facebook24 years old, beginning my investment journey! Am I doing too many things at once? - Seedly

Anonymous

03 Jan 2020

SeedlyAMA

24 years old, beginning my investment journey! Am I doing too many things at once?

Hi all,
I'm 24 years old and right now, hold a job at $3300 and I expect this to rise to 4000 by next year. Right now, I am placing 1350 monthly into Syfe's 25% aggressive portfolio (for wealth). My girlfriend and I have another portfolio where we put in 600 in total a month to prepare for BTO (Syfe 25%).

At the moment, after paying my student loans and bills, I still have a bit of cash leftover. Should I buy into the BCIP program by OCBC, get a Savings Plan or have I already done enough?

Discussion (44)

What are your thoughts?

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Is good for you to exposed to different investment products when starting out.
Remember to keep track of them and decide which products suits you more after about 1-2 year!

Had tried SSB, P2P lending, stocks, BCIP, unit trust and robo-investment for myself and decided to stick with robo + stocks.

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I think you should also have some easily liquidable savings just in case of any issues where you might need money urgently!

Tan Li Xing

22 Dec 2019

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

It looks good that you are starting to move into investments and making your hard-earned money work for you.

I think some things you might want to look at is the protection of your wealth, for your health policy, did you purchase the rider other than just the base plan that is payable via medisave? Have you also gotten a personal accident policy? Accidents can happen to us at the least expected, so it's good to be well protected.

Also, you and your girlfriend might want to look at a whole life policy at your age as well because the premiums are definitely affordable based on your age now, just looking at the protection of your income unless you are considering to be self-insured by having more savings

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I think you're doing the right stuff. But along the way you may want to pick up investment books and get more traction on that. Worked for me!

One thing I wish I knew was that I shouldn't be too optimistic about salaried income as this may change anytime. Always good to have some buffer and not commit to too many monthly commitments :)

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I don't think that you are doing too many things - it's always good to do more!

I think instead of ...

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