1 00:00:02,950 --> 00:00:05,289 Speaker 1: You're listening to AC N A podcast 2 00:00:08,439 --> 00:00:13,039 Speaker 1: to parents of special needs kids. They don't have it easy. 3 00:00:13,090 --> 00:00:16,819 Speaker 1: It can be isolating and overwhelming and it comes with 4 00:00:16,829 --> 00:00:22,180 Speaker 1: heavy financial burdens that extend long into their adulthood. I'm 5 00:00:22,190 --> 00:00:24,899 Speaker 1: Andrea Heng. Welcome to the Money Talks podcast where we 6 00:00:24,909 --> 00:00:28,500 Speaker 1: turn your personal finance concerns into real talk. 7 00:00:28,850 --> 00:00:32,849 Speaker 1: Now, back to the topic. So let's examine the expenses 8 00:00:32,860 --> 00:00:36,790 Speaker 1: involved from the necessary to the add ons while also 9 00:00:36,799 --> 00:00:41,099 Speaker 1: considering the financial assistance that's available to parents of a 10 00:00:41,110 --> 00:00:44,319 Speaker 1: special needs child. And more importantly, the funds you need 11 00:00:44,330 --> 00:00:47,209 Speaker 1: to set aside for them for when you are no 12 00:00:47,220 --> 00:00:48,560 Speaker 1: longer around. 13 00:00:50,000 --> 00:00:51,959 Speaker 1: And we felt the best person to do that is 14 00:00:51,970 --> 00:00:56,029 Speaker 1: someone who himself is a parent to a special needs child. 15 00:00:56,130 --> 00:01:00,619 Speaker 1: He is Frederick Moy, he's executive vice president for Asia 16 00:01:00,630 --> 00:01:04,300 Speaker 1: at Trigo and his father to 21 year old Ayano 17 00:01:04,309 --> 00:01:08,419 Speaker 1: who has an intellectual disability. Welcome, Frederick to the podcast. 18 00:01:08,430 --> 00:01:11,970 Speaker 1: Thank you very much. What was the first thing that 19 00:01:11,980 --> 00:01:15,080 Speaker 1: went through your mind when you first found out that 20 00:01:15,190 --> 00:01:17,300 Speaker 1: Ayano has an intellectual disability? 21 00:01:17,760 --> 00:01:21,139 Speaker 2: Hm. It goes way way back. We actually, I did 22 00:01:21,150 --> 00:01:24,129 Speaker 2: not find out it was my wife who did. Our daughter, 23 00:01:24,250 --> 00:01:27,230 Speaker 2: Ayano was two years old and I, I guess mothers 24 00:01:27,239 --> 00:01:31,550 Speaker 2: are probably the best observer, the best doctors. And she 25 00:01:31,559 --> 00:01:35,300 Speaker 2: had identified that there was some development delay in our daughter. 26 00:01:35,309 --> 00:01:37,849 Speaker 2: And I was pretty much in denial. I think like 27 00:01:37,860 --> 00:01:39,139 Speaker 2: many fathers tend to be. 28 00:01:39,550 --> 00:01:42,768 Speaker 2: And she alerted me and she pointed me to several 29 00:01:42,779 --> 00:01:46,518 Speaker 2: criteria for intellectual disability and it was obvious that she 30 00:01:46,529 --> 00:01:49,699 Speaker 2: was ticking the box of many of those that I 31 00:01:49,709 --> 00:01:52,410 Speaker 2: got to realize. So she was two years old and 32 00:01:52,419 --> 00:01:53,400 Speaker 2: now she's 21. So 33 00:01:53,410 --> 00:01:53,629 Speaker 1: help 34 00:01:53,639 --> 00:01:57,250 Speaker 1: us understand Frederick, what is her condition exactly? Just for 35 00:01:57,260 --> 00:01:59,209 Speaker 1: those of us who may not be familiar with it. 36 00:01:59,550 --> 00:02:01,889 Speaker 2: So she's in the what we call in the autism 37 00:02:01,900 --> 00:02:06,849 Speaker 2: spectrum disorder. If we classify she has GDD global development delay. 38 00:02:07,029 --> 00:02:08,570 Speaker 2: So concretely, what does it mean 39 00:02:08,949 --> 00:02:11,848 Speaker 2: in terms of cognitive abilities? I would say she has 40 00:02:11,858 --> 00:02:14,938 Speaker 2: the cognitive ability of a, I would say five or 41 00:02:14,949 --> 00:02:17,738 Speaker 2: six years old, what is helping her a lot is 42 00:02:17,748 --> 00:02:20,048 Speaker 2: she has very good social skills. She has very good 43 00:02:20,059 --> 00:02:24,698 Speaker 2: interpret skills and therefore what she could not achieve cognitively, 44 00:02:24,708 --> 00:02:25,948 Speaker 2: she's making up for it 45 00:02:26,360 --> 00:02:29,720 Speaker 2: in her social skills. She always leave memory with people 46 00:02:29,979 --> 00:02:32,269 Speaker 2: and this helped her a lot until now. Oh, that's 47 00:02:32,360 --> 00:02:34,619 Speaker 1: wonderful. It makes me want to meet her as well. 48 00:02:35,169 --> 00:02:39,720 Speaker 1: We understand that finances involved in raising a special needs child. 49 00:02:39,729 --> 00:02:42,460 Speaker 1: It tends to differ quite a fair bit from raising 50 00:02:42,470 --> 00:02:46,179 Speaker 1: a normal child, right? Because there are specific things like 51 00:02:46,190 --> 00:02:50,720 Speaker 1: therapy and then this very targeted enrichment lessons, for example, 52 00:02:51,029 --> 00:02:55,038 Speaker 1: these can be quite costly. So when you and your wife, 53 00:02:55,050 --> 00:02:59,250 Speaker 1: you go mapped out the finances for raising Ayano, how 54 00:02:59,258 --> 00:03:02,679 Speaker 1: did you approach it? Did you plan to the granular 55 00:03:02,690 --> 00:03:06,240 Speaker 1: finest detail of what you needed for Ayano or did 56 00:03:06,250 --> 00:03:11,179 Speaker 1: you address her needs per the milestones that she hid 57 00:03:11,190 --> 00:03:12,168 Speaker 1: in life? I guess 58 00:03:12,179 --> 00:03:14,699 Speaker 2: it's more the latter. And until we moved to Singapore, 59 00:03:14,710 --> 00:03:16,630 Speaker 2: because we moved a lot in, in Asia until we 60 00:03:16,639 --> 00:03:18,169 Speaker 2: came here 12 years ago. 61 00:03:18,508 --> 00:03:22,369 Speaker 2: Until we moved here, our approach had been to basically 62 00:03:22,619 --> 00:03:25,610 Speaker 2: cater to her needs as they arise. So she would 63 00:03:25,619 --> 00:03:28,720 Speaker 2: need speech therapy. We paid for speech therapy, she would 64 00:03:28,729 --> 00:03:32,589 Speaker 2: need occupational therapy, we would pay for occupational therapy. And 65 00:03:32,600 --> 00:03:34,690 Speaker 2: so we went along the way. Lucky for us. Our 66 00:03:34,699 --> 00:03:38,089 Speaker 2: financial situation allowed us to do this now way it 67 00:03:38,100 --> 00:03:40,770 Speaker 2: really changed it when we came to Singapore. And she 68 00:03:40,779 --> 00:03:44,529 Speaker 2: joined mine school. She was at Lee Kong Chian Garden School. 69 00:03:44,979 --> 00:03:49,839 Speaker 2: And as she became 16 years old mines school organized 70 00:03:49,850 --> 00:03:54,580 Speaker 2: a workshop to essentially raise awareness and to start planning. 71 00:03:54,759 --> 00:03:57,309 Speaker 2: And this was back in 2020. So not that long 72 00:03:57,320 --> 00:04:01,779 Speaker 2: ago and only was it then that we really started 73 00:04:01,789 --> 00:04:02,479 Speaker 2: thinking 74 00:04:02,919 --> 00:04:05,770 Speaker 2: planning for A N Os future needs. 75 00:04:06,309 --> 00:04:09,949 Speaker 1: Talk to me about the specific costs involved, right? How 76 00:04:09,960 --> 00:04:13,960 Speaker 1: much did any of these courses on average? What would 77 00:04:13,970 --> 00:04:15,179 Speaker 1: this cost 78 00:04:15,720 --> 00:04:21,160 Speaker 2: typically on a monthly basis, occupational therapy, speech therapy. On 79 00:04:21,170 --> 00:04:24,409 Speaker 2: top of this, she has a severe scoliosis. So a therapy, 80 00:04:24,480 --> 00:04:27,750 Speaker 2: all those together back then, we were looking at easily 81 00:04:27,760 --> 00:04:30,339 Speaker 2: 3000 sing dollars a month. 82 00:04:30,738 --> 00:04:33,549 Speaker 2: So that, that's, that's a hefty bill for any, for 83 00:04:33,559 --> 00:04:34,519 Speaker 2: any household. 84 00:04:34,769 --> 00:04:38,619 Speaker 1: And did you feel like that money spent was effective 85 00:04:38,630 --> 00:04:39,559 Speaker 1: in helping her? 86 00:04:40,209 --> 00:04:43,480 Speaker 2: So we felt it was effective but it was not 87 00:04:43,488 --> 00:04:46,579 Speaker 2: a plan ahead. It was more, there is a need 88 00:04:46,589 --> 00:04:49,320 Speaker 2: we react to the need we can afford to pay 89 00:04:49,329 --> 00:04:51,440 Speaker 2: for that. So we do it. But there was no 90 00:04:51,450 --> 00:04:52,559 Speaker 2: formal planning 91 00:04:52,880 --> 00:04:54,729 Speaker 2: and and in a way, there was a type of 92 00:04:54,738 --> 00:04:58,849 Speaker 2: denial in a way, unconscious denial because we knew as 93 00:04:58,859 --> 00:05:01,920 Speaker 2: she grows up at some point, she becomes an adult 94 00:05:01,928 --> 00:05:04,559 Speaker 2: and we have to plan for her future. But we 95 00:05:04,570 --> 00:05:07,700 Speaker 2: never took the conscious step to start planning. And I 96 00:05:07,709 --> 00:05:10,299 Speaker 2: must say, and I'm not advertising for, for minds or, 97 00:05:10,309 --> 00:05:14,849 Speaker 2: or others, but it was really mines organization that he 98 00:05:14,970 --> 00:05:18,190 Speaker 2: held us and showed us. She was 17. Back then. 99 00:05:18,200 --> 00:05:21,779 Speaker 2: She's 17. She will be 18. She'll be 21. 100 00:05:22,140 --> 00:05:25,890 Speaker 2: You are the legal guardian. After 21 things become different, 101 00:05:25,899 --> 00:05:28,640 Speaker 2: you need to start planning. And so then we moved 102 00:05:28,649 --> 00:05:31,839 Speaker 2: on from an ad hoc approach to a very 103 00:05:32,250 --> 00:05:35,350 Speaker 2: carefully planned approach with a clear vision of what we 104 00:05:35,359 --> 00:05:36,469 Speaker 2: want to achieve for her. 105 00:05:37,678 --> 00:05:41,828 Speaker 1: What was challenging back in her earlier years. Before she 106 00:05:41,839 --> 00:05:45,190 Speaker 1: turned 17, before you move to Singapore, even what was 107 00:05:45,200 --> 00:05:47,929 Speaker 1: challenging for you in terms of finding the right kind 108 00:05:47,940 --> 00:05:48,029 Speaker 1: of 109 00:05:48,040 --> 00:05:51,200 Speaker 2: help. Before Singapore, we lived in Hong Kong. Before that 110 00:05:51,209 --> 00:05:55,250 Speaker 2: we lived in mainland China in Shanghai. And I have 111 00:05:55,260 --> 00:05:58,089 Speaker 2: to say one of the challenges in those countries was 112 00:05:58,100 --> 00:05:59,428 Speaker 2: the access to 113 00:05:59,820 --> 00:06:04,299 Speaker 2: information is not eased as it is in Singapore. So 114 00:06:04,309 --> 00:06:07,200 Speaker 2: there is not only the structure that there is in 115 00:06:07,209 --> 00:06:11,678 Speaker 2: Singapore in terms of having organization like mine g enable, 116 00:06:11,690 --> 00:06:17,458 Speaker 2: but the guidance and the language those were enablers in Singapore, 117 00:06:17,470 --> 00:06:19,649 Speaker 2: which we do not have in the other countries where 118 00:06:19,660 --> 00:06:23,529 Speaker 2: we lived. And because she was younger, because those countries 119 00:06:23,540 --> 00:06:27,040 Speaker 2: were not, as I would say, foreigner friendly as Singapore 120 00:06:27,049 --> 00:06:27,479 Speaker 2: is 121 00:06:27,820 --> 00:06:30,859 Speaker 2: then, you know, combine this together, made it more difficult 122 00:06:30,869 --> 00:06:33,559 Speaker 2: for us to plan as we should have done maybe earlier, 123 00:06:33,570 --> 00:06:36,410 Speaker 2: but no, no regret because we did it in Singapore 124 00:06:36,420 --> 00:06:37,989 Speaker 2: and we did it in a way that now we 125 00:06:38,000 --> 00:06:41,428 Speaker 2: know exactly where we're going, where she will be going, 126 00:06:41,440 --> 00:06:43,920 Speaker 2: whether we're here or whether we have passed on and 127 00:06:43,928 --> 00:06:44,589 Speaker 2: she's by 128 00:06:44,600 --> 00:06:45,029 Speaker 2: herself. 129 00:06:45,579 --> 00:06:47,540 Speaker 1: I'm going to get to that in the later part 130 00:06:47,549 --> 00:06:50,200 Speaker 1: of the conversation because I am really curious about what 131 00:06:50,209 --> 00:06:52,670 Speaker 1: you need to think about as a parent for the 132 00:06:52,678 --> 00:06:54,480 Speaker 1: later years. But I want to 133 00:06:54,690 --> 00:06:58,149 Speaker 1: tackle this first. There was a prior interview that I 134 00:06:58,160 --> 00:07:02,230 Speaker 1: read about where you noted it was particularly concerning to 135 00:07:02,238 --> 00:07:05,220 Speaker 1: plan for Ian's future because you and your wife, you 136 00:07:05,230 --> 00:07:07,700 Speaker 1: are foreigners, as you've noted and you don't have family 137 00:07:07,709 --> 00:07:09,488 Speaker 1: in Singapore. It is one thing to be a foreigner, 138 00:07:09,500 --> 00:07:11,739 Speaker 1: but it's quite another that you don't have family members 139 00:07:11,750 --> 00:07:15,059 Speaker 1: in Singapore to rely on. Right. And to turn to 140 00:07:15,070 --> 00:07:18,970 Speaker 1: for support. So you got involved in the Mines program. 141 00:07:18,980 --> 00:07:21,410 Speaker 1: It's called the Mines Future Care Planning. 142 00:07:21,989 --> 00:07:26,649 Speaker 1: What was the biggest lesson in financial planning for Ayano 143 00:07:27,079 --> 00:07:29,899 Speaker 1: as a special needs child that this program taught you. 144 00:07:30,019 --> 00:07:33,328 Speaker 2: One cannot be casual when it comes to financial planning. 145 00:07:33,750 --> 00:07:36,149 Speaker 2: And on top of it, when the person is a 146 00:07:36,160 --> 00:07:40,010 Speaker 2: special needs individual like Ayano even more so it cannot 147 00:07:40,019 --> 00:07:42,970 Speaker 2: be casual. And so that that was the biggest lesson 148 00:07:42,980 --> 00:07:47,339 Speaker 2: I remember from that workshop in 2020. Essentially what happened 149 00:07:47,350 --> 00:07:51,649 Speaker 2: Future Care Plan organized by and Mines organization 150 00:07:51,980 --> 00:07:56,260 Speaker 2: held that workshop and invited representative of two organizations. One 151 00:07:56,269 --> 00:08:00,959 Speaker 2: is ad A it's an assisted deputy ship application program 152 00:08:01,100 --> 00:08:04,480 Speaker 2: and the other one was SNTC the Special Need trust company. 153 00:08:05,149 --> 00:08:07,390 Speaker 2: And essentially in that workshop, if, if I try to 154 00:08:07,399 --> 00:08:14,890 Speaker 2: give the highlights minds, explain your child is 17 after 2021. 155 00:08:15,339 --> 00:08:18,309 Speaker 2: Unless you take proper steps, you may not be able 156 00:08:18,320 --> 00:08:21,630 Speaker 2: to make legal decisions because they will be, they will 157 00:08:21,640 --> 00:08:23,779 Speaker 2: no longer be a minor. So you need to plan 158 00:08:23,790 --> 00:08:26,859 Speaker 2: now and in order to plan, you need to become 159 00:08:26,869 --> 00:08:28,779 Speaker 2: a deputy. And in order to do this, you have 160 00:08:28,790 --> 00:08:30,079 Speaker 2: an organization called AD A. 161 00:08:30,660 --> 00:08:33,598 Speaker 2: That's one thing. And in order to plan financially for 162 00:08:33,609 --> 00:08:35,869 Speaker 2: the future, you need to start thinking, you need to 163 00:08:35,880 --> 00:08:39,440 Speaker 2: start projecting cost and there is SNTC who can also 164 00:08:39,450 --> 00:08:42,099 Speaker 2: help you. So one was I would say the legal 165 00:08:42,109 --> 00:08:46,440 Speaker 2: part of things, how can you as a caregiver remain 166 00:08:46,580 --> 00:08:50,890 Speaker 2: allowed by law to make legal decision? And then once 167 00:08:50,900 --> 00:08:53,059 Speaker 2: you've done this, how do you set aside some money? 168 00:08:53,090 --> 00:08:53,590 Speaker 1: When you turn 169 00:08:53,599 --> 00:08:57,229 Speaker 1: 21 you're an adult and your life is normal, right? 170 00:08:57,260 --> 00:08:59,599 Speaker 1: When you're a special needs person, 171 00:08:59,900 --> 00:09:03,200 Speaker 1: you're unable to make some of those independent decisions and 172 00:09:03,210 --> 00:09:04,710 Speaker 1: you still kind of need your parents 173 00:09:04,719 --> 00:09:05,109 Speaker 1: around. 174 00:09:05,460 --> 00:09:09,119 Speaker 2: So a a basically is going to help the caregivers 175 00:09:09,130 --> 00:09:12,549 Speaker 2: to be allowed to make legal decision for special needs 176 00:09:12,559 --> 00:09:14,799 Speaker 2: after that individual is 2021. 177 00:09:15,030 --> 00:09:17,929 Speaker 2: What it entails is in order to be a legal representative, 178 00:09:17,940 --> 00:09:21,069 Speaker 2: it has to be recognized by the country so that 179 00:09:21,080 --> 00:09:24,260 Speaker 2: deputy ship has to be recognized by proper authority at 180 00:09:24,270 --> 00:09:27,839 Speaker 2: country level. We receive a court order saying Frederick and 181 00:09:27,849 --> 00:09:30,909 Speaker 2: Yuko are allowed to make legal decision for Ayano after 182 00:09:30,919 --> 00:09:34,840 Speaker 2: she's 21. So what A A does is really making 183 00:09:34,849 --> 00:09:37,010 Speaker 2: sure that the proper steps are taken. 184 00:09:37,549 --> 00:09:40,489 Speaker 2: So that's the legal part. And then the financial part, 185 00:09:40,500 --> 00:09:45,280 Speaker 2: this one is more addressed with SNTC where SNTC comes 186 00:09:45,289 --> 00:09:48,489 Speaker 2: in and then helps us through the appointment of a 187 00:09:48,500 --> 00:09:52,489 Speaker 2: case manager, help us to plan for uh Ayano financial 188 00:09:52,500 --> 00:09:56,830 Speaker 2: needs until she also passes on herself along the way, 189 00:09:57,010 --> 00:09:59,968 Speaker 2: help us help her adjust 190 00:10:00,299 --> 00:10:02,709 Speaker 2: uh her financial needs, but in a way that is 191 00:10:02,719 --> 00:10:06,919 Speaker 2: legally recognized by the country. Hence the, the first step 192 00:10:06,929 --> 00:10:07,270 Speaker 2: with the 193 00:10:07,539 --> 00:10:10,478 Speaker 1: up. And if you decide to move out of Singapore, 194 00:10:10,489 --> 00:10:14,959 Speaker 1: are those two things legally recognized by other countries as well? 195 00:10:14,969 --> 00:10:17,739 Speaker 1: Or would you have to go through another legal process 196 00:10:17,750 --> 00:10:20,320 Speaker 1: to get those things recognized? So 197 00:10:20,330 --> 00:10:23,030 Speaker 2: it's a very good question because we asked that question 198 00:10:23,039 --> 00:10:25,599 Speaker 2: because back then when we did the application, we were 199 00:10:25,609 --> 00:10:28,380 Speaker 2: pr now our situation has changed. 200 00:10:28,650 --> 00:10:32,549 Speaker 2: There are some countries where there are bilateral recognition of 201 00:10:32,559 --> 00:10:35,619 Speaker 2: the scheme. But if we would move back to France, 202 00:10:35,630 --> 00:10:38,590 Speaker 2: where I'm originally from, we would have to reapply 203 00:10:39,039 --> 00:10:40,130 Speaker 2: under the local 204 00:10:40,140 --> 00:10:40,369 Speaker 2: laws. 205 00:10:40,659 --> 00:10:43,260 Speaker 1: OK? And I hate to put this into context but 206 00:10:43,270 --> 00:10:48,250 Speaker 1: for practical reasons, what happens when the caregivers, you and 207 00:10:48,260 --> 00:10:52,478 Speaker 1: your wife, you go, what happens to those things when 208 00:10:52,489 --> 00:10:53,020 Speaker 1: you die? 209 00:10:53,549 --> 00:10:56,380 Speaker 2: This is what the minds together with AD D and 210 00:10:56,390 --> 00:11:00,319 Speaker 2: SNTC help us to tackle because that will happen. That's 211 00:11:00,330 --> 00:11:02,280 Speaker 2: a fact of life. So we have set up a 212 00:11:02,289 --> 00:11:06,530 Speaker 2: trust with SNTC. So every month, every year, we're setting 213 00:11:06,539 --> 00:11:07,859 Speaker 2: aside some money for, you know, 214 00:11:08,479 --> 00:11:12,239 Speaker 2: the day Yuko and I pass on, then the money 215 00:11:12,250 --> 00:11:17,229 Speaker 2: gets disbursed monthly, quarterly, essentially according to the instructions we 216 00:11:17,239 --> 00:11:20,289 Speaker 2: have given and using the funds that we have set 217 00:11:20,299 --> 00:11:21,140 Speaker 2: aside for her. 218 00:11:21,270 --> 00:11:23,939 Speaker 1: Would that include things like inflation? 219 00:11:24,659 --> 00:11:29,080 Speaker 2: Yes. Yes. So when we have set aside money for Ayano, 220 00:11:29,440 --> 00:11:32,409 Speaker 2: there is an interest rate that gets built on every 221 00:11:32,419 --> 00:11:35,390 Speaker 2: year and then the money that will be disbursed for 222 00:11:35,400 --> 00:11:39,119 Speaker 2: her is according to the funds and taking into account inflation. 223 00:11:39,659 --> 00:11:42,080 Speaker 2: And all of this is done in accordance with the 224 00:11:42,090 --> 00:11:43,679 Speaker 2: instructions that we have given. 225 00:11:43,690 --> 00:11:47,439 Speaker 1: You also have a younger daughter and she's not special needs. 226 00:11:47,450 --> 00:11:49,739 Speaker 1: Where does she fit in all of this, in terms 227 00:11:49,750 --> 00:11:52,799 Speaker 1: of your legacy plan, in terms of, you know, the 228 00:11:52,809 --> 00:11:53,280 Speaker 1: care 229 00:11:53,849 --> 00:11:58,069 Speaker 2: her sister, younger sister called Sako, obviously, she's fully aware 230 00:11:58,080 --> 00:12:01,559 Speaker 2: of her sister's condition. And the way we've structured again, 231 00:12:01,570 --> 00:12:04,340 Speaker 2: I would say the contract or the legal terms of 232 00:12:04,349 --> 00:12:07,789 Speaker 2: the deputy ship is that first Yuko and I will 233 00:12:07,799 --> 00:12:08,840 Speaker 2: be handling 234 00:12:09,520 --> 00:12:12,098 Speaker 2: Ao's finance. And when Yuko and I pass on 235 00:12:13,059 --> 00:12:16,039 Speaker 2: with the court order, the disbursement will be following our 236 00:12:16,049 --> 00:12:16,840 Speaker 2: instructions 237 00:12:17,580 --> 00:12:22,199 Speaker 2: and Salako is entitled if she wants to take our 238 00:12:22,210 --> 00:12:25,900 Speaker 2: place as legal guardian, but she's not obliged to do so. 239 00:12:26,640 --> 00:12:29,960 Speaker 2: It's exactly and it's a personal choice. We did not 240 00:12:29,969 --> 00:12:34,330 Speaker 2: want her to have that burden because we thought we 241 00:12:34,340 --> 00:12:36,340 Speaker 2: are the parents with the caregivers. It is our role 242 00:12:36,349 --> 00:12:38,630 Speaker 2: to plan for Ayano whether so 243 00:12:39,460 --> 00:12:42,569 Speaker 2: want to help in the future. That's her decision, but 244 00:12:42,580 --> 00:12:46,869 Speaker 2: it should not be imposed by us on her when 245 00:12:46,880 --> 00:12:49,830 Speaker 2: she's so young and she also she's entitled to have 246 00:12:49,840 --> 00:12:51,419 Speaker 2: her own future in or outside 247 00:12:51,429 --> 00:12:54,659 Speaker 1: of Singapore. I think that's a fair assessment. Absolutely. And 248 00:12:54,669 --> 00:12:58,780 Speaker 1: it must have put you in quite a tricky position 249 00:12:58,789 --> 00:13:02,219 Speaker 1: as parents as well to two very different Children. Looking 250 00:13:02,229 --> 00:13:06,090 Speaker 1: further ahead when you and your wife are no longer around, 251 00:13:06,359 --> 00:13:11,770 Speaker 1: what's the most important thing you've included in this legacy plan, 252 00:13:11,780 --> 00:13:14,409 Speaker 1: so to speak, to ensure that Ayano is taken care of. 253 00:13:14,840 --> 00:13:17,760 Speaker 2: The most crucial was I would say not one thing 254 00:13:17,770 --> 00:13:20,929 Speaker 2: but three things. We, we want her to have a roof, 255 00:13:20,960 --> 00:13:23,859 Speaker 2: we want her to eat every day and we want 256 00:13:23,869 --> 00:13:26,750 Speaker 2: her to get medical treatment if she needs. So she's 257 00:13:26,760 --> 00:13:29,119 Speaker 2: a human being before being a special needs. Like any 258 00:13:29,130 --> 00:13:30,570 Speaker 2: of us, she's a human being 259 00:13:30,890 --> 00:13:34,489 Speaker 2: and she's entitled like any of special needs people. She's 260 00:13:34,500 --> 00:13:37,669 Speaker 2: entitled to a decent life to keep her decency. 261 00:13:38,729 --> 00:13:42,479 Speaker 1: What's a piece of advice that you have for a 262 00:13:42,859 --> 00:13:47,510 Speaker 1: fellow parent with a special needs child or Children who 263 00:13:47,520 --> 00:13:50,960 Speaker 1: may right now be feeling overwhelmed. I will 264 00:13:50,969 --> 00:13:54,929 Speaker 2: have two pieces of advice. First, I would say before 265 00:13:54,940 --> 00:13:58,760 Speaker 2: any financial consideration. And because I Yuko and I have 266 00:13:58,770 --> 00:14:00,228 Speaker 2: been in that situation before. 267 00:14:00,669 --> 00:14:04,289 Speaker 2: My first message to caregiver parents is you're not alone. 268 00:14:04,739 --> 00:14:07,340 Speaker 2: There are many parents out there who have special needs, 269 00:14:07,349 --> 00:14:10,169 Speaker 2: various degrees do not 270 00:14:10,869 --> 00:14:15,520 Speaker 2: let be yourself overwhelm, reach out to other people. There 271 00:14:15,530 --> 00:14:20,650 Speaker 2: are many organizations in Singapore SG enabled Mines and other association. 272 00:14:20,659 --> 00:14:23,820 Speaker 2: Maybe I'm not even aware of where caregivers can meet, 273 00:14:23,830 --> 00:14:26,679 Speaker 2: other parents can meet people who can advise. So this 274 00:14:26,690 --> 00:14:29,409 Speaker 2: is my first piece of advice is you're not alone 275 00:14:29,419 --> 00:14:34,099 Speaker 2: reach out then from a financial standpoint because financial planning 276 00:14:34,140 --> 00:14:38,080 Speaker 2: is very essential and comes into the limelight when the 277 00:14:38,090 --> 00:14:40,250 Speaker 2: special needs become 1718. 278 00:14:40,760 --> 00:14:44,780 Speaker 2: So my second piece of advice is same thing in Singapore. 279 00:14:44,789 --> 00:14:49,640 Speaker 2: There are many organization SG enable minds that can help 280 00:14:49,650 --> 00:14:53,710 Speaker 2: parents understand what they have access to, that can also 281 00:14:53,719 --> 00:15:00,719 Speaker 2: help parents caregivers understand and apply to financial grants, tax subsidies, 282 00:15:00,840 --> 00:15:05,099 Speaker 2: financial relief schemes. So all those organizations are raise awareness 283 00:15:05,109 --> 00:15:07,940 Speaker 2: with the parents on the importance of financial planning 284 00:15:08,229 --> 00:15:11,500 Speaker 2: and they're also there to guide them to basically handhold 285 00:15:11,510 --> 00:15:13,409 Speaker 2: them throughout the process of applying. 286 00:15:13,520 --> 00:15:16,489 Speaker 1: And finally, apart from special assistance schemes and all that 287 00:15:16,500 --> 00:15:19,849 Speaker 1: kind of stuff, what was like one money saving hack, 288 00:15:19,859 --> 00:15:22,369 Speaker 1: money saving tip that you have for a parent of 289 00:15:22,380 --> 00:15:26,010 Speaker 1: a special needs child considering especially since the expenses would 290 00:15:26,020 --> 00:15:27,090 Speaker 1: be quite costly. 291 00:15:27,099 --> 00:15:30,039 Speaker 2: So we used to go to hospital for a, you know, 292 00:15:30,099 --> 00:15:33,390 Speaker 2: to I would say fairly expensive hospital when you have 293 00:15:33,400 --> 00:15:36,130 Speaker 2: a special needs. Sometimes some of them, that's the case 294 00:15:36,140 --> 00:15:36,340 Speaker 2: of a 295 00:15:37,140 --> 00:15:40,250 Speaker 2: are scared. They have fear when they enter into a 296 00:15:40,260 --> 00:15:43,429 Speaker 2: hospital environment. The environment in the case of Ian O 297 00:15:43,450 --> 00:15:46,559 Speaker 2: when she was younger, she could immediately recognize she's an 298 00:15:46,570 --> 00:15:49,460 Speaker 2: environment where they're going to be doctors and then she 299 00:15:49,469 --> 00:15:52,489 Speaker 2: sometimes she would panic, there was no way to get 300 00:15:52,500 --> 00:15:56,909 Speaker 2: a no to sit on a chair at the dentist clinic. Impossible. 301 00:15:56,919 --> 00:15:57,169 Speaker 2: I mean, 302 00:15:57,179 --> 00:16:00,159 Speaker 1: it is a scary prospect even for regular people. 303 00:16:00,500 --> 00:16:03,510 Speaker 2: It's even scary for us or for her even more. 304 00:16:03,520 --> 00:16:06,679 Speaker 2: So mine's clinic, what's beneficial in this number one 305 00:16:06,940 --> 00:16:10,450 Speaker 2: people in mines clinic, that's a general practitioner, but we 306 00:16:10,460 --> 00:16:13,760 Speaker 2: are dealing with doctors with people who are aware of 307 00:16:13,770 --> 00:16:16,159 Speaker 2: the special needs of those individuals. So the way they 308 00:16:16,169 --> 00:16:19,260 Speaker 2: handle them is so different from the way in a 309 00:16:19,270 --> 00:16:24,710 Speaker 2: general hospital. Number one, number two, the fees are ridiculously 310 00:16:24,719 --> 00:16:28,159 Speaker 2: low compared to what we used to pay in private hospital. 311 00:16:28,229 --> 00:16:32,559 Speaker 2: This is an example of again, Singapore putting at the 312 00:16:32,570 --> 00:16:34,159 Speaker 2: disposal of caregivers. 313 00:16:34,789 --> 00:16:38,559 Speaker 2: In this case, medical support at a very low cost 314 00:16:38,619 --> 00:16:42,950 Speaker 2: way that is suitable for special needs because it's through minds. 315 00:16:42,960 --> 00:16:46,830 Speaker 2: And therefore, again, with people who have that awareness of 316 00:16:46,840 --> 00:16:50,590 Speaker 2: the behavior and special needs of those requirements. 317 00:16:51,390 --> 00:16:54,059 Speaker 1: You know what Frederick? This has been really an eye opening. 318 00:16:55,169 --> 00:16:57,090 Speaker 1: I think it was one that we really felt we 319 00:16:57,099 --> 00:16:59,780 Speaker 1: needed to have on the Money Talks podcast. We were 320 00:16:59,789 --> 00:17:03,640 Speaker 1: glad that you've been able to share your experience with 321 00:17:03,650 --> 00:17:05,379 Speaker 1: us and I, I am very sure that a lot 322 00:17:05,390 --> 00:17:08,500 Speaker 1: of parents of those special needs kids will find this 323 00:17:08,510 --> 00:17:10,380 Speaker 1: conversation beneficial. Thank you. 324 00:17:10,510 --> 00:17:11,739 Speaker 2: Thank you very much for having me 325 00:17:16,780 --> 00:17:18,959 Speaker 1: before we let you go. There is a segment on 326 00:17:18,969 --> 00:17:21,479 Speaker 1: the Money Talks podcast that injects a little bit of fun. 327 00:17:21,489 --> 00:17:24,339 Speaker 1: It's called Questions from a hat. You see the hat here, 328 00:17:24,349 --> 00:17:26,439 Speaker 1: there are five questions in this hat. I'll need you 329 00:17:26,449 --> 00:17:29,040 Speaker 1: to pick one and I'll read it out and then 330 00:17:29,050 --> 00:17:30,959 Speaker 1: you can answer it. So, 331 00:17:33,089 --> 00:17:37,969 Speaker 1: Frederick, what financial advice would you give to your 20 332 00:17:37,979 --> 00:17:39,079 Speaker 1: year old self? 333 00:17:39,089 --> 00:17:42,390 Speaker 2: I would say probably something I didn't do when I 334 00:17:42,400 --> 00:17:45,839 Speaker 2: was 20 years old is start saving for your retirement. 335 00:17:47,420 --> 00:17:49,310 Speaker 1: I know. I think that's 90% 336 00:17:49,319 --> 00:17:50,079 Speaker 1: of us. 337 00:17:50,089 --> 00:17:52,420 Speaker 2: This is probably what I guess I would give myself 338 00:17:52,430 --> 00:17:53,270 Speaker 2: this advice. But 339 00:17:53,280 --> 00:17:53,469 Speaker 1: how 340 00:17:53,479 --> 00:17:56,930 Speaker 1: would you advise a 20 year old today and convince 341 00:17:56,939 --> 00:18:00,880 Speaker 1: this 20 year old you need to think about your retirement, 342 00:18:00,890 --> 00:18:03,619 Speaker 1: 6070 years down the road. What would you say to 343 00:18:03,630 --> 00:18:04,270 Speaker 1: this 20 year 344 00:18:04,319 --> 00:18:04,560 Speaker 1: old? 345 00:18:04,569 --> 00:18:06,459 Speaker 2: That's a good question because I haven't said it yet 346 00:18:06,469 --> 00:18:08,790 Speaker 2: to my daughters and I need to do it to 347 00:18:08,800 --> 00:18:12,010 Speaker 2: the second one. I would tell them. How much do 348 00:18:12,020 --> 00:18:14,349 Speaker 2: you need? How much money do you need every month? 349 00:18:14,359 --> 00:18:16,079 Speaker 2: How much do you think you need every month 350 00:18:16,609 --> 00:18:19,219 Speaker 2: to live the life that you're dreaming of? Because at 351 00:18:19,229 --> 00:18:21,750 Speaker 2: 20 years old, we have dreams at 20 years old. 352 00:18:21,880 --> 00:18:24,010 Speaker 2: You're right. We don't think about, I need to plan 353 00:18:24,020 --> 00:18:26,729 Speaker 2: for my retirement. I need to plan for my mortgage. 354 00:18:26,969 --> 00:18:29,489 Speaker 2: We think of exploring the world for some of us 355 00:18:29,500 --> 00:18:32,119 Speaker 2: or having some fun or having the life we want. 356 00:18:32,489 --> 00:18:36,310 Speaker 2: So I would tell myself, I would say Fred, how 357 00:18:36,319 --> 00:18:38,550 Speaker 2: much do you need to do all the dreams to 358 00:18:38,560 --> 00:18:41,020 Speaker 2: achieve all the dreams you want and how much do 359 00:18:41,030 --> 00:18:42,790 Speaker 2: you think you can set aside 360 00:18:43,160 --> 00:18:45,859 Speaker 2: besides after having spent all that money, how much can 361 00:18:45,869 --> 00:18:48,219 Speaker 2: you set aside every month? Set aside that money and 362 00:18:48,229 --> 00:18:50,930 Speaker 2: all the rest then live your dreams as much as 363 00:18:50,939 --> 00:18:51,219 Speaker 2: you can. 364 00:18:51,380 --> 00:18:53,660 Speaker 1: That's wonderful advice. Thank you so much, Frederick. 365 00:18:53,750 --> 00:18:53,879 Speaker 2: Thank you. 366 00:18:54,400 --> 00:18:56,629 Speaker 1: Let's know. We hope you have something to take away 367 00:18:56,640 --> 00:19:00,079 Speaker 1: from this episode. Now, if you know anyone who is 368 00:19:00,089 --> 00:19:04,030 Speaker 1: or about to be a parent to a special needs child, 369 00:19:04,040 --> 00:19:07,919 Speaker 1: please share this episode with them because a little help 370 00:19:07,930 --> 00:19:10,469 Speaker 1: goes a long way. As Frederick said, all you need 371 00:19:10,479 --> 00:19:11,339 Speaker 1: to do is reach out 372 00:19:11,439 --> 00:19:13,560 Speaker 1: or you can do it the other way around. If 373 00:19:13,569 --> 00:19:16,479 Speaker 1: you know someone in this situation, spread the word to 374 00:19:16,489 --> 00:19:19,948 Speaker 1: them and you can make a real difference in their lives. 375 00:19:20,150 --> 00:19:23,819 Speaker 1: This is the Money Talks Podcast. It's available on Apple Podcasts, 376 00:19:23,829 --> 00:19:26,969 Speaker 1: Spotify and youtube Music. You can leave us a rating 377 00:19:27,109 --> 00:19:30,129 Speaker 1: when you are able to. Many thanks to the hard 378 00:19:30,140 --> 00:19:34,969 Speaker 1: working team, Christina Robert Tiffany, Ang, Junai, Johari, Joanne Chan 379 00:19:35,030 --> 00:19:38,139 Speaker 1: and Zai Wind. I'm Andrea Heng. Thank you so much 380 00:19:38,150 --> 00:19:39,569 Speaker 1: for listening to Money Talks.