What To Do With Your Money in 2026 (From a CEO Who Manages $1.7 Billion) | Christopher Tan

Clients were very angry with me. I still

remember an incident whereby the client threw the file right in my face and say you are stupid the markets from going down and there's nothing I can do and then I realized we have absolutely no control. I worked so hard got nothing.

control. I worked so hard got nothing.

Sharks I'm going to say something pretty controversial. The men in the street

controversial. The men in the street have lesser access to good financial advice because most of the time when they go and get financial advice they end up being sold products that are

actually not good for them. I've seen

enough people suffering from pro advice.

They are better off not investing.

>> So, when someone's salary hits their bank account, what's the first thing they should do? Before we start, I'll be so grateful if you could like and subscribe on YouTube or if you're on

Spotify, rate us five stars. And I

really hope you enjoy this episode. Hi

everyone, welcome back to The Real Reason. So, I have a question for you.

Reason. So, I have a question for you.

Do you want to be rich or do you just want to look rich? So to answer that question, I've invited Christopher Tan, the founder of Provident, Singapore's

first fee onlyly comprehensive wealth advisory firm. So they've advised high-

advisory firm. So they've advised high- netw worth individuals for decades over how to manage their finances. And today

he's going to share how you can better manage your finances. So, if you're like me, you work hard, you earn a decent income, and yet still feel anxious or

insecure about money, then this episode is for you. It's time that we rethink about how we think about money. You are

the CEO and founder of Provident, and you work with a lot of financially very successful people. I'm sure you see

successful people. I'm sure you see this. So, I work with a lot of lawyers.

this. So, I work with a lot of lawyers.

I used to be a lawyer and you know lawyers doctors executives >> it appears that from the outside they have made it they're very successful and

yet I know privately a lot of them feel financially very insecure.

>> Do you see that? I think I wouldn't say all but yes I think it's not not just lawyers but any any very successful professional and again it goes back to maybe they're comparing with people and

they are cooperating with their friends their peers and their friends have this and they must have this and just before this recording we're talking about people upgrading from a condo to a

landed um and naturally they'll feel stressed right and if they mix around with friends they are like that there's always comparing or humble bragging that hey Guess what? You know, I'm going to move into a big house. I just bought

that car. I think that contributes to

that car. I think that contributes to all the stresses that they have.

>> It does. I mean, just to share, so my first property was a flat in >> to us, we were so happy, you know, when we got our keys, we were like, "Yes,

yes." Before you know it, you start to

yes." Before you know it, you start to feel discontent and you think, "I need to upgrade to a private property," which we did. We stay in a condo now, and

we did. We stay in a condo now, and >> I'm going to share this. I've never

shared this publicly is that the very night that my husband and I moved in into our condo, which is our dream home, my dream home.

>> I stood at the balcony. This is after we moved in. First night,

moved in. First night, >> my kids were asleep. I stood at the balcony and I looked at this landed house, >> bungalow with a swimming pool. I told my husband, "We need to aim for that next."

>> Wow. Really?

>> That's insane, right? Because now I tell you, I know that's crazy. as sick in the mind actually you I literally just moved in >> but that's the trap of comparison >> and I no longer think like that I'm very happy with my place sometimes I still

feel a bit like oh I could do with more space >> yeah I I think many of us are the same I'm like you my first house is a HTB flat five room in temp like you and then

5 years after we have met the MOP requirement right so we sold that house and we upgraded to a condo because everybody at that time thinks that the five C's, right? And one of the C's is a condo and >> Okay. Can we talk about the five C's for

>> Okay. Can we talk about the five C's for some of the people who don't know?

>> So long ago, I don't even Okay.

>> A credit card.

>> Credit card. A condominium. Uh cash is it?

>> Yes. Country club.

>> Country club. Yes. Country club.

>> Oh, it's good. I cannot remember, you know.

>> Yeah, it's good that I can't remember.

>> Yeah, I can't remember. But I did have a country club at the age of uh 24 25 years old. Yeah, I invested in a country

years old. Yeah, I invested in a country club.

>> Uh but I lost every single cent of it. I

didn't do enough research. How much? How

much are we talking about?

>> I think at that time was about $30,000.

>> That's a lot of money.

>> Yeah. It's called Fairway Country Club right at us. And I stay in the east. I

never go there.

>> Oh goodness. You stay in the east and you bought a country club.

>> Yeah. Yeah. Yeah. I I thought it was a good investment and also like I can tell people that I own a country club and that my wind screen has a decal >> of a country club.

>> So you're very proud of the decal.

>> It makes me look good. Um yeah, but I was quite stupid. I didn't check and two years after I bought the country club, the government decided not to renew the lease of that land and I lost every

single scent of that country club. But

back to the condominium story.

>> Yes.

>> So yes, I I did also upgrade to a condominium. It was a beautiful

condominium. It was a beautiful condominium. Uh it overlooks a very

condominium. Uh it overlooks a very beautiful Olympic size pool and it overlooks the entire Bode reservoir.

>> Wow.

>> Um very beautiful.

But I never get to see um the sunrise and the sunset, right?

Because very early we get out of the house, you send your kids to school and then I come back so late working my butts off to pay the mortgage. Uh I

never get to see the beautiful reservoir during the weekday. I used to joke that uh the person that enjoys the condo most is probably my helper at the time

because she stays there all the time.

and she gets to see the beautiful sunrise sunset. You know, she goes

sunrise sunset. You know, she goes around walking around the pool thinking like, "Wow, this is such a nice property." But I paid for the mortgage

property." But I paid for the mortgage and yeah, I didn't get to really enjoy it. I don't play tennis. I don't really

it. I don't play tennis. I don't really like to swim.

And I think it took me many years at the age of 40 that I realized that that was really a stupid decision. And I really went into a time

decision. And I really went into a time of decluttering at the age of 40. I sold

the condo and I moved back to a HDB.

>> Actually, Chris, we need to backtrack a little bit because I was so surprised to hear from you that you stay in a HDB and your entire management all stay in a

HDB. And for those of you who missed the

HDB. And for those of you who missed the introduction, Chris is the CEO of a fund and how many dollars of assets under management

>> as of 31st December 2025? 1.7 billion.

So there's $1.7 billion dollars assets under management and you're the CEO and you stay in a HDB and you drive a Japanese car.

>> Yeah.

>> Well, I wish that I was that humble at the beginning. I think many of us

the beginning. I think many of us started in financial services wanting to do well. We have always been told that,

do well. We have always been told that, you know, if you're in financial services, you earn better. And when you are in financial services, you're always told that, you know, you should upgrade your lifestyle >> to look the part. Is it?

>> Yeah. drive a continental car. Have two

if possible. Your wife has one and you have one. And you should move to a condo

have one. And you should move to a condo and you should move to a landed property. I have to say that when I

property. I have to say that when I first started my career in 1998, uh that was what I was chasing. I still remember that I have this big poster of this car

Volvo S80 and it was my dream car at that point in time and I put it in front of my cubicle. I looked at it. was what

that motivated me and I think many of my colleagues u my founding team they were like me and of course we started Provident in 2001

uh we were successful the asset under management grew exponentially but we were hit by the global financial crisis in 2008

>> brothers Leman brothers yeah that was really a wakeup call we were doing very badly I mean not just us many financial institutions at the were all doing very

badly. We were losing assets. Of course,

badly. We were losing assets. Of course,

our revenue dropped, you know, and we couldn't do anything about it. At some

point, uh, those of us who stay in a condo, including me, we moved back to HTB.

And when we stayed in the HTB, we got used to it. And of course, years later, everyone of us doing much better. the

AUM has gone up you know and actually all my founding team today can easily afford a private property if we want to but actually we got used to staying in a HTB and I shared this before that when

we started in financial services we were told that luxury once enjoyed becomes a necessity and it's true if you think about it right today if you own a car uh you have gotten used to a car you will always want a car if you've always been

driving a Mercedes you have always been driving a Maserati uh anything lower than that is a downgrade. Luxury once enjoyed becomes a

downgrade. Luxury once enjoyed becomes a necessity.

>> Can you say that again? Luxury once

enjoyed becomes a necessity, >> right?

>> Wow. Because you you're used to a new normal.

>> You're used to that lifestyle, right?

>> But in the 2008 GFC, I think the founding team realized we were forced into simplicity, right? We were so poor.

We didn't have enough money. The the the company almost went bankrupt.

And because we were forced into simplicity, we got used to it. And not only we got used to it, I now tell people that

simplicity once appreciated becomes a sanctuary. It becomes a place of rest.

sanctuary. It becomes a place of rest.

>> Oh, that's so beautiful. Simplicity once

>> appreciated.

>> Appreciated becomes a sanctuary. So it

gives you peace of mind.

>> Yes. Because nothing moves you, right?

when in 2008 we wish that our lives were a lot simpler you know and >> uh even if the company is not doing that you're not so stressed um but we

experienced that so GFC 2008 was a good cleanup for many of us in our lives and so today like I said the entire founding team

>> even though we can well afford a private property uh even though all of us can easily buy a continental car but we don't because it doesn't bring us joy

anymore and we appreciated that simple lifestyle and one big benefit about living a simple life Shulene especially

in my line of work is that we don't have to make wrong decisions for the clients because of us >> because I've got to pay that mortgage because I have to pay that loan because

I have to keep up with that lifestyle and so I sell stupid stuff right uh that helps a lot.

>> I love that >> when we make decisions is because it's really best either for us or for the client. We don't do it because we have

client. We don't do it because we have all these loan and so it's not just me today but all the people in my founding team we all stay in HTB today we all drive a >> I love that

>> Japanese car and we drive >> so it's a prerequisite is it to join management team >> it's not a prerequisite but uh as they say but of the same feathers flock together >> so if you come to us and you want to

like make money make big money in a very short period of time you will feel out of place because we are not people like that >> wow and you know you once ask do you want to be rich or do you just want to look rich?

>> Cuz it sounds like you guys are really rich cuz you want >> You're not that rich. We're not that rich, but okay.

>> But you know what's important so you're not going to spend silly money. You

still indulge. You told me before, but what's your biggest indulgence?

>> Why I share this in the article? Last

year 2025 was my 30th wedding anniversary.

>> Oh, congratulations.

>> Yes. So I decided to throw a surprise party for my wife. I invited all my very close friends and there were about 30 of us. some my founding team members and I

us. some my founding team members and I boo a Spanish restaurant. I created a menu. I chose good wines and that was a

menu. I chose good wines and that was a $10,000 dinner.

>> Nice.

>> 2 hours is finished, right? But the

value it brought was immeasurable. I

mean it brought so much joy to of course my wife, myself, my friends. So yes,

this to me is a big ticket item. I

traveled six times >> uh last year holiday. I again wanted to do that while I can and while my wife can because her health is not very good.

Um I I mean I don't know when uh she may not be able to travel right and so we travel as much as we can and when we travel we travel in style right we don't

sting we stay in a good hotel and every trip cost money a lot of money uh it's five figure sum >> mhm >> but was it worth it? Uh yes, it's worth it, right? Because it brings memories

it, right? Because it brings memories and some of these things that maybe we cannot do in the future.

>> I wish my parents were still around for me to do that for them. Um I remember that when I started a firm, I wanted to work very very hard and I always wanted to work hard for two things. One, so

that my parents be proud of me because I think that when I'm financially successful, my parents will be very proud of me. Anyway, that's wrong. my my

my my parents really can't be bothered whether I'm rich or not. Um but the other thing that I wanted to do was to bring my parents especially my mother to

travel. um she has never traveled out of

travel. um she has never traveled out of Singapore in her whole life, you know, but before I could do it, she passed away, right? So, I don't want to have

away, right? So, I don't want to have that regret. So, these are the big

that regret. So, these are the big ticket items that I I spend on. And of

course, when people don't know the context, they think I'm bragging.

>> They think I'm like a spend, right? But,

>> uh there are reasons behind this spending and it goes into things that I that are worth your doing >> that you really value. I call them icky guy, right? It's things that are that

guy, right? It's things that are that you do on a daily basis that is that are of worth.

>> Yeah. So, I do spend money. It's not

that, wow, I'm so I'm like so strict.

>> I mean, you do enjoy your life. And I

think what it goes back to, do you want to be rich or just look rich? Cuz

looking rich can mean the Maserati. For

me, like I well, I splurge thousands of dollars on this Prada bag, which I kind of regret now. But when I was younger, I used to buy a lot of things to make myself feel good. But I realized

actually it's more now I can say that I'm 43 this year. It's my own insecurities. I want to look like I'm

insecurities. I want to look like I'm successful.

>> Yeah. I I wanted to also say there's nothing wrong buying a Prada bag.

There's nothing wrong if you drive a Jaguar. If you're watching this and you

Jaguar. If you're watching this and you are driving a Jaguar, you're driving I don't know what Aston Martin and all that. Nothing wrong.

that. Nothing wrong.

>> There's nothing wrong as long as you can afford it. Right? And I mean you really

afford it. Right? And I mean you really can afford it. I don't mean that you earn $1, you spend that whole $1 just to afford that card. That's not

affordability, right? So if you can afford it, you earning a good income.

God has blessed you with a good job, a good income.

>> Okay?

>> Enjoy, >> as what King Solomon say, enjoy >> your life under the sun. Enjoy. Nothing

is nothing wrong.

>> But don't do it to impress others. Mhm.

>> Don't do it to define your identity based on the things that you possess. I

mean, that's so silly, >> right? So, yeah, go and buy an expensive

>> right? So, yeah, go and buy an expensive car if you really enjoy the car. You can

buy a few more product bags if you can afford it and you really appreciate the quality, but don't do it just because you're always fleshing that product back. It does that doesn't make sense at

back. It does that doesn't make sense at all.

>> Buy it if you truly see the value and you're going to enjoy it. Not buy it to impress people you don't even like.

>> I think a lot of people do that. I used

to be like that in my 20s. Yeah.

>> Can you tell us about that low event, >> you know, where you were invited to a lawyer's house >> and then you know you left the house >> and you had

>> a certain encounter with with regard to your car.

>> Yeah. Yeah, it's quite embarrassing to say because I've been always been advocating the philosophy of sufficiency which is what my firm believes in contentment you know and all that but you know that

feeling of you are not good enough never really goes away never really goes away so I was invited to my uh lawyer partner house we work with this particular law

firm for all our private wealth work and so was ching year he invited us we did all the thing low chhat and all that and then I told him that I am going home and

then as I was going out some other lawyers also took the opportunity to say that you know it's time for them to leave and I was thinking like please don't go on the same leave with me please don't go down together in the car

park and you know because I was driving a 9year-old back then 8-year-old Japanese car I don't really wash my car all the time

okay because to me the car is supposed to fetch me I'm not going to be a slave to the car and polish it all the time so my car doesn't look very good and it's very old. I said, "Oh, you know, and

very old. I said, "Oh, you know, and I've been going around introducing myself as CEO of Provident, you know, blah blah blah." Oh, what are they going to think, you know, when they look at my car, I'm going to feel so small, but I

Yeah. Uh, two of the two of the lawyers

Yeah. Uh, two of the two of the lawyers went into the same leaf as me. and he

went down and then one of them went to his car and he has to park right beside my car, you know, and he was driving a Maserati, you know, and I felt so

ashamed actually at that point in time.

I quickly got into my car. Yeah. I

wanted to just drive away very quickly, but then I recovered quite quickly. When

I was in the car, I recovered quite quickly. I'm like, why am I thinking

quickly. I'm like, why am I thinking that way? I have I I I always go around

that way? I have I I I always go around telling people, you know, buy don't buy things that you don't need with the money that you don't have to impress the people you don't even know, right? So

why why feel that way? But you see, it's always there. Um but it is actually

always there. Um but it is actually really how fast you recover.

>> Mhm.

>> And sometimes you need to be in the right community. Uh no, I'm not saying

right community. Uh no, I'm not saying that that guy is wrong by I'm not judging him. Okay. I know but it did

judging him. Okay. I know but it did make you feel a certain way like you might have been worried oh wow does he think that actually I run an unsuccessful business. Yeah, I cannot

unsuccessful business. Yeah, I cannot make money, you know, and all that, right? Yeah. But if we have the right

right? Yeah. But if we have the right group of friends and you can go and share with this group of friends and say that, look, you know, I felt that way, then your friends will tell you, hey, why you so silly? You know, don't think that way, right?

>> So, >> so how do you recover in the car?

>> Uh, >> quickly drive away very fast.

>> No, I I think it just hit me that I shouldn't feel that way. Of course, I told my wife about it, right? And of

course, my wife say, "Why you think this way?" Right? So I think because I've

way?" Right? So I think because I've been telling people all the time, >> right? So it came back and reminded

>> right? So it came back and reminded myself that I shouldn't feel that way >> and yeah, but I just wanted to share this because >> I love it.

>> That feeling of >> it's very real.

>> Yeah. Never good enough. I must always compare to someone. The car we drive, the bag we carry, the watch we wear.

>> Yeah.

>> Uh but we don't have to.

>> Yes, it's true. I mean, we are filming this now in the boardroom of my office and I I I was sharing with you, you know, the amount of rent I'm paying for this office with this beautiful view in

MBS. So, it does look like I've made it.

MBS. So, it does look like I've made it.

I'm very successful. But actually, I feel the burden of paying such an enormous amount for rent and I am thinking of moving to a smaller office.

So, I might not have enjoy such a nice view. And you see this goes to my

view. And you see this goes to my question. Why does sufficiency sometimes

question. Why does sufficiency sometimes feel like failure? Cuz we live in a world obsessed with growth, bigger, better. So I'm obviously now 43 more

better. So I'm obviously now 43 more mature >> and I moved into this office 5 years ago. I now know it doesn't matter which

ago. I now know it doesn't matter which office I operate out of.

>> Yeah.

>> I know what success looks like for me.

But it took a long time to get here.

>> Yeah. Before I answer that question, I wanted to tell you that uh in the first five years, first five years of our uh business life, one of my shareholders

and also the adviser for my investment committee um she said something that until today I cannot forget. It was quite her thing.

cannot forget. It was quite her thing.

Of course, she said it uh she meant well, right? And I still remember

well, right? And I still remember exactly when she said it and where she said it. She was walking into the the

said it. She was walking into the the one of our meeting rooms. And then she made a comment like okay I can't remember the actual words but she was saying like you you go out there and you

tell people as if Provident is so successful you have so much money but actually in your pocket you have no money.

It's true cuz the first 5 years of our life uh we had no money, right? But it was very hurting and but when I think back

that is so so true. Um I don't want to be like that ever again.

>> So it was very hurting what she said because it was the truth.

>> It was true.

>> It was the truth.

>> Yeah. It was the truth.

>> But it was important, right, to play the game, I guess, cuz you're in the financial advisory world. You can't go around telling your clients you're doing badly. I I don't think we need to go

badly. I I don't think we need to go around telling people we are doing we were not doing badly. We were growing but we didn't have the money like the way we portray ourselves.

>> I see.

>> Right. And I think this mentor of mine she was just telling me to focus on the fundamentals.

>> M >> and I'm very grateful.

>> Uh of course at that time I was angry. I

was uh hurt because she I cannot remember her actual words but >> uh it wasn't something nice that she she said. Yeah. But back to your question on

said. Yeah. But back to your question on contentment >> because I think people think that to be contented is to settle.

>> Yes. Or to be mediocre >> is to me to be mediocre is you don't work hard. Um you don't strive. I think

work hard. Um you don't strive. I think

that's the wrong understanding of the philosophy of contentment or the philosophy of sufficiency. I always say that you know contentment is not a

passive acceptance of things rather is an active pursuit of what is most important for you >> knowing that you cannot have everything but when you have those things that are

of most importance to you can be contented right so it is not about resonation it is not about okay this is what life throws at me and so I settle

it right but rather you sit down and you deliberate. You know what are those

deliberate. You know what are those things that are most important for you in your life and you work very hard to get those things and when you have

achieved those things you know not having the rest is okay.

>> Yeah. So that's not mediocrity.

>> No.

>> Right. That's being very clear knowing what is the most important what is of worth and you work very hard. You still have to work very hard to achieve those things.

>> Yes. I guess what you're saying is being very deliberate, intentional, and conscious of the decisions you're going to make rather than seeing what other people have is another shiny thing. And

then thinking, okay, I I need to chase that too >> without actually examining what's important. Cuz actually, I know a lot of

important. Cuz actually, I know a lot of lawyers, right, one of their biggest regrets is not spending time with elderly parents, not spending time with their children. And they only realize

their children. And they only realize that much much much later. They keep

chasing the next thing.

>> Yeah. I mean I was there before as well, right? First few years of building the

right? First few years of building the firm all the way until 2020 2010 was a defining year for me, right? Because I

started a firm in 2001. Uh and then 2008 it hit and I was working so hard. Uh and

just a few weeks ago, my daughter who is now 24 years old, I cannot remember what we were talking about, but she said that she remember those days that she hardly see me. And by the time I come back,

see me. And by the time I come back, it's late in the night, 1 2 a.m., you

know, and then the next morning, uh, when she's going to school, I'm still sleeping. And after that, I go, she

sleeping. And after that, I go, she hardly sees me, you know. And, uh, I was not present. I was actually not present

not present. I was actually not present in their lives until after 2010.

Actually, I'm so grateful that I we still have a relationship.

>> For some, >> they won't have that relationship with their children, right? So, uh, I'm grateful that I have I had that second chance.

>> What was that wakeup call for you?

>> 2008 >> because of the crisis.

>> I've always done well in my life. Not

academically. I am not that smart academically, but I've done well in my army. When I was in officer cadet

army. When I was in officer cadet school, I was a top cadet in my platoon.

I was a sary. Of course, you were.

>> I worked very hard. I did well.

>> And then I was with a pharmaceutical firm for a short period. I was a top sales rep for a product. I did well. And

then I spent my first three years with an insurance company right after the Asian financial crisis. I was second top rookie adviser for that year. And so

when I went into starting my firm, I thought that as long as I put my heart and soul into it, as long as I work hard, I will be able to achieve anything

I want in life. I have control, right?

Because that was my formula. And I've

always done well when I apply that formula.

When 2008 happened, I realized I have no control, nothing that I can do that can stop actually the markets from going down. Uh clients were very angry

going down. Uh clients were very angry with me. Uh I still remember an incident

with me. Uh I still remember an incident whereby in the room the client threw the file right in my face and say you are stupid because the I mean because you was panicking right the markets were

going down and there was nothing I can do. Turnover was high. My people got

do. Turnover was high. My people got discouraged. We have high turnover rate

discouraged. We have high turnover rate and then I realized that you know Sh we have no control. We have absolutely no control.

And I worked so hard I gave up my time with the family, my children. What did I get? I got nothing.

children. What did I get? I got nothing.

So that was a turnaround. So that was two years uh after uh the GFC.

>> Mhm. And the turnaround came also I don't share this publicly. I only share with my staff and my clients uh during events that in 2010 one of the

afternoons I was walking outside McDonald's at Temp MRT and then suddenly I heard an inner voice. It's not an audible voice. It's

voice. It's not an audible voice. It's

an impression. Um and that inner voice goes like this that the devil has used the money of weap has used money as a weapon of mass destruction to destroy

the west. it is now coming to the east.

the west. it is now coming to the east.

You have the license, you have the knowledge. What are you going to do

knowledge. What are you going to do about it? That came the philosophy of

about it? That came the philosophy of sufficiency. And so the philosophy of

sufficiency. And so the philosophy of sufficiency also begin to apply on my life. And that's when I started

life. And that's when I started decluttering. I downgraded 2010, right?

decluttering. I downgraded 2010, right?

I sold my condo. I moved to a HDB. I had

two cars. I sle car. I went to take public transport. It was tough when I

public transport. It was tough when I first started taking MRT right to work.

Um yeah. So

>> 2010 was the the defining moment, the defining year.

>> So money has been used as a weapon of mass destruction >> to destroy the west because that was a GFC.

>> Oh, >> and during the GFC, >> many pensioners, they lost their money.

Some committed suicide. Fund managers

lost everything and they committed suicide. Right?

suicide. Right?

>> And the world almost went down because there's just no money in the system. And

money in the system is like blood in our body. When you have no blood, you cannot

body. When you have no blood, you cannot leave. When you have no money in the

leave. When you have no money in the system, the economic system cannot go on. And that was when the US decided to

on. And that was when the US decided to start printing money.

>> Oh yes, I remember.

>> Right. So I think wealth is now coming to the east.

>> Not that I think it is a fact.

>> It is >> right. Asian countries are assean

>> right. Asian countries are assean countries doing better.

>> We are in a pivotal moment whereby empires are changing. M m

>> I think the world is very messy and I think the east will do better and better financially.

>> Mhm. But we also have to stand guard.

>> Yeah. I think we have to watch out, right? Because when we start to do very

right? Because when we start to do very well financially, uh we lose focus. We lose focus on what are the most important things in life.

>> Wow. So powerful the sharing and thanks for sharing something that you haven't shared publicly because I I do realize we we actually share quite a lot in common.

>> I've also always done well. I also won rookie of the year award.

>> You did much better academically.

>> Yeah. Academically. But it was when I was brought to zero in 2020 because of COVID.

Then I realized if I tie my selfworth my identity to how much money I bring in then it means that when there's no money bringing I'm bringing in I'm worthless and that cannot be it.

>> Yeah.

>> Right. We are of worth no matter what.

>> Yeah.

>> Yeah.

>> You know sometimes we have to be knocked down >> to make us look up.

>> Yes. To be humble.

>> Yeah. sometimes

>> that we're counting on ourselves and we are in control.

>> I'm like that. I was very not outwardly arrogant but inwardly I'm like I can do anything. I can do anything.

anything. I can do anything.

>> But 208 was a big lesson for me.

>> Yes. Actually same here. I was a bit of a diva. It went to my head and then I

a diva. It went to my head and then I was brought down. Okay. Let's talk about the real reason why most of us still feel broke. we still do not feel secure

feel broke. we still do not feel secure >> even though we've made a certain amount of money and we're doing our best right we save we invest why do we still feel that way is it a false belief about

money >> yeah I I I don't know whether I'm repeating myself but I think it is some people feel broke because they are really broke >> okay true

>> right I mean they are just overspending >> they have loans all over the places huge car loans mortgages I don't know what else do they have They buy one property after another. So they actually really

after another. So they actually really broke. So that's why they feel broke.

broke. So that's why they feel broke.

Some people are not broke, but they just don't feel that they have enough. And if

you don't feel that you have enough, then you always feel broke. So I suppose that's that's the reason why people feel that way. They always comparing to

that way. They always comparing to others and they don't feel that they have more than others. So they try and copy and then they just don't have enough. I love what you said when we had

enough. I love what you said when we had lunch the other day about how people will spend on a black pink ticket, right? $400, no

problem.

>> But then when they it comes to their health screening, they will pick the cheapest option.

>> And and very often >> anyway, a lot of the health screening uh packages, >> they don't actually give you the information you need to live a quality healthy life. M

healthy life. M >> I just think it's it does come down to values. It's very easy for us to judge.

values. It's very easy for us to judge.

So like my husband and I, we always tell each other, "Hey, don't judge, don't judge." But then the next thing we know

judge." But then the next thing we know is you see that person, that person, and then we think that we're making better choices. But there are of course like

choices. But there are of course like even my husband and I, we have differing views. We were just having an argument

views. We were just having an argument last night because I'm going to London soon with my son cuz we're big Harry Potter fans. And London hotels are so

Potter fans. And London hotels are so expensive. It's so expensive. The

expensive. It's so expensive. The

tickets are we're redeeming using points, using miles. So that's fine. But

when we came to the hotel, I can't believe it took me so long. Last night

finally, I booked. But my husband thought this amount per night was a ridiculous amount to pay. But I told him, "No, I stay here. It's very

central. I can walk everywhere.

>> I don't have to pay Uber and I want to stay in a safe neighborhood cuz it's just me and my son."

>> And then >> he said, "No, no, no. This amount too much." Then I said, "Okay, how about

much." Then I said, "Okay, how about this? How about this?" In the end, we

this? How about this?" In the end, we compromise. So I finally booked my

compromise. So I finally booked my hotel. But you see even between husband

hotel. But you see even between husband and wife we have very different views.

Everyone has different views. Who is to say what view is correct right?

>> Well the views that you and your husband can agree and you can afford it is the correct view because >> oh >> we all don't know the context.

>> Yes.

>> If I didn't tell you the context and I tell you that I spent $10,000 for a dinner. You will judge me. You will say

dinner. You will judge me. You will say what $10,000? That's because he's the

what $10,000? That's because he's the CEO and you have got money. Right? And

if I tell you that all my holiday >> you're doing this every day probably >> yeah and and if I tell you that every time I fly I fly business class uh you will say wow you should spend truth

right but well if I spend on the business class there is a context on why I spend on the business class >> yes >> and we don't really have to

answer to other people >> because if you know that what is most

important for you and you have enough to enable that that is most important for you that's okay. Why do we bother

about how other people look at us? The

same way we are bothered by how other people look at us. The bags we carry, >> the watches we wear must be a Cartier or Rolex.

>> Um >> we're both wearing Apple watches.

>> Yeah. Yeah. Mine's a bit more expensive because mine is stainless steel. See,

>> I'm more successful.

>> I need to upgrade mine now.

>> Yeah. I'm more successful. Yeah. But I

think is that Yeah. That's the thing.

You briefly mentioned people spending on healthcare.

>> Yes.

>> I I want to share this framework.

>> Yes.

>> To enable a good life, the three things must be present. The first thing is you must know what is your eeky guy. What

are the things that you do daily that are of worth matters. Second is wealth.

You must have money to enable your eeky guy.

Money is still important, right? And

third is health. You must invest your money to enable your I guy. You must

invest in your health. If you look at health as an investment, then we wouldn't sting so much, right? It

doesn't make sense that we can spend money or like you said on a Blackpink ticket. I don't even know how much, $3

ticket. I don't even know how much, $3 $400 for a ticket.

We can go to a restaurant and we spend a few hundred, but we find the cheapest health package that may not be comprehensive enough. Health is an

comprehensive enough. Health is an investment because in order to do those things that you want to do in the future, you cannot only start investing in your health the

day before you do those things. You have

to invest today. Just like money, you need time for your money to compound, health, you need time for compounding, right? So if you look at health as an

right? So if you look at health as an investment then perhaps you will not sting.

>> You will start putting serious money to take care of yourself.

>> Yes. So someone listening in on this might say Chris easy for you to say you're CEO you're financially very successful. So you will say yes of

successful. So you will say yes of course must invest in health. But it is absolutely true. I agree with you.

absolutely true. I agree with you.

>> But what do you say to someone who says that well but I'm just broke. No, of

course I'm I mean it's a fact that I may have more financial means than others, right? But I'm 56 years old. I've been

right? But I'm 56 years old. I've been

working for so long and I mean there have been times whereby I don't have so much financial means, right? You do what you you can do within your means.

>> So if you earn $3,000, I'm just saying that when you want to spend this $3,000, don't allocate the smallest amount to your health.

>> Yes. Yes, if you are earning $5,000 $7,000 a month, then don't allocate a very small portion to your health. So

you you you work it out based on your means.

>> I guess also you are who you surround yourself with. So if I feel broke

yourself with. So if I feel broke because the the episode the question is why do people still feel broke? Maybe

some people are really broke but like for me I think I'm doing well enough but I still feel insecure about money. I

cannot say that I feel totally secure.

Of course, I'm a customer of Providence, so I feel more secure and uh you know, my mom is a financial adviser. I still

can't help but worry about the future, >> you know, and the markets are uncertain like you said. You know, countries are all worrying with each other what will happen next.

>> Of course, I have my faith. So, thank

God for that. And I also know that I cannot tie my selfworth to money. But

regardless, right, there must be a certain basic level of hygiene. You need

a certain level of money to do the things you want and to provide for your family.

>> Actually, if we sit down and we think about really what we need, do we really need so much money? What do you need?

Shulie, you have a house.

>> Yes.

>> If today you stay in HDB and and you pay off your mortgage, you have a house.

>> Yes.

>> Do you really need a car?

>> No.

You don't need a car. I take the public transport to work all the time. Uh only

on the weekend I get to drive the car, the family car. What else do you need?

You need maybe five sets of clothing.

>> Not enough.

>> So one you need.

>> Okay. Yeah, that's true. That's true.

>> Right.

>> Yes.

>> You don't need to buy the most expensive jacket. So what else do you need? How

jacket. So what else do you need? How

many pairs of shoes do you need?

>> Uh my husband would love this conversation.

>> Yeah. So if we think about really what we need actually we don't really need so much money but yes if you are comparing to many

people around you that has more than you that always drive fancy and you know cars and have shiny objects as toys and they stay in a beautiful condo with a

good name in a fantastic district their children they can send to an expensive school then yes you never have enough but You will never have enough because you cannot stop comparing.

>> Wow. I think you nailed it. That's the

reason why people feel broke because they're surrounded by lifestyles that maybe they can't afford sustainably.

>> And for what? We're going to die anyway one day, right? So, I'm not saying like I I'm not advocating mediocrity. Don't

get me wrong, right? But I'm just saying that we don't really need so much.

>> You can earn. I'm not stopping you from earning. go and earn as much income as

earning. go and earn as much income as you can.

But if you can control your spending to spend on things that you need and don't spend on things just to impress people, you have a lot of buffer. You are not going to feel poor and surround yourself

with people that will tell you that all the time.

>> Yes.

>> Then you'll be fine.

>> So what is one thing someone can do to start spending less money? One thing I can think of is maybe like turn off some of the social media because they they are feeding you right. You should buy

this. You will feel better if you have

this. You will feel better if you have this new item in your life.

>> Yeah. I think it's not just about spending less money. I don't spend less money. I still spend, right? But I think

money. I still spend, right? But I think the first step and this is what I do every at the beginning of the year. Uh I

did it at the actually at the end of last year and over overlapped into the beginning of the year. I sit down and ask myself what are the things I I just give you three right eeky guy investments and hell I ask myself what

are the things that are of worth for me to do this year I put them down right and then I allocate funds to it how much do I need to spend on these things right

and once I've allocated these on uh my money on these things I'm not going to look at other things the other thing is not going to distract me I am not excited about new condo launches I'm not

excited about buying buying a super expensive car because these are not the things that I find awkward for me to do.

Right? So I think start first by asking yourself what are most important things that you must have that will make you happy

really that are of worth and then you allocate your funds to it. I think

that's the first step. Of course after you do that you got to do your your budgeting.

Um yeah.

>> M and you have this strong conviction that if the common person educates themselves, they don't even need a financial adviser.

>> Yeah. Um

>> that's very surprising from someone who runs advisory firm.

>> Yeah. I mean there are people who actually can do it themselves if they like to do it themselves, right? If you

work with a financial advisor, the financial advisor is just a coach to you, if you really want to work with one. But there are enough people who

one. But there are enough people who take interest in finance and invest and if they can do it themselves and yes, they don't need the cheapest way to accumulate your money is you advise

yourself. Then you don't have to pay

yourself. Then you don't have to pay fees, right? But yes, there are people

fees, right? But yes, there are people who cannot do it. There are people who needs uh advisor to push them.

>> I prefer to go to an expert.

>> Yeah. Yeah. or they check they want a second opinion. They already know what

second opinion. They already know what to do, but they want a second opinion.

Like you are a golfer, you know how to play golf, but you want somebody to check you, then yes, you go to a financial advisor.

>> So, can you walk me through the three C's? Cash flow management, coverage

C's? Cash flow management, coverage management, CPF management.

>> Actually, this conviction came um because Sharks, I'm going to say something pretty controversial. I I feel that the men in the street have lesser access to good financial advice

because most of the time when they go and get financial advice they end up being so products that are actually not good for them

and some people they don't understand investing and they cannot take the volatility risk of investing and for these people I will say that

well if you really don't like to invest.

You're not interested to learn about investment. I can't force you to learn

investment. I can't force you to learn something that you are not interested in. Then actually maybe you don't have

in. Then actually maybe you don't have to. If you just take care of your three

to. If you just take care of your three C's well then I think you can still have a decent retirement in Singapore. The

first C is cash flow management. In cash

flow management is about spending below your means. always having a good surplus

your means. always having a good surplus and set aside the surplus for rainy days and for those money put it into a higher interest but lowrisk instrument like Singapore savings bonds T bill so and so

for I know the use are not interesting right now but it's still better than the the interest you're getting in your bank account right so that's cash flow management very important cash flow is key you have no cash flow everything

fails second is coverage management coverage management is about buying insurance is important but in the area of insurance buy as much as you need pay as little as you can. Many Singaporeans,

they buy all the wrong sorts of insurance. They pay a lot of premiums,

insurance. They pay a lot of premiums, but they are not necessarily adequately covered. The third C is CPF management.

covered. The third C is CPF management.

In Singapore, we have a wonderful system in CPF. Our special account offers at

in CPF. Our special account offers at least 4% right up for some amount uh some amount in your special account, you can get up to 5%. If you got money in your retirement account, you can get up

to 6%. Risk- free, almost risk- free.

to 6%. Risk- free, almost risk- free.

What instrument can you find in the world? Sing dollar base that gives you

world? Sing dollar base that gives you four to 6% guaranteed capital guaranteed risk-f free make use of it. Right? If

you take care of your three C's very well at a very young age, you take care of the three C's very well. I'm actually

pretty convinced that when you retire, you will be fine.

>> So these are the three C's.

>> And you know, I can't help but agree.

Okay? And I want to say first that Chris not paying me, Providence is not paying me to say this, but I agree with the fact that most financial advisors in Singapore,

>> they are incentivized by the wrong things and they may inevitably give out wrong advice, advice that's not in the best interest of the client.

>> So I'm always very skeptical with the exception of my mom because my mom is with AIA for 35 years, right? She is my mom. I trust her. But any other

mom. I trust her. But any other financial advisor, I'm sorry. Great

Eastern Prudential whatever right to me you only have very limited knowledge of your company's products how you supposed to give me informed decisions that's going to impact the rest of my life that it's going to infect impact my family

and that's why I I I came to Providence because you guys are the only fee only based financial advisory firm right I mean I'm butchering it a bit >> I mean thanks for that that that >> sounds like advertisement

>> advertisement but I I don't want to put down the rest of the >> I'm not putting down because there are good ones out there for sure >> there are good ones But you know sometimes you are sincere but the

knowledge might be limited and really I've seen enough people suffering from poor advice and so that's why I say that for some people maybe they are

better off not investing if they can focus on this 3C it's a slow and steady way you are okay now I'm not saying don't invest >> I'm not saying that obviously I'm a

investment management firm we manage 1.7 billion which I shared right investment is a big part of our business, right?

>> But not everybody is suitable for investment. If you are suitable,

investment. If you are suitable, investment is one of the best way to build wealth.

>> But if you are not, >> perhaps it's better not to and just focus on the three C's. At least you don't lose money.

>> Okay? So when someone's salary hits their bank account, what's the first thing they should do?

>> Budget. So I've got this simple way of budgeting is the three accounts method, right? So it's very simple. Have at

right? So it's very simple. Have at

least three accounts. The first account is your income account. So your income credits into the account. The second

account is your savings back/investment account. And the third account is your

account. And the third account is your fixed expenses account. So you need to first sit down and work out what are your fixed expenses. Your fixed expenses are expenses that will not change in the

next 12 months. Right? So it's not fixed cost but fixed expenses. So things such as insurance premiums, your mortgage, your helper salary salary, the the mate levy, you know, all those are fixed

expenses. So you calculate your fixed

expenses. So you calculate your fixed expenses. So every month when your

expenses. So every month when your salary hits your income account, do a standing instruction. Transfer your

standing instruction. Transfer your fixed expenses into the fixed expenses account. Right? That's the account

account. Right? That's the account usually you will drive off to pay your fixed expenses.

>> Then transfer an amount that you want to save into your savings and investment account and that's it. Whatever that's left in your income account, you are free to spend. They are your variable expenses.

spend. They are your variable expenses.

You are free to spend. And even if you are spend thrift and you spend everything in that account, you're fine because you have taken care of the fixed expenses, you have saved regularly diligently every month in your savings

account. And once your savings account

account. And once your savings account you have hit your what we call emergency fund and emergency fund is at least uh six months of your monthly expenses in cash. Once you hit the amount, the rest

cash. Once you hit the amount, the rest you can go and invest and once you have done that it's very easy, right? every

month you just look at whatever that's left in your income account after the standing instruction does its job.

You're done.

>> You can spend that. So that's the that for me was very powerful cuz I don't have to bother to track my expenses. All

I know is that I only have that amount in my income my income income account to spend every month.

>> Wow. So you do an auto deduction.

>> Yeah. Sending instruction.

>> Wow. I wish someone taught us that in school.

>> It's very simple actually.

>> It is. It is trick. I just bought this moon jar piggy bankang thing for my children where it is I once I give them their pocket money so they have spend

save and share share is like donate so they don't always ask me for >> same concept >> yeah same concept it's just that we don't use piggy banks right we use bank accounts so same concept >> I'm trying to teach them that cuz I wasn't talking

>> it's a good start for the kids >> so okay talking about kids right >> you mentioned I think in other interviews that you don't send your kids to enrichment or tuition classes unless

they ask for it. So was that also part of being sufficient?

>> Well, first of all, at the time when the kids, I don't have a lot of money. Okay,

so I need to give that background again.

But uh I do send them for enrichment, but I don't overload them. I don't

believe in overloading them with enrichment classes. Uh my daughter went

enrichment classes. Uh my daughter went for piano lessons. uh but at rate four she decided to stop. I don't believe in

um overwhelming them with tuition and enrichment classes for tuition. If they

are weak in a sub a certain subject, we offer it to them. We tell them that okay are we in Chinese? Let's go for Chinese tuition.

>> And once they are done, we we won't overdo it.

>> Okay. So I remember my son uh he had math tuition and one day during PSL year he came to us and he said can I have a second math

tuition I said why he said because one of this tutor that I'm with very good at solving problem ss I want to find a tutor that is very good in helping me with my MCQ >> wow

>> but I didn't ask him to go for strategic >> he wants it right so we say okay if you want it we support you >> but I I really don't believe in overwhelming our children totally

>> with a lot of tuition, you know, and all that. And I've got a very simple belief

that. And I've got a very simple belief and in a way it's passed down by my mom.

When I was very young, >> my mom only has two things to ask of me.

He said, "First, pass every year. Just

progress. Well, try our best. Pass every

year. Do better. Good enough. Secondly,

don't get into a wrong company." That's

all my mom said. And she gave me complete freedom. And I am very grateful

complete freedom. And I am very grateful for my mom because since I was in secondary one, my mom trusted me and gave me freedom to do anything I want as

long as I meet these two criterias.

>> And I I think I applied the same thing for my kids.

And some years back, four or five years ago, while walking back from uh our car in the car park to our house, my daughter suddenly said this. He said,

"I'm very grateful for the way you have brought us up." Cuz we never stress them with academic requirements. All we ask is just pass, just pass. You know, and

today I think they benefited from that.

They are happy children. They never

stressed by their parents. We never give them any impression that they are not good enough. Look at this person scored

good enough. Look at this person scored 90 marks.

>> Yeah.

>> How about money? So I met a parent yesterday who warned me against overproviding for our children >> and the guy I met yesterday is a very

successful law firm partner clearly is rich and one day his kids came back from school and asked him hey uh papa we stay here my classmate say we must be rich

are we rich and he's worried about raising entitled kids because the problem with parents who overprovide he thinks is that we end up being the

safety net >> and the kids no longer become driven to work hard and make their own money.

>> Yeah. I I I tend to agree with that.

>> Now I I cannot prescribe my own formula to other people because all the children they are different.

>> Yes.

>> And I I don't want to be sitting on a moral high chair and say you know you got to do it the way I have done it right. But what I have done worked for

right. But what I have done worked for my kids. Um,

my kids. Um, >> so they they don't think that, oh, papa is very rich. We're going to inherit this big fortune there to work.

>> I mean that I don't know. I don't know how they think. Yeah. But we have never really provided them with a lot. I mean,

my daughter went to Melbourne for her uh university education. She worked

university education. She worked part-time. I gave her really a very

part-time. I gave her really a very small amount. And it was only later that

small amount. And it was only later that I realized that it was not enough.

>> But I'm very grateful that she didn't ask me for it for more. When I wanted to give her more, she said no need. So, she

went to work part-time for it. Um, my

son started working part-time, I think, when he was a secondary school boy. His

first job was selling merrygo drinks at NTU Fair Price.

>> Wow.

>> Um, during birthday, we never go off for a big celebration. Our way of giving our kids birthday presents would be like, okay, my son's birthday is in August and maybe July he needs a new pair of sport shoes. We'll buy him a new pair of sport

shoes. We'll buy him a new pair of sport shoes and say, this is your birthday present for August. Right? When both of my kids wanted to learn driving, we said this is not a need. This is a one. You

go and earn your own pocket money to pay driving lessons and you take your exams. And both of them paid for their own uh driving lessons and the exams, right?

The test. So, we find that that works for our children. They don't overspend.

They're pretty thrifty. So, that's

>> my my my take. I don't want to go there and say y'all should do this. Oh, I've

seen people buying so expensive things.

I don't understand the context.

>> It would not be right for me to judge.

>> You and I are not parenting experts.

>> It's interesting to hear about your philosophy of money because it does sound like you did teach your children to be prudent and that if they want extra things, there's a difference between needs and wants.

>> There's another thing that I teach my children that is very important. I

taught them that when they start working, they have to give us money.

>> Yeah. 100%.

>> Yeah. That's very important. And I want to say this right on this podcast. Don't

ever tell your children that you don't have to give me any money. As long as you don't take money from me, I'm very happy.

>> I hear people say that.

>> Yeah. We are shooting ourselves on our own foot unnecessarily.

>> No. My I absolutely I told my kids and they are seven and 10 this year. The

moment you earn money, every month you have to give me money.

>> Yes. So

>> every month >> I told my kids and we give them a fixed amount to give.

>> It's a big amount. But the the deal >> What do you mean it's a percentage or a number?

>> No, it's a fixed amount. Wow.

>> It's big. I I shouldn't say this on air but it's a big amount but I told them the deal is this >> that as they progress in their career and they are paid more and more the amount is still fixed.

>> Oh >> it's going to get it's going to be tough now but it should be because you have no liabilities no mortgages you are living in the house I'm still providing you with shelter and food and all that so you can still afford it right

>> but it's painful >> but over time it's going to get easier and easier and easier and easier.

>> How old were they when you started telling them this?

>> Can't remember. I I mean definitely not primary school. Okay.

primary school. Okay.

>> Much much later.

>> Right. And I think that's important.

>> Yes.

>> Now, do I need the money? I don't need the money. They don't need to give. They

the money. They don't need to give. They

get to give because it's feel pity. I

know some people say there are other ways of showing love.

>> 100% agree with you.

>> But when you give money is painful, right? And when you love people, it

right? And when you love people, it requires some form of sacrifice. And

money is a very real way of a sacrifice.

Right now, of course, if at some point they cannot because maybe they got married and they need more money, they may come back to me and say, "But I cannot afford anymore."

>> Yes.

>> What am I going to say?

>> Of course, I'm not going to say, "Oh, you you useless bugle. You know, you never honor your word. You know, last time you say you will give just because of a woman, you don't give." I'm going to say that anymore. I'm not going to say that. Right.

say that. Right.

>> Yes.

>> Of course, we'll then say, "Well, how much?"

much?" >> Yes.

>> How much can you then afford?

>> Yes. Yes. So my mom drilled that into us very young and I I still give every month even though my parents don't need and

actually when my income grew I gave more and there was a period of time when my business was really struggling and my mom was like don't give.

>> Yeah.

>> Yeah. Then later on my business recovery hey please start giving again. Yes. So

we're giving again.

>> I remember that the month before my mother passed away she told me she said don't give me anymore. She said, "I don't need it. I'm giving to her every month, but she doesn't spend it, right?"

And she said, "No, don't need to give."

Then I told my mom, I said, "No, I'll continue to give. Whether or not you need it is my way of showing love to her."

her." Yeah. So, it's really a privilege now

Yeah. So, it's really a privilege now that I think back. I wish I can continue. You know, when I stopped that

continue. You know, when I stopped that standing instruction, I actually felt very sad that I can't do it anymore.

Right? So since our parents taught us these values of filopiety, I don't think it should stop in our generation.

>> I agree.

>> It must continue on.

>> It must it must. She knew. Is it? She

somehow knew.

>> Yes.

>> Wow.

>> Actually, she knew maybe 6 months before her demise because she was beginning to give money away.

>> Wow.

>> You know, and she started like giving each grandchildren some money. I mean, I don't come from a very rich family. She

didn't have a lot to give, but she uh gave.

>> Wow.

>> Not not not related, but when she passed away and we went to clean up the house, I found the last anga I gave her, >> Chinese New Year. She passed away in

March, just after Chinese New Year, right? I gave her anga and it was

right? I gave her anga and it was untouched, not open, and it's still there. I kept that anga, the money

there. I kept that anga, the money inside till today.

>> I wouldn't ever even spend it.

>> Yeah. But that experience taught me that I understand now why some people when they receive an inheritance they are so careful with it cuz they realize that it's not their money. And so when I took

back that anga I gave to my mom. It's

very precious. I don't want to spend the money because it's not my money. I gave

it to my mom and it's the last thing she received. The last anga she received

received. The last anga she received from me.

>> Yeah. Wow. That's so precious.

Thanks for sharing that.

So going back to I guess you know your children are now in their 20s and I have children. A lot of people listening in maybe they don't have children maybe they're in their 20s

their 30s and they actually feel quite stuck. Some of them may be married, some

stuck. Some of them may be married, some of them may be still single, living with their parents, and they feel quite judged about money, right? They feel,

well, they they can never buy a flat at, I don't know, $100,000. Now, you're

telling me it's $7, $800,000. Shocking.

It's shocking. And there's always someone with an opinion.

So, I wonder what's the worst kind of advice we can give to a young person about financial management.

I I don't know whether that's the worst kind of advice that you give to a young person but

I think I will never ever compare my son to his peers.

I would never do that.

And you know, as we were talking a bit about this during the pre-recording and and we talked about what's the worst advice that you give to people in

their maybe late 20s or 30s and I told you that actually I don't know the answer because I'm 56 and I don't know what young people are thinking right now.

Um so I ask my colleagues who are their age group and I say what what advice do people give you know what are people talking your age group talking about and it seems it's a common theme right

because quite a few of them who are in the age group all said the same thing and they said that they have been told to get a private property as soon as they can take a mortgage while they

still can stretch the mortgage for 30 years right and even if it means it stretches their finances. Go and do it.

I think that's the worst advice to give.

Now, I don't know. I don't know whether investing in that property will make you money. I'm not an investment expert when

money. I'm not an investment expert when it comes to property. Maybe it will, but the journey to get there is so painful. You are stretching your

finances. You have no life. You want to

finances. You have no life. You want to go to a restaurant. and you think twice.

You are bogged down with mortgage.

You live a lifestyle that's energy draining.

You cannot leave your job even if you hate it because you have to pay that mortgage. You and your spouse will be

mortgage. You and your spouse will be crawling every day because you don't have money for that investment that may

or may not work out, that property.

I think that's the worst advice to give.

I think our younger people needs to know that don't start off life with such a huge mortgage.

>> Um don't listen to this advice of the need to buy a property, you know, and and all that while you are buy a private property. Yeah, buy one that you need to

property. Yeah, buy one that you need to stay. But

stay. But I told my son this because he just bought a house, right? And I said that you know you need to calculate to make sure that after you have paid the

mortgage on a monthly basis and all your other expenses that you still have a life today. You know um

life today. You know um don't drain yourself so much in your finances that after you have bought that house you can't do anything anymore.

You're going to live a very unhappy married life. Yeah. So I don't know

married life. Yeah. So I don't know whether that's the worst advice to give but it seems to be going around amongst the younger people.

>> Yeah, it seems like that everyone's thinking upgrade.

You buy a flat first, upgrade to a condo and then you take on the second mortgage.

>> Yeah, >> you know, rent it out.

>> That's what I see a lot of people doing.

>> It may not be wrong in that. Yes, maybe

that's the way.

>> But but don't stretch yourself.

Overstretch.

>> Yeah, but before you even get there, what are your trade-offs? Are they worth it? M

it? M >> think of the trade-offs that you have to make, right? Is it really worth it?

make, right? Is it really worth it?

You're so stuck. You don't have freedom.

>> Then how about people in their 40s or 50s where they feel that maybe they've made some unfortunate financial decisions like what what what is something that they can do?

>> It's never too late. It's never too late. You are 40s where you got plenty

late. You are 40s where you got plenty of time actually. Yeah, I'm 56, right?

So I'm like, okay, I don't have a lot of time left. I don't have as much time. Of

time left. I don't have as much time. Of

course, somebody who is in the 70s listening to me will say, "Young boy, you have a lot of time, right?" But in the 40s, you really have a lot of time.

I think get your finances in order. I I

restarted my life when I was 40, >> right? I decluttered. I moved down from

>> right? I decluttered. I moved down from a condo to a HDB. My cash flow a lot uh better. I built up my emergency fund

better. I built up my emergency fund from scratch. I started investing very

from scratch. I started investing very aggressively. That was 40 years ago. And

aggressively. That was 40 years ago. And

it's and time flies. It's been 16 years since I've uh done that. So I would say start all over. It is never too late.

I think in a world that we live in today, resetting is all the more important. So, if you're listening to

important. So, if you're listening to this and you feel really messed up big time, you feel so bogged down, you feel broke, you're not happy with your life, you know, you don't like your job,

you're stressed, but you cannot move for Christians. If God call you, you

for Christians. If God call you, you cannot go.

>> If you're a business owner, you are forced to make money decisions in the interest of your company, but not in the interest of your customers, then maybe it's time for a reset.

>> It is. Okay, one last question because we probably can go on for hours. What do

you wish you had learned earlier about money?

>> Well, I have shared this with my children and a few times with uh my clients

and this came quite spontaneously when I spoke to a group of poly students. I was asked to do a financial literacy talk to a group

of poly students. It was a huge auditorium and I was teaching budgeting and then I realized that no one was really actually listening to me. They

were all talking away. It was really noisy, you know, and all that. And when

I ended my lecture, I do not know why, but I suddenly said this. I said, I was an ex-poly student.

this. I said, I was an ex-poly student.

I'm a proud graduate of Singapore Poly Techchnic Engineering.

And so I told these students that I've been in I've been where you were before in that same seat.

Now I do not know how many of you actually choose to go to the poly. I did

not. In my time going to the poly is second best.

The smarter people go to the JC.

And you can be very smart but if your English is no good, you go to the poly.

And we always feel that we are second best in a society as a poly student.

When I started talking about this, they all kept quiet. They all listened to me.

So I told them, it came spontaneously. I

said, "Unfortunately, the world judge us based on what we have or do not have. The

world judge us based on the watch you wear, the bags you carry, the house you stay, the car you drive.

the school you go, the name cards, the name behind the title behind your name.

Unfortunately, the world judge us based on that.

So go out there and do everything that you can so that the world will listen to you because it's a fact.

I wouldn't be on this interview if I'm not CEO of Providence. If I'm just a executive struggling at my work, I wouldn't be here. I'm here because I'm CEO of Providence. That's how the world

judge us.

But do not judge others based on what they have or do not have because that's wrong.

And finally, do not let others judge you based on what you have or do not have because your identity is not based on what you

have and do not have. These things don't define your identity.

I kid you not.

I could see the front row of the people crying the students because that's how they felt.

>> They felt second best.

>> I know because I'm a polygraduate. We

always feel second best.

>> When I go for family gathering and then the relatives said, "Okay, this cousin is from Raffles."

>> You feel lousier.

>> It's from Hua Chong.

They seem more superior.

>> You are just a poly student. M

>> you know so only the poly student really understand this we are never good enough and even if you're a JC if you are in a third tier JC you have got to be in raffles chong

those days national junior college tas junior college right but it's like that even as an adult the world judge you based on what you have >> or don't have when you gather together

you compare schools which school do you come from ACS wow And you start talking about your alumna school who's gone where you know all

that. I came from BT secondary school.

that. I came from BT secondary school.

Who knows be secondary school. Oh it's a yeah gangster school right? So the world judge you based on what you have don't have. Go get everything that you need.

have. Go get everything that you need.

>> Yes.

>> The academic qualification. Go get it you know so that the world listen to you and you have a chance to influence people. But when you have it don't judge

people. But when you have it don't judge people based on what you have or don't have because it's wrong. It's just

wrong.

>> Right. And never let yourself be judged based on what you don't have, what you have or don't have because that is not your identity. That's what I learned

your identity. That's what I learned about money over the years. I've done

better in my life. It never my imposter syndrome has never gone away. I never

felt that. People don't believe me when I say that, but I never felt that I was going. Sometimes I wake up thinking that

going. Sometimes I wake up thinking that I'm a fake. I have people telling me that Chris is just trying to give my my senior, my elder, people who are close

to me, they don't realize that they they they had a very damaging effect on me because they will say things like, "Oh, he's just trying to manage people's money." And in the back of the mind, who

money." And in the back of the mind, who am I? I don't come from a good school.

am I? I don't come from a good school.

You know, my academic result wasn't great.

So, money won't change anything. You can

buy the most expensive. You can drive the biggest car. You can have millions of dollars. It won't make you any more

of dollars. It won't make you any more secure.

>> Mhm.

>> Forget about it. It is what is inside of you that gives you that security. So I

think that's my learning and I want to encourage people with that. You may know this, but it's still very easy, very difficult to lift it out like me. I know

this. I preach this to myself, but it's very difficult to live it out. Just like

when I park beside a Maserati, I still feel very lousy about myself. So you

need a community of people that believes in this thing and encourage each other, which is what we try and do in my firm, right? We try and encourage, we show, we

right? We try and encourage, we show, we show each other out the example. The

leaders show the example. We encourage

each other. That's the only way you can survive in this world that is always judging you based on your material possessions.

>> Wow. My goodness. It felt like a TEDex talk. It's so moving. Thank you, Chris.

talk. It's so moving. Thank you, Chris.

>> Yeah. Thanks for sharing this. You've

come so far and you're still, you know, so passionate about sharing and influencing people and basically directing them, I guess directing them towards a better

way.

>> Yeah. Because they are I think many people like me uh we are all underdogs in the society. We don't come from rich family. We work uh very very hard. So

family. We work uh very very hard. So

for me, I just want to encourage them.

>> Yes. Um, and hopefully they don't feel so lousy about themselves. Yeah.

themselves. Yeah.

>> Yeah. Oh, you certainly have. Well, this

has been such a beautiful conversation.

Thank you so much, Chris. Very

inspiring. Thanks for having me.

>> Thank you so much for tuning in. I hope

you enjoyed The Real Reason. And if you did, please share it with your friends, your family, your colleagues, and join us next time on The Real Reason. See

you.