Advertisement
Anonymous
Should I use my bonus and savings to quickly clear the 32k first or use them to invest? I recently started StashAway and is contributing $100 monthly.
10
Discussion (10)
Learn how to style your text
Nicholes Wong
07 Jun 2019
Diploma in Business Management at Nanyang Polytechnic
Reply
Save
Gabriel
26 Oct 2018
Undergraduate at National University of Singapore
$100k is a huge sum of money and all investments carry risks and the returns are not guaranteed. Hence, you might want to consider other alternatives to investing which are safer such as buying Singapore Savings Bonds, put it in a Fixed Deposit account or put it in a high interest savings account. As for your debt, maybe you can negotiate with your mum if she is fine with you repaying small sums every month since it does not have any interest so there isn't an urgency to try to clear off your debts as soon as possible as compared to a debt with (high) interest.
Reply
Save
I would like to offer a slightly different slant to this issue in my answer.
It would be good to take more care and factor in your parents' preferences. Better to not take for granted that our parents must always be our standby financiers.
You may or may not meet your target of $100K within 3 years, but with a high percentage of your income saved, you will at least hit your highest potential savings.
As others have said, save, hustle and optimise your finances š
Just be prepared that any investment carries risk.
Reply
Save
$100/month x 9 yrs= $10.8k
$1000/month x 9 yrs = $100.8k
Only invest money that you can afford to reduce to $0.
Reply
Save
Gabriel Tham
26 Oct 2018
Tag Team Member at Kenichi Tag Team
investing wont get you 100k in 3 years. too much risk to take. better to just save up...
Read 3 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Posts
Advertisement
How much is your savings excluding stashaway? How much is your bonus? Whats your income?