22 Dec 2020
24 yo here with about 20-30k to put into investments or fixed insurance savings plans or any other tool(s) to best grow money .
I have almost no knowledge of investments or investment tools or the stock market, etfs, etc. , so any tips or advice would be greatly appreciated . Have basic knowledge regarding insurance savings plans .
Please if you're able to share which investment tool(s) or insurance savings plan would currently be the most ideal to put money in .. Thank you so much !
There are a variety of ways to do so. You may want to consider dollar cost averaging since that's less scary for a beginner At the start and once you've learned the ropes, you can opt to go in with a larger capital.
For people starting out, you can choose to do it through a financial advisor or a roboadvisor. Diversifying out your platforms is actually the best so you get a gauge of what works best for you, not just in terms of returns but service, growing in your investment knowledge etc. And you shouldn't be putting all your eggs in one basket Either.
If you fancy a human touch to help you journey through your investment journey while having the flexibility to adjust your portfolio any time you want depending on your risk appetite and strategy, you can consider doing it through a human advisor. If you feel that an algorithm-based way of investing works for you and you're okay with the lack of choice on how your portfolio is constructed, you can consider a roboadvisor. Both works over the long run.
You can consider investing through an ETF but do note that you will be fully exposed to the systemic risk of the market. So you can consider what your risk appetite is and start from there. All the best!
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Insurance for protection, not for growing $$$. They just take ur $$$ invest in unit trust then lock in a period & charge u a fee.
Dont mix insurance and investment.
If you want diy.
Yahoo finance for all market stock & etf
Fundsupermart for unit trust
If you want foolproof for beginner
Write your thoughts
Singtel Dash PET
MIN. ACC BALANCE
1.3% non-guaranteed + 0.2% bonus
RATE OF RETURN
1.3% for first $10k