“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.

Outlines

00:00

🏢 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.

05:00

🚗 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.

10:01

🌟 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.

15:03

🗣️ 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.

Keywords

💡Downgrade

Downgrade refers to the act of moving from a higher to a lower standard or quality. In the video's context, it is used to describe the CEO's decision to move from a condo to an HDB (Housing and Development Board) flat, which is seen by some as a step down in living standards. The CEO explains this decision as part of a 'decluttering' process to free up cash for other life priorities.

💡Decluttering

Decluttering is the process of removing unnecessary possessions or items from one's life to simplify and improve living conditions. The CEO mentions decluttering as a significant reason for his lifestyle change, where he chose to reduce his material possessions to focus on experiences and family.

💡Liquidity

Liquidity in finance refers to the ease with which an asset can be converted into cash without affecting its price. The CEO expresses a preference for investments with high liquidity, such as public securities, over assets like real estate that are less liquid and can tie up capital.

💡Midlife Crisis

A midlife crisis is a period of emotional turmoil and reassessment that many people experience in middle age. The CEO describes a midlife crisis as a catalyst for his decluttering and the subsequent downgrade in living conditions, indicating a shift in priorities and values.

💡Public Housing

Public housing refers to government-subsidized housing made available to low- and middle-income families. The CEO and his founding team choose to live in public housing, emphasizing a preference for affordability and practicality over luxury.

💡Life Goals

Life goals are the objectives or aspirations that an individual sets for themselves over their lifetime. The CEO discusses several personal life goals, such as building memories through travel, caring for his parents, and supporting his children's education, which reflect his values and priorities.

💡Imposter Syndrome

Imposter syndrome is a psychological pattern where individuals doubt their accomplishments and fear being exposed as a 'fraud'. The CEO reveals that despite his success, he still experiences imposter syndrome, indicating the internal struggle with self-worth that can accompany high achievement.

💡Coaching

Coaching in a professional context refers to the process of guiding and supporting individuals to achieve their personal or professional goals. The CEO expresses a future life goal of becoming a life coach, particularly to help those who are 'down and out,' showing his desire to give back and support others.

💡Influence

Influence refers to the capacity to have an effect on the character, development, or behavior of someone or something. The CEO discusses the impact he has had through his role as the face of Provident and how he aims to use this influence positively, particularly in his future coaching endeavors.

💡Financial Services

Financial services encompass a broad array of businesses that manage money, including investments, loans, and insurance. The CEO mentions his current role in financial services and his future plans to retire from this high-stress job to pursue a different path as a life coach.

💡Cultural Materialism

Cultural materialism is the belief that a person's cultural and social life is determined by their material conditions. The CEO advises his children not to judge others based on material possessions, reflecting a critique of cultural materialism and a call for a more compassionate and equitable perspective.

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