facebookI am turning 18 and would like to have some perspectives and guidance for investments and savings. I have a steady monthly saving about $600+ and a part of my savings in FD. Any advice? - Seedly
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Anonymous

Posted on 22 Jun 2020

I am turning 18 and would like to have some perspectives and guidance for investments and savings. I have a steady monthly saving about $600+ and a part of my savings in FD. Any advice?

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5 answers

Discussion (5)

Hi anon,

At this stage I'd say that your greatest investment is still in yourself and your education, so that you can increase your human capital fast. I'd probably choose to focus on my education first.

However, you can already open a CDP account and a trading account, so you might want to do that first. After which, you should spend time gaining knowledge prior to starting your investment journey. There are plenty of resources and starting your investment journey one or two years later isn't going to drastically derail your plans.

As Hariz said, it is a little hard to give you targeted advice as your question is too broad. But keep saving your money first. You'll want to have a rainy day fund before investing, and I have no clue how much your savings are at the moment. So save first while pondering what the next step is.

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P

PillowCase

Level 7. Genius

Posted on 28 Jun 2020

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today that they will be revising their interest rate for FastSaver. You might want to take a look here.

Other alternative choices that do not require spending/minimum sum include:

Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)

FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)

Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)

SCB JumpStart (1%p.a, only for aged 18-26)

Crypto Earn (Depending on currency, as high as 16%p.a (CRO) without any prior staking. However, do take note of the volatility of cryptocurrencies. For higher interest rates, a fixed duration of 90 days is imposed before withdrawal can be made. Intetest is paid out every 7 days)

Crypto Exchange (20%p.a for CRO currency. Similar to Crypto Earn, just that fixed duration is set at 180 days. Interest is paid out daily)

Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)

Tiq 3 Year Endowment Plan (2.10%p.a, guaranteed)

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