Asked by Anonymous
Asked on 04 Oct 2018
Hello, I am a fresh grad and have just started on my commission-based job (FA), and my job is considered self-employed so there’s no CPF contribution from my part for now, and I was wondering if there’s an alternative method for me to grow my money in the short term to save up for my housing needs over 5-10 years time.
Top Contributor (Jun)
Dude, you're an FA, you should know these things.
While many have already provided good alternatives, I would instead suggest you to focus more on producing more and improving your skills as an FA.
You can focus on saving money or making more. I always choose to focus on making more. And you are in the best position to do that literally overnight. Sales.
All the best friend and good luck on the career, we need more good people here. Start contributing more on Seedly as well. ;)
Safer choices. Ssb will be perfect for the 10 year duration. Same can be said for high interest yielding savings accounts (cimb fastsaver or citibank's maxi gain). Riskier choices will be basket of s-reits and blue chip stocks, or an options portfolio (30% pa and upwards). You may want to consider contributing to your OA account as well to grow the funds for your housing. Hope this helps and all the best
You can try Singapore Savings Bonds, Fixed Deposits, and high interest savings account!
Hey, here's an article from Seedly on some investments which you can consider to grow your money - https://blog.seedly.sg/working-adults-easiest-ways-to-invest-a-monthly-sum-for-beginners/ . Ultimately, it all depends on your risk appetite
To play it safe, go with the low risk investments like SSB. As always, all investments come with risk so do diversify your investments to reduce the risk.
Theres all kind of investment you can do. From doing it yourself in REITs/ETFs/SSBs/High interest savings account, you can even go for robo advisors. You need to learn about the different ways you can invest in Singapore and see which 1 suits the amount of risk you are willing to take and your needs.