan?
Nil. It has never crossed my mind.
Q: Home is now...
A condo at Harbour View Towers.
Q: I drive...
A Maserati S4.7 GT.
joyceteo@sph.com.sg
--------------------------
WORST AND BEST BETS
Q: What is your worst investment?
I bought a membership for the Laguna National Golf and Country Club about 10 years ago but we hardly go there. My membership will lapse in 11 years as I don't intend to top up $80,000 to extend it.
What I have learnt is: Don't buy something that you don't need. Two years ago, we joined the Sentosa Golf Club and we still use the facility almost every weekend.
Q: What is your best investment?
I don't have any realised ones so it'll have to be the 1,200 sq ft condominium unit at Harbour View Towers that my wife and I bought in 2003 for $500,000.
A few months ago, we had a tempting offer in excess of $1.6 million. But we are keeping the property, most likely for my parents.
评论
目前还没有任何评论
登录后才可评论.
