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Anonymous

19 Jul 2020

General Investing

I'm turning 18 this year and I need some help on the accounts I should open. Any advice?

So I have set aside $2000 for investment purposes, emergency funds settled. However, there are a ton of accounts that would help me compound my money but I do not know which ones should be of importance to me.
Some of the accounts I've looked at are:
Singlife 2.5% p.a savings account
Standard Chartered Jumpstart 1% p.a account
Stashaway/Syfe (Roboadvisors in general)
Brokerage and CDP accounts.
Which one do you think I should put my $2000 to get the most bang for my buck?

Discussion (16)

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Tan Wei Ming

19 Jul 2020

Founder and Writer at Frugal Youth Invests

You should keep your monies in Singlife for the 2.5% interest for the first $10k.

For investment, I will really advocate passive investing with robo advisors or ETF RSP.

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Duane Cheng

19 Jul 2020

Financial Consultant at Prudential Assurance Company Singapore

Hi there,

Glad to see that you have decided to start early towards financial independence!

Even if you have set aside $2000, and you are a medium-high risk profile, you still might be hamstringed in terms of how aggressive you are able to go with your investments.

When i opened my trading account when i was 18, there was not alot of documents needed for the application. However, today if you are 18, and you do not have the prerequisite knowledge in terms of investing, joining a platform will not give you access to the full range of investing instruments. So do have the expectation, that you will have to start more conservatively.

Most of the accounts you have listed such as Singlife and Jumpstart, require high amounts of liquidity, which you can equally achieve using a high-yield account from the 3 main banks.

In my opinion, you can look at your bank's trading account for a start to establish some investment experience, concurrently you can open up a FSMOne account for yourself to familiarise yourself with what is available in the market. Stashaway is also a good option to start.

In my opinion you can look into Vanguard's ETF, as they have a low expense ratio compared to most. You can reference here, to have a better idea of what ETFs to look at for yourself.

Just dont get carried away at this point in your journey, go through it systematically!

Hope i was able to answer your question!​​​

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Open a POEMS or FSMOne account

and buy for the total sum only a single accumulating MSCI World ETF,...

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