“My Condo Downgrade to HDB Was Tough! But It Was Worth it!” Interview with Chris Tan (Part 4 of 4)
Summary
TLDRIn this insightful interview, the CEO of Provident Capital, Mr. L, candidly discusses his life philosophy and choices. Despite his success, he chose to downgrade from a condo to an HDB flat to declutter and focus on building memories with his family. He shares his life goals, which include traveling, caring for his parents, and supporting his children's education. Mr. L also reveals his future aspiration to become a life coach, emphasizing the importance of not judging others by material possessions. His advice to his children reflects his values: strive for success but remain humble and compassionate.
Takeaways
- 😀 The CEO chose to 'downgrade' from a condo to an HDB (public housing) to declutter and free up cash for family experiences and to simplify life.
- 🏠 He emphasized the importance of not being tied down by illiquid assets and the benefits of investing in public securities.
- 🚗 The decision to downgrade included giving up one car and using public transport, which was initially challenging due to societal perceptions and personal pride.
- 💼 The CEO's midlife crisis led to a significant life shift, focusing on creating memories and spending quality time with family rather than material possessions.
- 👨👧👦 His life goals included building memories through travel, caring for his aging parents, and ensuring his children received a good education.
- 👴 The CEO's commitment to his parents involved paying for their medical expenses and being present during their appointments, showing the value he places on family.
- 💼 He mentioned the lack of jealousy and conflict among the founders of Provident, attributing his public presence to their support and teamwork.
- 🚶♂️ The CEO's future goal is to retire from financial services and become a life coach, focusing on helping underdogs, showing his desire to give back.
- 🌟 He advises his children to strive for success to gain a voice in the world but not to judge others based on material possessions, highlighting the importance of empathy.
- 🔑 The CEO shared that identity should not be based on worldly possessions but on one's values and beliefs, particularly his Christian faith.
- 📚 He warned against the potential arrogance that comes with success, urging his children to remain humble and grateful for whatever life brings.
Q & A
Why did the CEO choose to downgrade from a condo to an HDB flat?
-The CEO downgraded to declutter his life, free up more cash for taking his family on long holidays without worrying about finances, and to simplify his lifestyle.
What was the CEO's experience like when he first downgraded his living situation?
-It was tough for him, with feelings of embarrassment when attending industry events without a car and having to take public transport. People also speculated that he must be doing badly financially.
How has living in public housing benefited the CEO and his founding team?
-Living in public housing has relieved them of the pressure to make business decisions solely to pay for expensive properties or heavy loans, allowing them to focus on their business without such financial stress.
What life goals did the CEO set for himself after selling his property in 2010?
-His life goals included building memories through family holidays, taking care of his aging parents by accompanying them to medical appointments and covering their expenses, and ensuring his children received a good education.
How did the CEO's approach to life goals evolve over time?
-His life goals have evolved from material achievements to focusing on experiences, relationships, and personal growth. He now aims to be a life coach for underprivileged individuals after his career in financial services.
What advice did the CEO give his children regarding how they should perceive themselves and others?
-He advised them to strive to achieve and gain recognition in society but not to judge others based on material possessions. He emphasized that their identity should not be based on what they have but on their values and beliefs.
How did the CEO handle the challenges of adjusting to a less extravagant lifestyle?
-He admitted it was tough, especially with public perception and the practicalities of using public transport. However, he overcame these challenges by focusing on his goals and the benefits of a simpler life.
What impact did the CEO's decision to live in an HDB flat have on his family?
-While the decision was tough, it allowed the family to have more financial freedom for things that mattered to them, such as traveling and creating lasting memories.
What was the CEO's perspective on the importance of liquidity in investments?
-He prefers investing in public securities over assets like properties because they offer more liquidity and flexibility, which he values over being 'stuck' with an illiquid asset.
How did the CEO's experience of living in public housing shape his business decisions?
-The experience helped him and his founding team to avoid making business decisions based on the need to service heavy debts or property payments, allowing them to focus on growth and innovation.
What life event or realization prompted the CEO to declutter his life?
-The CEO experienced a midlife crisis which led him to declutter his life by selling his property, getting rid of one car, and focusing on experiences and relationships rather than material possessions.
Outlines
🏢 CEO's Downgrade to Public Housing
The speaker, a successful CEO, discusses his decision to move from a condo to a public housing unit, which some might view as a downgrade. He explains that this move was part of a midlife crisis and decluttering process. The CEO had two cars and a condo but chose to simplify his life to free up cash for family vacations and to reduce material possessions. The transition was challenging, with societal perceptions and personal adjustments being difficult. Despite the initial hardships, including public transport use and perceptions of financial decline, the CEO found the change beneficial, leading to a more liquid asset portfolio and less pressure to maintain a certain lifestyle for business decisions.
🚗 Simplicity and the Benefits of Low Debt
The CEO continues by sharing his philosophy on living a simple life with low debt, which includes driving a Japanese car and not being influenced by material possessions. He mentions that all the founders of his company live in public housing and choose practicality over luxury. This lifestyle has allowed them to avoid making business decisions based on the need to service heavy debts or maintain a certain standard of living. The CEO also reflects on his life goals, which have evolved over time but have included creating memories through travel, caring for his aging parents, and ensuring his children's education.
🌟 Achieving Life Goals and Looking Beyond Material Success
The speaker talks about his personal life goals and how most of them have been achieved since he decluttered his life in 2010. His goals included building memories through travel, caring for his parents, and supporting his children's education. He emphasizes that life goals are not solely about money and can involve personal fulfillment and relationships. The CEO also shares his future aspirations to become a life coach for underprivileged individuals, having completed his training and holding a vision to help others. He acknowledges the impact of Provident, his company, on his personal brand and the importance of the support from his founding team.
🗣️ Advice on Materialism and Identity
In the final paragraph, the CEO imparts advice to his children and the audience about the world's judgment based on material possessions. He encourages them to strive for success to gain a voice in society but warns against judging others based on their material wealth. The CEO emphasizes that one's identity should not be defined by possessions and shares his personal struggle with imposter syndrome. He advises staying grounded and being grateful for what one has, drawing on his experience watching a Netflix show about real estate that highlighted the potential for arrogance with wealth. The interview concludes with a reflection on the wisdom shared and the importance of imparting meaningful life lessons.
Mindmap
Keywords
💡Downgrade
💡Decluttering
💡Liquidity
💡Midlife Crisis
💡Public Housing
💡Life Goals
💡Imposter Syndrome
💡Coaching
💡Influence
💡Financial Services
💡Cultural Materialism
Highlights
CEO's decision to downgrade from a condo to an HDB flat for a simpler life and to declutter.
Preference for investing in public securities over property due to liquidity concerns.
The CEO's midlife crisis leading to a lifestyle change to focus on building memories with family.
Emotional challenges faced during the transition from private property to public housing.
The CEO's experience of feeling embarrassed while using public transport after industry events.
The practicality of driving a Japanese car compared to luxury brands among the founding team.
The benefits of living in public housing in terms of financial freedom and decision-making.
The CEO's life goals post-decluttering, including taking care of parents and building family memories.
The importance of visiting parents regularly and the impact of their health on personal life goals.
The CEO's commitment to supporting his children's education and its significance in his life goals.
The CEO's future aspiration to become a life coach, focusing on helping the underprivileged.
Reflections on the impact of media and public perception on personal identity and self-worth.
Advice to children on achieving success without succumbing to the pressures of societal judgment.
The CEO's personal struggle with imposter syndrome and the importance of self-identity.
Lessons learned from a Netflix show about the dangers of arrogance and the importance of humility.
The CEO's philosophy on life portions and the importance of gratitude regardless of one's circumstances.
The interview's profound impact on the CEO's personal growth and the value of sharing wisdom.
Transcripts
so okay so now that you're big time CEO
okay which although you say not I just
realize something you
actually so your condo and downgrade
yourself because they they a lot of
people I don't consider downgrade but a
lot of people consider downgrade so let
me abuse the word downgrade yourself to
commoners like us who stay htb why the
hell you do that right if you a lot say
sorry not you are Mr L is stupid there
you talk about cpf so much you put your
money into this l property in this
private property now you big time R why
you why you going dowr yourself to from
from condo to htb yeah so the last time
you still stay hdb right yeah I mean the
last time when when I shed that people
said ah Chris you must have invested in
other properties I have no other
properties because I don't understand
property that's one secondly in the
earlier years I have no money I was
trying to survive as an entrepreneur
right um and
I personally believe in investing like
yourself in public Securities even more
right so I don't like to get stuck with
a asset that has got no liquidity I'm
not saying it's wrong I just don't like
it personally uh why did I downgrade uh
one of the major reason why I downgrade
uh 40 or so that was when I did a
decluttering I had a midlife crisis
decluttering okay that's called
decluttering because I had two cars then
I was driving of course life was better
then already um I had one car car my
wife was driving one car and then we
stay in a nice condo I've been staying
there for 10 years uh I could of course
afford it and continue to stay there but
then I wanted to declutter and free up
more cash to do one thing uh to take my
family for good long holidays whereby
when we go we don't have to worry about
money wherever you want to go we just go
when we go there want to eat we just eat
we don't have to think about a
restaurant $500 no need right so um I
decided to do a major uh decluttering
and uh deploy my cash instead to build
memories now uh was it tough tough tough
which part is tough the downgrading was
tough oh you have adjustment issues yeah
I cannot I cannot tell you that uh I
have no ego so initially when I
downgraded I mean in my mind I was very
clear I can do this but uh it was tough
uh um people think like you private
property to htb you must be doing badly
yeah must be doing badly do
badly right yeah uh it was tough and
then your mother-in-law not happy right
I'm sure Papa in-law my mother-in-law
died three months before I got married
oh okay lucky motherin-law my daughter
like that go with you maybe maybe when I
go to the niche the thing tilter
yeah but but I so away my car uh and
then okay we we have two cars I said
right so we s away one my wife uh took
the car then I took public transport
tough tough eh tough during those years
the MRT is not like now very crowded
very talot and then plus I go for
industry event right I carry my back
with my suit everywhere I'm not supposed
to feel like that but I'll be honest to
tell you that I feel a bit embarrassed
that I didn't drive a car and after the
event I have to go and take MRT
uh it was tough yeah I took Mt
here yeah are you still driving uh your
wife took the car yeah wife to a car
same you P you pay the car right uh who
who sent the car for servicing depend
who HS oh you better than me I pay I
send a car for serviceing I don't drive
okay so I take the MRT okay but it's
been 14
years uh I feel perfectly fine now I'm
not saying I will not go back to a PR
property quite likely but there is no
ear in properties for me anymore um do
you yearning for it no zero no no
feeling all like like want to achieve
that nothing I have no interest in GCB
no GCB so big scary man okay no no no
GCB okay I I'm not attracted to it I'm
not interested in cars but I want to
tell you it's not just me my entire
founding team are all stay in htb really
every also humble everyone stay super
salute but you know through the process
there's one thing that has this this
move for me in staying in public housing
and my founding team public housing has
one huge benefit for
us we never ever had to make a decision
business decision because I need to make
more to pay for my property ah
never because
nobody in heavy deps or something like
that right heavy loan I think all of us
finished paying our property because htb
right and but didn't know this HB can be
very
expensive right and our cars are all
Japanese car none none of the founders
are driving a continental car what's
your car sir a Forester Subaru 7 years
old already Humber I thought he's
driving Lambo L Lambo the only one is a
Mercedes the bus I take bus Mercedes
Mercedes bus my father my father used to
drive Mercedes the bus really okay but
it was really practical for us because I
tell you that because we have so low
debt right we never never had to make a
decision because
B let's try and do something to make
more money so that Journey actually was
very good for us uh in terms of the Soul
wow this so much learning okay last two
questions h m okay uh you know you
mentioned your media interview VI
recently that I do a lot of research
okay you have achieved all your life
goal at now 54 years old actually what
are your life goals that you might share
with us yeah yeah actually I not sure
whether I said I've achieved all my life
goals but I I think what I really meant
I achiev all my life goals that I set
back then because live goals are always
evolving sure it's not at the end I
don't have any more live goals right but
some of the live goals that I uh said
when I sold my property in 2010 when I
did that decluttering decluttering in
2010 right some of the live goals that I
set for myself was that I wanted to
build memories because prior to that
build memories prior to that thought
that no you travel a lot so you hate
traveling I hate traveling I don't like
to go for holidays last time okay okay
in fact even now I'm not big fan of
holiday those days I deprive my family
of holiday I cannot take it I go for
Holiday 5 years I cannot take I must
come
back so even when I go for Holiday I
will bring what I'm like that then when
I go I text on my phone until my wife
said you are here but you're not here
yeah so I'm like that so I regretted a
large part of my life uh back then and
so when I um when I decluttered right in
2010 I said okay I am going to go for a
big holiday at least once a year that
was a life goal I wanted to build
memories thankfully my kids were still
young so we have been to many places
around the world uh today they are 26
and 22 they remember all those precious
holiday so that's was that was one of my
life goals uh the second one life goal
is uh I wanted to take care of my
parents um it's not really a money thing
life go doesn't have to be a money thing
yeah yeah so um can't remember now more
than 10 years ago my parents they
started aging quite quickly and then my
father had uh one heart attack after
another my father died on his fourth
heart attack oh my goodness okay and
then my mother was also getting frail so
at that time I told myself that I don't
want to um um sort of like regret not
taking care of them yeah so I told my
siblings that uh for my parents all
their medical I will pay and I will
accompany them for each of their medical
appointment now it's not that my
siblings are irresponsible I wanted it
um and because I'm married right and my
two of my sister so my mother and my
father stay with them so they have all
the time I don't have I can only visit
them once a week so I told myself that
uh I want to bring them for every
medical appointment I think I would have
done 98% cuz sometimes I cannot my
sister will bring uh and those were uh
very precious times because um uh a good
public hospital two three hours of
waiting she them we talk about
everything wow uh until today uh uh in
my calendar every Saturday I'll put a
slot visit my mom Saturday I never
removed that my mom has passed away for
3 years really oh really yes it's still
there uh I didn't it's just me I didn't
want to remove it but that was a huge
life goal uh for me because uh I I would
have said that within my constraint of
course I could every one of us could
have done better but within the
constraint that I had uh I think to my
parents they know that I've given my
best uh to them uh when they were still
around so that was the life goal uh the
other one is more let a life goal a life
event there's a difference between life
event and life goals sure life goals is
may not necessarily be things like
retirement and all that uh but live
event uh I supported both my kids for
uni uh my son studied in N local my
daughter went to Melbourne so I they all
finished they all graduated already so
that's a live event live goals um I
wanted to make sure that my kids they
grow up uh well I think my kids are
decent uh we still remain close uh today
live go uh live go uh which is a
continuous live goal I know what I want
to do after my St in financial services
is over I can't stay here forever
Financial Services is a very stressful
job um I I don't want to stay around
managing people's money where I'm not in
my my best so there will come a time
whereby I will retire and I want to
actually be a coach I want to be a life
coach and I want to uh it's very clear
in my mind that I want to coach the
people who are down and out uh the
underdog because I'm an underdog uh so
one of my life goals is to be a train
coach so I finished my training okay I
finished uh the lowest level of a
certified coach which is ACC for ICI
finish most recently I went for a iy
coach training there a life goal so I
would say that most of the life goals
that I set in 2010 uh I've achieved uh
all of them already it's not that I've
achieved all of course now I'm uh oh the
other life goal is
Provident I never thought L and it's
like you I never started out in life
thinking that I can be an influence and
an impact so I'm very thankful for what
Provident has given me uh it's a it's a
huge but your personal impact more than
Provident there you're appear in media
you're in news the only thing that
people talk about you talk about is uh
founder of Provident but most of the
time they talk about it it's all General
no very helpful advice to give people
and uh you know uh I I your name is
bigger than Provident noway that's
because the founding partner allowed me
not easy right I'm I'm the face because
I'm the CEO right but can you imagine if
I got Founders who are jealous fighting
for power they be happy right yeah yeah
yeah yeah so I am very thankful to all
my Founders in the 23 years of us in the
business we have never ever fought over
money never and I have never had them
coming to me and say Chris we work as
hard as you why are you always out there
and the media
recognize so I I I get a chance to do
this that's why I'm thankful to
Provident but that's because the
founders they allowed me to do it very
nice yeah last question right now you're
talking about children um what's uh what
what's your best uh you know advice for
for your children you know what what how
do you how do you bring them up and what
what what's your best goal for them um
or throw them out the in the streets
just to you know fend for
themselves I mean there are many but
interest of time I'll just say this uh
many years ago I told my children this
and I've shared this before I said the
three things I want to tell you is this
unfortunately the world judge us based
on what we
have or what we don't have is it true
yeah unfortunately the world judge you
based on the car you
drive the brand you wear the title you
hold the property you stay it's true
today if I'm not CEO nobody be
interested in me I will have lesser
influence so the world just judge us
based on what we have or don't have
that's the rule of the game so I tell I
told them go out there get everything
you need so that the world will listen
to you you want to be an influence you
got to get as much as you need whether
is it your your knowledge experience
title whatever I'm sure you tell that to
your children do your best right
but when you have gotten everything that
you need do not judge people based on
what they have or do not have because
that's wrong the world can do that but
you don't have to be part of the world
don't do that don't judge people based
on the brand they wear the families they
come from the house they stay the car
they drive the title behind their cut
don't do that because that's wrong and
then the third thing I told them is
that do not let the world judge you
based on what you have or don't have
because that is not your identity your
identity is in Christ because they are
Christians amen right uh because I am a
victim of that until today uh I still
have a imposter syndrome until today
imposter syndrome which means which
means sometimes you tell yourself that
you're not good enough because of
certain comments that may have been made
on you in the past uh especially from
people that you respect you know uh and
it doesn't really go away right so
sometimes in your darkest moment in your
private moment you tell yourself that
just not good enough what the guy say is
true you just fake you know you just
fake you're not that good right um but
the difference is that now I'm very
experienced right I know how to rise up
from there and say don't let their voice
tell you something that's not true
because this is not your identity right
so but it's not easy for young person I
can only leave my children with these
three phrases it's for them to grow into
it it's for them to get beaten by the
world hopefully hopefully one day when
they are down and out they remember this
or when they are
successful
um they will remember this maybe I just
end with this uh just
Saturday uh I was in a car with my wife
and my daughter my son was not with us
and we just finished watching a Netflix
there is this
Netflix uh show uh it's called owning
man owning Manhattan it's a real estate
show sure you can and watch it's very
interesting okay it's about all these
real estate agent selling properties and
wow the properties that they sell crazy
you know um up to 250 million New York
um and as we watch right after a while
initially when I first watch when the
agent close a sale of a $5 million 10
million property we were like wow the
way they close a sale wow now after a
while no more while already because the
property the value got bigger very soon
they closing at 50, 20000 million you
know and all that it's no more W already
so I told my daughter because my
daughter look said the commission
600,000 the commission 1.2 million you
know so I told my daughter I said that
you can take away two things from this
particular Netflix documentary or show
variety show I said the positive thing
that you take out is that
um after a
while when you become more experienced
many things don't intimidate you anymore
today if a person with 2 million come
and speak to you like no big deal been
de done that you think back 30 years ago
L yeah like 2 million is a lot of money
so as we get more more experience these
things they don't intimidate you anymore
that's the good thing out of it right
but I say the bad thing is that you
become arrogant oh that's true after a
while what's your 10 million yeah we
speak with a
certain yeah because I got 10 I got 20 I
got 50 that was what we witnessed in the
show people got money right they became
bigger and bigger and bigger they became
so arrogant so I told my daughter
remember I told you the world judge you
based on what you have or don't have go
get it do your best
but when you have gotten it don't them
don't be like them and judge the world
based on what they don't have and and if
you really don't get it it's okay that's
not your identity we are all given
portions in our
life by
him we we cannot be
greedy we are all given that portion in
life and whatever portion that we are
given let's just be grateful about it
this is so amazing right this know this
is one of the this is the best interview
I ever had in my life you know I and I
and I I I was like so immersed and
almost 2 hours at Pass 2 hours yeah 1 1
hour 45 minutes I was totally lost in
this whole thing you know yeah well
anyway uh ladies and gentlemen you know
such an amazing man with a great wisdom
gone beyond uh you know the the world of
money money and dollars and cents uh
right now with social wisdom please give
a round of applause in where you are
rewatch this make sure it you know it
get immersed into your mind I'm going to
rewatch this again myself so and I'm so
uh thankful that you take this interview
no uh we really I really learn a lot
from you and I'm sure our fans will
learn a lot from you as well thank you
thank you thank you thank you thank you
okay so remember uh to to uh to to hit
uh like And subscribe but uh you know we
are just so thankful okay thank you okay
thank thanks thanks everybody thank you
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