Tiffany:
That can be quite risky, isn't it?
Lily:
Oh, because I know where to place my risk. So I actually diversified my portfolio quite well. And in fact, this lump sum was strategised towards capital preservation, more than anything else.
But the whole intention of that was to generate passive income because I wanted this lump sum money that I have worked so hard, and is my sweat and blood in it ... and my youth in it. So I wanted that lump sum to work harder for me.
So that's where I decided I'm not going to place it in the bank and just have the comfort that I have that money. So just in case my financial advisory business fails, then I can go back to this lump sum, right?
So to me, I think one thing is about mindset ... I have gone through so many business cycles. I led the organisation through success every time there is a crisis. So I told myself, I cannot fail, even if I move on to financial advisory.
Gerald Tan, host:
I'm just thinking, there are three groups of people, the way they use their retrenchment money.
The first group of people who take their golden handshake and they spend it very quickly away, maybe without much thought, maybe not the most useful manner, right?
Then there's the middle group of people who, I think the majority, they use it to do something for their careers. They transit, maybe use it to manage some of their loans.
And then we have people like Lily, who had been planning their careers, their finances, all the while and then right now, at this point, they are just using the golden handshake as to open up more options for them in the future.
Tiffany:
Was there any point of time at the start where you felt that there were possible financial risks that you were going to undertake? Were there fears that you felt at that point of time?
Lily:
Definitely, there were fears for sure. When I made that bold leap of faith, right? It was scary. Why scary?
It is really because for the past 26 years, I have always been in a structured corporate environment, so having to tell myself that, hey, I'm going to get out of my comfort zone. I'm going to start all over in a new role, self- employed, totally going into the uncertainties of self employment, it was really scary.
My heart was like beating super fast. But then again, I guess different stage of life, right?
Continue reading...
That can be quite risky, isn't it?
Lily:
Oh, because I know where to place my risk. So I actually diversified my portfolio quite well. And in fact, this lump sum was strategised towards capital preservation, more than anything else.
But the whole intention of that was to generate passive income because I wanted this lump sum money that I have worked so hard, and is my sweat and blood in it ... and my youth in it. So I wanted that lump sum to work harder for me.
So that's where I decided I'm not going to place it in the bank and just have the comfort that I have that money. So just in case my financial advisory business fails, then I can go back to this lump sum, right?
So to me, I think one thing is about mindset ... I have gone through so many business cycles. I led the organisation through success every time there is a crisis. So I told myself, I cannot fail, even if I move on to financial advisory.
Gerald Tan, host:
I'm just thinking, there are three groups of people, the way they use their retrenchment money.
The first group of people who take their golden handshake and they spend it very quickly away, maybe without much thought, maybe not the most useful manner, right?
Then there's the middle group of people who, I think the majority, they use it to do something for their careers. They transit, maybe use it to manage some of their loans.
And then we have people like Lily, who had been planning their careers, their finances, all the while and then right now, at this point, they are just using the golden handshake as to open up more options for them in the future.
Tiffany:
Was there any point of time at the start where you felt that there were possible financial risks that you were going to undertake? Were there fears that you felt at that point of time?
Lily:
Definitely, there were fears for sure. When I made that bold leap of faith, right? It was scary. Why scary?
It is really because for the past 26 years, I have always been in a structured corporate environment, so having to tell myself that, hey, I'm going to get out of my comfort zone. I'm going to start all over in a new role, self- employed, totally going into the uncertainties of self employment, it was really scary.
My heart was like beating super fast. But then again, I guess different stage of life, right?
Continue reading...