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Boon Peng

Sharing my financial literacy knowledge with the community.

Boon Peng

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Sharing my financial literacy knowledge with the community.

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Boon Peng

  • Answers (140)
  • Questions (1)
  • Reviews (4)

Investments

Savings

Lifestyle

Family

Travel

Will I be able to save enough for a trip next year and a part time degree, but yet also build up my emergency funds in my situation?
Boon Peng
Boon Peng
Level 6. Master
Answered on 25 Jun 2020
Hello there! Insurance and emergency funds should come first before you DCA your $700 into a robo advisor. Perhaps you can rethink about what is important to you.
šŸ‘ 0

ETF

Investments

Online Brokerages

Which ETF will you choose - VDEV or IWDA?
Boon Peng
Boon Peng
Level 6. Master
Answered on 25 Jun 2020
Hello there. It is indeed that VDEV has 8 basis points lower than IWDA. I personally own IWDA, but is just my personal preference. Both ETFs are fine actually.
šŸ‘ 0

Investments

S&P 500 Index

Interactive Brokers

Online Brokerages

FSMOne Fundsupermart

Should I wait to have a minimum lump sum to start an IB account so I can invest in S&P500 or start right away with FSMone and then transfer to IB when I have enough?
Boon Peng
Boon Peng
Level 6. Master
Answered on 21 Jun 2020
Hello Tim. You can open Kristal account and invest your money into their ETF. They do not charge any commission for your first US$50,000.
šŸ‘ 3

Investments

Regular Shares Savings Plans (RSS/RSP)

ETF

Unit Trust

Stocks Discussion

Online Brokerages

Is it better to invest in ETF or unit trust or stock for a regular saving plan?
Boon Peng
Boon Peng
Level 6. Master
Answered on 20 Jun 2020
Hello! You should invest your money with a long term goal in mind. Among the options you have given, ETF makes sense because of the lower fees paid and it offers you instant diversification, which an individual stock does not grant you.
šŸ‘ 0

Insurance

Investments

AIA Life Protection

Investment Linked Policies (ILP)

Life Insurance

In January 2020, I was pressured into buying a AIA Pro Lifetime Protector - Max. This is my first investment linked insurance policy. My yearly premium is 4K. Should I withdraw?
Boon Peng
Boon Peng
Level 6. Master
Answered on 20 Jun 2020
Hello there! It seems that you have already decided your answer. Since you do not know what you are purchasing, best is to withdraw. Alternatively, you can also clarify the product specifications with your friend.
šŸ‘ 1

Investments

Kristal.AI

Syfe

Robo-Advisors

ETF

Stocks Discussion

Online Brokerages

I have $5000 to invest, and Iā€™ve already settled my emergency savings, insurance, all that jazz. Where should I put this $5000?
Boon Peng
Boon Peng
Level 6. Master
Answered on 18 Jun 2020
Hello there! I think ETF is a great product to own because of the low fees. My opinion on your portfolio seems fine to me. Its a great start.
šŸ‘ 1

COVID-19

Stocks Discussion

Investments

Online Brokerages

What is happening to the US stocks right now?
Boon Peng
Boon Peng
Level 6. Master
Answered on 18 Jun 2020
Hello there! There is alot of uncertainty in the global market and this defintely has an impact on US stocks. Fed is planning to do some shopping spree on the coporate bond market to provide liquidity. Who knows maybe he will bailout the equity market in times to come.
šŸ‘ 0

Investments

Online Brokerages

Interactive Brokers

Is having a U.S. brokerage account, in this case IB, not really that important if I do a long term DCA strategy?
Boon Peng
Boon Peng
Level 6. Master
Answered on 18 Jun 2020
Hello there! It depends on how much you are dollar cost and what products you are purchasing. Fees do make a difference in the long run because of the compounding effect. It represents a high opportunity cost of forgoing higher return.
šŸ‘ 0

Investments

Robo-Advisors

Stocks Discussion

Online Brokerages

Will Singapore ever get platforms such as Robinhood or M1 Finance?
Boon Peng
Boon Peng
Level 6. Master
Answered on 18 Jun 2020
Hello there! I am hoping so, but I think it can be rather challenging because setting up a brokerage firm requires huge initial capital. Unless the firm is able to find a strong VC to back them up.
šŸ‘ 3

Savings Accounts

OCBC 360 Account

DBS Multiplier Account

UOB One Account

Standard Chartered Bonus$aver Account

With the recent changes in the interest rates for all the savings account, which savings account should I go for as a fresh uni grad?
Boon Peng
Boon Peng
Level 6. Master
Answered on 17 Jun 2020
Hello there! You can try Singlife to earn a non guaranteed return of 2.5% for your first 10k.
šŸ‘ 0
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