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Anonymous

31 Mar 2021

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Students

How can i grow the $15k in my savings more at 17?

Hi, I am 17F with $15k in savings and $15k in SBS. I am aiming $100k by 25 but I'm still currently studying and busy with certain commitments.

Discussion (19)

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First, you should do well in your studies + aim for scholarships + bursaries!

β€’ work part time job while you study if you can cope
β€’ put $ into Robo-Advisors/ high interest savings account

I think if given such circumstances. While investing maybe a third of the 15k into a broad index fund. Actually the runway you have is really decent. So while buying into the index i would personally try to look around for a single or maybe 2 stocks with high conviction and invest the rest in those. Since u already have some bonds and can put some in an index. But of course this is up to your own risk appetite and when you are looking to reaccess this pot of gold. But i think there are many great opportunities now in the current market and alot of good can come off learning how to pick stocks.
To me growing the initial wealth requires a slightly more concentrated portfolio. But this is just my view

JeffreyLeeZQ

22 Mar 2021

Writer at Jeffreyleezq.com

Wah this brings back memories.

To grow the $15k, refer to Andy's post. Don't think I would suggest a different approach than what he has already suggested.

To earn more wise, honestly I think the best side hustle you can do at this age is really tuition. I was giving lots of tuition at this age. But please don't neglect your health and studies in the process.

Afterall, health is wealth, and the best investment you can make is in yourself.

Cheers! :)

- Jeffrey (jeffreyleezq.com)

P/S: Btw what's SBS arh. Or is it a typo and you meant SSB (Singapore Savings Bonds)?​​​

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You may want to consider getting some insurance to protect your wealth. If you're not comfortable on paying for a Life Policy, you may want to consider an Integrated Shield Plan + Rider. Doesn't cost much, bout 300/yr for Class A Ward Hodpital Insurance. Do start reading up on insurance to increase your financial knowledge.

If you want to grow your wealth you can consider taking out the bonds and invest more aggressively. Cash is not king. To be extremely conservative, you can consider keeping 6months of expenses as emergency funds and the rest could b invested. On top of the emergency funds, you can consider keeping maybe another $2k to double down during a major correction. I don't see a need for bonds at this age.

As per what Andy mentioned, you can consider Robos/Etfs. If you're good, pick out quality stocks.

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SG Young Investment

22 Mar 2021

Financial Blogger at SG Young Investment

When I was your age, I too wanted to grow my savings. I had less than $10K at 17 and worked part tim...

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