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The Straits Times
Tuesday, Oct 08, 2013
He may have attended a so-called "neighbourhood" school, but Mr Mark Chng, 29, is now a vice-president at French bank Societe Generale, trading fixed-income products.
He had little interest in books while at Pioneer Secondary School and Yishun Junior College, but an experience in his late teens left a deep impression on him.
"About 10 years ago, I struck the first prize in 4-D and made $6,000 - it made me feel on top of the world," he said. "Without realising it, I spent all that money in two weeks, and it made me realise that if I want to lead a certain lifestyle, I'd better get my act together."
Although his A-level grades were not stellar, he managed to earn a spot at the Singapore Management University (SMU) to pursue a degree in finance and accounting.
"That really opened the doors into the banking world for me," he said. "The school collated all our resumes and sent them to prospective employers. In 2008, I received a call from a Swiss bank, which invited me for an interview." And the rest is history.
It was not a smooth ride from the start as his employment was deferred by six months owing to the global financial crisis.
But once Mr Chng started full time at the Swiss bank, UBS, in December 2009, he was thrown into the deep end.
"I started executing trades within two weeks of getting the necessary licences," he recalls.
About three years later, he left to join Societe Generale, also trading fixed-income products such as bonds and interest rates derivatives. On average, he makes a five-figure sum every month.
And the knowledge and skills acquired on the job by serving institutional and corporate clients have come in handy too. Mr Chng takes a macro view when it comes to managing his personal finances, and monitors overseas market and currency trends.
Q: Are you a spender or a saver?
I'm pretty stingy when it comes to non-essential items and prefer to get the cheaper second-hand item.
But I'll splurge on gifts and holidays for my loved ones during the year-end festive periods.
I make it a point to save about 35 per cent of my salary.
Q: How much do you charge to your credit cards every month?
On average, it can amount to about $5,000 across three credit cards. Some of it goes to work-related expenses as I do not have a separate corporate card.
The other big-ticket items are my monthly car instalments and petrol. I use cards which can earn me air miles and discounts on petrol.
Q: What financial planning have you done for yourself?
I regularly convert half my savings into US dollars and park it in my USD deposit account. I'm of the view that the US dollar will appreciate against the Singdollar as interest rates go up by 2015.
I also have money in an exchange-traded fund which tracks Chinese blue-chip stocks. I hold the long-term view that Chinese President Xi Jinping will be able to open up the country's investment arena to more quality foreign investment.
I also bought three endowment plans which can be cashed out in 10, 15 and 20 years respectively.
This will give me extra cash in hand if I opt for subsequent property investments, or it can be used for retirement.
On top of that, I have health insurance policies as well which can defray potential medical bills.
Q: Moneywise, what were your growing-up years like?
I was brought up in a middle-income family and received $20 a week in my secondary school days, and $50 in junior college as allowance. But it was never enough and I was keen to make more money.
In my teenage years, I'd earn extra pocket money by going door to door selling Christmas cards, and sold cameras and MP3 players at a retail store.
I was never afraid to try new things and that's probably the time I realised I had the personality and acumen to do sales.
Q: How did you get interested in investing?
I was studying finance and accounting at SMU and wanted to try out the theories I'd learnt in class.
I remember putting $2,000 into Allgreen Properties and ended up staring at its price movements whenever I had the chance, and it took up too much time. I sold it two weeks later for a small profit.
Q: What property do you own?
I bought a three-bedder condo at Bartley Ridge, which costs about $1.3 million, with my girlfriend earlier this year. We paid about $1,200 psf for the top-floor unit.
Q: What's the most extravagant thing you have bought?
An IWC Portuguese watch which I bought late last year for $9,000. I bought it as a reward after receiving my bonus.
Q: What's your retirement plan?
Retirement is a good 25 years away at least. Last year, I started putting money into my Supplementary Retirement Scheme account for tax-saving purposes which can also form part of my retirement cookie jar. I can also cash out the three endowment plans if I need the money; and probably look at similar forced savings schemes along the road.
Q: Home is now...
A two-storey terraced house in Kembangan where I live with my mother, 62, and elder sister, 35.
Q: I drive...
A second-hand grey BMW Z4. I use it to commute to work and over the weekend for social activities with my family and friends.
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