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Anonymous
I've already got two insurance saving plans which I signed up for when I first graduated and it's too late for any regrets. Currently, I've been working for quite a few years and am thinking of ways to grow my savings without just leaving it in the bank (dbs multiplier ACC). Is there any other way out to earn more from my pool of savings? Thank u!!!
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If you view your CPF as a wealth accumulator, the CPF option is one of the very best out there.
The Topping up into CPF SA gives you tax deduction in the first year and then you earn 4% interest per annum. Of course, ppl will dispute you can't take money out, but i view CPF money is our own money and at age 55, there is a high chance we can withdraw the excess of BRS sum
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Elijah Lee
04 Dec 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
You might want to consider SSBs and FDs, if insurance policies are strictly a no-go for you. Unfortunately as you are not a risk taker, then the pool of assets available is really limited.
This is provided that you've maxed out the interest limit on your DBS multiplier first, as that's a pretty safe way to generate more interest.
As the rest have mentioned, beyond that, you will have to find ways to grow your income, cut your expenses if you want to save more. All the best!
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Hi Anon,
I put some of my faith in the CPF system and in fact, did some transfer with my cash to the CPF-SA account. So just treat it as a stash-&-forget mentality, and I'm sure you'll reap the rewards at a much later stage.
You might want to consider doing so. :)
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Your situation is somewhat like mine. I suggest earn some side income, selling your unwanted items off on carousell, perhaps renting a room out if you own a house