facebookHello, any financial tips for parents of a young child (3yo) and another one on the way this year end? What would be your prorities, and how much do you set aside for your child's future? ? - Seedly
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Anonymous

Asked on 23 May 2019

Hello, any financial tips for parents of a young child (3yo) and another one on the way this year end? What would be your prorities, and how much do you set aside for your child's future? ?

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Penny Chong

Penny Chong

Level 5. Genius

Answered on 11 May 2020

This is my personal strategy that I learned from a mentor: 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.

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I'll save 5% of my income for their future education needs. I'll have a portion of variable return and guaranteed return.

It's important to also make sure parents are sufficiently insured, kids also should consider getting some early Critical illness cover.

Abuse all Govt initiatives like the CDA as well.

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Priorities would be to set aside 10% of your monthly income and to invest in REITs and ETFs so that ...

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