facebookAs an expat, are there any small investments I can make in Singapore that will allow me to grow my wealth (even a little bit) in the coming months? - Seedly

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Shanty

21 Apr 2020

SeedlyTV

As an expat, are there any small investments I can make in Singapore that will allow me to grow my wealth (even a little bit) in the coming months?

This is in addition to the obvious measures like reviewing my expenditures and cutting unnecessary ones, and downsizing where possible.

SeedlyTV S2E01

Discussion (5)

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Just top-up your cpf, and cash out when you leave singapore

Kenneth Lou

21 Apr 2020

Co-founder at Seedly

Hey Shanty! Good question you are asking.

I think that you are in a very good position to start as the markets do look pretty depressed now. That being said, they are highly volatile now and you must have enoough holding power to ride out the near term markets ups and downs (which I don't think its a months timeframe, its more of a years timeframe)

If not a better option would be higher yield savings accounts of the 2.5% singlife account which is pretty high for the first $10k, gets you $250 a year. (decent)

If you are going ahead with investing, I would say you will have to consider some of these before jumping in:

  • Do you have at least 6 months of rainy day funds (especially now the job market may suddenly turn for the worrse, you need to be prepared just in case)

  • Do you need that dollar amount to use in the coming 3 to 5 years at least? (eg wedding, home rennovation, downpayment etc)

  • Do you have the risk appetite to stomach the volatility in the recession coming soon? (potential drawdown paper losses of 20% or more)

If you are ok with the above then you can consider starting with a robo-advisor or picking out your own stocks.

I would personally recommend robo-advisors as they are much easier to navigate and get started with as well. I'm using Stashaway, EndowUs and Syfe right now, you can read reviews of them on Seedly before jumping in!

Food for thought :)

Colin Lim

17 Apr 2020

Financial Services Consultant at Colin Lim

Hope all is well for u.. Do you have an event that require you to liquidate your investment? If no, ...

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