08 Jun 2021
I heard from my friends, methods such as insurance saving plans, unit trust, SG bonds, ETF, autowealth roboadvisor, stashaway etc. I am planning to set aside $200 per month but I am not sure where to start for a beginner like me. Thank you!
If you are wishing to set aside S$200 a month for investing, you could try roboadvisors or a regular savings plan for a start.
However, if you wish to invest in stocks ie. SGX, you could consider having a larger budget for investment to as transaction fees can add up to a lot.
Read up! - Have a brief understanding of how these instruments/ platforms work, and what generates the profit behind them.
Understand what you are looking for - What's your risk profile, how much you are going to put in & how frequent are you monitoring/ contributing more? Understand you investing philosophy and which mediums suit you the best.
And talk to those who has experience in investing - often there's an emotional portion to the market, so have a chat with those who may have stumbled previously to understand what to take caution of and not make similar trips. Or better, ask them about their sucess stories and how you can follow their examples.
Read up, watch videos, look at articles, find friends with similar interests and you can discuss together. It is more fun to have friends who are also into investing.
Not everything is fun and games though. Warren Buffett gave advice by saying that he used to read a lot of Companies' Annual Reports. It is not difficult but not everyone is going to do it and stick to it.
Investing should be treated as a marathon and not a sprint. I am also relatively new to investing and this was how I started. I wish you all the best!
Start investing in such young age is an amazing idea!
kristal.AI is another robo-advisor you can add to your list.
There is no fees for your first $50,000 investment which makes kristal.AI a great start for you, there are no hidden fees or catches. On top of that, you can use free algorithm feature to get investment advice on asset allocation, and to have a portfolio which fits your profile and suits your needs. This feature will come in handy especially for beginner.
Hope this helps,
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