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hello, a newbie starting my financial journey

j

Accountancy at SMU

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hello, a newbie starting my financial journey

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Accountancy at SMU

j

Accountancy at SMU

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SeedlyTV S2E03

Career

I am in year 1 in business school and a lot of my friends are planning to go for internships during this summer break. Should I be doing that? Is there a need to?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 3d ago
Hey, I what Jacob mentioned about "what you want in the four years of your university life" is really the key to this dilemma. Perhaps one way that you can look at it is: - Would you want an additional chance to try a different industry? - Would an internship in y1, help me stand a better chance for subsequent internships in y2 & 3? considering that more reputable firms will be more competitive to get into their internship programmes and past experiences would be an additional boost to your resume Otherwise, spending your time on developing other skill sets or making experiences through camps or organising committee during your year 1 summer is also not a bad choice (: YOLO!
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Fresh Graduates

Career

Lifestyle

Education

COVID-19

What type of degree I should go for in University?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 3d ago
Hey Alcander, perhaps one way to think about this is to consider: 1. "What jobs will be in demand now? 2. And what future jobs will there be?" With the shift to e-commerce and digital platforms, IT skills are in demand to build the infrastructure supporting this new ecosystem, so many IT related degree graduates are able to get the better end of the stick. But at the same time, there are essential services like healthcare, education, and supply chain management that are indisplaceable to the society at large. And these resilient pillars will always be recruiting and hiring fresh graduates. However, more importantly, consider your personal interest. A degree can be seen as a bridge between education and the working world, but a job is something that would accompany you for the next 30-40 years. So while practicality of job prospects may depend on the degree, the job you wish to be in should leverage on your strengths - (e.g. having a strong logic, good at numbers or language). Hope this helps!
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Investments

REITs

Robo-Advisors

Online Brokerages

Brokerages

I'm a fresh grad and started a full-time job. Have no experience in investing and averse to risk. Planning to invest a portion of my savings in Singapore REITs. Any advice?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 3d ago
Perhaps it will be good to consider the amount of risk you are willing to take, if you are considering about investing in REITs, given this volatile period with declining rental collections and challenging businesses survivals. One way to manage the risk can be through moderating the quantity of reits purchased, by taking the nominal amount divided by the price difference between your purchase price & stop loss amount. Some platforms to purchase REITs may be through bank brokers like DBS vickers or online platforms like FSMone, or new channels like Syfe for REITs Otherwise, keeping the 20k within your jump start account might not be too bad a deal given the stability and guaranteed interest, keeping risk minimal.
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General

Fresh Graduates

StashAway

Robo-Advisors

I am a fresh graduate (Free from debt) started my full time job. I wanted to start investing to have side income instead of using my time to trade for money(part time tuition) can you please advise me how do I start investing?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 3d ago
1. Read up! - Have a brief understanding of how these instruments/ platforms work, and what generates the profit behind them. 2. Understand what you are looking for - What's your risk profile, how much you are going to put in & how frequent are you monitoring/ contributing more? Understand you investing philosophy and which mediums suit you the best. 3. And talk to those who has experience in investing - often there's an emotional portion to the market, so have a chat with those who may have stumbled previously to understand what to take caution of and not make similar trips. Or better, ask them about their sucess stories and how you can follow their examples.
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Personal Finance Books

Fresh Graduates

Personal Finance 101

Investments

Hi there! I'm new to investing and would like to ask if there are any 'easy to digest' books to recommend for starters like me?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 3d ago
Gone fishing with Warren Buffett https://www.goodreads.com/en/book/show/18007794-gone-fishing-with-buffett-a-young-man-learns-value-investing
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Lifestyle

Personal Finance 101

Investments

Savings

Why are majority of young adults are still not exposed to financial literacy?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 2w ago
Some possible reasons based on what I have observed in my surroundings (on top of those mentioned - different priorities/ lack of resources): 1. Not having the right settings to learn about financial literacy - most millennials in Singapore generally have a relatively comfortable life without having to worry about their expenses, and regular allowances by doting parents. This entitlement may have set a comfortable lifestyle with little second thought when purchasing items such as one drink (tea/ coffee/ bubble tea, etc) a day, unlike the past generations who were more careful with their spendings. 2. Misconception that financial planning starts after you have your first income. This misleading notion that budgeting (likewise setting aside savings for financial goals / investment & insurance) is too early becomes a complacent reason for millennials to delay their learning about finlit. Nevertheless, there are many sources like Seedly, or new robo-advisory platforms that are gaining the attention of the younger generation. So, it's depends on the young adults themselves to pick up these skills, where the past education syllabus may not have covered enough. Start learning, and start hustling!
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Savings

Investments

SeedlyTV S1E01

I am currently 20, in my first year or university with about 5k in savings, and currently not engaging in any part-time work. Any advice on how to grow my savings ?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 2w ago
One simple budgetting rule that you can use is to set aside a portion of ur allowance directly into ur savings account before it gets spent away with brunch, or online shopping! But ultimately, aside from cutting expenses, the other end about growing your savings is to increase your income sources - be it through part-time, learning new skills to demand better paying job next time. Perhaps you can start by leveraging on the "free" resources that comes along with your university degree or student perks. This includes paid surveys for school research, freebies of pen, paper or promos with welfare packages or even subsidy for courses (e.g. IMDA Citrep) and many more!
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Education

Career

Fresh Graduates

Lifestyle

Should I get a degree? Current NSF with about 30k savings having a dilemma on whether to get a degree or work after ORD. Any advice?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 2w ago
Hello, might want to ask yourself these 2 questions. 1. Which degree are you looking to get? Will other alternative professional qualifications suffice in an employer's pov? Some industry might have a stronger preference for qualifications (PMETs) but at the same time, there are certain professional qualifications (e.g. Google Data Analytics or AWS cloud practioners, ACCA for accountants, and the list goes on) that companies are looking out for, especially in specialised tracks. 2. What are other opportunity costs/ benefits with enrolling in university One trade off with getting a degree is perhaps the time spent studying on theory could be used otherwise to gain practical experiences or climbing up the corporate ladder for those structured jobs Also, another important consideration, might be the value of the potential networks you meet during your degree studies. Often, there may be seniors, mentors and even career offices at university that will help guide you to finding a more aligned job next time (and perhaps with a higher pay) If you are financially ok, (perhaps without having to make ends meet/ under any constraints), maybe an investment in urself for a higher pay check moving on for ur next 30-40 years of employment would be worth ... but always get in touch with those in your industry to better appreciate the pay progression better!
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Payments

Lifestyle

Should I buy additional 3rd year warranty for my new laptop?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 2w ago
Perhaps before committing into the 3rd year warranty, ask yourself these qns: 1. How long do I expect to use my computer for? - if it is a long-term investment, that you have put in a relatively high sunk cost (e.g 1.8k) then perhaps the additional coverage would be a relatively affordable top-up 2. Has my previous gadgets required frequent servicing? - this might give u an insight to how well (or poorly) maintained your devices are based on daily habits or experiences (e.g. say if accidentally dropping ur laptop once every week is a norm, hmm a warranty might be a good safeguard) 3. What am I using this laptop for? - if it is about running intensive programme such as coding and engineering softwares, a warranty might be a good protection if any components overheat also, it's good to think about the average life span of this laptop, if there's likely to be any milestones e.g. graduation from uni, that calls for another purchase of a laptop/ tablet subsequently and if it falls within this 2-3 year period
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Savings

Lifestyle

Investments

I am trying to save money and at the same time, spend money to hang out with friends and go out occasionally. Any tips on how to save money while having fun and having enough to invest?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 2w ago
1. Consider turning to free activities! There's a lot of light installations, or free exhibitions and museums during the year that could be alternative activities to paid recreations. (Take a look at the updates by honeycombers, timeout sg) 2. Look for deals! (especially student promos while you still have ur student card) Weekday before 6pm movie tickets are affordable, or lunch deals at budget friendly eateries or even 1 for 1 vouchers online! 3. Ultimately, it's about finding the right balance! For students, the holiday periods may really put their wallets to the test, with more outflows and frequent get-togethers, so saving more on regular school days with 1-2 less drinks/ snacks might help accumulate some savings, and a less-guilty spending. Investment wise, it is a long journey... consider getting involved in side hustles to get alternative income sources, allocate a portion of ur allowances/ income into another account, so you'll be less tempted to spend it while having fun
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