facebookI'm a fresh grad and just started my first full-time job. I am planning to do a $5k(from my savings) voluntary contribution to my CPF account. Is this the best way to use the 5k? - Seedly

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Anonymous

12 May 2021

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I'm a fresh grad and just started my first full-time job. I am planning to do a $5k(from my savings) voluntary contribution to my CPF account. Is this the best way to use the 5k?

It's an unpopular opinion/decision. Any advice or 'better' ways to use that $5k?

Discussion (10)

What are your thoughts?

Get an investing account up or a high-yield savings account for the interest

regards https://topnotchlahore.com/

Oh ChengKok

Oh ChengKok

12 May 2021

Level 4·Financial Services Consultant at AIA Singapore

Congrats for your full-time role! I understand that you have a $5K saving and intending to put it into your CPF. To see if this is the best way, one thing to consider is your intention of the your money.

Also ask yourself if you have enough emergency funds?

Do you want to see your money only at age 55/65 etc?

Is there are short-term need for the $5k?

Financial planning is dynamic. Hope to hear your intention here.

Get an investing account up or a high-yield savings account for the interest.

It's good that you think of topping up your CPF at a young age, as long as you are fully aware of the risks involved. Personally, I would still take some money out of the $5k to get my feet wet in investing either through a decent course or the stock market itself. It might sound like you are forgoing the opportunity cost of earning 4%-5% interest in your SA account but learning how to invest will serve you well in the long run.

There are many different possibilities

with equity investing you must be in the situation

to put y...

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