This family man is a savvy investor
In the fourth instalment of a six-part series brought to you by Manulife Singapore, we explore the issue of retirement planning at different stages of life
MR JOHNNY NG, 47, MARRIED WITH CHILDREN
A FATHER of two children, aged 10 and 13, Mr Ng started his career as a process engineer at a wafer-fabrication plant in 1993. A master's degree holder in electronic engineering, he remained in the same industry for 18 years, until 2011.
Now, Mr Ng is a certified realtor with Huttons Asia, and he handles the buying, selling and renting of condominium apartments and Housing Board flats.
While he enjoys travelling, the family man spends most of his leisure time with his family, going on outings or watching TV programmes at home. His wife, Madam Annie Cheah, 44, is an administrative coordinator.
What are your financial goals?
I hope to be financially independent by the age of 60, when some of my investment policies would have matured.
My children would have completed their studies and I would have fully paid for my home by then.
How far are you from your goals?
With my current investment portfolio, I think I'm getting nearer to achieving my goals. In fact, I feel that I can achieve them at an even earlier age.
I started investing in both property and investment plans at a relatively young age, and it is starting to pay off now.
I am also a savvy investor, with a habit of saving regularly. I currently earn regular rental income as well.
In a few years' time, some of my investment policies would have matured, and I hope to use the funds to fully pay for my home and, perhaps, invest further.
And your biggest challenge so far?
When I was undergoing a midlife career change about two years ago, which resulted in an interruption in my income. I had difficulty looking for a new job due to my age, despite having the necessary experience and qualifications.
Fortunately, I managed to obtain a licence to be a professional realtor. At the same time, the condo unit that I had invested in in 2008 was completed and I started earning rental income, which covered some of my expenses and loan payments.
What are your main concerns now?
My priority now is to have sufficient health-care coverage as medical costs are increasing.
Another concern is to ensure that I have enough coverage for my children's education.
Due to inflation, education costs are consistently rising and the plan that I bought previously was not sufficient. In fact, I regret not buying more comprehensive plans when my kids were younger.
What is your current focus?
To ensure that I will be successful in my realty business and save enough money to fully pay for all my properties. I also hope to be financially independent as soon as possible.
What have you done as part of your retirement planning?
I bought my first insurance policy as soon as I started working. I bought some plans for my children soon after they were born.
I also feel that it is necessary to invest in property to hedge against inflation. I bought my first property with the help of my wife two years into my first job. We jointly own a few properties now.
How would you like to live your life when you retire?
I would consider retiring once I have a consistent source of passive income and relative financial stability.
I would love to travel around the world, since I seldom have time to travel now. I would also like to keep myself occupied with meaningful volunteer work.