Money Talks Podcast: How I Made It - Property mogul Ismail Gafoor on making and spending money

In this special two-part series, Andrea Heng asks Singapore’s money makers about their relationship with money. Real estate mogul Ismail Gafoor shares how his childhood shaped his attitude towards money, the number one financial rule he and his wife live by, and why it took years for him to finally enjoy spending money on himself. Here's an excerpt from the conversation: Andrea Heng: It's important for any couple to be on the same page to make sure that finances are on track.

What's the one thing that you and your wife have in common when it comes to a financial habit? Ismail Gafoor: We have come to an agreement, we will not lend money to anyone ...



It (has been) a source of friendships and relationships being broken. But we say that we can give money to people who are in need and we just bless them with the expectations (of) not receiving it back. But if (we) receive it back, we take it as a blessing.

This was even during our earlier days, before we became entrepreneurs. So this is one agreement that we had, whether it is for my friends or her friends. If (either of us) ever decide to give, we don't need to consult each other if it is within our range of pocket money - for them to help themselves and the family for a week's meal .

.. no problem.

If somebody wants to ask (for) X amount of thousand dollars, we don't have the right to give unless both of us (have) discussed and we think it's okay, then we can. So that's one part of it. The next part here is this - we never overstretch ourselves beyond our means.

For example, some of us may be paying a monthly mortgage on our property that could be on a higher interest level. And by just taking a proactive approach ..

. speaking to few other mortgage lenders (or) your own bank, to say that, "Hey, I've been your loyal supporter over the last five years, and I'm paying a much higher interest rate than the new people that you are trying to bring on board. Can I have that similar treatment?" The bank will give it to you.

And if the bank doesn't want to give it to you - and there's no reason why the bank won't - you shift to another bank, then you become their new darling. But you saved money. And it can boost a couple of hundreds or thousands depending on the amount of the loan.

This is only one aspect. But when we just pause the moment and look at all our finances, be it a mobile plan ..

. and our (spending) habits. And if you just reorganise a bit, (you) can have some savings.

Find more episodes of Money Talks here . A new episode of Money Talks drops every Tuesday. Follow the podcast on Apple or Spotify for the latest updates.

Have a great topic for us? Drop the team an email at cnapodcasts [at] mediacorp.com.sg.