First up, welcome to the investment world! :)
Maybe before we begin, we can ask ourselves some questions first.
Have you already:
Set up an emergency fund of 3 to 6 months?
Gotten adequate insurance coverage?
Equipped yourself with some financial/investing knowledge?
For point 2, you might be keen to look up on Term Life plans, Hospitalisation plans, Critical Illness/Early Critical Illness Term plans, Personal Accident plans, and Disability Income plans.
If you have already done point 1 and 2, but not so about point 3, then I would recommend you arm yourself with some knowledge of CPF and investing first.
Investing wise, I think you can consider the following:
Dollar Cost Averaging into Passive Index ETFs,
Robo-Investors;
Regular Savings Plans
I personally recommend the first one option since it has the lowest cost.
You would also want to consider between Growth investing and Dividend investing as both are different forms of wealth accumulation. If you are interested you can check out an article I wrote previously here about their differences: Growth Investing or Dividend Investing?
CPF wise, you want note that the first 60k in your CPF earns a pretty extra 1% of interest. This means the first 60k of savings in your MA/SA can earn up to 5% of interest. However do note that any top ups to your CPF is irreversible. You might also be interested to read the 1M65 movement revolving around CPF. If you are interested, I wrote an article revolving around this topic here before: A million dollars in CPF by 55 - Is it possible for the average Joe?
Personally wise, I am for investment first, since I haven't started working, but if I am a salaried person, I would favourably consider topping up my CPF's Medisave Account / Special Account first to the first $60k to take advantage of the extra 1% interest, not to mention the tax relief I would enjoy doing so as well.
Cheers and all the best to your investing journey! :)
- Jeffrey (jeffreyleezq.com)
P/s: If my reply has helped you to understand more about CPF, you could do me a favour by indicating my name "JeffreyLeeZQ" when you submit any CPF applications online under the "Referrer Name" field, so that I can keep track of my paying-it-forward journey. You can find out more about what the CPF referrer name initiative is about here at CPF.
First up, welcome to the investment world! :)
Maybe before we begin, we can ask ourselves some questions first.
Have you already:
Set up an emergency fund of 3 to 6 months?
Gotten adequate insurance coverage?
Equipped yourself with some financial/investing knowledge?
For point 2, you might be keen to look up on Term Life plans, Hospitalisation plans, Critical Illness/Early Critical Illness Term plans, Personal Accident plans, and Disability Income plans.
If you have already done point 1 and 2, but not so about point 3, then I would recommend you arm yourself with some knowledge of CPF and investing first.
Investing wise, I think you can consider the following:
Dollar Cost Averaging into Passive Index ETFs,
Robo-Investors;
Regular Savings Plans
I personally recommend the first one option since it has the lowest cost.
You would also want to consider between Growth investing and Dividend investing as both are different forms of wealth accumulation. If you are interested you can check out an article I wrote previously here about their differences: Growth Investing or Dividend Investing?
CPF wise, you want note that the first 60k in your CPF earns a pretty extra 1% of interest. This means the first 60k of savings in your MA/SA can earn up to 5% of interest. However do note that any top ups to your CPF is irreversible. You might also be interested to read the 1M65 movement revolving around CPF. If you are interested, I wrote an article revolving around this topic here before: A million dollars in CPF by 55 - Is it possible for the average Joe?
Personally wise, I am for investment first, since I haven't started working, but if I am a salaried person, I would favourably consider topping up my CPF's Medisave Account / Special Account first to the first $60k to take advantage of the extra 1% interest, not to mention the tax relief I would enjoy doing so as well.
Cheers and all the best to your investing journey! :)
- Jeffrey (jeffreyleezq.com)
P/s: If my reply has helped you to understand more about CPF, you could do me a favour by indicating my name "JeffreyLeeZQ" when you submit any CPF applications online under the "Referrer Name" field, so that I can keep track of my paying-it-forward journey. You can find out more about what the CPF referrer name initiative is about here at CPF.