1 00:00:03,069 --> 00:00:05,400 Speaker 1: You're listening to AC N A podcast. 2 00:00:08,640 --> 00:00:13,158 Speaker 1: Hey, everyone. I'm Andrea Heng. Welcome to the Money Talks podcast. 3 00:00:13,289 --> 00:00:16,299 Speaker 1: This is the part where we talk about all things money, 4 00:00:16,440 --> 00:00:19,329 Speaker 1: what to do with it, how to save it when 5 00:00:19,340 --> 00:00:23,340 Speaker 1: and where to invest it and how to be responsible 6 00:00:23,350 --> 00:00:25,299 Speaker 1: with it. But for the next couple of 7 00:00:25,409 --> 00:00:28,190 Speaker 1: weeks, we're going to shake things up a little bit 8 00:00:28,200 --> 00:00:30,420 Speaker 1: and do something a little bit special on the Money 9 00:00:30,430 --> 00:00:33,769 Speaker 1: Talks podcast. And we want to do this by talking 10 00:00:33,779 --> 00:00:36,500 Speaker 1: to a few people who know a thing or two 11 00:00:36,509 --> 00:00:40,970 Speaker 1: about making money and after they've made their money, what 12 00:00:40,979 --> 00:00:43,689 Speaker 1: do they do with it? So, this week in the 13 00:00:43,700 --> 00:00:45,619 Speaker 1: hot seat, we have Ismael Gaur. 14 00:00:46,470 --> 00:00:49,490 Speaker 1: If you've ever been in the market to buy or 15 00:00:49,500 --> 00:00:52,669 Speaker 1: sell your home, chances are you would have come across 16 00:00:52,680 --> 00:00:57,490 Speaker 1: the name of his company Propnex. It's Singapore's largest listed 17 00:00:57,500 --> 00:01:02,490 Speaker 1: real estate agency with a sales force of over 12,000 agents. 18 00:01:02,729 --> 00:01:06,750 Speaker 1: And this doesn't include agents in the region including Malaysia, 19 00:01:06,760 --> 00:01:10,209 Speaker 1: Vietnam and Cambodia. He is a father of three and 20 00:01:10,220 --> 00:01:12,480 Speaker 1: a self proclaimed happy person. 21 00:01:13,959 --> 00:01:15,029 Speaker 1: Welcome to Money Talks. 22 00:01:15,339 --> 00:01:15,768 Speaker 2: Well, thank 23 00:01:15,779 --> 00:01:18,230 Speaker 2: you so much for your kind words and such a 24 00:01:18,239 --> 00:01:19,330 Speaker 2: long 25 00:01:19,400 --> 00:01:20,349 Speaker 2: introduction. 26 00:01:20,480 --> 00:01:23,400 Speaker 1: It's a long and necessary one to introduce the one 27 00:01:23,410 --> 00:01:27,149 Speaker 1: and only so everyone knows who you are. Right. You're 28 00:01:27,160 --> 00:01:29,389 Speaker 1: no stranger to Singaporeans out there. 29 00:01:29,889 --> 00:01:34,360 Speaker 1: Tell our listeners one thing that most people may not 30 00:01:34,370 --> 00:01:35,480 Speaker 1: know about you. 31 00:01:36,290 --> 00:01:39,679 Speaker 2: I think I'm an open book honestly. Andrea, I think 32 00:01:39,690 --> 00:01:42,959 Speaker 2: people know me well, yeah, I can get angry too. 33 00:01:43,129 --> 00:01:43,360 Speaker 2: Of 34 00:01:43,400 --> 00:01:45,759 Speaker 1: course. What would make you angry 35 00:01:45,819 --> 00:01:48,959 Speaker 2: things that don't move the way it should. I don't 36 00:01:48,970 --> 00:01:51,919 Speaker 2: like people to delay. How 37 00:01:51,930 --> 00:01:52,510 Speaker 1: often does that 38 00:01:52,519 --> 00:01:56,629 Speaker 2: happen? No more? I now so much more older, 39 00:01:57,720 --> 00:01:57,730 Speaker 2: a 40 00:01:57,830 --> 00:01:58,440 Speaker 1: wiser, 41 00:01:58,889 --> 00:02:00,199 Speaker 2: more wisdom. So I don't, 42 00:02:00,370 --> 00:02:03,519 Speaker 1: that's a good approach, knowing that's who you are and 43 00:02:03,529 --> 00:02:05,800 Speaker 1: then learning how to cope with it. That's the beauty 44 00:02:05,809 --> 00:02:06,800 Speaker 1: of aging. I see. 45 00:02:07,830 --> 00:02:11,020 Speaker 1: So you have before in the past talked about the 46 00:02:11,029 --> 00:02:13,279 Speaker 1: tough childhood you had, right? You grew up in a 47 00:02:13,288 --> 00:02:17,049 Speaker 1: one room H DB flat with five siblings. You helped 48 00:02:17,059 --> 00:02:21,350 Speaker 1: your dad deliver newspapers. Was there one particular incident that 49 00:02:21,360 --> 00:02:24,860 Speaker 1: stood out to you in your childhood that shaped your 50 00:02:24,869 --> 00:02:27,220 Speaker 1: attitude towards money? 51 00:02:28,008 --> 00:02:30,899 Speaker 2: Yeah, for sure. Andrea, did I pronounce 52 00:02:30,910 --> 00:02:31,380 Speaker 1: it? Right? That's 53 00:02:31,389 --> 00:02:32,539 Speaker 1: perfect. 54 00:02:32,550 --> 00:02:35,259 Speaker 2: I really felt that my dad was working very hard 55 00:02:35,570 --> 00:02:38,470 Speaker 2: and I also felt that my mom felt that was 56 00:02:38,479 --> 00:02:42,389 Speaker 2: always never enough. Whether I won't say food on the table, 57 00:02:42,399 --> 00:02:46,490 Speaker 2: we were quite luxurious as far as the basic necessities 58 00:02:46,500 --> 00:02:50,149 Speaker 2: were concerned. But if you talk about a decent roof 59 00:02:50,440 --> 00:02:53,990 Speaker 2: or having the luxuries, I think in our childhood, we 60 00:02:54,000 --> 00:03:02,050 Speaker 2: have never had a family holiday at all until 61 00:03:02,699 --> 00:03:06,389 Speaker 2: never as a family between my mom and dad. Other 62 00:03:06,399 --> 00:03:10,639 Speaker 2: than yes, visiting his hometown back to India. It is 63 00:03:10,649 --> 00:03:13,839 Speaker 2: out of more necessity that he wanted to turn back. 64 00:03:13,850 --> 00:03:16,229 Speaker 2: Look at today, all of us, even my Children are 65 00:03:16,240 --> 00:03:20,410 Speaker 2: so blessed that like holidays, not once a year, at 66 00:03:20,419 --> 00:03:23,089 Speaker 2: least twice a year. But I know that when I 67 00:03:23,100 --> 00:03:25,579 Speaker 2: was growing up, that life is 68 00:03:25,589 --> 00:03:25,960 Speaker 2: tough. 69 00:03:25,970 --> 00:03:28,539 Speaker 1: How did that make you value money? 70 00:03:28,869 --> 00:03:31,769 Speaker 2: I think if I say something, people will be surprised. 71 00:03:32,758 --> 00:03:36,610 Speaker 2: It took a long time for me. Long, long time 72 00:03:36,759 --> 00:03:40,000 Speaker 2: that I have the desire to be able to spend 73 00:03:40,009 --> 00:03:43,500 Speaker 2: a bit more freely. And now I can, I can, yeah, 74 00:03:44,110 --> 00:03:45,279 Speaker 2: even less than 75 00:03:45,809 --> 00:03:49,320 Speaker 2: 10 years ago when I was already the CEO of 76 00:03:49,330 --> 00:03:53,009 Speaker 2: Propnex and the largest real estate company really blessed with 77 00:03:53,020 --> 00:03:55,119 Speaker 2: a lot of things. I used to go to a 78 00:03:55,130 --> 00:03:59,220 Speaker 2: mcdonald at to Payoh and stand there thinking what to 79 00:03:59,229 --> 00:04:05,429 Speaker 2: order and evaluating my brain work in such a fast frequency, 80 00:04:05,860 --> 00:04:10,429 Speaker 2: the value meal and all other meals. By the time 81 00:04:10,440 --> 00:04:11,949 Speaker 2: I go to the counter, 82 00:04:12,500 --> 00:04:16,970 Speaker 2: my heart doesn't approve of ordering a value meal. I'll 83 00:04:16,980 --> 00:04:21,099 Speaker 2: just order a $2 cheeseburger 84 00:04:21,468 --> 00:04:26,128 Speaker 2: and I will not order the drink. Sometimes of fries, 85 00:04:26,139 --> 00:04:30,088 Speaker 2: sometimes not. I bring it up to my room and 86 00:04:30,098 --> 00:04:33,527 Speaker 2: I enjoy it. It's just that I feel that it's 87 00:04:33,539 --> 00:04:35,709 Speaker 2: not the right price So 88 00:04:35,718 --> 00:04:41,039 Speaker 1: it really is about what value means to you at 89 00:04:41,049 --> 00:04:42,088 Speaker 1: the end of the day. 90 00:04:42,398 --> 00:04:46,318 Speaker 2: Yeah, but that behavior surprisingly is only something that I 91 00:04:46,329 --> 00:04:49,238 Speaker 2: want to treat myself. But when I want to spend 92 00:04:49,248 --> 00:04:50,319 Speaker 2: on others, 93 00:04:50,690 --> 00:04:54,750 Speaker 2: I'm very happy to see the delight in the faces 94 00:04:54,760 --> 00:04:58,630 Speaker 2: of others. I used to be very generous with people 95 00:04:58,640 --> 00:05:02,790 Speaker 2: around me but not myself. But that change in the 96 00:05:02,799 --> 00:05:03,839 Speaker 2: last eight years. 97 00:05:03,850 --> 00:05:07,679 Speaker 1: What was that turning point that made you change your 98 00:05:07,690 --> 00:05:07,950 Speaker 1: mind? 99 00:05:07,959 --> 00:05:11,549 Speaker 2: No, I went for some courses and some deep reflection 100 00:05:12,200 --> 00:05:14,980 Speaker 2: I deserve. I started to love myself 101 00:05:14,988 --> 00:05:15,440 Speaker 2: more. 102 00:05:15,910 --> 00:05:19,940 Speaker 1: And do you feel better about yourself and your life? 103 00:05:19,950 --> 00:05:24,390 Speaker 1: And has that changed how you handle your generosity? Especially 104 00:05:24,399 --> 00:05:25,428 Speaker 1: when it comes to money? 105 00:05:25,690 --> 00:05:28,299 Speaker 2: 100%. I must say that. No, no. Even in the past, 106 00:05:28,309 --> 00:05:31,640 Speaker 2: as far as handling money and spending money, I've got, 107 00:05:31,859 --> 00:05:35,420 Speaker 2: I never had an issue but spending on myself has 108 00:05:35,428 --> 00:05:36,618 Speaker 2: always been an issue 109 00:05:37,250 --> 00:05:39,820 Speaker 2: and when I start to love myself and spend a 110 00:05:39,829 --> 00:05:43,649 Speaker 2: bit more on myself that give me the radiance and 111 00:05:43,660 --> 00:05:49,519 Speaker 2: the energy and very positive likes and comments and I 112 00:05:49,529 --> 00:05:53,750 Speaker 2: feel more loved when you feel loved, you naturally tend 113 00:05:53,760 --> 00:05:56,869 Speaker 2: to be more generous. Yeah. Yeah. And, and I think it, 114 00:05:57,079 --> 00:05:57,239 Speaker 2: and 115 00:05:57,250 --> 00:06:00,070 Speaker 1: there's no better love than the love you have for yourself, 116 00:06:00,079 --> 00:06:00,730 Speaker 1: isn't it? 117 00:06:00,750 --> 00:06:00,980 Speaker 2: Yes. 118 00:06:00,988 --> 00:06:03,859 Speaker 2: Exactly. Yeah. Sometimes even though we are talking about money, 119 00:06:04,100 --> 00:06:05,750 Speaker 2: but I want to just go to something 120 00:06:05,850 --> 00:06:10,880 Speaker 2: very fundamental just about before eight years ago or so, 121 00:06:11,059 --> 00:06:14,179 Speaker 2: I always say when people, I thought if I put 122 00:06:14,190 --> 00:06:19,159 Speaker 2: a ranking out of three things, family career, self, what 123 00:06:19,170 --> 00:06:22,649 Speaker 2: would you rank family career? 124 00:06:24,480 --> 00:06:26,220 Speaker 1: That's exactly my ranking. 125 00:06:27,359 --> 00:06:29,489 Speaker 1: I put my family first and then my career and 126 00:06:29,500 --> 00:06:30,250 Speaker 1: then myself, 127 00:06:30,829 --> 00:06:35,730 Speaker 2: that's what I ranked. And that's what I outwardly says. 128 00:06:35,890 --> 00:06:40,570 Speaker 2: But then I realized after going through some enlightenment through 129 00:06:40,579 --> 00:06:44,089 Speaker 2: courses that I attended maybe even though I said family. 130 00:06:44,100 --> 00:06:48,440 Speaker 2: But my focus, my energy was actually my business, my 131 00:06:48,450 --> 00:06:51,049 Speaker 2: career because I was too passionate about it. 132 00:06:51,600 --> 00:06:54,989 Speaker 2: And because the truth is while I'm at work, I 133 00:06:55,000 --> 00:07:00,269 Speaker 2: get greater validation boss. You are good. Yeah, we all 134 00:07:00,279 --> 00:07:03,678 Speaker 2: of us want to feel left. So somehow doesn't mean 135 00:07:03,690 --> 00:07:07,428 Speaker 2: I didn't get or receive the left from home. But 136 00:07:07,440 --> 00:07:11,070 Speaker 2: I was very much focused at work. But I took 137 00:07:11,079 --> 00:07:15,820 Speaker 2: a switch. My paradigm shifted 138 00:07:16,589 --> 00:07:22,049 Speaker 2: when I put self first family, second career, third. And 139 00:07:22,059 --> 00:07:28,549 Speaker 2: when I said self, not the selfish self of me, 140 00:07:29,459 --> 00:07:33,510 Speaker 2: but the well being of me, the happiness of me, 141 00:07:33,519 --> 00:07:36,880 Speaker 2: the goodness of me. And when I do that, I 142 00:07:36,890 --> 00:07:39,670 Speaker 2: get more energy and I feel loved. 143 00:07:40,239 --> 00:07:43,839 Speaker 2: And when I feel myself loved and with the right energy, 144 00:07:43,940 --> 00:07:46,399 Speaker 2: when I go back home, I spread the love to 145 00:07:46,410 --> 00:07:49,989 Speaker 2: my family. It's radiating and they are happy to see me. 146 00:07:50,160 --> 00:07:54,220 Speaker 2: And because of that, they support me and that gives 147 00:07:54,230 --> 00:07:56,690 Speaker 2: me all the energy I require 148 00:07:57,040 --> 00:07:57,750 Speaker 2: back at work. 149 00:07:57,760 --> 00:08:01,880 Speaker 1: So it's cyclical. It's a nice little ecosystem there. So 150 00:08:01,890 --> 00:08:02,119 Speaker 2: when 151 00:08:02,130 --> 00:08:05,049 Speaker 2: I put self lasts, what happened, I was much heavier 152 00:08:05,059 --> 00:08:09,010 Speaker 2: in terms of weight because I was slogging, clocking hours 153 00:08:09,019 --> 00:08:12,399 Speaker 2: in the office because I'm so focused with office. And 154 00:08:12,410 --> 00:08:14,839 Speaker 2: because of that, I get tired. Even when I go 155 00:08:14,850 --> 00:08:18,320 Speaker 2: back home, you get a bit highly strong. Yeah, you 156 00:08:18,329 --> 00:08:21,619 Speaker 2: get agitated and so on. And what happened to the family, 157 00:08:21,959 --> 00:08:24,510 Speaker 2: the Children try to avoid you because I think daddy 158 00:08:24,519 --> 00:08:26,859 Speaker 2: is not in the right mood. They have to predict 159 00:08:26,869 --> 00:08:31,140 Speaker 2: the mood. But then I realized I was not doing 160 00:08:31,149 --> 00:08:34,219 Speaker 2: it right. So when I change these things fall in 161 00:08:34,229 --> 00:08:38,260 Speaker 2: place and the most interesting thing here is the money 162 00:08:38,270 --> 00:08:39,570 Speaker 2: keeps flowing into you. 163 00:08:39,734 --> 00:08:41,465 Speaker 1: So the money didn't change. 164 00:08:41,474 --> 00:08:41,505 Speaker 2: In 165 00:08:41,515 --> 00:08:44,434 Speaker 2: fact, it doubled because you are a happy person. And 166 00:08:44,445 --> 00:08:47,205 Speaker 2: when you move around, people are happy to be with you, 167 00:08:47,224 --> 00:08:52,924 Speaker 2: not only family, your business associates, your partner's relationship with anyone, 168 00:08:52,965 --> 00:08:55,934 Speaker 2: because you are doing the right thing and you are 169 00:08:55,945 --> 00:08:59,343 Speaker 2: coming in from your heart and because of such an ease, 170 00:08:59,385 --> 00:09:04,005 Speaker 2: everybody work more effectively and money grew. 171 00:09:04,710 --> 00:09:09,010 Speaker 1: That's fantastic. Although I have to ask Ismael, that's not 172 00:09:09,020 --> 00:09:11,690 Speaker 1: to discount the hard work that you did put in 173 00:09:11,700 --> 00:09:13,689 Speaker 1: the earlier years of building your business. Right? 174 00:09:13,700 --> 00:09:18,890 Speaker 2: I think beyond doubt. I suppose everyone works hard that's given. Yeah, 175 00:09:18,900 --> 00:09:24,729 Speaker 2: I think if you ask me some definite ingredient for success, 176 00:09:24,739 --> 00:09:25,770 Speaker 2: I would say 177 00:09:26,270 --> 00:09:31,650 Speaker 2: is discipline and the right values obviously because I don't 178 00:09:31,659 --> 00:09:35,250 Speaker 2: think there's a short cut anyone who is disciplined and 179 00:09:35,260 --> 00:09:37,929 Speaker 2: work on it and it's just a matter of time. 180 00:09:38,969 --> 00:09:40,978 Speaker 1: Ok. So I want to take you back to the 181 00:09:40,989 --> 00:09:42,650 Speaker 1: time when you 182 00:09:42,799 --> 00:09:48,979 Speaker 1: received your first ever check. Can you recall how much 183 00:09:48,989 --> 00:09:53,030 Speaker 1: was that check was? What was going through your mind 184 00:09:53,070 --> 00:09:55,659 Speaker 1: when you were holding that check in your hand? 185 00:09:56,219 --> 00:09:59,209 Speaker 2: That was when I sold my property 186 00:09:59,630 --> 00:10:03,359 Speaker 2: and when the law firm called me on the completion 187 00:10:03,500 --> 00:10:05,979 Speaker 2: and handed over the check under the name of my 188 00:10:05,989 --> 00:10:10,530 Speaker 2: wife and myself. And for sure, even on those days, 189 00:10:10,539 --> 00:10:15,330 Speaker 2: I'm talking about in the early 19 nineties, more than 190 00:10:15,340 --> 00:10:21,750 Speaker 2: 30 years ago, it was more than $100,000 and holding 191 00:10:21,760 --> 00:10:22,840 Speaker 2: on to the check is 192 00:10:23,091 --> 00:10:26,752 Speaker 2: even when you are walking out from the lawyer's office 193 00:10:26,761 --> 00:10:30,322 Speaker 2: to the car park, you feel you're surrounded by Kenny 194 00:10:30,331 --> 00:10:33,281 Speaker 2: G music and on, it's not that the feeling of 195 00:10:33,291 --> 00:10:37,392 Speaker 2: being rich that you feel like you have in abundance, 196 00:10:37,461 --> 00:10:39,432 Speaker 2: but you don't have a chance to feel that they 197 00:10:39,442 --> 00:10:41,211 Speaker 2: are real. That kind of a feeling. 198 00:10:41,221 --> 00:10:44,851 Speaker 1: It's surreal, right? It's just, oh, is this really happening 199 00:10:44,861 --> 00:10:46,471 Speaker 1: to me? That's the feeling, 200 00:10:46,664 --> 00:10:48,864 Speaker 1: right? I'm glad you brought up your wife because I 201 00:10:48,874 --> 00:10:54,893 Speaker 1: remember back in 1996 you opened up Norris consultants with 202 00:10:54,903 --> 00:10:59,773 Speaker 1: your wife and obviously that eventually became propnex as a couple. 203 00:11:00,033 --> 00:11:05,333 Speaker 1: What was your philosophy together when it came to money, 204 00:11:05,343 --> 00:11:09,453 Speaker 1: both personally and professionally because it's one thing to manage 205 00:11:09,463 --> 00:11:09,963 Speaker 1: your individual 206 00:11:10,255 --> 00:11:13,545 Speaker 1: finances. But then you also are a working couple, you 207 00:11:13,556 --> 00:11:16,695 Speaker 1: work together. So there's the professional finances to think about 208 00:11:16,705 --> 00:11:17,135 Speaker 1: as well. 209 00:11:17,245 --> 00:11:21,245 Speaker 2: Yeah, I think honestly I'm truly blessed, I must say truly. 210 00:11:21,255 --> 00:11:24,036 Speaker 2: And I also believe anyone to be successful, you need 211 00:11:24,046 --> 00:11:27,786 Speaker 2: both the partner to be aligned in terms of money 212 00:11:27,796 --> 00:11:29,005 Speaker 2: sense and values as 213 00:11:29,015 --> 00:11:29,245 Speaker 2: well. 214 00:11:30,005 --> 00:11:33,356 Speaker 1: So when you were running the consultancy together, 215 00:11:33,719 --> 00:11:37,880 Speaker 1: did you run into financial conflicts with one another? Disagree 216 00:11:37,890 --> 00:11:41,260 Speaker 1: on certain ways to run the business and how to 217 00:11:41,270 --> 00:11:43,530 Speaker 1: manage the finances of that business. 218 00:11:43,539 --> 00:11:43,750 Speaker 2: We 219 00:11:43,760 --> 00:11:48,770 Speaker 2: never had an issue about managing the business finances. But 220 00:11:48,780 --> 00:11:49,539 Speaker 2: obviously we 221 00:11:49,645 --> 00:11:53,585 Speaker 2: do have, I won't say issues, agreement and disagreement the 222 00:11:53,594 --> 00:11:56,684 Speaker 2: way the company need to be run. Yeah, that's perfectly 223 00:11:56,695 --> 00:12:00,114 Speaker 2: ok because my wife was also an army officer, but 224 00:12:00,275 --> 00:12:02,705 Speaker 2: the mere fact that I got attracted to her was 225 00:12:02,715 --> 00:12:05,344 Speaker 2: because she was intellectual enough to challenge me. 226 00:12:05,770 --> 00:12:07,849 Speaker 2: And then when we started the business, I can't say 227 00:12:07,859 --> 00:12:10,549 Speaker 2: it is my way. So we definitely had a lot 228 00:12:10,559 --> 00:12:13,640 Speaker 2: of discussions and so on. But we have our strength. 229 00:12:13,760 --> 00:12:17,020 Speaker 2: I'm a very numbered person. In fact, when I look 230 00:12:17,030 --> 00:12:20,760 Speaker 2: at numbers, it floats and tell me stories. When I 231 00:12:20,770 --> 00:12:24,760 Speaker 2: open a financial statement, I know the health of it 232 00:12:24,770 --> 00:12:29,189 Speaker 2: good or are we in trouble? Her strength is in 233 00:12:29,200 --> 00:12:34,590 Speaker 2: terms of curriculum development. She has got masters in training development. 234 00:12:34,919 --> 00:12:38,890 Speaker 2: So that's her strength. So we blend both our strength 235 00:12:38,900 --> 00:12:42,030 Speaker 2: when we started the company Norris consultants and named it 236 00:12:42,039 --> 00:12:45,450 Speaker 2: as Norris because we coined after both our name, my 237 00:12:45,460 --> 00:12:48,700 Speaker 2: wife's name is Nora. So the first four letters is 238 00:12:48,750 --> 00:12:50,130 Speaker 2: noor 239 00:12:50,594 --> 00:12:53,205 Speaker 2: and my name is Ma I, so that's how we 240 00:12:53,215 --> 00:12:55,104 Speaker 2: started our real estate company. Ok. 241 00:12:55,114 --> 00:12:58,145 Speaker 1: Now, I want to know it's important for any couple 242 00:12:58,155 --> 00:13:00,184 Speaker 1: to be on the same page to make sure that 243 00:13:00,195 --> 00:13:03,395 Speaker 1: finances are on track. So what's the one thing that 244 00:13:03,405 --> 00:13:06,304 Speaker 1: you and your wife have in common when it comes 245 00:13:06,315 --> 00:13:08,265 Speaker 1: to a financial habit, 246 00:13:08,554 --> 00:13:11,145 Speaker 2: we have come to an agreement. We will 247 00:13:11,650 --> 00:13:15,949 Speaker 2: not lend money to anyone. I'm not taking this opportunity 248 00:13:15,960 --> 00:13:18,330 Speaker 2: because I'm talking about money. No, no, no, no, no, 249 00:13:18,460 --> 00:13:22,020 Speaker 2: because that is in the source of friendship and relationship 250 00:13:22,030 --> 00:13:25,429 Speaker 2: being broken. But we say that we can give money 251 00:13:25,440 --> 00:13:26,909 Speaker 2: to people who I know 252 00:13:27,950 --> 00:13:31,309 Speaker 2: and we just bless them with the expectation, not receiving 253 00:13:31,320 --> 00:13:34,619 Speaker 2: it back. But if we receive it back, we take 254 00:13:34,630 --> 00:13:37,619 Speaker 2: it as a blessing because the main reason here is 255 00:13:37,630 --> 00:13:42,250 Speaker 2: this is our earlier days, even before we became an entrepreneur. Ok? 256 00:13:42,479 --> 00:13:44,419 Speaker 2: Because I think money can be the root of the 257 00:13:44,429 --> 00:13:47,539 Speaker 2: problem and because of money and you feel so attached 258 00:13:47,549 --> 00:13:51,900 Speaker 2: to money and then your emotions go all over friendships 259 00:13:51,909 --> 00:13:54,559 Speaker 2: can be ruined. So this is one agreement that we had, 260 00:13:54,750 --> 00:13:57,520 Speaker 2: whether it is from my friends, my side or her 261 00:13:57,530 --> 00:13:58,090 Speaker 2: friends or her 262 00:13:58,135 --> 00:14:01,484 Speaker 2: side. But if you ever decide to give we don't 263 00:14:01,494 --> 00:14:03,824 Speaker 2: need to consult each other if it is within our 264 00:14:03,835 --> 00:14:07,104 Speaker 2: range of pocket money for them to help themselves and 265 00:14:07,114 --> 00:14:09,585 Speaker 2: the family for a week's meal or what, no problem. 266 00:14:09,645 --> 00:14:13,674 Speaker 2: If somebody wants to ask X amount of $1000 267 00:14:13,989 --> 00:14:16,488 Speaker 2: we don't have the right to give unless we both 268 00:14:16,500 --> 00:14:20,289 Speaker 2: of us discuss and then we think it's ok, then 269 00:14:20,299 --> 00:14:23,219 Speaker 2: we can. So that's one part of it. The next 270 00:14:23,229 --> 00:14:30,010 Speaker 2: part here is we never overstretch ourselves beyond our means. 271 00:14:30,460 --> 00:14:34,119 Speaker 2: I always felt in order to create wealth, it is 272 00:14:34,130 --> 00:14:38,049 Speaker 2: at least through my experience, it's very difficult to save money. 273 00:14:38,900 --> 00:14:43,000 Speaker 2: But if you commit into a right asset class, while 274 00:14:43,010 --> 00:14:49,190 Speaker 2: we are working harder, the property to keep appreciating with inflation. 275 00:14:49,460 --> 00:14:51,900 Speaker 2: So every time when we sell, we unlock, remember I 276 00:14:51,909 --> 00:14:55,239 Speaker 2: said good couple of 100,000, but we never took the 277 00:14:55,250 --> 00:14:56,679 Speaker 2: 100/1000 278 00:14:57,250 --> 00:15:00,719 Speaker 2: to win on a frenzy holiday award. The bulk of it, 279 00:15:00,729 --> 00:15:06,059 Speaker 2: we reinvested into a higher value property. Obviously, we spent 280 00:15:06,070 --> 00:15:09,750 Speaker 2: some but the bulk of it and we built the 281 00:15:09,760 --> 00:15:11,400 Speaker 2: wealth until a time 282 00:15:11,900 --> 00:15:15,590 Speaker 2: that we were able to sell multiple properties or now 283 00:15:15,599 --> 00:15:18,580 Speaker 2: we are in a position to decide how we want 284 00:15:18,590 --> 00:15:19,479 Speaker 2: to manage our life. 285 00:15:19,489 --> 00:15:19,760 Speaker 1: I 286 00:15:19,770 --> 00:15:23,200 Speaker 1: think that's an incredible story and some of that advice 287 00:15:23,210 --> 00:15:25,799 Speaker 1: I wish I had when I was in my younger years, 288 00:15:25,809 --> 00:15:25,880 Speaker 2: I 289 00:15:25,890 --> 00:15:27,710 Speaker 2: just want to say it's never too late. Trust me. 290 00:15:27,775 --> 00:15:28,445 Speaker 2: It's never 291 00:15:28,484 --> 00:15:28,604 Speaker 1: I 292 00:15:28,645 --> 00:15:29,184 Speaker 1: agree 293 00:15:30,395 --> 00:15:33,875 Speaker 2: because honestly, because a lot of people disqualify themselves that 294 00:15:33,885 --> 00:15:35,895 Speaker 2: maybe I should have done in the past and now 295 00:15:35,905 --> 00:15:41,034 Speaker 2: it's not the right time. I would strongly suggest to anyone, 296 00:15:41,054 --> 00:15:44,325 Speaker 2: it really doesn't matter where you are right now. But 297 00:15:44,335 --> 00:15:45,395 Speaker 2: pause a moment 298 00:15:45,979 --> 00:15:51,400 Speaker 2: and to reorganize as far as financial first, start with 299 00:15:51,409 --> 00:15:53,650 Speaker 2: the health check. And what is the next step you 300 00:15:53,659 --> 00:15:56,059 Speaker 2: want to take? And you would be able to save 301 00:15:56,070 --> 00:15:58,299 Speaker 2: fair amount of money. But if you only know where 302 00:15:58,309 --> 00:16:01,340 Speaker 2: to cut what to cut. For example, some of us 303 00:16:01,349 --> 00:16:05,299 Speaker 2: may be paying a monthly mortgage on our property that 304 00:16:05,309 --> 00:16:09,559 Speaker 2: could be on a higher interest level. And by just 305 00:16:09,570 --> 00:16:12,919 Speaker 2: taking a proactive approach to understand and speaking to few 306 00:16:12,929 --> 00:16:14,750 Speaker 2: other mortgage lenders, 307 00:16:15,169 --> 00:16:17,900 Speaker 2: either your own bank to say that, hey, I've been 308 00:16:17,909 --> 00:16:21,830 Speaker 2: your loyal supporter over the last five years and I'm 309 00:16:21,840 --> 00:16:24,940 Speaker 2: paying a much higher interest rates than the new people 310 00:16:24,950 --> 00:16:27,840 Speaker 2: that you are trying to bring them on board. Can 311 00:16:27,849 --> 00:16:31,109 Speaker 2: I have that similar treatment? The bank will give it 312 00:16:31,119 --> 00:16:31,229 Speaker 1: to 313 00:16:31,239 --> 00:16:31,429 Speaker 2: you? 314 00:16:31,440 --> 00:16:32,140 Speaker 1: Everything can 315 00:16:32,150 --> 00:16:32,969 Speaker 1: be negotiated 316 00:16:32,979 --> 00:16:34,650 Speaker 2: and if the bank don't want to give it to 317 00:16:34,659 --> 00:16:36,780 Speaker 2: you and there's no reason why the bank won't 318 00:16:37,039 --> 00:16:40,359 Speaker 2: you shift to another bank, then you become their new darling, 319 00:16:40,690 --> 00:16:43,890 Speaker 2: but you saved money. Yes, and it can go to 320 00:16:43,900 --> 00:16:45,770 Speaker 2: a couple of hundreds of thousands depending on the amount 321 00:16:45,780 --> 00:16:48,450 Speaker 2: of the loan. This is only one aspect, right? But 322 00:16:48,460 --> 00:16:50,419 Speaker 2: when we just pause a moment and look at all 323 00:16:50,429 --> 00:16:55,150 Speaker 2: our finances be it a mobile plan. Maybe we see 324 00:16:55,159 --> 00:16:57,260 Speaker 2: what data are we using and what we are not 325 00:16:57,270 --> 00:16:57,909 Speaker 2: using 326 00:16:58,280 --> 00:17:02,090 Speaker 2: and some habits or whether is it out dining and 327 00:17:02,099 --> 00:17:04,849 Speaker 2: what if you just reorganize a bit, we can have 328 00:17:04,859 --> 00:17:05,040 Speaker 2: some 329 00:17:05,050 --> 00:17:05,500 Speaker 2: savings. 330 00:17:05,680 --> 00:17:11,630 Speaker 1: So you have three Children and they have grown up 331 00:17:11,640 --> 00:17:15,219 Speaker 1: in a very different financial environment than you did in 332 00:17:15,229 --> 00:17:19,199 Speaker 1: your childhood. So, how did you teach them about money? 333 00:17:19,810 --> 00:17:23,520 Speaker 2: First and foremost, I don't spoil them. What do you 334 00:17:23,530 --> 00:17:28,209 Speaker 2: think is fair? Someone who's 19 and going on 20 335 00:17:28,530 --> 00:17:33,130 Speaker 2: my younger daughter, she was schooling at Tanglin Trust and 336 00:17:33,140 --> 00:17:36,550 Speaker 2: she had finished her school in two weeks time. She's 337 00:17:36,560 --> 00:17:41,869 Speaker 2: going to go to London for her, continuing her university studies. 338 00:17:42,369 --> 00:17:45,579 Speaker 2: What is a fair amount of a monthly allowance? 339 00:17:46,050 --> 00:17:47,500 Speaker 1: Oh, in London 340 00:17:47,510 --> 00:17:48,520 Speaker 2: here. Oh, here. 341 00:17:49,099 --> 00:17:50,680 Speaker 2: Wow. One month. 342 00:17:51,140 --> 00:17:53,458 Speaker 1: Wow. I don't know what kids spend on these days. 343 00:17:53,469 --> 00:17:55,380 Speaker 1: They are very different from what I spent on when 344 00:17:55,390 --> 00:17:58,089 Speaker 1: I was a 19 year old. I'm gonna go say 345 00:17:58,119 --> 00:17:59,629 Speaker 1: 1000 346 00:17:59,920 --> 00:18:03,149 Speaker 2: put my status and their expectations and so on. 347 00:18:03,839 --> 00:18:06,219 Speaker 1: I'm going to say more than 1000. How much 348 00:18:07,290 --> 00:18:11,660 Speaker 1: I think they're going to ask you for $3000. 349 00:18:12,180 --> 00:18:14,310 Speaker 2: I give them monthly $450. 350 00:18:14,439 --> 00:18:19,189 Speaker 1: Wow, that's what I got when I was a teenager. Wow. 351 00:18:19,199 --> 00:18:22,189 Speaker 2: So that's the same amount because the family have everything. 352 00:18:22,260 --> 00:18:24,329 Speaker 2: I mean, everything, the food is there on the table, 353 00:18:24,939 --> 00:18:28,530 Speaker 2: your $450 is just to spend on what you need. 354 00:18:28,540 --> 00:18:32,050 Speaker 2: And unless of course you need to purchase something of 355 00:18:32,060 --> 00:18:35,369 Speaker 2: a necessity, I can give you for that amount. But 356 00:18:35,380 --> 00:18:37,680 Speaker 2: you have to just tell me daddy, I need this, 357 00:18:37,770 --> 00:18:40,689 Speaker 2: I need an ipad because it is broken or I 358 00:18:40,699 --> 00:18:43,510 Speaker 2: need to buy something because I'm going to go for 359 00:18:43,520 --> 00:18:47,680 Speaker 2: a certain event. I need this blazer on a need basis. 360 00:18:47,689 --> 00:18:50,760 Speaker 2: I'm prepared to spend. Ok? But as a pure cash 361 00:18:50,770 --> 00:18:53,208 Speaker 2: in your hand, how you want to spend? 362 00:18:53,869 --> 00:18:57,899 Speaker 2: I think you don't only give them basically, I want 363 00:18:57,910 --> 00:19:02,030 Speaker 2: the Children to know that money need to be valued 364 00:19:02,680 --> 00:19:06,699 Speaker 2: and you should spend your budget within your means. And 365 00:19:06,709 --> 00:19:09,060 Speaker 2: I'm happy in this amount of money that I give, 366 00:19:09,069 --> 00:19:09,640 Speaker 2: they still have a 367 00:19:09,650 --> 00:19:12,449 Speaker 1: savings. Do you let them go to work part time 368 00:19:12,459 --> 00:19:12,718 Speaker 1: to earn 369 00:19:13,099 --> 00:19:16,069 Speaker 2: my elder girl? In fact, both my girls went for 370 00:19:16,079 --> 00:19:16,930 Speaker 2: all my Children, 371 00:19:17,219 --> 00:19:20,810 Speaker 2: my elder girl earlier part of the year, Risha right now. 372 00:19:20,819 --> 00:19:23,159 Speaker 2: She's working for me for the last three years. She 373 00:19:23,170 --> 00:19:27,069 Speaker 2: also graduated from UK. So when she came back, I 374 00:19:27,079 --> 00:19:32,430 Speaker 2: put her through customer service operation, then she came back 375 00:19:32,439 --> 00:19:36,729 Speaker 2: home sometime in tears. Why work is so difficult that 376 00:19:37,410 --> 00:19:41,609 Speaker 2: I said yes, darling. It's like that. Then she moved 377 00:19:41,619 --> 00:19:45,630 Speaker 2: on to hr department right now. I just want her 378 00:19:45,640 --> 00:19:46,399 Speaker 2: to know 379 00:19:46,839 --> 00:19:50,589 Speaker 2: that it is not an entitlement just because your daddy 380 00:19:50,599 --> 00:19:54,260 Speaker 2: is a CEO or we have more financial comfort. No. 381 00:19:54,619 --> 00:19:56,939 Speaker 2: So that's why I felt that the value of money 382 00:19:56,949 --> 00:20:00,130 Speaker 2: is important from young. Actually, I can choose to give 383 00:20:00,140 --> 00:20:03,800 Speaker 2: all the money, but that's not the right values being 384 00:20:03,810 --> 00:20:05,438 Speaker 2: taught to them that money is for 385 00:20:05,449 --> 00:20:05,959 Speaker 2: free. 386 00:20:06,300 --> 00:20:09,430 Speaker 1: So you've been in real estate for over 30 years, Ismael, 387 00:20:09,479 --> 00:20:13,079 Speaker 1: what are some of the common financial mistakes you've seen 388 00:20:13,089 --> 00:20:15,479 Speaker 1: Singaporeans make when buying a home? 389 00:20:15,489 --> 00:20:15,530 Speaker 2: I 390 00:20:15,540 --> 00:20:19,040 Speaker 2: can understand because any purchase comes with emotion. 391 00:20:19,979 --> 00:20:23,510 Speaker 2: So I would suggest that anybody, especially if you want 392 00:20:23,520 --> 00:20:26,660 Speaker 2: to buy any big ticket item home is definitely a 393 00:20:26,670 --> 00:20:28,978 Speaker 2: big ticket item and it could be some others, it 394 00:20:28,989 --> 00:20:32,689 Speaker 2: could be a car and whatever it is let not 395 00:20:32,699 --> 00:20:36,729 Speaker 2: jump into it, just looking at it in the first instance. 396 00:20:37,160 --> 00:20:40,729 Speaker 2: And that will become too much of an emotional involvement. 397 00:20:41,689 --> 00:20:44,359 Speaker 2: But on the other hand, we cannot detach emotions from 398 00:20:44,369 --> 00:20:47,910 Speaker 2: any purchase because you must have a liking to be 399 00:20:47,920 --> 00:20:52,510 Speaker 2: able to invest in that particular property, always be prudent 400 00:20:52,650 --> 00:20:56,510 Speaker 2: to buy within your means and always have a reserve 401 00:20:56,520 --> 00:21:01,020 Speaker 2: for minimum six months. Ideal is one year in the 402 00:21:01,030 --> 00:21:04,430 Speaker 2: event you choose to leave your current job and restart 403 00:21:04,439 --> 00:21:08,270 Speaker 2: something and you are not so stressed. So I think 404 00:21:08,280 --> 00:21:11,229 Speaker 2: the financial planning is definitely important. 405 00:21:11,540 --> 00:21:14,660 Speaker 2: The other aspect that maybe it is not directly pertaining 406 00:21:14,670 --> 00:21:17,159 Speaker 2: to the question Andre that you asked, I believe in 407 00:21:17,170 --> 00:21:21,079 Speaker 2: something and a term that I use quite frequently is 408 00:21:21,089 --> 00:21:24,040 Speaker 2: known as delayed gratification. 409 00:21:24,400 --> 00:21:25,239 Speaker 1: Yes. Yeah, 410 00:21:25,260 --> 00:21:25,270 Speaker 2: a 411 00:21:25,910 --> 00:21:29,659 Speaker 2: lot of people and I think especially some of the 412 00:21:29,670 --> 00:21:34,390 Speaker 2: younger generations, but I won't say now, even in the past, 413 00:21:34,410 --> 00:21:37,688 Speaker 2: so I cannot label it now. It's not true. I 414 00:21:37,699 --> 00:21:40,520 Speaker 2: think this a weakness of people. Yeah. 415 00:21:41,280 --> 00:21:46,109 Speaker 2: Some of them tend to spend more than what they 416 00:21:46,119 --> 00:21:50,500 Speaker 2: are capable or earn just to put a show to 417 00:21:50,510 --> 00:21:55,810 Speaker 2: the world that they are so called. Good enough or 418 00:21:55,930 --> 00:22:01,900 Speaker 2: I have arrived buying branded goods, buying things that they 419 00:22:01,910 --> 00:22:06,810 Speaker 2: have to pay on installment basis, choking up their credit cards. 420 00:22:06,819 --> 00:22:10,849 Speaker 2: These are the things that truly actually bleed 421 00:22:11,170 --> 00:22:16,530 Speaker 2: your financial health over time. It may be easy because today, 422 00:22:16,540 --> 00:22:22,310 Speaker 2: there are so many lenders, either professional from the bank institution, 423 00:22:22,319 --> 00:22:23,670 Speaker 2: you go and they are prepared to give you as 424 00:22:23,680 --> 00:22:27,130 Speaker 2: many credit lines or you will, I'm quite sure many 425 00:22:27,140 --> 00:22:31,329 Speaker 2: of them will receive in the phone call, friendly providers 426 00:22:31,439 --> 00:22:33,909 Speaker 2: who will always want to say ready to give you 427 00:22:33,920 --> 00:22:37,510 Speaker 2: ready cash. But all these things comes with a catch 428 00:22:38,150 --> 00:22:42,619 Speaker 2: and when you don't manage it, the interest will kill 429 00:22:42,630 --> 00:22:45,949 Speaker 2: a person and you lose your peace and that's where 430 00:22:45,959 --> 00:22:48,189 Speaker 2: family breakups also can 431 00:22:48,199 --> 00:22:48,729 Speaker 2: take place. 432 00:22:48,739 --> 00:22:50,849 Speaker 1: And as you said, you can't go to sleep at 433 00:22:50,859 --> 00:22:53,869 Speaker 1: night having that burden in your mind, right? I think 434 00:22:53,880 --> 00:22:55,649 Speaker 1: that's absolutely true. And I had to learn that the 435 00:22:55,660 --> 00:22:59,179 Speaker 1: hard way myself by the way. So Ismael, you always 436 00:22:59,189 --> 00:23:03,239 Speaker 1: hear rich and successful people saying that oh no, no 437 00:23:03,250 --> 00:23:07,709 Speaker 1: money isn't everything but those who are less well off 438 00:23:08,189 --> 00:23:13,849 Speaker 1: may perhaps say, well, that's because you already have that money. 439 00:23:13,900 --> 00:23:15,069 Speaker 1: What do you say to that? 440 00:23:15,540 --> 00:23:20,449 Speaker 2: No, I won't say easily. Money is not everything. Money 441 00:23:20,459 --> 00:23:26,479 Speaker 2: is something but money cannot be everything. Ok, Steve Jobs 442 00:23:26,489 --> 00:23:29,290 Speaker 2: had all the money but it couldn't help him. 443 00:23:29,540 --> 00:23:35,839 Speaker 2: Money cannot give us health. Money cannot absolutely give us joy. 444 00:23:35,849 --> 00:23:39,770 Speaker 2: But money is important. It is a source of blood. 445 00:23:39,890 --> 00:23:41,770 Speaker 2: But if you say blood group is m like, it's 446 00:23:41,780 --> 00:23:44,780 Speaker 2: not A or B like it's money. But I think 447 00:23:44,790 --> 00:23:50,170 Speaker 2: what is more important here is the contentment and non 448 00:23:50,189 --> 00:23:55,040 Speaker 2: attachment to money is important because I've seen families earning 449 00:23:55,050 --> 00:23:58,359 Speaker 2: less than $5000 and they are happy. 450 00:23:59,099 --> 00:24:06,349 Speaker 2: But I've seen families earning $50,000 combined and not happy. 451 00:24:06,689 --> 00:24:09,459 Speaker 2: So where do we stop then? Yeah. Correct. But money 452 00:24:09,469 --> 00:24:12,069 Speaker 2: is important. If you say you don't even have money 453 00:24:12,079 --> 00:24:15,900 Speaker 2: for the basic necessities, that's tough. And therefore I will 454 00:24:15,910 --> 00:24:17,670 Speaker 2: say the only way to get out of it, 455 00:24:17,989 --> 00:24:22,569 Speaker 2: work harder. Never give up. Always believe that I am 456 00:24:22,579 --> 00:24:26,270 Speaker 2: good enough kind of mental state. Go out there and 457 00:24:26,280 --> 00:24:29,310 Speaker 2: get that money for your basic necessities. But you want 458 00:24:29,319 --> 00:24:32,329 Speaker 2: to go beyond that. Then one day you can say 459 00:24:32,339 --> 00:24:35,069 Speaker 2: money is not everything. Like most people say that's OK. 460 00:24:35,079 --> 00:24:35,969 Speaker 2: That's your call. 461 00:24:36,339 --> 00:24:38,949 Speaker 1: When they reach that stage, maybe I'll go and find 462 00:24:38,959 --> 00:24:42,050 Speaker 1: out what their secret is. Ismael has been such a 463 00:24:42,060 --> 00:24:45,399 Speaker 1: fun conversation. I'm so glad that we were able to 464 00:24:45,410 --> 00:24:47,209 Speaker 1: get you to sit in this seat 465 00:24:47,439 --> 00:24:50,310 Speaker 1: and talk to us and share your life's experience with 466 00:24:50,319 --> 00:24:52,400 Speaker 1: us on money talk. So, thank you very much. 467 00:24:52,420 --> 00:24:53,839 Speaker 2: Truly, my pleasure. 468 00:24:58,650 --> 00:25:01,760 Speaker 1: All right. So we've come to the fun part of 469 00:25:01,770 --> 00:25:04,849 Speaker 1: the Money Talks podcast. It's called Questions from a hat. 470 00:25:04,859 --> 00:25:07,020 Speaker 1: And you see my hat here. I'm going to reach 471 00:25:07,030 --> 00:25:07,560 Speaker 1: out for it right 472 00:25:07,569 --> 00:25:07,699 Speaker 1: now. 473 00:25:08,260 --> 00:25:10,030 Speaker 2: Really going on. 474 00:25:10,640 --> 00:25:13,280 Speaker 1: So this is the fun part. There are five random 475 00:25:13,290 --> 00:25:16,729 Speaker 1: questions in here. I'm gonna toss them up and we 476 00:25:16,739 --> 00:25:19,560 Speaker 1: do this with every one of our guests you get 477 00:25:19,569 --> 00:25:21,540 Speaker 1: to pick, but you have to hand it to me 478 00:25:21,719 --> 00:25:23,920 Speaker 1: and I'll read it out for you. Ok. All right. 479 00:25:23,930 --> 00:25:24,719 Speaker 1: Here you go. 480 00:25:25,469 --> 00:25:29,020 Speaker 1: And right. Your question from the hat is, 481 00:25:30,939 --> 00:25:34,560 Speaker 1: oh, this is a good one. Especially after the conversation 482 00:25:34,569 --> 00:25:39,989 Speaker 1: we just had is mild. What is pricey but always 483 00:25:40,000 --> 00:25:40,679 Speaker 1: worth it? 484 00:25:41,599 --> 00:25:43,369 Speaker 2: Wow, that's too deep. 485 00:25:44,359 --> 00:25:50,229 Speaker 2: What is pricey and always worth it from a real 486 00:25:50,239 --> 00:25:54,680 Speaker 2: estate perspective as far as Singapore's context is concerned. I 487 00:25:54,689 --> 00:26:00,310 Speaker 2: will say real estate is always pricey. Yes, that's right. 488 00:26:00,319 --> 00:26:04,280 Speaker 2: But why do I say it's always worth it if 489 00:26:04,290 --> 00:26:07,520 Speaker 2: you want to have a good retirement, 490 00:26:07,819 --> 00:26:12,060 Speaker 2: if you want to be financially free, your property will 491 00:26:12,069 --> 00:26:17,010 Speaker 2: continue to appreciate. Provided is the right property and you 492 00:26:17,020 --> 00:26:19,780 Speaker 2: will have all the wealth when the time is right 493 00:26:19,810 --> 00:26:20,879 Speaker 2: and you'll be a happy person 494 00:26:21,050 --> 00:26:24,239 Speaker 1: and outside of real estate, what would you deem as 495 00:26:24,250 --> 00:26:27,000 Speaker 1: pricey but still worth it. OK? 496 00:26:27,010 --> 00:26:29,920 Speaker 2: I think what is most important here is this the 497 00:26:29,930 --> 00:26:35,839 Speaker 2: time that you give and make for your loved ones 498 00:26:36,439 --> 00:26:40,609 Speaker 2: is truly pricey and you cannot put a price tag 499 00:26:40,619 --> 00:26:45,140 Speaker 2: to it. When the time passes on, you can't go 500 00:26:45,150 --> 00:26:49,250 Speaker 2: and hug and carry your daughter because she has outgrown. 501 00:26:49,319 --> 00:26:51,849 Speaker 2: You have a space, you have a line, you have 502 00:26:51,859 --> 00:26:56,270 Speaker 2: a respect and these are moments that you can bring 503 00:26:56,280 --> 00:26:59,339 Speaker 2: it all the way to your grave. So to me 504 00:26:59,349 --> 00:27:03,040 Speaker 2: such time that you can allocate is important 505 00:27:03,579 --> 00:27:08,649 Speaker 2: values, respect. Once some broken, you can't take it back 506 00:27:08,920 --> 00:27:11,550 Speaker 2: so you can't measure it through money. 507 00:27:11,630 --> 00:27:16,020 Speaker 1: Yeah, absolutely true. Thank you so much, Ismael Gaffer for 508 00:27:16,030 --> 00:27:18,489 Speaker 1: sitting in the hot seat on the Money Talks podcast today. 509 00:27:18,619 --> 00:27:19,869 Speaker 2: Truly, my pleasure. 510 00:27:21,229 --> 00:27:24,500 Speaker 1: Thank you as well for listening to us. And if 511 00:27:24,510 --> 00:27:28,500 Speaker 1: you have any thoughts on what you've just heard, feel 512 00:27:28,510 --> 00:27:30,829 Speaker 1: free to drop us a comment. A shout out to 513 00:27:30,839 --> 00:27:34,729 Speaker 1: the team. Here's Tiffany Ang, Joanne Chan, Jaini Johari and 514 00:27:34,739 --> 00:27:38,819 Speaker 1: Sye Wind our video editor Haida Amin. That's it for 515 00:27:38,829 --> 00:27:41,079 Speaker 1: now on the Money Talks Podcast. I'm Andrea Heng.