RETIREMENT is not part of Paul Heng's vocabulary: This is no surprise as he is the founder of career outplacement firm NeXT Career Consulting Group Asia.

However, the 50-year-old concedes he does plan to 'slow down' in about five years' time. Until then, he plans to continue providing career management and executive coaching services to firms.

'If people don't do anything, they may feel useless when they grow old. I've banished the word 'retirement' from my vocabulary. I will keep myself useful and occupied,' he said.

That might mean doing an MBA, and boning up on antiques, a recently acquired interest.

He said that the entrepreneurial bug bit after he worked as a human resources practitioner in Hong Kong for five years. In 1999, he struck out on his own and set up NeXT. His extensive contacts and track record meant he was already invoicing clients before the paint had dried in his new office.

Q What is your approach to money management?
A My main concerns are taking care of family needs and my business. I pay myself a salary and set aside 20 per cent for rainy days.

To me, cash is king because there are always risks in investments. I want to focus on my business so I don't want to invest elsewhere.

Q What's the major difference between an employee and an entrepreneur when handling money?
A An employee gets a fixed sum of money in the bank account each month. A self-employed person gets a different amount each month and year. Now, I usually get more than what I was paid in the corporate world, but I have to be very disciplined about not seeing it as money to be spent.

We always have to prepare for the months when things are a little slower. When it comes to year-end, I sometimes pay myself a nice director's fee and this is usually the time when I reward myself and the family with the fruits of my labour.

Q What about insurance planning?
A I regretted buying insurance too late as premiums cost more when you get older. I had not seen the importance of insurance when I was young - I bought my first policy when I was 30.

Now, I have term, whole life plans, mortgage reducing, hospitalisation and critical illness cover. I'm insured for about $1 million. When my children, Charmaine and Shaun, now 20 and 18, were born, I purchased whole life plans for them as I wanted them to have a head start. I pay annual premiums of $30,000 for the whole family.

Q How have you fared in your investments?
A I believe I can make money only through working hard. I'm not fated to make quick money. My investments in unit trusts did not pay off and I don't have luck in property either. I sold my 1,700 sq ft apartment in Farrer Court in 1994 for about $500,000. The estate was just sold en bloc.

Q Your best investment to date?
A My business. Since I made my initial investment of $40,000, it has grown in multiple folds. More importantly, it has given me lots of satisfaction and a lifestyle that I didn't even dream of. For instance, through my partnership with Arbora Global Career Partners, I've travelled to different countries.

Q What has been a bad investment?
A When I was based in Hong Kong in the early 1990s, I succumbed to the temptation of investing in unit trusts. Ten years on, I realised I had gone in at the highest price - needless to say, I had to cut losses. I got back only a couple of hundred US dollars, from the initial thousands of dollars.

Q Why did you decide to become your own boss?
A Two main reasons: My business allows me to play a value-added role in the lives and careers of my clients, and to put food on the table.

As a coach, I help my clients to achieve a higher level of self-awareness and to realise their hidden potential, and this leads them to become better people and better leaders. It's not just a job but something meaningful that I do with my life.

Q Moneywise, what were your growing-up years like?
A I grew up in a family of six. I was the youngest and only son. My father was a clerk and later became a stockbroker while my mum was a housewife. We had enough to get by and I grew up appreciating the value of money.

But because I wasn't able to get all that I wanted in my younger days, I end up spoiling my two kids. I'm learning to moderate.

Q What is your retirement plan?
A I do not plan to retire completely. My game plan is to go into a portfolio career in five years' time and continue to provide career management and executive coaching services to firms. Some of these are income-generating and others are not. I've estimated that, to maintain my lifestyle, I will need about $15,000 every month.
My wife Jane and I don't need a big house but we love to travel and enjoy good food.

Q Your home now is... ?
A I live in a three-bedroom 1,500 sq ft apartment in Loyang Avenue. It was bought for about $780,000 five years ago.

Q And your car is ...?
A A Lexus ES 300.