DBS Multiplier Account
Standard Chartered JumpStart Account
Asked on 08 Jun 2020
If you really have no time to even acquire knowledge, then you have to make time to at least plan what you want to achieve from your investments. The planning process is important prior to starting to invest; without a plan (or at least a skeleton of one), you are planning to fail
Start by setting a goal:
What do you want to achieve?
Save for Retirement? Payment for Mortgage? Children’s Education?
Determine your investment timeframe
How much do you need for that goal?
Next, assesss your financial situation
What is your net worth and cash flow?
List out all resources and expenses that you have
Find out your budget
Then, plan to execute
Make sure you have emergency savings
Make sure you are adequately insured
Know how much to set aside
Know what rate of return you need
Know how much risk you can take
Understand the asset classes you can invest in, their pros and their cons
Exchange Traded Funds (ETFs)
Contract for Differences (CFDs)
Lastly, decide which asset class you would like to obtain that fits you and your profile, and you will be ready to start. At the very least, even if you have no time to really read up, have some basic idea of what I mentioned above. You should at a minimum have some kind of direction and target to aim for. After that, you may want to consider engaging someone to manage your investments, as it sounds like you will likely not have enough time to monitor them on your own.
Still, at least make time to map your big picture out. Don't go in blind.
Great job on accumulating that sum at your age.
For starters, dollar cost averaging into an ETF is a good way to start through an online broker RSP. There are various RSPs available online eg. FSMone etc. You can even try a roboadvisor whereby you opt for a portfolio based on your risk appetite etc.
Reason being stock picking requires time to learn about the quantitative and qualitative analysis of the business and industry. So passive investing is a good way to start to make your money work while you read up more investing to learn the ropes.
The other alternative will be to get a 100% investment-related ILP with a trusted agent. There is an allocation of ILP funds that you can buy into. Do make sure you are working with someone who will always update you on your portfolio and you know the fund performance.
Financial planning is an integral part of life. You can reach me here to find out more.
LMAO, if you cant even spare a few hours a week to read up on your financial stuff before investing, then you had no one to blame but yourself when losses start to accrued
Go to libbyapp.com and login via your NLB account, and go borrow as many personal finance / value investing books. Borrow books that are written from a practictioner perspective. Can start with beginer friendly:
The Five Rules for Successful Stock Investing by Pat Dorsey
The Ultimate Dividend Playbook: Income, Insight, and Independence for Today's Investor, Josh Peters
If books are not your cup of tea, there are a couple good US financial youtubers to follow
Graham Stephan: https://www.youtube.com/channel/UCV6KDgJskWaEckne5aPA0aQ
"You fail to plan, you plan to fail". Personal finance is well, personal. And if the richest people on Earth can find time to read and learn and plan, then perhaps you can too, no matter how little.
Think this community is able to guide and give some suggestions, but ultimately you are responsible for your own decisions, so really, the best thing you can invest in is in yourself now.
Spend some time reading this. You should be able to finish this in one seating in about 1-2 hours.
Firstly, you need to establish whether you possess the knowledge, skills, experience, and time to manage your own investment portfolio.
If so, you can look into bonds, ETFs, stocks, shares, robo-advisor, derivatives, forex. In fact, the options are limitless.
On the other hand, some insurance companies partner with global investment firms like Mercer, and BlackRock to create an optimised portfolio for their clients to invest their money. Additionally, your agent should be capable enough to give you responsible advice on your asset management over time. This reduces the need for you to spend considerable time to manage the investment on your own.
These days, investment-linked policies (ILP) that are used for investment have only basic death coverage, which is probably equal to the premium that you have paid. Therefore, you ain't paying much for insurance charges. However, this depends on the plan that we are referring to. Therefore, speak with your agent for the most accurate information.
Having mentioned that, you should still have a basic understanding on the financial instrument that you are investing into (be it on your own or through an insurance company). This ensures that you are comfortable putting your money to grow for the long run.
I share quality content on estate planning and financial planning here.
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