“My Condo Downgrade to HDB Was Tough! But It Was Worth it!” Interview with Chris Tan (Part 4 of 4)

Summary

In 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.