Dad's money values still guide tech director
Mr Nick Hawkins, senior director of advanced technology at video collaboration solutions provider Polycom, with his wife Sue and their two dogs at the porch of their home in Onan Road, in Joo Chiat.
Mr Nick Hawkins, senior director of advanced technology at video collaboration solutions provider Polycom, with his wife Sue and their two dogs at the porch of their home in Onan Road, in Joo Chiat.
The Business Times
Friday, Oct 31, 2014
The value of money was instilled into Mr Nick Hawkins early on, when he was still a young boy.
His parents taught him that "nothing comes for free".
From the tender age of five, the former Briton started setting money aside regularly, later doing morning and evening paper rounds. He got his first full-time job at 16, and would wake up at 5am on weekends to head to the supermarket where he was a baker. Today, he is a senior director of advanced technology at video collaboration solutions provider Polycom, which has its headquarters in California.
Mr Hawkins moved to Singapore 10 years ago with the company.
He became a citizen 18 months ago and lives in the east with his wife Sue, a Briton and permanent resident here who works at the company, and their two Irish setters.
But thanks to Polycom video technology, Mr Hawkins still gets advice from his father, a finance professional who lives in Britain, "whether I like it or not".
"Still, he was a strong influence in setting my financial philosophy from a fairly young age," says the 45-year-old, adding that his investment philosophy is one of balance.
"It's easy to chase the quick returns but that tends not to be sustainable, and tends to be more luck than judgment." Mr Hawkins looks for solid, stable investments that will grow and deliver value over time.
"You should always start earlier. Probably, everyone looks back and thinks they should have started saving earlier than they did.
Q: Are you a spender or saver?
I was probably a bit more of a spender than I should have been when younger, but am definitely more of a saver now. I believe you've got to have balance - have a bit of fun, but be cautious about what you choose to spend on. As I'm not getting any younger, it's become more of a focus now to put money aside for retirement.
Q: How much do you charge to your credit cards every month?
A few thousand dollars. I love my KrisFlyer American Express card and try to put all my purchases on it. We use the miles to go on holidays twice to thrice a year, one of which would be a longer holiday. Back to the spending versus saving - don't save too much, be prepared to spend every so often and relax.
Q: What financial planning have you done for yourself?
Apart from life insurance, the rest is a mix of shorter- and longer-term investments. On the shorter-term side, I invest in the United States stock market. Being a technology director, I tend to invest in technology companies I am familiar with - they have good businesses, are strongly differentiated in the market. Apple is a good example, as are Microsoft and IBM.
I read news reports on a company and its press releases, and get a feel of its health. A key thing is understanding the company and what it does, what solutions it offers.
I let my financial planner manage the longer-term investments, including investment bonds.
Q: Moneywise, what were your growing-up years like?
I got a lot of investment advice from my father early on - basic guidance such as: It's not what the bank will lend you, it's what you can afford to pay back.
Q: How did you get interested in investing?
Through my dad, and also realising when I was in my late 20s, that if you want to be able to live comfortably and retire - that is, be financially stable and work flexibly - you need to do more than work, earn your wage and spend it; you've also got to plan for the future.
At that point, I realised you need better returns than you're going to get from just putting cash aside. You've got to make your money work a little harder.
I started buying my first shares then. When I moved here in my mid-30s, I realised that to do it well would require a lot of time and attention, so I got a financial investment professional to look after the majority of my investments.
Q: What property do you own?
A 1930s shophouse in Onan Road, in Joo Chiat. We bought it about seven years ago, before the prices got too crazy. We renovated it, keeping many original features where we could, including old Chinese carvings, and not having air-conditioning downstairs to let air naturally flow through.
We love it; it's our little oasis. We own the majority of it - still paying the mortgage.
Q: What's the most extravagant thing you have bought?
My cameras - I've four, mainly Nikon digital cameras, and about half a dozen lenses.
I've been into photography since I was a teenager, and take them out every time I go travelling. Over the years, I've probably spent $10,000 or $15,000 on camera equipment.
Q: What's your retirement plan?
Before moving here from the United Kingdom, I made sure I got professional advice - affairs such as pension money tied up in the UK get more complex when moving to another country.
So I have that, and save money as I work here.
Hopefully if Polycom does well, I'll be able to retire sooner rather than later! For me, retirement is about continuing to work, but maybe taking advantage of Polycom technology - working more flexibly, with a more consultative role and more control over working hours and level of commitment.
My idea of retirement is about being financially secure and not having to work, but wanting to work. If I can reach that sort of financial stability in my 50s, I would consider it a success.
Q: Home is now...
The shophouse
Q: I drive...
An 18-month-old Mitsubishi ASX. It's an SUV crossover, giving space for our dogs when we want to take them to the dog run or the beach.
An important consideration in our purchase was whether we could fit them in. We probably looked a little strange when checking out cars. Instead of looking at the engine or the interior, we'd go straight to the back of the car with a measuring tape to see if the dogs could jump in.
WORST AND BEST BETS
Q: What is your worst investment to date?
Canada's Northern Telecom (Nortel). It declared bankruptcy in 2009. That's an example of where more research would have been ideal. You live and learn; now I stick with what I know and do more research than I used to, in terms of a company's general health, profitability and cash flow
I tend to buy and hold for the long term, and have held my portfolio for about three to four years. I had the Nortel stocks for three to four years as well, unfortunately also chasing them downhill - it's cheaper, so you keep buying and get emotionally attached, which you shouldn't do, thinking it'll recover - eventually doing more research and saying no, you've got to cut your losses.
I probably lost $5,000 to $10,000 on the stock.
Q: What is your best investment to date?
Apple, without a doubt. I bought into it three to four years ago, and have probably nearly tripled my investment
His parents taught him that "nothing comes for free".
From the tender age of five, the former Briton started setting money aside regularly, later doing morning and evening paper rounds. He got his first full-time job at 16, and would wake up at 5am on weekends to head to the supermarket where he was a baker. Today, he is a senior director of advanced technology at video collaboration solutions provider Polycom, which has its headquarters in California.
He became a citizen 18 months ago and lives in the east with his wife Sue, a Briton and permanent resident here who works at the company, and their two Irish setters.
But thanks to Polycom video technology, Mr Hawkins still gets advice from his father, a finance professional who lives in Britain, "whether I like it or not".
"Still, he was a strong influence in setting my financial philosophy from a fairly young age," says the 45-year-old, adding that his investment philosophy is one of balance.
"It's easy to chase the quick returns but that tends not to be sustainable, and tends to be more luck than judgment." Mr Hawkins looks for solid, stable investments that will grow and deliver value over time.
"You should always start earlier. Probably, everyone looks back and thinks they should have started saving earlier than they did.
5 common mistakes that lead to bad investment decisions
![Let's face it. Your chances of success are grim.<p>"The results [of the performance of wealth advisers over an eight year period] resembled what you would expect from a dice-rolling contest, not a game of skill." -Daniel Kahneman, winner of the 2001 Nobel Prize in economic sciences.](http://business.asiaone.com/sites/default/files/styles/thumbnail/public/2013/10/30/investment01.jpg "A few facts about the stock market")
I was probably a bit more of a spender than I should have been when younger, but am definitely more of a saver now. I believe you've got to have balance - have a bit of fun, but be cautious about what you choose to spend on. As I'm not getting any younger, it's become more of a focus now to put money aside for retirement.
Q: How much do you charge to your credit cards every month?
A few thousand dollars. I love my KrisFlyer American Express card and try to put all my purchases on it. We use the miles to go on holidays twice to thrice a year, one of which would be a longer holiday. Back to the spending versus saving - don't save too much, be prepared to spend every so often and relax.
Q: What financial planning have you done for yourself?
Apart from life insurance, the rest is a mix of shorter- and longer-term investments. On the shorter-term side, I invest in the United States stock market. Being a technology director, I tend to invest in technology companies I am familiar with - they have good businesses, are strongly differentiated in the market. Apple is a good example, as are Microsoft and IBM.
I read news reports on a company and its press releases, and get a feel of its health. A key thing is understanding the company and what it does, what solutions it offers.
I let my financial planner manage the longer-term investments, including investment bonds.
Q: Moneywise, what were your growing-up years like?
I got a lot of investment advice from my father early on - basic guidance such as: It's not what the bank will lend you, it's what you can afford to pay back.
Q: How did you get interested in investing?
Through my dad, and also realising when I was in my late 20s, that if you want to be able to live comfortably and retire - that is, be financially stable and work flexibly - you need to do more than work, earn your wage and spend it; you've also got to plan for the future.
At that point, I realised you need better returns than you're going to get from just putting cash aside. You've got to make your money work a little harder.
I started buying my first shares then. When I moved here in my mid-30s, I realised that to do it well would require a lot of time and attention, so I got a financial investment professional to look after the majority of my investments.
Q: What property do you own?
A 1930s shophouse in Onan Road, in Joo Chiat. We bought it about seven years ago, before the prices got too crazy. We renovated it, keeping many original features where we could, including old Chinese carvings, and not having air-conditioning downstairs to let air naturally flow through.
We love it; it's our little oasis. We own the majority of it - still paying the mortgage.
Q: What's the most extravagant thing you have bought?
My cameras - I've four, mainly Nikon digital cameras, and about half a dozen lenses.
I've been into photography since I was a teenager, and take them out every time I go travelling. Over the years, I've probably spent $10,000 or $15,000 on camera equipment.
Q: What's your retirement plan?
Before moving here from the United Kingdom, I made sure I got professional advice - affairs such as pension money tied up in the UK get more complex when moving to another country.
So I have that, and save money as I work here.
Hopefully if Polycom does well, I'll be able to retire sooner rather than later! For me, retirement is about continuing to work, but maybe taking advantage of Polycom technology - working more flexibly, with a more consultative role and more control over working hours and level of commitment.
My idea of retirement is about being financially secure and not having to work, but wanting to work. If I can reach that sort of financial stability in my 50s, I would consider it a success.
Q: Home is now...
The shophouse
Q: I drive...
An 18-month-old Mitsubishi ASX. It's an SUV crossover, giving space for our dogs when we want to take them to the dog run or the beach.
An important consideration in our purchase was whether we could fit them in. We probably looked a little strange when checking out cars. Instead of looking at the engine or the interior, we'd go straight to the back of the car with a measuring tape to see if the dogs could jump in.
WORST AND BEST BETS
Q: What is your worst investment to date?
Canada's Northern Telecom (Nortel). It declared bankruptcy in 2009. That's an example of where more research would have been ideal. You live and learn; now I stick with what I know and do more research than I used to, in terms of a company's general health, profitability and cash flow
I tend to buy and hold for the long term, and have held my portfolio for about three to four years. I had the Nortel stocks for three to four years as well, unfortunately also chasing them downhill - it's cheaper, so you keep buying and get emotionally attached, which you shouldn't do, thinking it'll recover - eventually doing more research and saying no, you've got to cut your losses.
I probably lost $5,000 to $10,000 on the stock.
Q: What is your best investment to date?
Apple, without a doubt. I bought into it three to four years ago, and have probably nearly tripled my investment
No comments:
Post a Comment