How a Focus on Debt-Free Living Allows a Chef to Chase His Dreams
Private chef Kenneth Yong, known for his unique Sichuan-inspired dining experiences, has crafted a lifestyle that blends simplicity, disciplined saving, and financial planning to pursue his passions without the burden of debt. Living in a modest, fully-paid HDB flat in Sengkang, Yong and his wife, Laureen Goh, have prioritized financial stability and retirement savings while embracing the joys of life’s simple pleasures.
Yong’s approach to financial peace began with their decision to avoid unnecessary expenses. The couple doesn’t own a car, rarely dines at high-end restaurants, and made the conscious choice to buy a reasonably priced HDB flat instead of splurging on a private property. They aimed to minimize debt as much as possible, giving them the freedom to save and enjoy life’s experiences, such as family travel, which also inspires Yong’s cooking.
Both Yong and his wife have committed to consistent saving. While Yong’s freelance income fluctuates, he carefully allocates any excess funds into his Central Provident Fund (CPF) accounts, which offers risk-free interest rates to grow his retirement savings. His wife, Goh, also contributes a fixed portion of her salary each month, ensuring their financial growth continues despite the uncertainty of his income.
The couple’s financial discipline has been especially important during tough times. In 2022, when Goh suffered a stroke, their emergency savings and insurance coverage provided crucial support. This experience reinforced their belief in being prepared for the unexpected, underscoring the value of simplicity and the importance of being able to enjoy life’s smaller moments.
Looking toward the future, Yong plans to continue running his private dining business into his 50s, with aspirations to diversify into areas like content creation and recipe consulting. For him, financial independence is not just about accumulating wealth but also about maintaining the freedom to enjoy life’s most important moments, including time spent with family. This lifestyle, he says, enables him to live with a sense of purpose and financial calm, knowing that minimal debt and prudent saving allow him to truly enjoy what matters most.
