20 Jan 2021
Hi I’m a student with savings of about 15k+. Is it better to invest the money in stocks/robo-advisors or put it in a high interest rate savings account like Singlife?
Thomas (My 15HWW)
20 Jan 2021
Blogger at my15hourworkweek.com
I think it really depends on how you view the $15k of savings.
If you would like to start on your investing journey, the $15k can be your first pot of seed money. You can then discover your aptitude towards investing and also be more attuned to your risk tolerance. It will give you more confidence to invest more savings in the future.
However, if this $15k is saved up for a short term goal like an epic graduation trip or even further studies and you need to access the money in a few short years, a high interest rate savings account would be more prudent. The key then is to ensure almost zero volatility and protect the capital value.
Hope the above helps and I can still recall being in a similar situation as you a decade back. =p
First and foremost, congratulations. 15k+ is a lot of savings and this is something to be proud of. Now would be your best opportunity to ensure that you make your money work.
Do ensure that you have sufficient funds for any emergencies - this should at least be sum that you and your family are comfortable with. Provided that you do not see any other large commitments in the next 2-3 years, you could perhaps start with the various robo-advisors such as Syfe.
At the same time, you should perhaps start with increasing your knowledge on the various investment instruments. And once you have done your research and due diligence, you can then consider investing in the Singapore stock market.
19 Jan 2021
Founder at thefrugalstudent.com
Here are my thoughts with regards to your question.
If 15k is your entire savings, I woul...
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