Me and My Money: She left her corporate job to help the elderly age well

SINGAPORE - Ms Kate Cham and her husband Vincent Wong grew up with grandparents who spoke only Mandarin and Chinese dialects. His grandmother needed care later in life but did not hire a helper, as she was worried that she could not communicate with the helper or caregiver.

This made the couple realise that many families face the same challenges, and that having a shared language with caregivers makes seniors feel safe, building trust and meaningful companionship. 

So Ms Cham, 35, left her job as an analyst in management consulting and, with Mr Wong, set up a business in 2015 to help the elderly access caregiver services without language barriers.

Their company, Anglo Caregivers, connects the elderly and their families with live-in caregivers who can speak either Mandarin or English.

The word “Anglo” does not refer to the language or nationality of the caregivers the agency places, said Ms Cham.

“Instead, it reflects the values and standards we wanted the agency to stand for from the very beginning: professionalism, transparency, ethical employment practices and accountability,” she said.

“(My previous job) was challenging and I got to work with great minds. However, I felt something was missing and I wanted to do something that could directly impact end consumers. My husband had always wanted to start his own business and caregiving was something that resonated with both of us.”

Mr Wong left his job as a corporate restructuring asssociate at KPMG to start the agency with Ms Cham.

“Our company was started with $500. My husband and I always reinvest the profits in the company to generate more value. To date, we have grown to help more than 1,400 elderly in Singapore age well at home,” said Ms Cham, who is a Nanyang Technological University business graduate.

She and Mr Wong have an 18-month-old son.

Q: What do you invest in, and why?

A: I am generally quite conservative and risk-averse in the way I manage my money. I have fixed deposits, and plan to purchase a property in about a year’s time.

Q: What’s your biggest or most valuable asset right now?

A: My business is my most valuable asset, both in terms of financial and emotional value. I am passionate about our mission as we generate value for our elderly clients, their families and our caregivers while, at the same time, it is financially rewarding.

Q: What’s your approach to growing money?

A: I don’t invest aimlessly. I have specific financial goals, whether it’s saving for retirement, a down payment on a property, or my child’s education. This helps me determine my timeline and risk tolerance. Right now, my husband and I are planning to purchase a property within a year, and I place most of my assets in short-term financial instruments to ensure liquidity to purchase our property any time we find something that we like.

Q: Where’s home for you now?

A: We are renting a two-bedroom condo unit in Queenstown so we can be closer to work, and spend less time travelling and more time with our baby.

Q: Do you invest in tangible assets – art, crystals, Pokemon cards? 

A: No, I have not invested in any tangible assets.

Q: What was your first exposure to investing?

A: It was back in 2014 when my husband and I invested in four orange juice vending machines. We had challenges in terms of finding commercial spaces to rent for the vending machines. Back then, the vending machine scene was not as vibrant as it is today. At that time, most landlords we approached viewed vending machines as being not aesthetically pleasing and preferred that they be placed in spaces with low footfall, like carparks and loading bays. We poured our own savings into it but the venture did not work out.

Q: Moneywise, what were your growing-up years like? How did these experiences shape your outlook on personal finance/investing? 

A: Coming from a single-income family with three children, money was tight and just enough to support our education through to university. There were no leftovers for family vacations. It taught me to be prudent and to always weigh the opportunity costs of choosing to buy one thing over another. It made me more conscious about the value of something. I would mull over things many times before I made the financial commitment. I am quite conservative and risk-averse when it comes to personal finance and investing.

Q: What was your childhood dream?

A: When I was younger, I wanted to be a professional contemporary dancer.

Q: What was your first job?

A: I started my first job right after the A levels, working at a tuition centre. I was an administrator and also in charge of the front desk. The $500 monthly pay was below the industry average, but the knowledge, skills and confidence that I gained from the job were invaluable. I also made a true friend while on this job. She has since passed away, and at a young age, but the memories we have had will always stay with me.

Q: What do you drive?

A: We are currently renting a Hyundai Avante. Previously, my husband and I didn’t have a car. But ever since our baby was born, we find it a lot easier and safer to drive.

Q: What was your most frivolous or guilty pleasure purchase?

A: That would be spending $12,000 just on carpentry for a boxed-up bedroom style for my master bedroom. Both my husband and I saw a photo online and fell in love with the design. It was a guilty pleasure purchase but the emotional benefit we got out of it far outweighs the cost, in our opinion.

Q: What does work-life balance mean to you?

A: I am a workaholic who frequently brings work home. Even when I do not bring my laptop home, I find that my mind often wanders off about work. Work-life balance, to me, is about being able to delineate work and life more clearly, to not just be physically present with my loved ones but also cognitively present and actively engaging in conversations with my family. I am constantly working on this.

Q: What would your perfect day look like?

A: Sleep. Lots of sleep, rest and meditation.

Q: What would you do if you suddenly had a windfall of millions?

A: I would invest a third of it in the business to generate more value. The remaining amount I would invest in my family and things that are important to me – my child’s education fund, housing fund and church.

Q: If you suddenly had only $100 to your name, what would you do with it?

A: I would use it to start another business again, likely in the areas of healthcare or human resources, areas that I am passionate about.