[ me & my money]

An onlin

shop idea

that sells

NTU grad didn't plan

business but it took off
with a little nud~ing
from then-boyfriend

turning it into a business. "I was a

student and had time on my side. I
thought if it didn 't work out, I
would go out and work, " she said.
She recently started a second on
line shop selling women's work
wear. The first shop, which started
in late 2009, already has a customer
base of more than 11,000.
The couple's daughter Clarisse is
16 months old.
Q: Are you a spender or saver?

JoyceTeo

Ms Tan Yi Fong recently graduated

with a degree in accountancy from
the NanyangTechnological Univer
sity. But she is no ordinary gradu
ate. At the age of 23, she is already a
mother and the owner of a growing
online retail business with sales of
more than $200,000 a year.
She took a semester off early last
year when she was in the late stage
of pregnancy but had otherwise at
tended classes faithfully.
Her tenacity could have been
honed from a young age, when
money was often lacking. She had
to earn her own pocket money by
working during school holidays. To
support the family, her mum took
on whatever jobs she could find, in
cluding being a janitor at Ms Tan's
secondary school when she was
studying there. Her father, who
died in 2009, was a deliveryman.
Still, while Ms Tan aimed to
make a comfortable living, running
her own busi ness was not some
thing she had always dreamed of.
She was doing sprees fo r free
when her husband Vincent Goh,
29, her boyfriend then, suggested

A saver. I don't splurge and I don't

buy brand-name labels. My biggest
expense used to be clothes but now
that I'm in the fashion business,
that expense has been reduced sig
nificantly. Another big expense is
food. We dine out (usually $10-$20
per head unless we're going for sea
food) on most weekends and dur
ing special occasions.
I also pay $700 a month to put
my daughter in full-day infant care.
We set aside two-thirds of our
monthly income, with most of it in
vested.
Q: How much do you charge to
your credit cards every m onth?
I have a few credit cards but I use
only three which offer cash rebates.
Whenever pOSSible, I'll charge ex
penses to my credit card or Nets
card instead of using cash, as there
is a 0.5 per cent to 5 per cent rebate.
My husband and I charge a total of
about $6,000 to $8,000 to our cards
every month. It's a mix of personal
and business expenses.
Q: What financial p lanning have
you done for yourself?
To be frank, I wasn't financially sav
vy and I didn't believe in insur
ance. What gave me a wake-up call

5T PHOTO: DELON HO

Ms Tan in her home office with

her husband Vincent and their
daughter Clarisse.

was my father's health episode. He

was a deliveryman and didn't have
a n y health pl an other than
MediShield. He was admitted to
hospital in early 2009 and upon dis
charge, had to enter a rehab hospi
tal. Later that year, he had to be at
the hospital again. His condition
then took a turn for the worse and
unfortunately, he died.
It made me realise that life is un
predictable. Also, I didn't want my
mum to be burdened with bills
should anything happen to the
family again. That's when I called
up our insurance serviCing agent.
I bought the hospitalisation
plan and a rider under the private
hospital segment so if I were to be
struck with illness, at least there
will not be financial worries.
After getting married, having a
daughter, and becoming a bit more
savvy, I bought term poliCies with
$200,000 to $300,000 coverage.
Investment decisions are made
jointly by my husband and me. We
invest in equities as well as proper

invest
September 25,2011 thesundaytimes

WORST AND BEST BETS

Q. What has been your worst

investment to date?
In March, my husband and I
bought 10 lots of Bestworld
International. We lost about
$600 when w sold it in May or
June. Its revenue had been
decreasing for a few years when
we bought into it. It was meant
to be a turnaround play but

make ends meet. Seeing her work

so hard, I dared not ask for expen
sive toys like PlayStation, which I'd
play at my cousin's house.
I worked during the school holi
days and after my A levels, I did re
lief teaching in the morning and
then worked as a boutique assistant
for the rest of the day. I also gave tu
ition on weekends. I saved all the
money earned.

after a while, the company was

still declining so we decided to
dispose of the shares and buy
into another company. For all
we know, this m ight turn out
to be a turnaround play but we
didn't really understand the
business well enough to judge.
. And your best?
My family.

one cost about $70,000 while the

second cost $180,000.
I also have a 115 sq m five-room
HDB flat in Jurong, which we
bought last year for $500,000.

Q: What's the most extravagant

thing you have bought?

My fla t. I was hesitant to buy at

that time as the market was hot

and I was afraid the property bub

ble would burst after that .

Q: How did you get interested in

But we needed a home pretty ur

gently as our daughter was already
investing?

My husband is the more fina ncially

born. Also, we had failed two
savvy one as I've always thought in
rounds of ballot for sale of balance
vesting is for the rich. But after
flats. J'm thankful we bought it as I
speaking to some business owners,
n ow have a proper work space at
I changed my mind.

home and should we have gotten it

Although we wanted to invest in any later, it would have cost us
$30,000 more.
stocks an d property, we were un
sure of exactly how to do it. So, I at
ty. The two properties in the Philip
Q: What's your retirement plan?
pines which we bought are still in tended a $3,500 course on value in
I plan to take it easy by the time I
the midst of building so there are vesting in March this year and he at
tended a $3,000 course on property am 30. It's because our expenses are
no returns yet.
low that I can retire so early. I don't
Equitywise, we started only in investment later that month.
The money spent on the courses foresee myself retiring if it means
March this year and have invested
was really worth it. My course in
doing nothing and just taking long
about $70,000 in 10 stocks, includ
vacations.
ing Singapore Press Holdings an d structor became my business men
I should still be running my busi
Boustead Singapore. We manage it tor. It is also cheaper than if I were
nesses, just that perhaps I'll have
to start investing and lose it all.
passively (buy and hold).
In value investing, we were more time for recreational activities
I tell myself to be rational. I am
taught to buy during a crisis. In (like playing golf) with my hus
buying an ownership of the compa
band and my children.
ny, not a lottery ticket. Now, when March, there was the Japanese tsu
nami and the market crashed so we
By then, I think I should be shar
prices go down, I don't panic.
swept up a few stocks and they are ing my experience by giving talks
doing pretty well now.
in sch ools and hol ding regular
Q: Moneywise, what were your

We were then int roduced to 'kopi' sessions with business own

growing-up years like?

I grew up in a lower-middle income

some property deals and we bought ers to chit-chat and exchange ideas.
family in a three-room HDB flat. To
two free hold un its in the Philip
pines. We couldn't afford Singa
Q: Home is now...

make ends meet, my mum did ba

bysitting and rented out one bed

pore property. It's also been bub
The HDB flat in Jurong.

room and the living room to Malay

bling for quite some time so we
Q: I d rive ...

sian construction workers. She also

didn't want to step in anyway.
washed their clothes.

I don 't have a driving licence. My

husband drives a Mitsubishi Lanc

When we moved to a four-room Q: What property do you own?

HDB flat, she rented out the living A 250 sq ft free hold studio apart
er. It's a weekend car.

room and two bedrooms.

ment and a 500 sq ft Soho unit in

.Joyceteo@sph.com.sg
Mum was always struggling to Makati city, Philippines. The first