Most of us have heard the adage “money can’t buy happiness”, but is it true? On this episode of Money Talk, PR expert Michelle Yeung shares her insights into the correlation between money and happiness. Read on to see how Michelle’s success boosts her satisfaction with life. 

 

Tell us about yourself.

 

Hi, I’m Michelle. I’ve been in the PR industry for 10 years; happily married with a cat and two turtles for 3 years. In my free time, I like to work out, shop, and just spend time with my husband and pets.

 

(Photo Courtesy of Michelle Yeung)

 

When was your first awakening to the concept of money?

 

Growing up in a traditional Chinese family, I was always taught to spend less, save more. As a kid, I’d always looked up to my dad, the breadwinner, as the role model - I always aspire to be successful like him, be financially independent, and do well for myself one day. To me, I associate money with success. 

 

What’s your relationship with money?

 

I didn’t think about the cost of pet ownership when I first got my cat. As the days go by, the cost for food and all other necessities adds up – she is expensive. My turtles too. I thought they were low maintenance - who knew they needed a basking area and a heat lamp and a UVB light? Vet visit is expensive too – I had to take one of my turtles to the vets because it was swimming in circles.

 

Taking care of my pets got me thinking about the cost of having a family – the expenditure of raising a kid would multiply by so much more. My pets made me realise the importance of having a savings plan. My husband and I work hard to be in a comfortable place, and I’d want the same for my children. So, money goal wise, we want to save and invest to build wealth.

 

(Photo Courtesy of Michelle Yeung)

 

Has your relationship with money changed following interactions with friends or memorable life experiences? 

 

I learnt that a comfortable life requires money through volunteering at a young age. I saw underprivileged kids and elderly suffering. These volunteering sessions just made me cherish what I have in life.

 

As bad as this sounds, I’ve always seen money as a necessity. Interestingly, I recently had a conversation with a friend who’s a Buddhist. He was an investment banker but he just left everything behind one day and went to live in a monastery for three months. During his time there, he would wake up at 5 in the morning, do chores, eat one meal a day, and meditate; there were no conversations or concepts of money. This conversation made me realise that not only do we need money to survive basics [food and shelter], we need money to live a comfortable life.

  

How has your investment journey been?

 

I’m not an experienced investor in any way. I don’t put much time into researching and educating myself on investment but I’ve been more aware of investment options because it’s a topic that comes up in family conversations. Personally, I find investing in stocks intimidating – I’m a risk-averse person, I don’t like to get stressed over monitoring the market closely. 

 

Out of my monthly income, 30% goes to savings, 50% to spending, and the rest goes towards investment. I tend to go for investments that need minimal monitoring like insurance policies - though low risk, low return, it’s quite stable. I’ve also opted for unit trusts which give me a monthly dividend. My partner and I review our investment plan every three months or so with our bank relationship manager to explore our investment options. 

 

(Photo Courtesy of Michelle Yeung)

 

How is everyone around you dealing with money and how does that influence or shape how you view money? 

 

Everyone around me works in different industries, so we have different views on money. But seeing how everyone manages their money also got me thinking about my personal finances.

 

I often discuss with my husband about our plans for the future and how we want to grow our wealth. I’ve been looking at the bigger picture lately as to what investment options or opportunities I can explore further. 

 

If you had the perfect world situation, where would you want to get to in terms of your investment?

 

I definitely don't see myself as being investment savvy at all - I find the idea of investing in stocks scary. I wasn’t sure where to start my saving and investing journey once I started working, so I turned to my family for advice and started with insurance plans. I have a better picture of my investment goal now, but I’m not someone who’s aggressively growing my wealth to buy a property per se.

 

I haven’t set a specific goal as to reaching a certain amount in my savings within a specific timeframe, but I obviously am exploring different options to grow my pot of money. My husband and I are grateful to be able to enjoy certain luxuries in life, and we want to continue to grow our wealth to maintain this lifestyle or start a family in the future.

 

 

 

 

 

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