facebookHow should a 13 year old invest his money with 300k in account and not doing anything? - Seedly

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Anonymous

11 Nov 2020

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How should a 13 year old invest his money with 300k in account and not doing anything?

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.

Discussion (3)

What are your thoughts?

13 yr - 300k . Thats rich.😆

U need at least 18 yr to open an account.
So your can only buy endownment plan from the bank.

Cedric Jamie Soh

Cedric Jamie Soh

11 Nov 2020

Level 12·Director at Seniorcare.com.sg

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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