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Anonymous
As I'm a student trying to do a forced saving. I was thinking of using the small return earn by smartly to earn a bit of extra cash while doing a daily forced saving and then withdraw the amount need for the premium while keeping the extra return still in smartly account. Should I do a 10/10 profile or a lower profile if I'm doing this?
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Gabriel Tham
07 Jun 2019
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Regular investing into smartly/roboadvisor is good. But your idea of withdrawing it to pay insurance premium is not.
Investments will fluctuate and by withdrawing the investments at its downturn point would actually hurt the portfolio returns in the long term.
If you need the daily savings to pay off insurance premiums, you should put it into a bank deposit or Singapore savings bonds. Just withdraw the singapore savings bonds 1 month before the premium due date.