facebookI am currently enjoying the highest interest rate possible on the DBS multiplier (2 categories). Should I get another savings account or invest the excess money (amount above 50k) into digiportfolio? - Seedly

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Anonymous

30 Jun 2020

Saving Hacks

I am currently enjoying the highest interest rate possible on the DBS multiplier (2 categories). Should I get another savings account or invest the excess money (amount above 50k) into digiportfolio?

SeedlyTV S2E07

Discussion (5)

What are your thoughts?

Hmm, why not unlock a 3rd category to get high interest up to 100k?

Tips to unlock DBS Multiplier

  • Salary (must have)
  • Credit Card (easy to have)
  • Investment (Monthly DCA thru invest saver. As low as $100/month. Choose STI ETF, quite stable. After 1 year just cancel and most likely can get back full capital with abit of gain)
  • Insurance (Take a look into CancerCare) same thing. After 1 year can cancel since it will not be eligible after 1 year.

View 3 replies

Pang Zhe Liang

Pang Zhe Liang

27 May 2020

Senior Financial Services Consultant at AIA Singapore Private Limited

Cash Flow

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit.

Here is a Guide:

Understanding Your Personal Cash Flow

Thereafter, we need to determine whether you need so much liqudiity in the short-term. Otherwise, you may wish to consider to park part of this suplus into other financial instruments that is capable of helping you reach your goals.

For example, you may wish to shift part of this money (if available) to help you get a headstart for retirement planning (or whatever purpose, depending on your needs).

As for investment, I will suggest for you to have a well-defined investment objective before you start investing. Through this process, it keeps you in check whenever you face uncertainty.

I share quality content on estate planning and financial planning here.

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