Asked on 12 Apr 2019
Hey don’t worry!
Most people start out similar to you too.
Are you studying now or working?
If you are still studying, I say focus on your studies and slowly build up your knowledge in finance. Don’t rush it and don’t let your dollar amount in the bank dejects you.
If you are working, then let me KISS it for you (Keep It Simple and Stupid)
Protect your future and Pay yourself first (get your insurances and set aside a % of your salary for your future)
Focus on increasing your income (be it through your work or other platforms, basically invest in yourself)
Diversify and grow your portfolio. (Get your money working harder for you!)
Just 3 pointers. Keeping it simple for you. 👍🏻
If you have no viable skill sets to start a business, your first step is to find a job with a decent salary income. Then learn how to structure and budget for your spending, saving and investing on things like credit cards, bank accounts and expense management. This will allow you to start building up your basic financial skills.
Before you even start thinking about how to build passive income such as interest and dividend, you first need active income. Don't think so far ahead about being financially free when you have yet to take the first step. Be patient.
Use what you are given first.
All SC are given two chance to buy BTO, lose this will set you back a few Thousand only.
You remind me when I was your age.
I bought my first HDB in 1988. profit 180k @ 24
second HDB in 1995, paper gain from 250k to 640k @ 31
first Condo in 2006, paper gain 535k to 1,550k @ 42
second condo in 2011, paper gain $1,305800 to $1,588,000. @ 47
Sounds like this is a case of having parents who did all the forward-planning for you! Or at least that's what I am a product of, and only after graduating did I start giving more thought to my finances and planning for my future after a family member got diagnosed with critical illness.
All the other answers here are extremely valuable and definitely point you in the right direction.
An actionable way to get started about your finances (not even talking about more complex topics like insurance and investments) is to first MANAGE YOUR MONEY.
Can't stress this enough, because often times we're spending money we don't know if we have. But a good budgeting habit (it involves no more than 5-10 mins of your day) can set a strong foundation for more to come.
You can try out the Seedly app :)
Keeps you going when the journey get tough.
Understand and accept that the process takes time, no easy or overnight success. Takes lots of discipline.
Read about financial management, investments, insurance and happiness.
Resources: MoneySenseSG, SGX Academy, Life Insurance Association, Seedly(of course)
Hello! This is a good question as i am sure that many people are in the same position as you.
In order to eventually be financially free one day it is essential to grow your money through investments.
You could start by reading up on basic investment techniques online, reading investment books or even watching youtube.
As suggested by Nicholes, you can start with the seedly blog as it provides many good articles on how to get started. There are many good investment blogs out there as well that can teach you on investments. Reading up and learning about investment is the first step to getting started. Another good platform to read would be investopedia as it has very detailed explanations on all things finance and investment.
Hope this helps and all the best in your investment journey!
Start by reading on seedly blog or other personal finance blogs, google is good as well and read some personal finance books for free with the NLB app. If you have questions, you can come back and ask. That is how i started.
Show More Products