Asked by Anonymous

25 year old fresh grad, self employed, 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?

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.

0
0
Answer this question
Add
Add
Select
Clear
Add
Write your answer

Answers (5)

Sort by:
Most Upvote
  • Most Recent
  • Most Upvote
  • Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered on 04 Oct 2018

    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. ;)

    Comments (0)
    1
    0
  • Jonathan Chia Guangrong
    Jonathan Chia Guangrong, Fund Manager at JCG Fund
    Level 6. Master
    Answered on 04 Oct 2018

    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

    Comments (0)
    0
    0
  • Yong Kah Hwee
    Yong Kah Hwee
    Level 6. Master
    Answered on 04 Oct 2018

    You can try Singapore Savings Bonds, Fixed Deposits, and high interest savings account!

    Comments (0)
    0
    0
  • Gabriel Lee
    Gabriel Lee
    Level 6. Master
    Answered on 04 Oct 2018

    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.

    Comments (0)
    0
    0
  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Level 6. Master
    Answered on 04 Oct 2018

    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.

    Comments (0)
    0
    0