Money Savvy with Gabriel Yap

It’s been a bumpy couple of years for Asia. Our economies have taken a beating; our stock markets have endured rollercoaster ups and downs, and let’s not even talk about property.

For many of us, our jobs and lifestyles have been affected. Families and individuals alike have had to tighten their belts and cut down on spending. And yet, we also all know of at least one fiscally savvy friend who made a fortune in a bad situation. It hardly seems fair, does it? Why them and not us? Why aren’t we as financially fit as those people?

Money. Many would say it’s the root of all evil. I’m not one of those naysayers. Money is good. More money is better. But the fact is, money can never buy you happiness. I say this from personal experience.

I used to head the regional unit of an international stockbroking firm. Life then revolved around travelling for road shows to fund managers, mutual funds, endowment and varsity funds in the major financial centres like New York, London, Frankfurt, Zurich, Tokyo and Hong Kong.

When I made a career switch to Institutional Sales in 1996, the travels and eating and drinking at Michelin-star restaurants increased substantially. My move to New York laid the foundation for my dealing career.

I moved back to Asia in the late 1990s, just when the economy really took off. I made a lot of money timing the market correctly, which was instrumental in my client profile growth. Over the past decade, I have come to advise many billionaire clients across Asia.

And then, I took the leap and left the stockbroking industry that’s been such an integral part of my life for the past 20 years. “What on earth are you doing?” “Are you nuts?” “You’ve really lost it!” were some of the comments I got from my friends. But to me, it was a natural decision. It made me happy.

The meaning of happiness for most people resides in the future rather than the present. To me, this isn’t healthy. To me, happiness is doing all those things I want to do in the “now”, not later.

So now, I work with international aid organisations like the Charities Aid Foundation and Asoka International.

You hear this from doctors all the time. They say being healthy is all about balance. It’s absolutely true and this, likewise, applies to your financial health as well. Are your finances in order? Do you have a handle on debts and assets? Are you fiscally fit?

If you’re not, how can you change and improve your financial habits to get back on track to fiscal fitness? That’s where I hope to help. Ask me. Send me your questions on all things financial. It’s not just about what stocks to buy or when to buy; it’s about how to keep yourself and your family healthy money-wise.

Having enough money to meet your monthly expenses contributes to your overall happiness, in much the same way as a rock-solid marriage or love for your job does. Having more money is great, but it doesn’t always make you happier. And we all know falling short makes life tough.

You can achieve financial fitness in your life and achieve the “now” for yourself. Write in to moneysavvy@readersdigest.com or fill in this online form, and I will answer all your moneyrelated queries in as detailed a manner as possible.

I’m looking forward to reading your letters and sharing my thoughts on how all of us can strive to be Money Savvy.

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