Ex-Banker Explains - Why 90% of Singaporeans Will Fail at Retirement

Eric Sim’s View of Life After Corporate Work

Eric Sim argues that a fulfilling life after corporate work does not require a huge fortune. The bigger challenge is often awareness and preparation: people can spend years on career autopilot and miss the period when they still have the time, health, and resources to pursue other interests.

The Three Stages of Life

• Stage 1 — Youth: You have time and health but limited money. Build a career and financial foundation while exploring skills and interests beyond work.
• Stage 2 — Career peak: You have more money and continued good health, but little control over your time. Success should also preserve family relationships, health, and integrity—not just salary or rank.
• The “Magic Stage”: This is a window between the career peak and old age when you can combine time, health, and money. Sim says it can be created without exceptional wealth and does not necessarily require quitting work.

Career and Transition Playbook

• Experiment before leaving a job. While still in banking, Sim began writing on LinkedIn in 2015, teaching part-time, speaking for free, and testing demand for coaching. He wanted evidence that people would pay for his work before making a full transition.
• Expect a transition period. Sim estimates that trial and error can take about 18 months. Testing ideas while employed can reduce the financial and emotional risks.
• Check employer rules. His bank restricted outside work because of concerns about distraction and conflicts of interest. Sim sought approval rather than working secretly. When paid teaching was challenged, he arranged for travel and accommodation reimbursement and obtained HR and compliance approval.
• Build an identity beyond your employer. Sim changed his LinkedIn headline from “Managing Director at UBS” to “banker, writer, lecturer, speaker” to develop an independent professional identity.
• Combine interests with existing work. For example, he spent extra time on slide design and asked clients to take him to street-food venues he enjoyed.

Career Capital and Relationships

• Treat relationships as long-term social capital. Small acts of help may not produce immediate returns; Sim described a potential payback period of 5–10 years. He recommends helping people without expecting an instant return.
• Invest in useful networks, not status symbols. Sim described regular Friday networking gatherings that grew to include colleagues from other departments and banks, students, and lawyers. The events connected people across professional and industry boundaries and could create business opportunities.
• Recognize how senior roles are filled. Sim said a former DBS colleague helped him move to Citi, where he went through three interview rounds. His UBS managing-director opportunity came through another former colleague and involved nine rounds. He said these roles were not advertised through standard job listings.
• Prioritize competence and usefulness over appearances. Sim cautioned against lifestyle inflation, such as buying expensive watches and cars. He said knowledge and the ability to help others matter more than prestige purchases.

Skills, Learning, and Personal Development

• Develop skills outside your main profession. Sim’s interests in photography, graphic design, and Japanese culture expanded his network and later proved useful; he designed his book cover himself.
• Use weaknesses as clues to what you care about. Sim’s desire to improve his English and writing led him to publish LinkedIn posts and co-author a book. He suggests that a weakness can point to an area someone genuinely wants to develop.
• Make progress through small, repeated exposure. To address stage fright, Sim first stood on stage as part of a school dance performance, then repeatedly went on stage after conferences to become more comfortable. He applied the same incremental approach to writing rather than waiting until he felt ready to write a book.
• Learn through practice and collaboration. Sim found a co-author to help him learn to write while producing his book, rather than relying only on formal instruction.
• Explore before deciding what your “passion” is. Sim recommends trying new activities in small steps. Interest can grow as competence develops.

Management and Life Balance

• Define career success broadly. Sim described a successful career as involving money and seniority while also protecting family time and ethical standards. He warned that misleading clients or overpromising may bring short-term gains but can damage reputation and peace of mind.
• Account for the hidden costs of advancement. Senior banking roles can involve high pressure, office politics, limited control over time, and pressure to protect clients or territory.
• Do not defer family and health indefinitely. Sim cautioned that postponing time with children until retirement may mean they are adults with established routines and less interest in spending time together.
• Avoid relying on work as your only source of identity or stimulation. People who fear boredom after leaving a role can start by exploring interests or incorporating them into their current work rather than making an abrupt change.

Examples and Figures

• Sim spent more than 20 years in banking and had been a managing director for five years before deciding to explore a different path.
• His turning point came during a 2014 holiday in Greece, when he spent time checking work messages and deal activity rather than enjoying the trip. He began writing on LinkedIn in 2015.
• He later spent six weeks studying landscape architecture at UC Berkeley as a student.
• He described budget travel in Japan, including budget hotels costing about $100 per night, as an example of enjoying experiences without spending extravagantly.
• The host introduced Sim as a LinkedIn creator with over 2 million followers. The conversation did not provide revenue, profit, customer-acquisition, or other operating KPI targets.

Sources and Presenters

• Eric Sim — Former investment-banking managing director, author, lecturer, speaker, and LinkedIn creator.
• Shao Chun — Host of the interview.