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Penny Chong

Full-time undergraduate with an acute interest in finance industry and investments.

Penny Chong

About

Full-time undergraduate with an acute interest in finance industry and investments.

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Penny Chong

  • Answers (57)
  • Questions (0)
  • Reviews (1)

Savings

Insurance

Investments

Personal Finance 101

What was the first step you took in managing your personal finance?
Penny Chong
Penny Chong
Level 5. Genius
Answered 4d ago
The first step I did was starting to keep track of my expenses strictly, even the small amounts like an extra dollar for more food or that few dollars I saved by leaving my house early instead of taking a Grab. It is satisfying to see how your expenses has gradually reduced and it provides motivation for you to continue doing so!
ūüĎć 0

FIRE Movement

Savings

Investments

Lifestyle

What has been the number 1 challenge in your personal finance journey?
Penny Chong
Penny Chong
Level 5. Genius
Answered 4d ago
Being bombarded by too much information and opinions, which made it hard for me to be decisive on the best course of action. This has resulted in me procrastinating my investments for a while, as I wanted everything to be perfect. What I have learnt now in retrospect is that taking the first step is always the hardest, once you do it, you just learn from there and develop your own personal style of investing.
ūüĎć 2

Investments

Savings

I finally decided to start investing and not leave it in the bank for years. Do you all have any advice on what I should invest in? I am willing to leave it untouched for 3 years?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
S&P500 ETF is a good choice as it historically yields 10% return over its history of around 80 years. It provides easy diversification, which is super important for any portfolio regardless whether you are a beginner or pro investor! You may invest it in a lump sum or separate into smaller portions and put in once every month or so if you are worried about not getting the greatest bang for the buck! Be careful of the transaction fees though.
ūüĎć 0

COVID-19

Career

General

Lifestyle

I think the idea of WFH is indefinitely more suitable to western countries and not in SG. Are you still WFH from June 2 onwards or will you be returning to the office? How are you feeling about it?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
I think the official instructions from MOM is that the default will still be working from home for most workplaces, to keep up with our current efforts in social distancing. In my opinion, I think WFH will soon become the new norm for companies as this covid has proven that we can make things work even without a physical place where everyone gathers in the office and do their work individually. On the topic of whether it fits western countries or SG, I don't really see why it fits them more. Would love to hear your opinion on this issue :)
ūüĎć 0

Career

CPF

Loans

Home Loan

COVID-19

Is it silly to quit your job now for a career switch?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
Hi there. Firstly, I think there must be an impt reason why you are looking to career switch and its admirable that you have this courage. However, going back to reality, this is not the best time to make a career switch unless you aldy have everything in place, like another job offer awaiting you or your personal finances are in good condition and able to support your family for the following few months. Companies are still hiring but they are taking extra discretion this year due to the fall in global economy, so it may be hard to find a job. All the best though! :)
ūüĎć 0

Investments

Stocks Discussion

S&P 500 Index

National Service (NS)

Hi all! I am a 20yo nsf who just recently got into investing during this period due to the fall in economies around the world. Should i invest in singapore stock market or US stock market and why?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
IMO, I would recommend investing in US stocks which are essentially the global big brands like Coca Cola, Apple which are unlikely to collapse completely as they have been around for a long time. Some Singapore stocks are also good to buy at the moment, if you do your research. And, you can kinda say its easier to understand their financial situation bc they are mainly operating in SG. Markets aside, a general rule of thumb is always invest in a business that you can understand, e.g. Coke earns profits by selling drinks to customers who purchase them. Know everything about the bucket you are putting your eggs into!
ūüĎć 0

Fresh Graduates

CIMB

Savings

Investments

General

Savings Accounts

Hi! I'm a fresh grad with $13,000 in savings in my POSB Savings. How much would you recommend me to transfer to CIMB, and what should I do with the rest?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
I would recommend investing 50% in a market portfolio like S&P500 ETF as it historically yields 10% return and has a general upward trend. Another 50% can be other individual stocks that you like and see a potential of 10% return. Diversification is always important. There is no reward for bearing unnecessary risks. Accumulate once every 3 months and put it into a S&P 500 ETF quarterly! The historical returns are 10% and I would say it is much better than saving bonds
ūüĎć 0

Investments

Savings

Hi! I am currently a student and I have around 30k savings. What should I do with it? I tried reading some of the articles but there's just too many types of investment. What would you recommend for a beginner?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
My advice is that its importance to increase your financial knowledge first and understanding your personal risk appetite! This would require some effort put into research and self-reflection. Take the time as you are still young and in no rush. Some questions: "Am I investing in hopes of realising it all in the future to fund my child's future education/buy a house?" or "Do I want it to be an alternative source of annual income that can come in terms of dividend?" Important thing now is do not rush into buying popular stocks now just because they're cheap. You need the financial knowledge first to pick good stocks and evaluate them yourself. The notion of what goes down will come up worked in the last recession but this one seems to be an unpredictable battle to be honest. I would recommend investing 50% in a market portfolio like S&P500 ETF as it historically yields 10% return and has a general upward trend. Another 50% can be other individual stocks that you like and see a potential of 10% return. Diversification is always important. There is no reward for bearing unnecessary risks. Accumulate once every 3 months and put it into a S&P 500 ETF quarterly! The historical returns are 10% and I would say it is much better than saving bonds .
ūüĎć 0

Investments

Savings

Lifestyle

Savings Accounts

I am 21. I have a cash worth of 120k~. I am want diversify my money but I am not sure what I should do. Someone please advise me? Right now I just have two regular account with posb n ocbc.?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
My advice is that its importance to increase your financial knowledge first and understanding your personal risk appetite! This would require some effort put into research and self-reflection. Take the time as you are still young and in no rush. Some questions: "Am I investing in hopes of realising it all in the future to fund my child's future education/buy a house?" or "Do I want it to be an alternative source of annual income that can come in terms of dividend?" Important thing now is do not rush into buying popular stocks now just because they're cheap. You need the financial knowledge first to pick good stocks and evaluate them yourself. The notion of what goes down will come up worked in the last recession but this one seems to be an unpredictable battle to be honest. I would recommend investing 50% in a market portfolio like S&P500 ETF as it historically yields 10% return and has a general upward trend. Another 50% can be other individual stocks that you like and see a potential of 10% return. Diversification is always important. There is no reward for bearing unnecessary risks. While building up your knowledge, you can think about investing in low-risk savings plans (e.g. from banks, SSB) first to gain some extra interest, instead of keeping cash in the bank.
ūüĎć 0

AMA The Fifth Person

Investments

I am thinking of investing a sum of money monthly, but I am not sure where I should start. What are some recommendations for me to start investing?
Penny Chong
Penny Chong
Level 5. Genius
Answered 5d ago
I would recommend investing 50% in a market portfolio like S&P500 ETF as it historically yields 10% return and has a general upward trend. Another 50% can be other individual stocks that you like and see a potential of 10% return. Diversification is always important. There is no reward for bearing unnecessary risks. Accumulate once every 3 months and put it into a S&P 500 ETF quarterly! The historical returns are 10% and I would say it is much better than saving bonds .
ūüĎć 0
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Level 5. Genius
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