11 Nov 2020
Hi all finance guru, I’m currently a 13 year old secondary 1 student, I have about 500k of savings and I’m thinking of buying a private property and listing myself as the beneficiaries. This way I can callback the property to be transfer back to my name when I’m 21(while serving NS) and achieve financial freedom(and personal freedom) when I ORD. Do you all think this method is feasible? Genuine answer only, no trolls please.
Going by your age, you need to be careful.
I suggest that you can place the money with a local bank, and ask for premier banking (not private banking, private banking would need at least $1m). usually premier banking needs $300k SGD.
Ask the premier banker to set up legal trust for you.
DBS allows you to hold SGD stocks (and REITS, which is a way of owning properties) via their brokers too.
It may be easier for you compared to other more cost effective method.
Why must buy property? Equities and stocks/bonds can be considered, but I think most important thing...
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