Zaobao's CEO forum
Although I earn a high salary as a chief executive officer, I spend my money carefully.
I give a monthly allowance to my wife to take care of the food and other household expenses. I spend carefully on my entertainment, clothing and other personal expenses. If I am not using the company car, I prefer to take a bus or MRT, rather than call a taxi.
I think carefully, before I buy appliances, furniture or other household needs. I keep things for several years and will not replace them unless they break down. When I travel on holiday, I will fly economy class and stay in modestly priced hotels. I do not want to be extravagrant.
My wife share my same values and avoid spending extravagrantly. But, she likes to wear nice clothes and to look pretty. Once a while, she will pamper herself.
I make a large monthly contribution to the Community Chest of Singapore to help the needy.
I have a lot of savings each month. I invest most of my savings in a large, well diversified investment fund managed by NTUC Income. I invest for the long term, i.e 10 years or longer. During the past few years, the fund achieved a very attractive rate of return of more than 15% per annum.
Previously, when I invested on my own in shares, I did not make much gain. Some of my shares made money, but others lose money. On the whole, I do make a small gain, but it was not spectacular. I learned that it is better to let the professional fund manager make the decison for me. They have more time to monitor the investments in the fund.
I live in my own house and own two other properties on rental. I bought my properties at a high price, so they do not make any profit for me. They earn a modest return on the rental.
People who buy property at a low price can make a big capital gain. But, in my case, I am not so lucky with my property investments.
If I were to earn a much lower salary, I will certainly have a monthly budget and make sure that at least 15 percent of my salary is saved for the future. I will be even more careful with my monthly spending. I wish to advise all young people to have a similar approach towards their spending and savings. Do not be extravagrant. Be frugal.
I have three children. Two are working. My youngest is still in university. I encourage them to follow my financial habit and be frugal.
I have taken an investment-linked policy and invested a lump sum for each of my three children. I prefer to give them some of my assets now, so that they can have some money that now belong to them. This will give them a sense of financial well being and independence. So far, they have been careful, and allowed the savings to accumulate and earn a good return. They have not taken out the money to spend.
- ► 2013 (303)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
- ► 2008 (2105)
- ► 2007 (1803)
08/13 - 08/20
- Reduced annual charges
- Do all investment funds charge similar annual fee?...
- Big cases closed at Business Center
- How to select the right investment fund?
- Do we employ ex-prisoners?
- Reply to Dr Lim Boon Hee in Today Paper
- Good performance during the past 4 weeks
- Slight fall in interest rate on money market fund
- Call our hotline for home service
- Take Ownership, be Responsible
- My friend's experience with insurance agents
- My personal experience in managing my own money
- Invest now to enjoy a lower charge on Flexi Cash
- Need a loan? Go for Smart Credit!
- Barbeque at Labrador Park
- FAQ: Get a better return for your CPF savings
- Get prior approval first for your loan
- Performance of Equity Funds
- Think of your Future!
- Flexi Cash earned 3.5% after initial charge of 0.1...
- ▼ 08/13 - 08/20 (20)
- ► 2005 (159)