I am a 20 year old NSF. What else should I get and focus on? - Seedly
 

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Asked by Anonymous

Asked on 21 Sep 2019

I am a 20 year old NSF. What else should I get and focus on?

I have about $1100 in my emergency fund, $2300 invested in both local & foreign stocks. $200 invested in Funding Societies. $200 in Bitcoin. I also have an Integrated Shield Plan with AXA.

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Eric Ong Cfa
Eric Ong Cfa
Level 6. Master
Answered on 22 Sep 2019

Oh Wow!!!

You had a good start and doing great.

I wish I had that sense of financial management that you had when I'm 20.

Continue to build up your 3 buckets.

  1. Protection - Insurance and Emergency Fund

  2. Market Bucket - Investment that protects against inflations with Passive Investment- ETFs or Dividend companies

  3. Aspiration Bucket - Investment that propels your wealth - Business or Active Investing

Focus on learning!

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Keep investing, still young so learn more, relook your shield plan if you want to see if you can save some from there. Get WL with Early-stage critical riders to protect yourself in case of critical illness. if I'm telling my 20-year-old self, would be learn driving, don’t give excuses on choosing career over starting a family or vice versa (this one didn’t happen to me but I see it all around me). Partying on weekends is overrated, drinking in pubs where you can have a conversation is better.

Drink Lagavulin instead of Laphroaig

have a real hobby

cut your social media time in half

build your clothes properly and don’t Fall for those cheap-made-expensive-again brands like Fila/champion

When I was 19, I wore a Fila shoe and people laughed because it wasn’t Nike Air max.

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Benny Tan
Benny Tan
Level 4. Prodigy
Answered on 21 Sep 2019

If you don't have health insurance, I suggest you get that settled. Disregard for now the fact that you're covered under the SAF plans, you won't be forever.

At the same time, continue to save in a disciplined manner - to do anything meaningful you'll need to have a basic amount of funds available first. Also, your investments in BTC and FS are considered fairly high risk in the grand scheme of things so you'll need to balance that out.

You've got age on your side so capitalise on that. Keep your eye on the prize :) (but first you gotta determine what your prize is).

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KA
Khairudin Ali
Level 4. Prodigy
Answered on 21 Sep 2019

Build up your emergency funds. Rule of thumb is to have 3 to 6 months of your gross monthly income. You may want to keep that in a high interest-paying account or SSB account. The key is to have it accessible when time in need. . That should be your priority for now. Ask again when you finish that first task. . Peace. Good luck.

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