This is actually a really interesting question! I shared this earlier today as well where initially your question seems a little bit broad... But I feel that there are a few proven ways to grow your wealth which is the ideal way to get 'rich'
Here's a secret easter egg: We'll be inviting a guest speaker online here next wednesday at 7pm - 9pm where he will be sharing how he accumulated $1M worth of savings in the CPF together with his wife. And that to be honest is real money and you will be able to touch it beyond 55 years old. (at least a sum of it) Check it out here: https://seedly.sg/questions/topic/ama-1m65 And please ask him any questions, he will reply you also very soon. He will be able to give you a more detailed understanding as well for sure.
Next, you can also start by understanding and internalising our beginner money framework.
https://blog.seedly.sg/beginner-series-tips-see...
From here, you will be able to learn how to manage your downside protection first. mainly in Savings and Insurance.Before moving on to more advanced concepts like Investing and investment products.
For beginners:
I would advise you to read this: https://blog.seedly.sg/how-to-sti-etf-a-simple-...
To answer your question specifically, some people choose to do a lump sump investment in the STI ETF at one time. (where they enter the index at a low and ride it as the market goes through the ups and downs)
The other way would be via DCA (Dollar Cost Averaging) where you invest at a regular interval using the bank's Regular Saving Plan (RSP).
I personally have done a mixture of both. And I go into the market when the STI is low. But on a monthly basis i am putting aside a constant sum every month.
This is actually a really interesting question! I shared this earlier today as well where initially your question seems a little bit broad... But I feel that there are a few proven ways to grow your wealth which is the ideal way to get 'rich'
Here's a secret easter egg: We'll be inviting a guest speaker online here next wednesday at 7pm - 9pm where he will be sharing how he accumulated $1M worth of savings in the CPF together with his wife. And that to be honest is real money and you will be able to touch it beyond 55 years old. (at least a sum of it) Check it out here: https://seedly.sg/questions/topic/ama-1m65 And please ask him any questions, he will reply you also very soon. He will be able to give you a more detailed understanding as well for sure.
Next, you can also start by understanding and internalising our beginner money framework.
https://blog.seedly.sg/beginner-series-tips-see...
From here, you will be able to learn how to manage your downside protection first. mainly in Savings and Insurance.Before moving on to more advanced concepts like Investing and investment products.
For beginners:
I would advise you to read this: https://blog.seedly.sg/how-to-sti-etf-a-simple-...
To answer your question specifically, some people choose to do a lump sump investment in the STI ETF at one time. (where they enter the index at a low and ride it as the market goes through the ups and downs)
The other way would be via DCA (Dollar Cost Averaging) where you invest at a regular interval using the bank's Regular Saving Plan (RSP).
I personally have done a mixture of both. And I go into the market when the STI is low. But on a monthly basis i am putting aside a constant sum every month.