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<div class="field field-name-title field-type-ds field-label-hidden"><div class="field-items"><div class="field-item even"><h2>Single, 30 and a home owner</h2></div></div></div><div class="field field-name-field-feature-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="http://business.asiaone.com/sites/default/files/styles/medium/public/2014/12/23/20141223_hillford_st.jpg" width="410" height="267" alt="Single, 30 and a home owner" /></div></div></div><div class="field-group-format field-group-div group-print-publication collapsible print-pub speed-fast effect-none">
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<div class="field-group-format-wrapper" style="display: block;"><div class="field field-name-field-publication-date field-type-datetime field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Tuesday, Dec 23, 2014</span></div></div></div><div class="field field-name-field-byline field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">Feng Zengkun</div></div></div><div class="field field-name-field-source field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">The Straits Times</div></div></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>Earlier this year, I bought my first home all by myself, which surprised everyone I knew.</p>
<p>I was 30, living with my parents, working as a journalist and had no girlfriend, not even on the horizon, to apply for a flat with.</p>
<p>When I first heard about The Hillford condominium in Bukit Timah, I was intrigued, and not just because it was marketed as Singapore's first condom- inium for retirees.</p>
<p>Unlike other private properties here with 99-year, 999-year or freehold leases, The Hillford units had just 60-year leases - maybe because retirees are not expected to live that long - and were relatively cheap.</p>
<p>But because the developer did not set an age floor, even young 'uns like myself could ballot for a unit - and many of us seemingly did.</p>
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<div class="field-item even"><span class="story_photo">4 tips on paying for your first home</span></div>
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/01_1.jpg" width="120" height="78" alt="Financial advisers say you should plan your housing budget carefully before choosing your home and not the other way around. <br>
There are many tools available out there which first-time home buyers can use to plan their purchases." title="1) Do your sums first" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/02_1.jpg" width="120" height="78" alt="For example, Mrs Nyang-Ngiam said, "they can make use of Our First Home Calculator available on the CPF website to assess the type of housing they can afford based on their income and ability to service the loan"." title="1) Do your sums first" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/03_0.jpg" width="120" height="78" alt="The experts also urge would-be buyers to consider the full range of costs and monthly bills prior to purchase.
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"Once you own the property, you will also incur other regular costs like utility bills, conservancy fees and management fees if your property is a condominium with facilities like a swimming pool, gym and tennis court," said Mr Vasu Menon, vice-president of wealth management in Singapore at OCBC Bank." title="1) Do your sums first" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/04_1.jpg" width="120" height="78" alt="Saving for the down payment could take several years for most people, given the steep rises in property prices in recent years." title="2) Save and invest before spending" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/05_1.jpg" width="120" height="78" alt="Property down payments for first-timers could range between 10 per cent and 20 per cent of the purchase price, depending on whether you buy an HDB flat or a private property and whether you finance this using an HDB loan or a bank loan. "Save at least 10 per cent of your income each month and do this before you even start spending," said OCBC's Mr Menon.
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He added that home buyers will need to build up a pool of funds through savings and investments." title="2) Save and invest before spending" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/06_1.jpg" width="120" height="78" alt="One common question is whether to get an HDB loan or to borrow from the bank. They have their pros and cons.
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For instance, a bank loan requires a cash down payment of at least 5 per cent while an HDB loan allows full financing of the down payment using just CPF funds." title="3) HDB loan or bank loan?" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/07_1.jpg" width="120" height="78" alt="HDB loans tend to offer better interest rate stability, as the rate is pegged at 0.1 percentage point above the prevailing CPF interest rate. Thus, they provide relatively more stability than even a fixed-rate mortgage whose rate is fixed for only a certain number of years.
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But HDB loans also come with certain eligibility conditions." title="3) HDB loan or bank loan?" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/08_1.jpg" width="120" height="78" alt="Home buyers should also evaluate the impact of regulations on their financing options and costs, say the bankers.
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Some may still be unaware of - or do not understand - the total debt servicing ratio (TDSR) framework for property loans that was introduced last year, noted UOB's Ms Chia.
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The TDSR caps a borrower's monthly total debt repayments at 60 per cent of his gross monthly income." title="3) HDB loan or bank loan?" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/09_0.jpg" width="120" height="78" alt="A key financial consideration at this juncture is the outlook for interest rates, say the experts.
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"While rates are low for now, remember that they may rise in the coming years," said OCBC's Mr Menon. "When rates do increase, your monthly instalments will rise, and you should assess if this will pose a burden before deciding on the amount of loan you plan to take and the package you wish to sign up for."" title="4) Beware of likely interest rate hikes" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/10_0.jpg" width="120" height="78" alt="Home buyers should also set aside sufficient funds to meet rising interest rates and any unforeseen circumstances. <br><br>
UOB's Ms Chia pointed out that for every one percentage point rise in the interest rate, the monthly instalment will rise by about $250 for a $500,000 loan stretched over 30 years.
" title="4) Beware of likely interest rate hikes" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/11_0.jpg" width="120" height="78" alt="To ensure financial liquidity, it is also prudent for home buyers to maintain 18 to 24 months of monthly instalments in their bank accounts, she added." title="4) Beware of likely interest rate hikes" /></li>
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<p>When I went for the ballot, it seemed as though at least half of the people who showed up were around my age or just slightly older.</p>
<p>Buying my first home, as it turned out, was a surprisingly swift and very illuminating process.</p>
<p>From learning about the opportunity to putting down the deposit to securing a bank loan, the whole process took just about two weeks.</p>
<p>In the meantime, my friends and family's reactions to the purchase were... revealing.</p>
<p>"Oh, thank goodness," my mother said. "I was starting to worry about you."</p>
<p>I wasn't sure if she was worried about having to share a home with me into her old age, or that I would end up a sad, lonely male version of a spinster (also: isn't it kind of sexist that there's no word for a male spinster?).</p>
<p>My sister's response, after her congratulations, was worse: "You got so rich meh! But you dress like a hobo!"</p>
<p>She later clarified that she meant I had relatively few clothes in my closet.</p>
<p>To be fair, my friends were also surprised that I had saved enough money, and they were not without reason.</p>
<p>Before I started working, I was a financial mess.</p>
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<div class="field-item even"><span class="story_photo">17 things debt-free, financially happy people do</span></div>
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/01_0.jpg" width="120" height="78" alt="Debt-free people keep close track of personal finances. They monitor how much they earn, how much they save and how much they invest." title="1. They pay attention to details" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/02_0.jpg" width="120" height="78" alt="Those without debt live on less than they make. This, in turn, enables them to put money aside for buying a house, retirement or emergencies." title="2. They pretend they make less" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/03_0.jpg" width="120" height="78" alt="Debt-free people think twice before buying something, which allows them to make smarter decisions. Long-term thinking about spending can also prevent impulse purchases." title="3. They think long-term" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/04_0.jpg" width="120" height="78" alt="To get rid of debt, ask for help whether it is lower interest rates or forgiveness for late payment. If you know someone who has met a financial milestone you admire, don't be afraid to ask how." title="4. They aren't afraid to ask" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/05_0.jpg" width="120" height="78" alt="Another common trait debt-free people have is saving money. Make it a habit to put some money into the bank account on a regular basis, just like you pay the rent every month. Adding even small amounts will give you more financial freedom later." title="5. They save" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/06_0.jpg" width="120" height="78" alt="Setting a specific goal for saving money is also important as this helps you know what you are striving for." title="6. They set goals" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/07_0.jpg" width="120" height="78" alt="You should learn how to say no to avoid sitting on a mountain of debt. Saying no to smaller expenses can add up to big savings. Host a potluck dinner instead of eating out at posh restaurant." title="7. They say no" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/08_0.jpg" width="120" height="78" alt="To free yourself from debt, value experiences more than snatching stuff only to catch up with the latest trend. Think about whether you would be better off working late and buying stuff by sacrificing valuable time with your family." title="8. They value experiences over stuff" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/09_0.jpg" width="120" height="78" alt="Financially-independent people plan each step carefully. They also tackle the problems along the way rationally and systematically before moving on to the next step in their game plan." title="9. They plan their steps properly" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/10.jpg" width="120" height="78" alt="Financial freedom comes to those who know their limits, and choose not to overspend on things they cannot afford. They avoid debt at all costs and ensure they always have enough money for their long-term financial plan at the end of the month." title="10. They keep within a budget" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/11_0.jpg" width="120" height="78" alt="Not only do they ensure all their credit debts are paid for on time, financially happy people also refrain from spending on credit at all." title="11. They reduce expenditure on credit" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/12_0.jpg" width="120" height="78" alt="One can be rich one day and bankrupt the next.
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Financial problems can occur overnight and debt-free people are aware of it. To prevent themselves from sinking into quick sand when troubles arise, they plan for unforeseen circumstances with savings, insurance and other cash reserves.
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<br>This way, they can also have peace of mind over their financial situation as they know they are always prepared for a crisis to hit." title="12. Always prepared for a rainy day" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/13_0.jpg" width="120" height="78" alt="Greed can be a dangerous thing, especially if it causes you to aim for greater fortunes in spite of what you already have. <br><br> Financially-happy people count their blessings and don't complain about not having more." title="13. They have learned to be contented" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/14_0.jpg" width="120" height="78" alt="Rational shopping is hard for many people who are not financially happy. When you have clear financial goals in mind, you will be less likely to spend on impulse." title="14. They don't splurge" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/15_0.jpg" width="120" height="78" alt="Before signing up for a loan, deal or purchase, financially savvy people read up on all the alternatives and consequences of the contract first. By doing this, they ensure they get the best deal there is and mimimise their debt risk." title="15. They do their homework" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/16_0.jpg" width="120" height="78" alt="Although life might not turn out exactly the way you planned, planning for your retirement ensures you have enough for the later years.<br><br>
Retirement planning needs to start as early as possible so you can work towards your goals one step at a time. " title="16. They have their retirement mapped out" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/17_0.jpg" width="120" height="78" alt="Financially-free people are not put down by setbacks. By being optimistic, they manage to plan rationally to find their way out of every financially-trying situation." title="17. Optimistic" /></li>
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<p>When I was doing my national service, the thrill of earning my own money for the first time led me to gamble - heavily - on football to try and multiply my pay.</p>
<p>I ended up owing several thousands of dollars in total to some of my closest friends, which I eventually returned in instalments after I came to my senses.</p>
<p>I had thought my lies about why I needed the money were convincing, or at least plausible. Apparently not.</p>
<p>I cleaned up my act after I returned home from overseas undergraduate studies to start working, but it seemed the general view of my difficulties with money had stuck.</p>
<p>More sobering than that, however, was my own ambivalence about buying the condominium unit.</p>
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<div class="field-item even"><span class="story_photo">10 ways to stop yourself from spending money</span></div>
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/01.jpg" width="120" height="78" alt="Schedule a day or two each week when you spend on nothing but daily necessities, such as meals and transport, or items that you've already budgeted for." title="1) Have a No-spending Day" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/02.jpg" width="120" height="78" alt="Take your monthly salary and divide it by the number of hours you work in a month - including overtime - to get your hourly rate, BJ says: "Knowing you'll need to work a certain number of hours to fund a purchase may make you think twice about buying it."" title="2) Find your hourly rate" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/03.jpg" width="120" height="78" alt="Settling a time limit on your shopping helps you to control your spending. "If you know that you're an impulsive shopper , give yourself as little leeway as possible," BJ advices." title="3) Scheduling Post-shopping Appointments" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/05.jpg" width="120" height="78" alt="Whom you shop with influences your shopping habits, say BJ. "Shop with someone who's a rational spender-who is likely to help you to watch your money and make sure you don't part with it too readily." He adds that your shopping partner should not encourage you to buy everything you try on, unless it's within your budget." title="4) Don't shop with just anyone" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/04.jpg" width="120" height="78" alt=""We can always find reason for 'needing' something. But before you hand over your money, stop and ask : 'if you need it badly, how have I gone for so long without it?' It's a simple question to put your spending into perspective, explains BJ." title="5) Ask: "Do you really need it?"" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/06.jpg" width="120" height="78" alt="Men are efficient shoppers- they take only what they need and spend less time in shops, reducing their chances of going home with an impulse buy. " title="6) Shop like a man" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/08.jpg" width="120" height="78" alt="To help you shop like a man, make a shopping list and keep to it. " Don't go browsing for something you think you might need," advices BJ" title="6) Shop like a man" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/11.jpg" width="120" height="78" alt="Those sweets and treats beside the counters? They can add up, warns BJ. Before long, you could find yourself forking out an additional $5 to $10 for these goodies. " title="7) Beware The Checkout counter" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/10.jpg" width="120" height="78" alt=""Most people pick things up at the checkout counter whole they're waiting idly for their turn to pay. Do something to occupy your waiting time- read a book , catch up with a friend over a phone , or play games on your smartphones," he advices." title="7) Beware The Checkout counter" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/09.jpg" width="120" height="78" alt="You know the drill - you're feeling guilty about not spending enough time with your kids, so next time you're out, you 'make-out' for it by buying them clothes, toys and treats. " title="8) Control your mummy guilt" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/13.jpg" width="120" height="78" alt="BJ says you should think of your guilt-spending in this way: "the money you spend now is the reserve for your children's future needs, which will become greater as they get older. You don't want to be in a situation where you can't afford to let them further their studies because you spent too much on them when they were younger."" title="8) Control your mummy guilt" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/12.jpg" width="120" height="78" alt="Group-buying websites send out daily updates on current and upcoming deals, tempting you to buy things you don't need, just because of the fabulous offers, says BJ. He adds : "It's like having a sale all the time - it helps you save money but it also make you want to buy something you don't need, just to take advantage of the savings."" title="9) Remember: Group-buying Deals Add Up" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/14.jpg" width="120" height="78" alt="You really, really want that new tech gadget? Chances are, you can buy it for less if you hold out a little longer- and you can save towards its cost in the meantime, BJ shares his own experience: "My first television set many years ago was a 42 - inch plasma that was retailing at almost $15,000. I had only set a aside a budget of $1,000, so I waited almost two years until the price fell within that region before I finally bought it."" title="10) Be patient" /></li>
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<p>It was exciting - and very satisfying and empowering - to sign the house and bank loan contracts.</p>
<p>Before the chance came up, however, I had always imagined that I would leave Singapore in my 30s, make my mark as a writer in other, more internationally well-known publications such as Esquire or GQ, and eventually shuttle between Singapore and another home country until old age forced me to choose a place to rest my feet.</p>
<p>Nothing about buying a condominium forecloses that future, of course. I can sell the place or rent it out while I'm overseas.</p>
<p>But even the act of signing on the dotted line and contemplating a 25-year- long bank repayment period was enough to make me wonder exactly how realistic my dreams were, and where my place in the world - or even Singapore - was.</p>
<p>What if I didn't earn enough money to pay the bank instalments? What if I couldn't hack it in a larger pond?</p>
<p>I still don't have the answers to any of the questions.</p>
<p>Buying a home all by oneself, as it turned out, was a great way to feel incredibly like a grown-up, but also not at all like one.</p>
<p>But it did - or at least it will, come 2017 - give me a place to call my own. And in Singapore, that's a pretty big - 37 sq m big, to be exact - deal.</p>
<p>There was also one response which warmed my heart.</p>
<p>A friend, upon hearing that I had bought a shoebox apartment, immediately said: "But what if you meet someone?"</p>
<p>I hadn't thought of that. But I sure am glad that someone else did. </p>
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<p><a href="http://www.straitstimes.com" target="_blank"><img src="http://www.asiaone.com/html/images/logos/st_logo.jpg" border="0" /></a><br /><i>This article was first published on December 21, 2014. <br />Get a copy of The Straits Times or go to <a href="http://www.straitstimes.com" target="_blank">straitstimes.com</a> for more stories.</i></p>
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<div class="field-item even"><span class="story_photo">Nine ways to invest as a family</span></div>
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<p><span class="label-inline story_photoclick">Click on thumbnail to view. Story continues after photos. </span><span class="story_photoclick">Various sources</span><br />
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth01.jpg" width="120" height="78" alt="Families may choose to allocate their assets into separate groupings or legal entities to ensure specific objectives are met." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth02.jpg" width="120" height="78" alt="One lesson from the crisis is that a more practical and human approach to investment may be more suitable for an investing family than a pure portfolio theory-based approach. This family-centric orientation is commonly called Goals Based Wealth Management (GBWM). " /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth03.jpg" width="120" height="78" alt="Good investors consistently reject the belief that successful investment requires a focus on the day-to-day price-focused market system. They pay attention to long-term fundamentals rather than Wall Street and popular media's short-term hype and gloss." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth04.jpg" width="120" height="78" alt="Diversification principles and family priorities can lead to participation in an expanding world of asset classes and geographic areas." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth05.jpg" width="120" height="78" alt="Defining and implementing a principled approach to investing, in line with the family's vision and values, is one of the most important elements of the new paradigm. " /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth06.jpg" width="120" height="78" alt="The incorporation of a family business into the asset allocation model can have a fundamental impact on decisions relating to the family's overall wealth strategy." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth07.jpg" width="120" height="78" alt="Risk management is one of the central goals of a family wealth strategy. Managing risk is difficult at the best of times, but there is now evidence that the nature of risk is evolving. " /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth09.jpg" width="120" height="78" alt="Despite the need for a unique approach, many common principles and elements of an approach to investing may be extracted from the past experience - good and bad - of other families around the world and assessed to see if they might be useful in helping investors set out their own approach to investing today." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth10.jpg" width="120" height="78" alt="The family financial "eco-system" is the combination of family, internal family resource, external suppliers, and the web of advisers and influencers who make up the interconnected system that shapes and defines a family's wealth management strategy." /></li>
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<div class="field field-name-title field-type-ds field-label-hidden"><div class="field-items"><div class="field-item even"><h2>Single, 30 and a home owner</h2></div></div></div><div class="field field-name-field-feature-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="http://business.asiaone.com/sites/default/files/styles/medium/public/2014/12/23/20141223_hillford_st.jpg" width="410" height="267" alt="Single, 30 and a home owner" /></div></div></div><div class="field-group-format field-group-div group-print-publication collapsible print-pub speed-fast effect-none">
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<div class="field-group-format-wrapper" style="display: block;"><div class="field field-name-field-publication-date field-type-datetime field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Tuesday, Dec 23, 2014</span></div></div></div><div class="field field-name-field-byline field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">Feng Zengkun</div></div></div><div class="field field-name-field-source field-type-taxonomy-term-reference field-label-hidden"><div class="field-items"><div class="field-item even">The Straits Times</div></div></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>Earlier this year, I bought my first home all by myself, which surprised everyone I knew.</p>
<p>I was 30, living with my parents, working as a journalist and had no girlfriend, not even on the horizon, to apply for a flat with.</p>
<p>When I first heard about The Hillford condominium in Bukit Timah, I was intrigued, and not just because it was marketed as Singapore's first condom- inium for retirees.</p>
<p>Unlike other private properties here with 99-year, 999-year or freehold leases, The Hillford units had just 60-year leases - maybe because retirees are not expected to live that long - and were relatively cheap.</p>
<p>But because the developer did not set an age floor, even young 'uns like myself could ballot for a unit - and many of us seemingly did.</p>
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<div class="field-item even"><span class="story_photo">4 tips on paying for your first home</span></div>
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/01_1.jpg" width="120" height="78" alt="Financial advisers say you should plan your housing budget carefully before choosing your home and not the other way around. <br>
There are many tools available out there which first-time home buyers can use to plan their purchases." title="1) Do your sums first" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/02_1.jpg" width="120" height="78" alt="For example, Mrs Nyang-Ngiam said, "they can make use of Our First Home Calculator available on the CPF website to assess the type of housing they can afford based on their income and ability to service the loan"." title="1) Do your sums first" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/03_0.jpg" width="120" height="78" alt="The experts also urge would-be buyers to consider the full range of costs and monthly bills prior to purchase.
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"Once you own the property, you will also incur other regular costs like utility bills, conservancy fees and management fees if your property is a condominium with facilities like a swimming pool, gym and tennis court," said Mr Vasu Menon, vice-president of wealth management in Singapore at OCBC Bank." title="1) Do your sums first" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/04_1.jpg" width="120" height="78" alt="Saving for the down payment could take several years for most people, given the steep rises in property prices in recent years." title="2) Save and invest before spending" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/05_1.jpg" width="120" height="78" alt="Property down payments for first-timers could range between 10 per cent and 20 per cent of the purchase price, depending on whether you buy an HDB flat or a private property and whether you finance this using an HDB loan or a bank loan. "Save at least 10 per cent of your income each month and do this before you even start spending," said OCBC's Mr Menon.
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He added that home buyers will need to build up a pool of funds through savings and investments." title="2) Save and invest before spending" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/06_1.jpg" width="120" height="78" alt="One common question is whether to get an HDB loan or to borrow from the bank. They have their pros and cons.
<br>
For instance, a bank loan requires a cash down payment of at least 5 per cent while an HDB loan allows full financing of the down payment using just CPF funds." title="3) HDB loan or bank loan?" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/07_1.jpg" width="120" height="78" alt="HDB loans tend to offer better interest rate stability, as the rate is pegged at 0.1 percentage point above the prevailing CPF interest rate. Thus, they provide relatively more stability than even a fixed-rate mortgage whose rate is fixed for only a certain number of years.
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But HDB loans also come with certain eligibility conditions." title="3) HDB loan or bank loan?" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/08_1.jpg" width="120" height="78" alt="Home buyers should also evaluate the impact of regulations on their financing options and costs, say the bankers.
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Some may still be unaware of - or do not understand - the total debt servicing ratio (TDSR) framework for property loans that was introduced last year, noted UOB's Ms Chia.
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The TDSR caps a borrower's monthly total debt repayments at 60 per cent of his gross monthly income." title="3) HDB loan or bank loan?" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/09_0.jpg" width="120" height="78" alt="A key financial consideration at this juncture is the outlook for interest rates, say the experts.
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"While rates are low for now, remember that they may rise in the coming years," said OCBC's Mr Menon. "When rates do increase, your monthly instalments will rise, and you should assess if this will pose a burden before deciding on the amount of loan you plan to take and the package you wish to sign up for."" title="4) Beware of likely interest rate hikes" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/10_0.jpg" width="120" height="78" alt="Home buyers should also set aside sufficient funds to meet rising interest rates and any unforeseen circumstances. <br><br>
UOB's Ms Chia pointed out that for every one percentage point rise in the interest rate, the monthly instalment will rise by about $250 for a $500,000 loan stretched over 30 years.
" title="4) Beware of likely interest rate hikes" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/08/11/11_0.jpg" width="120" height="78" alt="To ensure financial liquidity, it is also prudent for home buyers to maintain 18 to 24 months of monthly instalments in their bank accounts, she added." title="4) Beware of likely interest rate hikes" /></li>
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<p>When I went for the ballot, it seemed as though at least half of the people who showed up were around my age or just slightly older.</p>
<p>Buying my first home, as it turned out, was a surprisingly swift and very illuminating process.</p>
<p>From learning about the opportunity to putting down the deposit to securing a bank loan, the whole process took just about two weeks.</p>
<p>In the meantime, my friends and family's reactions to the purchase were... revealing.</p>
<p>"Oh, thank goodness," my mother said. "I was starting to worry about you."</p>
<p>I wasn't sure if she was worried about having to share a home with me into her old age, or that I would end up a sad, lonely male version of a spinster (also: isn't it kind of sexist that there's no word for a male spinster?).</p>
<p>My sister's response, after her congratulations, was worse: "You got so rich meh! But you dress like a hobo!"</p>
<p>She later clarified that she meant I had relatively few clothes in my closet.</p>
<p>To be fair, my friends were also surprised that I had saved enough money, and they were not without reason.</p>
<p>Before I started working, I was a financial mess.</p>
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<div class="field-item even"><span class="story_photo">17 things debt-free, financially happy people do</span></div>
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/01_0.jpg" width="120" height="78" alt="Debt-free people keep close track of personal finances. They monitor how much they earn, how much they save and how much they invest." title="1. They pay attention to details" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/02_0.jpg" width="120" height="78" alt="Those without debt live on less than they make. This, in turn, enables them to put money aside for buying a house, retirement or emergencies." title="2. They pretend they make less" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/03_0.jpg" width="120" height="78" alt="Debt-free people think twice before buying something, which allows them to make smarter decisions. Long-term thinking about spending can also prevent impulse purchases." title="3. They think long-term" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/04_0.jpg" width="120" height="78" alt="To get rid of debt, ask for help whether it is lower interest rates or forgiveness for late payment. If you know someone who has met a financial milestone you admire, don't be afraid to ask how." title="4. They aren't afraid to ask" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/05_0.jpg" width="120" height="78" alt="Another common trait debt-free people have is saving money. Make it a habit to put some money into the bank account on a regular basis, just like you pay the rent every month. Adding even small amounts will give you more financial freedom later." title="5. They save" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/06_0.jpg" width="120" height="78" alt="Setting a specific goal for saving money is also important as this helps you know what you are striving for." title="6. They set goals" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/07_0.jpg" width="120" height="78" alt="You should learn how to say no to avoid sitting on a mountain of debt. Saying no to smaller expenses can add up to big savings. Host a potluck dinner instead of eating out at posh restaurant." title="7. They say no" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/08_0.jpg" width="120" height="78" alt="To free yourself from debt, value experiences more than snatching stuff only to catch up with the latest trend. Think about whether you would be better off working late and buying stuff by sacrificing valuable time with your family." title="8. They value experiences over stuff" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/09_0.jpg" width="120" height="78" alt="Financially-independent people plan each step carefully. They also tackle the problems along the way rationally and systematically before moving on to the next step in their game plan." title="9. They plan their steps properly" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/10.jpg" width="120" height="78" alt="Financial freedom comes to those who know their limits, and choose not to overspend on things they cannot afford. They avoid debt at all costs and ensure they always have enough money for their long-term financial plan at the end of the month." title="10. They keep within a budget" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/11_0.jpg" width="120" height="78" alt="Not only do they ensure all their credit debts are paid for on time, financially happy people also refrain from spending on credit at all." title="11. They reduce expenditure on credit" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/12_0.jpg" width="120" height="78" alt="One can be rich one day and bankrupt the next.
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Financial problems can occur overnight and debt-free people are aware of it. To prevent themselves from sinking into quick sand when troubles arise, they plan for unforeseen circumstances with savings, insurance and other cash reserves.
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<br>This way, they can also have peace of mind over their financial situation as they know they are always prepared for a crisis to hit." title="12. Always prepared for a rainy day" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/13_0.jpg" width="120" height="78" alt="Greed can be a dangerous thing, especially if it causes you to aim for greater fortunes in spite of what you already have. <br><br> Financially-happy people count their blessings and don't complain about not having more." title="13. They have learned to be contented" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/14_0.jpg" width="120" height="78" alt="Rational shopping is hard for many people who are not financially happy. When you have clear financial goals in mind, you will be less likely to spend on impulse." title="14. They don't splurge" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/15_0.jpg" width="120" height="78" alt="Before signing up for a loan, deal or purchase, financially savvy people read up on all the alternatives and consequences of the contract first. By doing this, they ensure they get the best deal there is and mimimise their debt risk." title="15. They do their homework" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/16_0.jpg" width="120" height="78" alt="Although life might not turn out exactly the way you planned, planning for your retirement ensures you have enough for the later years.<br><br>
Retirement planning needs to start as early as possible so you can work towards your goals one step at a time. " title="16. They have their retirement mapped out" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/02/11/17_0.jpg" width="120" height="78" alt="Financially-free people are not put down by setbacks. By being optimistic, they manage to plan rationally to find their way out of every financially-trying situation." title="17. Optimistic" /></li>
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<p>When I was doing my national service, the thrill of earning my own money for the first time led me to gamble - heavily - on football to try and multiply my pay.</p>
<p>I ended up owing several thousands of dollars in total to some of my closest friends, which I eventually returned in instalments after I came to my senses.</p>
<p>I had thought my lies about why I needed the money were convincing, or at least plausible. Apparently not.</p>
<p>I cleaned up my act after I returned home from overseas undergraduate studies to start working, but it seemed the general view of my difficulties with money had stuck.</p>
<p>More sobering than that, however, was my own ambivalence about buying the condominium unit.</p>
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<div class="field-item even"><span class="story_photo">10 ways to stop yourself from spending money</span></div>
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/01.jpg" width="120" height="78" alt="Schedule a day or two each week when you spend on nothing but daily necessities, such as meals and transport, or items that you've already budgeted for." title="1) Have a No-spending Day" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/02.jpg" width="120" height="78" alt="Take your monthly salary and divide it by the number of hours you work in a month - including overtime - to get your hourly rate, BJ says: "Knowing you'll need to work a certain number of hours to fund a purchase may make you think twice about buying it."" title="2) Find your hourly rate" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/03.jpg" width="120" height="78" alt="Settling a time limit on your shopping helps you to control your spending. "If you know that you're an impulsive shopper , give yourself as little leeway as possible," BJ advices." title="3) Scheduling Post-shopping Appointments" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/05.jpg" width="120" height="78" alt="Whom you shop with influences your shopping habits, say BJ. "Shop with someone who's a rational spender-who is likely to help you to watch your money and make sure you don't part with it too readily." He adds that your shopping partner should not encourage you to buy everything you try on, unless it's within your budget." title="4) Don't shop with just anyone" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/04.jpg" width="120" height="78" alt=""We can always find reason for 'needing' something. But before you hand over your money, stop and ask : 'if you need it badly, how have I gone for so long without it?' It's a simple question to put your spending into perspective, explains BJ." title="5) Ask: "Do you really need it?"" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/06.jpg" width="120" height="78" alt="Men are efficient shoppers- they take only what they need and spend less time in shops, reducing their chances of going home with an impulse buy. " title="6) Shop like a man" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/08.jpg" width="120" height="78" alt="To help you shop like a man, make a shopping list and keep to it. " Don't go browsing for something you think you might need," advices BJ" title="6) Shop like a man" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/11.jpg" width="120" height="78" alt="Those sweets and treats beside the counters? They can add up, warns BJ. Before long, you could find yourself forking out an additional $5 to $10 for these goodies. " title="7) Beware The Checkout counter" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/10.jpg" width="120" height="78" alt=""Most people pick things up at the checkout counter whole they're waiting idly for their turn to pay. Do something to occupy your waiting time- read a book , catch up with a friend over a phone , or play games on your smartphones," he advices." title="7) Beware The Checkout counter" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/09.jpg" width="120" height="78" alt="You know the drill - you're feeling guilty about not spending enough time with your kids, so next time you're out, you 'make-out' for it by buying them clothes, toys and treats. " title="8) Control your mummy guilt" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/13.jpg" width="120" height="78" alt="BJ says you should think of your guilt-spending in this way: "the money you spend now is the reserve for your children's future needs, which will become greater as they get older. You don't want to be in a situation where you can't afford to let them further their studies because you spent too much on them when they were younger."" title="8) Control your mummy guilt" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/12.jpg" width="120" height="78" alt="Group-buying websites send out daily updates on current and upcoming deals, tempting you to buy things you don't need, just because of the fabulous offers, says BJ. He adds : "It's like having a sale all the time - it helps you save money but it also make you want to buy something you don't need, just to take advantage of the savings."" title="9) Remember: Group-buying Deals Add Up" /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/12/27/14.jpg" width="120" height="78" alt="You really, really want that new tech gadget? Chances are, you can buy it for less if you hold out a little longer- and you can save towards its cost in the meantime, BJ shares his own experience: "My first television set many years ago was a 42 - inch plasma that was retailing at almost $15,000. I had only set a aside a budget of $1,000, so I waited almost two years until the price fell within that region before I finally bought it."" title="10) Be patient" /></li>
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<p>It was exciting - and very satisfying and empowering - to sign the house and bank loan contracts.</p>
<p>Before the chance came up, however, I had always imagined that I would leave Singapore in my 30s, make my mark as a writer in other, more internationally well-known publications such as Esquire or GQ, and eventually shuttle between Singapore and another home country until old age forced me to choose a place to rest my feet.</p>
<p>Nothing about buying a condominium forecloses that future, of course. I can sell the place or rent it out while I'm overseas.</p>
<p>But even the act of signing on the dotted line and contemplating a 25-year- long bank repayment period was enough to make me wonder exactly how realistic my dreams were, and where my place in the world - or even Singapore - was.</p>
<p>What if I didn't earn enough money to pay the bank instalments? What if I couldn't hack it in a larger pond?</p>
<p>I still don't have the answers to any of the questions.</p>
<p>Buying a home all by oneself, as it turned out, was a great way to feel incredibly like a grown-up, but also not at all like one.</p>
<p>But it did - or at least it will, come 2017 - give me a place to call my own. And in Singapore, that's a pretty big - 37 sq m big, to be exact - deal.</p>
<p>There was also one response which warmed my heart.</p>
<p>A friend, upon hearing that I had bought a shoebox apartment, immediately said: "But what if you meet someone?"</p>
<p>I hadn't thought of that. But I sure am glad that someone else did. </p>
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<p><a href="http://www.straitstimes.com" target="_blank"><img src="http://www.asiaone.com/html/images/logos/st_logo.jpg" border="0" /></a><br /><i>This article was first published on December 21, 2014. <br />Get a copy of The Straits Times or go to <a href="http://www.straitstimes.com" target="_blank">straitstimes.com</a> for more stories.</i></p>
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<div class="field-item even"><span class="story_photo">Nine ways to invest as a family</span></div>
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<p><span class="label-inline story_photoclick">Click on thumbnail to view. Story continues after photos. </span><span class="story_photoclick">Various sources</span><br />
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<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth01.jpg" width="120" height="78" alt="Families may choose to allocate their assets into separate groupings or legal entities to ensure specific objectives are met." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth02.jpg" width="120" height="78" alt="One lesson from the crisis is that a more practical and human approach to investment may be more suitable for an investing family than a pure portfolio theory-based approach. This family-centric orientation is commonly called Goals Based Wealth Management (GBWM). " /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth03.jpg" width="120" height="78" alt="Good investors consistently reject the belief that successful investment requires a focus on the day-to-day price-focused market system. They pay attention to long-term fundamentals rather than Wall Street and popular media's short-term hype and gloss." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth04.jpg" width="120" height="78" alt="Diversification principles and family priorities can lead to participation in an expanding world of asset classes and geographic areas." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth05.jpg" width="120" height="78" alt="Defining and implementing a principled approach to investing, in line with the family's vision and values, is one of the most important elements of the new paradigm. " /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth06.jpg" width="120" height="78" alt="The incorporation of a family business into the asset allocation model can have a fundamental impact on decisions relating to the family's overall wealth strategy." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth07.jpg" width="120" height="78" alt="Risk management is one of the central goals of a family wealth strategy. Managing risk is difficult at the best of times, but there is now evidence that the nature of risk is evolving. " /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth09.jpg" width="120" height="78" alt="Despite the need for a unique approach, many common principles and elements of an approach to investing may be extracted from the past experience - good and bad - of other families around the world and assessed to see if they might be useful in helping investors set out their own approach to investing today." /></li>
<li class="field-item"><img src="http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2014/11/10/familywealth10.jpg" width="120" height="78" alt="The family financial "eco-system" is the combination of family, internal family resource, external suppliers, and the web of advisers and influencers who make up the interconnected system that shapes and defines a family's wealth management strategy." /></li>
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