Anonymous
As a Poly Student wanting to start investing, what is the best product to get started with? RSP? Roboadvisors? DIY?
I have about 6K in the bank and I really want to start investing to get it going before I start serving the nation this year for 2 years. I looked through the seedly and moneysmart articles and I shortlisted a few products based on what I think I prefer. They are Syfe, FSM and SAXO. Syfe has the lowest fees for roboadvisors (0.6% annual + i think ~0.2% etf fees?) so im more inclined to that cause more savings as compared to stashaway! It's so sad that Endowus is only 21 and above as the performance seems to be better than Syfe in the Robo Wars article.
I listed FSM because apparently I can choose what to buy and that gives me flexibility (I'm not sure what's the best to buy though. S&P 500 ETF?).
Finally, I listed SAXO because it is basically the same as a roboadvisor as they both use ETF portfolio but SAXO is managed by BlackRock and not an algorithm. Maybe the name BlackRock swayed me a little since it is the largest asset management company in the world. If it can become so big, surely it must be doing something correct right? However the fees are not cheap too at (0.75% annual + ~0.23% ETF fees?).
I'm not too sure about DIY since I don't know much and I probably won't have the time to be active too. My peers are doing DIY but because of the aforementioned reasons, it's more of a DI-WHY for me since I probably will lose money.
Any thoughts on which to choose? All opinions are welcome. Thank you!
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May be err, start with S&P500? The most simple etf to start with, get use to the small volatility then once you are more experience, you may do your own stock picking~
FSM fee is U$1 for us stock(and $8 for selling), i rather you use IBKR, which is $0.35/trade
Tiger broker got much better perks~ which i think it may suit you more for now~ it has much better UI, with live data and forum + news + article to see~
Tiger broker fee is higher than syfe trade and ibkr as well as FSM, it charges $1.99 per trade~
But it has lots of free gift like free apple share, free 20 trades when you sign up? after that, theres a daily quest you can earn up to 120 coins per day with only 5 mins of your time~ each month you can redeem $10usd voucher + 1 free trade
However if you dont feel like buying individual etf, you can try robo~ even tho i think if you willing to learn, you may start immediately on brokerage instead:)
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Hey buddy, in the same boat as you (poly student going ns this year) hahaha so I know exactly the dilemma you're going through right now.
First of all, congrats on taking your first step on your financial journey, it'll be a long but fulfilling one. Take my opinions with a grain of salt though and always do your own research and make your own decisions after careful thought, I'm also relatively early in my investing journey. But anyway, for me, I started using Syfe a couple of months ago and DCA a portion of my intern money into it.
The reason why I chose Syfe is that it was the cheapest for my situation (lack of knowledge, <$800 initial capital, $210 monthly DCA). Btw I'm pretty sure that all those fees are already baked into the simple 0.6% annual fee so I wouldn't worry so much about that.
Syfe also gives me the option to advance to a more DIY investment style with Syfe Custom and also the recent Syfe Trade as I slowly read up and gained more knowledge about investing. (Not being sponsored by Syfe to say these hahaha I'm just explaining my thought process and reasoning behind why I decided to use Syfe)
So I would say, to start dipping your toes into investing, a roboadvisor would be a great option to start and you can watch and understand how the market moves up and down in a relatively less volatile way compared to picking individual stocks right away (you can still invest in individual S&P 500 ETFs in Syfe btw). As you slowly gain more experience and confidence and knowledge as you read up more (maybe throughout your NS), you can start doing more DIY stuff with a broker like IBKR. At least that's what I'm doing for myself right now.
But my advice for you is to not be too FOMO because of greed. Sure, your friends might be doing DIY and getting higher yields, but everyone is at different places on their financial journey with different circumstances and goals and your OWN journey should fit your OWN circumstances and goals. So don't blindly copy what your friends are doing. Knowledge is also a powerful asset so use it wisely.
But pls do let me know if you still have questions and doubts. I would love to help.