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Tan Wei Ming

I am 20 this year and currently serving NS. I am passionate in personal finance and investing since I was 16.

Tan Wei Ming

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Writer at Frugal Youth Invests

About

I am 20 this year and currently serving NS. I am passionate in personal finance and investing since I was 16.

Credentials

Writer at Frugal Youth Invests

Tan Wei Ming

Top Contributor

Writer at Frugal Youth Invests

  • Answers (258)
  • Questions (1)
  • Reviews (9)

FSMOne Fundsupermart

ETF

Investments

Forex (FX)

Hihi, I wld like to use FSM to RSP US-listed ETFs mthly but I'm not sure how the FX works or how my SGD will be converted to USD to buy the ETFs. Grateful if can help break it down for me pls. Tyvm. Any advice?
I usually will deposit SGD into FSMOne Cash Account. There is a page in their app that say foreign exchange currency or something and this is the place you exchange your SGD into different currency. The spread for FSMOne is 0.25% off the spot rate of USD.
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Investments

National Service (NS)

Dividends

Should I buy dividend stock during my NS period, to earn some money during that period?
Many have advocated that when one is young, one should go for growth stocks as your capital is little and so your dividends will be quite negligible. Yes you might compare this with putting in a bank but when you buy dividend stock, you are exposed to market risk in which your returns can be negative at the end of the day. Therefore, buying into growth stocks when one is young is recommended.
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Investments

Savings Accounts

Savings

Stocks Discussion

With extra $1000 per month what can I do? Buy stocks? Or savings plan?
Maybe consider robo advisors or ETF RSP?
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Stocks Discussion

SGX

REITs

Dividends

DBS Vickers Securities

Online Brokerages

What happens when my REIT issues dividend? Does it get pay out directly via my brokerage (DBS Vickers)?
As DBS Vickers send the shares to CDP, you will receive the dividends in your designated bank account if you opt for Direct Crediting Service.
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Savings

Savings Accounts

How many bank accounts should I have? One for savings, one for emergency funds and one for spending? What banks should they be?
I think there is no limit to how many bank accounts you should have but instead look at whether the bank accounts have minimum fees, fall below fee etc. If they have and the account is dormant, it is recommended to close the accounts. For myself, I have like 8 bank accounts (inclusive of Singlife) but I am only put monies in 2 bank accounts which is Jumpstart and Singlife. As I still have yet to reach the minimum age, I will not close some of the accounts with min fees, fall below fees for now.
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Online Brokerages

Investments

Stocks Discussion

How does it work if i buy from 2 different brokerage accounts? Currently i am on iOCBC but i am looking to switch to DBS Vickers. Will all my stocks i bought via iOCBC be reflected in DBS VIckers?
The main point is so long your shares are in CDP, you can sell it at any brokerage that can connect to CDP.
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Regular Shares Savings Plans (RSS/RSP)

SAXO Capital Markets

FSMOne Fundsupermart

ETF

Investments

Online Brokerages

Should I RSP with Saxo, FSMone or others (Banks/Interactive Brokers)?
Just checked out Saxo RSP website. Initial investment for Saxo RSP is actually $2000 sgd and subsequently $100/month. I am not sure what Saxo has for its managed portfolio by Blackrock, so can't comment much on that. Saxo charges 0.75% per annum by AUM but FSMOne charges min $1 or 0.08% whichever is higher. FSM can buy fractional shares. Alternatively, you can look at DBS digiportfolio.
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Investments

Regular Shares Savings Plans (RSS/RSP)

Online Brokerages

Which broker to choose if I wanna DCA 100/mth on S&P500 ETF?
There are two ways you can go for to DCA S&P500 ETF. The first method being through robo advisors. Example: Syfe's Equity100 has about 14% or so weightage in S&P500 ETF. The second method being ETF RSP. I will recommend FSMOne's ETF RSP.
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FSMOne Fundsupermart

Regular Shares Savings Plans (RSS/RSP)

Online Brokerages

Investments

FSM quarterly platform fees are up to 0.35% annual platform fees on equities. Is FSM as cheap as we think?
Https://secure.fundsupermart.com/fsm/new-to-fsm/pricing-structure The platform fee of 0.35% per annum is for their FSMOne managed portfolio. This does not apply for ETF RSP. As robo advisors are using ETF for their portfolio, it will only be wise to compare it with ETF RSP. The difference between robo advisors and ETF RSP will be their fee structure. The former goes with AUM while the latter charges by transaction.
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Insurance

Health Insurance

Life Insurance

A lot of talks about investments but what types of insurance should a beginner buy? What the basic forms of insurances one must have? Any affordable ones to buy?
Seedly has great articles on insurance. Do check them out! https://blog.seedly.sg/working-adults-what-are-the-key-insurance-policies-you-should-get-in-singapore/?amp=1
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