SINGAPORE – For Mr Yaki Razmovich, the most important lessons about money began at home.
The managing director of eToro Singapore and Asia, a financial services firm, credits his father with nurturing his interest in finance from a young age, after giving him $10,000 to invest as a student and filling his bookshelf with financial advice titles such as Rich Dad Poor Dad.
Now a father of six-year-old twins, Mr Razmovich is trying to pass those lessons on to his daughter and son. He uses their hongbao money to teach them about saving, budgeting and diversification, guiding them to set aside part of the money while using the rest as a simple monthly allowance.
“Financial education comes in many forms, but I truly believe one of the most important things parents can do is to start teaching their kids about money (from) a young age,” said the 49-year-old Singapore permanent resident who came from Israel.
“I’m already doing the same with my children. I teach them age-appropriate financial concepts, like how the ice cream shop in our neighbourhood makes a profit from the ice cream they bargain for every weekend.”
Mr Razmovich holds a Master of Business Administration from INSEAD.
A: My portfolio is quite diversified with a balanced mix of both Eastern and Western markets.
A significant portion of my investments is in the Nasdaq and the S&P 500, as well as various Asian exchanges that have higher exposure to AI and have shown strong performance over the past two years.
Since retirement is still some years away, I’m willing to take more calculated risks to maximise returns later down the track. Around 80 per cent of my portfolio is in stocks and crypto, and 20 per cent in fixed-income assets to balance volatility.
A: My most valuable assets are my six-year-old twins. Over the past six years, I’ve poured into them more resources than I ever imagined, and while the return on investment isn’t quite there yet, I see some serious potential on the horizon.
My second-most valuable asset is my home in Upper Bukit Timah. It’s an old estate that underwent a massive transformation.
A: It’s about knowing what your timeline for retirement is and how you will react when things get rough.
I’m all about growth since I don’t rely on my investments for income. Diversification is a key strategy. A big chunk of my investing funds will go for some of the bigger, well-known names, but I also like to dabble with a smaller portion in more experimental ventures.
A: I am a bit of an art collector. My favourite haunt is the Chatuchak Market in Thailand, specifically the art section. It’s an incredible place where you can find huge paintings at ridiculously good prices.
A: It was my dad who introduced investing to me when I was pretty young, and I think it’s super important for parents to get their kids engaged in finance earlier on. My dad actually handed me my first $10,000 to go and invest when I was a student.
A: I invested as part of a group in buying a small hotel in Greece. Admittedly, I jumped in without doing my homework, thinking it sounded like a great opportunity. It was not a big amount of money, but it turned out to be more complicated than I thought.
We got it at a good price, but it turned out that small hotels do not have a lot of demand in Greece. It was a tough lesson for me, but it taught me the importance of doing my research before making big financial decisions.
A: When the market tanked at the start of the Covid-19 pandemic, I decided to make some bold investments. I’ve been through market dips before, and I figured the downturn was just a temporary blip and that things would bounce back eventually.
My hunch paid off, and by the end of the year, my portfolio had jumped by 40 to 50 per cent. It is a great reminder to stay cool and make smart moves when things look rough.
A: I had the classic dream of moving to America, but life had other plans for me. Instead of America, my journey took me to Paris, London, Hong Kong and now Singapore, where I’ve been living for the past 16 years.
Each place shaped me as a person, my views on the world and my path in life, and for that I’m incredibly grateful.
A: My first job was as a waiter, and let’s just say I didn’t exactly shine. I thought I would be great at it, but I was fired after just two months.
It was humbling, but also one of my earliest lessons in self-awareness and understanding what you’re good at – and just as importantly, understanding what you’re not good at.
A: I would tell my younger self to play the long game. Not everything makes sense when you’re in it. The dots will connect when you look back. Be patient, listen, learn, stay curious and don’t be afraid to take more risks.
A: I don’t own a car as Singapore’s public transport system is reliable, efficient, and it gets me everywhere I need to go.
I love the freedom of not having to worry about parking or traffic.
A: I’m not really into luxury goods, but I’ll always say yes to a great meal or a fun holiday. For me, the best splurges are all about creating memorable experiences.
A: Work-life balance means being present for the moments that really count. I want my kids to remember me as a father who was there, so I make it a point to be home to put them to bed most nights of the week.
I can always log back in later if needed. Laptops and flexible work arrangements now make that possible. But I’ll never get those bedtime moments back, so that’s what balance looks like for me.
A: I grew up in a beach town, so for me, a perfect day is one that ends with sharing a sunset by the sea with my family and friends.
There’s something special about a pink sunset, and Singapore really has some stunning ones.
Money Matters
A: I would put $90 on the next big stock. I would try to find the next Nvidia, the next Apple or the next Google. The last $10 would be for a big bowl of prawn hor fun.
