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Showing posts with label Dr Ansgar Cheng. Show all posts
Showing posts with label Dr Ansgar Cheng. Show all posts

Sunday, August 18, 2013

LIVING A SIMPLE LIFE

Posted on 8:41 AM by Unknown
Looking Beyond The Symbols Of Wealth
by Dr Ansgar Cheng

I was born in a very prosperous city during its uptrend era and lived in Hong Kong during its rapid economic expansion. It was and still is a place filled with people, tons of opportunities, abundant ideas, plenty of upward energy, never-ending traffic jams, flooded with newspapers and other information sources. People there are forever hungry for the next best thing.

My family is reaching the end of our first decade of living in Asia. Living in Singapore is an extra-ordinary experience. Singapore is amazing in that it has almost perpetual sunshine and an excellent education system that my family members are grateful and happy to be active participants of. This is a rather sharp contrast to the 13-year experiences that my wife and I had when we were living in North America.

Home front
Many people long for a landed property in Singapore. In many places, landed properties are commonly referred to as houses. On the one hand, people in Hong Kong have close to a zero concept of this ‘landed’ property idea. With probably over 97% of the Hong Kong population living in high-rise buildings, the only people who live in ‘landed’ homes are either the mega-rich or those who are at the other end of the economic scale. A westerner friend once quipped: Aren’t all properties built on land anyway?

Usually houses offer a liberal amount of living space. Price tag aside, living in a house requires a lot of maintenance work that my family does not fancy anyone doing on our behalf, and that we don’t relish doing ourselves.

Working in a hospital environment, I have realized that space is needed to function but excessive space is actually counterproductive. Imagine an emergency patient has to cover a long distance to reach the front door of the emergency department. That is precious time wasted. In Chinese, these may be regarded as“fengshui” but in our modern world this is something simply called ergonomics. Excess is not necessarily better.

If I can easily reach and get most things in my apartment, why would I want a house that is full of space?

Lifestyle - Life in a Style? 
It was a coincidence that I ran into an old friend shortly after I moved to the USA for my residency training. In American terms, residency training means that one has to stay on for a period of time, usually for a few years, in order to complete an in-depth training in a given clinical specialty.

We were chatting away and this friend was telling me that spending extra time in a specialty training program was not a great idea for him as it would compromise his ‘lifestyle’.Well, pardon my ignorance, this term ‘lifestyle’ was totally alien to me at that point of time in life.

I was born in a working class family - my mother was an excellent housewife while my father was running his own little businesses with 3 days off every year. My parents ate simple and had a simple daily routine. My idea of life strategy was simply a biosphere of work surrounding a core of life where there was no room for this lifestyle idea. However, as time passes, I have started to realize that to many people, ‘lifestyle’ means ‘life in a style’, which many times is translated into high expenses in travel, clothing, food, and housing.

From point A to point B 
When I was doing my specialty training at UCLA, I had the honor of being taken under the wings of a world famous professor in dental implantology. His invention in the field, the UCLA abutment, is used by numerous dental implant clinicians, whether they know it or not, on an everyday basis. In short, he was successful, famous and no doubt, financially well off as he had been living in the Beverly Hills area for many years. He first made a name for himself when was 37 year-old, and he was barely 50 when I was his resident.

On a weekly basis, we needed to go to other hospitals for rounds. As I was new to Los Angeles, this world famous professor kindly drove me to those hospitals in a beat-up rusty brown Japanese van! Years later, he sadly told me that the van was eventually scrapped after collecting close to a million miles on the odometer.

In Singapore, the public transportation system can reach most places within 45 minutes from point A to point B. Our family of four enjoys life in the city without feeling ‘deprived’ that we do not own a car. Nowadays, my little girls in primary school cannot believe that their parents actually have a valid driving license! It is outside their reality!

It is mine 
People should have the right to do what they want with the things that they own. That is, providing the ownership is really there. Capitalism dictates that for the transfer of goods and services, there is a following monetary exchange. In aggregate, the money is being held in kind in between transactions.

However, there is a system of ‘free’ exchange that has been around for millions of years.Butterflies and bees have been pollinating flowers for free for years. Their pay out was to have more flowers for the following generations to enjoy. The insects apparently show no ownership mentality and they have little interest to consume more simply because they have pollinated more flowers on a good summer day.

Mankind temporarily owns a piece of the world and we call this our net worth. In the parable of talents in the Bible, our talent was allocated according to individual abilities and we are supposed to do something about it for others. Our worldly worth, which commonly is indexed with numbers, is probably to do something for mankind at large too.

Kids 
Less may be indeed more. Excesses may not necessarily lead to more happiness but it is certainly harder to sustain from one high to another.

Our children have never had the traditional birthday parties with friends coming over, and with clowns and magicians to provide the entertainment. My wife and I have always considered the inevitable deluge of gifts to be poor economic allocation. Most kids would be so overwhelmed with the large number of presents received that the gifts may not be appreciated as much. That being said, we have always ensured that our girls know they are cherished, and we celebrate birthdays in a family setting with a special gift. When they were younger, we also had cupcakes and tiny goodie bags at the day care centre, but that was the extent of the celebrations.

On the subject of children, we also tend to be minimalist about children’s toys. We have been blessed to have hand-me-downs from relatives with older kids, so our two girls have never lacked for toys, books and clothing (even until now when they are 9 and 10 years old respectively). We have taught the girls to happily walk into a toy store to play with the toys and to equally cheerfully say good bye to the toys as we left without purchasing one for them. Books, rather than dolls, are their favourite companion, although they do have some dolls and soft toys at home.

Wish list 
I am not so sure how many things I want in life. However, I am absolutely sure that there is one thing I certainly can do without – that is a complicated life.

One time, an octogenerian was asked about his secret to longevity, he calmly quipped: “I figured out where I am going to die, and I have never been there since.” Deep down we probably all know what our basic needs are in life. However, it is probably not so clear about the volume of our wish list.

Being a very risk adverse person, I don’t really want to get things in life which I don’t need because I am worried that someday, I may have to sell the things I need to finance those wants. As Murphy’s law dictates, these things always happen to show up at the wrong time in life. The meek should be blessed but I really have no idea what to do if I have the earth all to myself.

I am content.

Dr Ansgar Cheng is an Adjunct Associate Professor at the National University of Singapore and a Director & Prosthodontist with Specialist Dental Group. He is the usual recipient of his wife’s hand-me-down phones. The Cheng family zip around Singapore via buses, MRT or taxis and walk their kids to school.

(This article first appeared in the August-Sept 2013 issue of IMPACT Magazine. For more articles with the focus on spiritual values, concern for family, positive life-style, and civic consciousness, please click here.)



Related article:

A Simple Life - The Root of Sensible Living

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Posted in Dr Ansgar Cheng | No comments

Sunday, June 3, 2012

A SIMPLE LIFE - THE ROOT OF SENSIBLE LIVING

Posted on 3:09 AM by Unknown
Dr Ansgar Cheng and his wife, Ms Moonlake Lee, believe that a good education is extremely valuable. Dr Cheng's professional training has enabled him to interact with and learn from the brightest minds in his industry.
ST PHOTO: DESMOND FOO







(This article appeared today in The Sunday Times of Singapore. I have reproduced it here for family members, relatives and friends who wrote to say they were unable to access it via the link I sent them. If I may say so, the article contains sound advice for young professionals, so do share with your adult children. Photo credit and acknowledgement for the article to Straits Times.)

A simple life - the root of sensible living
Dental specialist is thrifty, opts for public transport and has little material desire

By Joyce Teo
joyceteo@sph.com.sg

Dr Ansgar Cheng has been a dentist for 22 years and can easily drive home from his workplace at Mount Elizabeth Medical Centre but chooses to take the bus instead.

'In Singapore, public transportation is efficient and rather extensive,' he says, adding that it also makes more financial sense to take public transport than to buy and upkeep a car. Besides, he and his wife are now used to relaxing in the bus or cab while making their way to and from their home around the Bugis area.

He leads a simple life, wears a plastic Casio watch to work and says he has little desire for material goods. Money is just a tool, he says. 'You have to use it for your daily needs. The rest you keep, grow and you share, and not necessarily with your own family.'

Dr Cheng, 46, is a prosthodontist with Specialist Dental Group, an adjunct associate professor at the National University of Singapore and an honorary clinical associate professor at the University of Hong Kong. In 2004, he and his wife - both permanent residents - relocated from Canada to Singapore as he says it is a very safe place where everything works and it has an excellent reputation as a medical hub.

Dr Cheng, who is from Hong Kong, has been married for 20 years to Ms Moonlake Lee, 43, the director of business affairs at Specialist Dental Group. They have two daughters: Allie, nine, and Hana, eight.

Q: Are you a spender or saver?
I am generally a saver but I do spend when necessary on items that are important and have long-term value. Once in a while, I will spend on my family - when we celebrate special occasions, for instance. We are generally cautious about how we use money and we try to ensure that cash is readily available so that it can be deployed when we see good opportunities. A certain portion goes to family support, charitable causes and church tithing every month. I also support my high school in Hong Kong, for example, when it needs funds to purchase new equipment. We don't give our kids pocket money as they take packed lunches to school. We reason with them and try to teach them the value of money. We want our kids to grow up with the right values. They don't have tonnes of toys but they do have a lot of books. On Sunday evenings, they will say: 'Can we not eat out? It's a waste of money.'

Q: How much do you charge to your credit cards every month?
A few thousand dollars for professional and household expenses. My wife makes sure our bills are paid through credit cards so that we can benefit from the perks. We pay in full through Giro each month.


Q: What financial planning have you done for yourself?
I learnt about financial planning from my uncle, Tom, who said: 'Be a useful person to the people around you. Be reliable, spend less than you make, and invest the rest. Then you may be fine.' When I was newly married, I worried about what would happen to my wife if I were to meet with an untimely end. We concluded that she should invest in her education, so she became a highly educated person with a few post-graduate degrees in business and law. With those qualifications and her exceptional talent and energy, I know she has the best insurance that no money can buy.

My most valuable asset in life is my education. Not only did my professional training allow me to have a day job, but it also allowed me to associate with many teachers, highly intelligent individuals, colleagues and interesting people whom I can learn from. Insurance-wise, we have term life policies as well as disability insurance, hospitalisation and surgical insurance, and critical illness insurance for peace of mind.

We are generally conservative in our investments, preferring to look long term, and we adopt a buy-and-hold strategy. We stick with blue chip shares locally and internationally. We also have a three-bedroom condominium in the city area here, which we rent out. We bought it a couple of years ago and the value has risen, but we have no plans to sell it. We have no plans to buy another property now as prices are very high.

Most of our money is in the bank. The interest is not high but the money is liquid. We stay within our area of competence. We won't go near landbanking, for instance. We know of a landbanking firm that is not truthful - the land they are selling is actually not in the area that they claimed.

Q: Moneywise, what were your growing-up years like?
I grew up in Hong Kong with a hardworking father who was involved in various small businesses. He has a great sense of humour, loves his family and lives a balanced life. My mother is a very talented woman who made many important business decisions with my father. She is a full-time homemaker and is always willing to listen to her kids. Through a lot of luck and hard work, my parents successfully saw my three elder sisters and I graduate from the University of Hong Kong. We eventually went overseas for our post-graduate education.



Q: How did you get interested in investing?
I have heard my parents talk about business since I was young. Thus, the idea of working hard and getting money to work harder for you is not alien to me. The best investment philosophy I learnt in the US, where I had studied and worked, was: 'Invest in yourself'. When people know how to catch fish, there is no need to give out fish.

Q: What property do you own?
A 1,300 sq ft condo unit around the Bugis area. We bought it a few years ago at a reasonable price.

Q: What's the most extravagant thing you have bought?
When I was six, I was made to purchase a tiny golden mouse with my entire net worth of approximately US$73. That was the time when gold was at about US$40 an ounce. I still have that little gold mouse, and even at the current gold price of about US$1,600 (S$2,000), I have absolutely no use for that piece of shiny metal. I thus concluded that precious metals are fine but are of little practical value.

Q: What's your retirement plan?
My parents never retired. They just moved from one thing to another. Like them, I do not have a retirement plan. I plan to keep healthy and busy for as long as possible. I am financially independent because I consume very little and have close to zero desire for most material needs. The amount of money you need during retirement depends on your needs. You can limit your needs.

Q: Home is now...
Our condo around the Bugis area, which allows us to walk our girls to school daily.

Q: I drive...
I drive only once a year - when I'm in the US for meetings. I enjoy whatever subcompact car the cheapest car rental company presents to me. My wife and I take the cab or bus to work and we take the bus home. 

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Posted in Dr Ansgar Cheng, frugal lifestyle, simple life, Specialist Dental Group | No comments
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