Yvonne Lim

Tough truth

i was surfing the net and came across this collection of amazing chalkboard art http://www.buzzfeed.com/alanwhite/look-what-two-art-students-leave-on-a-classrooms-chalkboard

My personal fav (both for quote & art) is “The universe is under no obligations to make sense to you”… Then this, the tough truth of it.

Happy Mother’s Day – Filial Piety from a Financial Consultant’s perspective

This write up first appeared on La Confiance’s monthly lifestyle articles (Business with a Heart), but I thought I would just put it here too and elaborate a little further

My elder sisters are 7 and 10 years older than me and because of the huge age gap, I have always joked that it feels like I have three mothers instead of one. A blessing, really. But I have never really understood what it meant to be a mother, or how much a mother gives to her child until I see both of them become mothers themselves.
The arduous journey from pregnancy to giving birth – the late nights, physical discomfort, the careful diets, the worries, the crazy level of awareness and careful movements, even while watching concerts. Then comes the mad period after giving birth – furnishing of the baby room, the breastfeeding, the search for a nursery room in a huge shopping mall (yes, even simple things like that), the frequent “Is it 2 hours already? I need to feed/cook/ change the diapers etc etc”.

It is a constant process of giving – from giving to, to giving in to giving up of personal time, hobbies and sometimes even friends.

“So much is asked of parents, and so little is given.”

Indeed. The truth of this quote makes me feel a little guilty. Guilty for not spending enough time with my own, for not being a little more considerate, thoughtful and loving. For my occasional tantrums simply because I was feeling tired; for not appreciating the amount of hard work and fatigue that my parents must have gone through to bring me up. Continue reading Happy Mother’s Day – Filial Piety from a Financial Consultant’s perspective

The 3 empowering beliefs/attitudes that I learnt from my clients

On most days, I am my client’s financial advisor – The one who manages their investment portfolio, advises on their insurance portfolio, plans for their kids’ education, their retirement and the one who assists with their businesses’ risks and crafting of employee benefits.

On some days, though, my clients have been my best teachers – some of them taught how not to follow their own financial footsteps while others taught me some of the most empowering beliefs about money and business. Because our attitude towards money will become our reality.

#1 Money is important, and it has nothing to do with happiness.

I know so many people who would tell me in a blink that happiness is more important than having money. I agree that happiness is important but it is not more important than money because they are not items to be compared and they are not entirely correlated. After all, not all who are rich are happy and not all who are happy are rich. It is probably a lot more complicated.

But trouble boils when people go around with the story of ‘happiness is more important’ and shelf money management away entirely. Because when we do not give attention to money, when we do not treat it seriously, we will never achieve a satisfying situation with it.

So perhaps the simpler way is to really view money & happiness independently. We can all choose to be happy but we should also accept the importance of money. Because when we only start planning when money becomes important, it is usually far too late.

#2 It all happens for a reason, and it has got nothing to do with luck

Horrible boss, no job prospect, no time, no independence, no guidance, no money. One of my clients was in that exact (horrible) situation but he created his own opportunity and luck. Back then, the company he was working for had no intention of developing his area of business – but he continued to network and build ties in China. 2 years in, once he was ready, he came back to Singapore and started his own business – thriving and well, with a partnership with his previous firm.

At the end of the day, it all happens for a reason and it has got nothing to do with luck. Personal and financial success is a result of determination and self-awareness.

#3 The rich get richer, the poor can get richer too

What most of us are more familiar with is that ‘the rich get richer and the poor get poorer’. On one hand, I fully understand how that came about. On the other hand, I know it does not have to be this way.

Having the belief that ‘the rich get richer and the poor get poorer’ is pretty disempowering – it results in inaction because one may start believing that limited ‘resources’ limits one’s opportunities. People who are in sticky financial situations may not do anything about their situation because they do not believe that things will change. Or they may always be doing the same thing because of the the fear of change/loss (greater loss aversion).

But drawing reference to #2, resources go beyond external factors. Sometimes, you have to create your own resources and luck. Sometimes, you have to take a risk, change a job, change your mindset – The rich get richer but the poor can get richer too. Richer, relative to a previous situation.

Because sometimes, it’s all about baby steps

The Stranger Test

I have a horrible habit of making impulsive purchases during my travels. So this time round, I decided to take matters in my own hands and find some way of avoiding it- so that I do not end up with clothes that I will never wear or with souvenirs that will never see the light of day and so on.

After scouring the internet for tips, I decided to practice this ‘trick’ – The Stranger Test.

This is what you do: When you’re going to make a purchase, however big or small, picture a stranger holding your purchase in one hand and the cash it would take to buy it in the other – he is offering to give you one of the two, which would you choose? The $1,000 cheque or the new mobile phone? If you end up choosing the cash, then it would do good to keep that money in your pocket.

And it worked beautifully for me – granted I still spent a chunk, but it’s all on things I actually like, no junk purchases. Try it the next time you are overseas. It worked for me and it may, for you.

Till my next travel….

The concept of the Stranger Test first came up in 2009 on Five Cent Nickel

讀萬卷書不如行萬里路

Yesterday marks the end of Financial Alliance’s Overseas Business Convention. On to the next part of my journey. As the saying goes… 讀萬卷書不如行萬里路. A short trip for clarity, I hope.