The Most Important Answer

24 Nov 2017 

By Soh Chin Heng 

Mr Soh Chin Heng is the Deputy Chief Executive (Services) of the Central Provident Fund Board Singapore and a non-practising certified financial planner. He gives talks and writes regularly on CPF and financial security.

This is my final article of this series on CPF and Financial Security. I trust that it has been useful to my readers.

Here is a summary of one’s financial security journey:

The Most Important Answer.png
 *For elaboration, scroll down to read my previous articles.

I started the series with the article entitled “The Most Important Financial Question”. 

The answer to that question, however, will not come from me but from you, through your reflections.  

Let me leave you with an excerpt from an interview that Seedly conducted with Mr Chris Tan, Chief Executive of Providend, whom I had the privilege of speaking together with at a recent CPF talk. 

In a recent ride on a GRAB car, Christopher asked the driver who had picked him in a Lexus sedan if it is possible to make a living from driving Grab. The driver shared that he earns $3,000 a month nett by working six hours a day, and five days a week. He could take days off when he did not feel like working. The combined monthly income between him and his wife amounts to about $5,000 - $6,000, which is sufficient for the couple, and also allows them to go on two long trips per year. 

It occurred to Christopher that this driver probably enjoys his life more than most of the young executives out there who may earn a lot more, but also spend a lot more. Instead of being caught in a rat race, this driver first considered how he wanted to live his life, and adjusted his finances to live the kind of life he wanted.

Christopher concluded the story with this thought – “How do you want to live your life?” Often, we let our life decisions follow our financial decisions. 

This means that we may end up being bounded to a job or routine that we dislike, just to meet our financial commitments. A better way would be to decide on the kind of life we want to live first, then adjust our financial decisions to pursue it. 

With this anecdote, I hope that you will be inspired to think about how you can live a meaningful life.

Final question: “What is your most important life question?”

This article is the last in this series by Mr Soh, who shared tips on how you can chart your way towards financial security. Read the previous articles:

The Most Important Financial Question

Your Financial Security Compass

Your Lifetime Financial Partner

Albert Einstein and Warren Buffet

My Three Generational Story

A Mountain of Debt

A Most Wonderful Emergency Fund (For Some)

The Valley of Risks

The Peaks and Troughs of Investments

Are You Retireable? 

A Cheque Book That Never Stops Paying

Seedly provides interesting and relevant personal finance article for average Singaporeans regarding money saving tips, investing, insurance, lifestyle and anything personal finance. Seedly is also the creator of one of the best Personal Finance Mobile App in Singapore.​

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