I am thinking to set aside $50 to put into robo-advisors for fun to invest for my mum. Should I do it? Which one should I choose? - Seedly
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Anonymous

Asked 3w ago

I am thinking to set aside $50 to put into robo-advisors for fun to invest for my mum. Should I do it? Which one should I choose?

Currently giving her $200 allowance each month, together with my 2 siblings, so she will have $600 each month for household purchases. This is actually a surplus and she don't know what she should do with the money.

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Junior Loh
Junior Loh
Level 4. Prodigy
Answered 3w ago

I believe that $50 is really too little for DCA to see much of a difference. The costs would probably be of a greater concern.

If you really want to go ahead, I personally use Stashaway and I can attest for its user-friendliness as well as its performance.

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Junior Loh
Junior Loh

3w ago

Personally, I feel that $100 is really the bare minimum. Even then, it will take some time for you to see some gains.
Heng Kai Le
Heng Kai Le

3w ago

Thanks! This is so helpful šŸ‘
Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered 3w ago

I think buying toto/4D with that $50 have a higher chance of success, as $50/month is so neglible to made any meaningful impact down the road

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Heng Kai Le
Heng Kai Le

3w ago

What's the optimal amt to invest per mth, if i may ask?
Wilson Nid A Break
Wilson Nid A Break

3w ago

Well maybe 3 children, each contribute $100, so total $300/month = $3,600/yr. Owise, can consider topping up your mum cpf, the children can get tax relief for that
KC
KC, Get Knocks at Skool of Hard Knocks
Level 3. Wonderkid
Answered 3w ago

Open a high saving yield accounts e.g StandChart/CIMB Fast Saver

Save up quarterly and put your funds into DCA or Robo.

$50 is too little to have a impact

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Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered 3w ago

I think it depends on the comfort level of your mother. if the idea of investing in a robo-advisor freaks her out, maybe you can get her to contribute this $50 (or $100 as recommended by Junior Loh) into her SRS and then invest into StashAway funds using her SRS funds. at the very least, she will be able to get some tax deductions.

This is what I have been doing - top up my SRS funds and then channel them into my StashAway portfolio.

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