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Just ORDed and I’m fortunate enough to get a job during this pandemic, however one regretful thing was I didn’t save as much during NS. Hence, where is the best place to continue accumulating my savings if it’s less than 10K?
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Cryotosensei
03 Sep 2023
Blogger at diaperfinancingfund.blogspot.com
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Both are not good. low returns. Inflation can be 1% to 2%. Put into both also no real benefits
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Brendan Aw
Edited 04 Dec 2021
Procurement Manager at Taiwan Leolight Lighting Co., Ltd.
Many here would disagree, but given that you are young and 10k really isnt much in the grand scheme of your career and potential life wealth. You are in a better position than most to take on more risk assuming you don't have obligations such as school loan, rent, etc. Forget about roboadvisors and wealth managers go educate yourself on how to actually manage your own money. Learn how to use technical analysis, fundamental analysis and options.
This is going to be very generic but probably a better starting point. Split your savings into 3/5 Stocks, 1/5 Crypto and 1/5 cash. Stick to quality stocks or just indexes. Get some Bitcoin and maybe other Layer 1 Smart contract protocols like ETH and SOL. Keep that little bit of cash in case your need to buy things, but you will be surprised how much you actually don't need once you shift to the investing and compounding mindset where every dollar you spend will make you think about opportunity cost.
Once you have build a portfolio decent enough in a few years, utilize options to hedge your positions or generate monthly income through selling options. You will be to do this because you will have margin (only trade options once you have paper traded for at least a year).
Don't be lazy and take your financial freedom more seriously than letting these platforms and under qualified "professional financial advisors" to tell you what to do. 1.5% on your $10,000 after a year is only $150. Thats hardly life changing nor a wise choice. Inflation for 2021 in Singapore according to statista is estimated at 1.56%, so technically you are actually losing money at the end of the year. Buying the S&P 500 index or Google would have been better.
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Don't forget these cash management account like syfe cash, endowus ultra smart etc are not guaranteed. Let me give you an example, for the past 6 months, my endowus cash smart ultra ended up with negative 1%.
if you're looking for guaranteed place to accumulate your emergency fund with high liquidity, you should probably first go into singlife / dash for the guaranteed interest, when you have accumulated your emergency fund, then you can work on allocating fresh funds on other investment tools, e.g robo equity account or DIY stocks/ETF etc
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I put my emergency funds I. Singlife because of quick instantaneous access. Syfe Cash+ requires you to wait for a few days