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? - Seedly
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Anonymous

Asked 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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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 5. Genius
Answered 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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Wilson Nid A Break
Wilson Nid A Break
Level 9. God of Wisdom
Answered on 23 Jun 2020

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

PPCIAN: https://www.youtube.com/channel/UCXtrYuGksGkkyls50lPWvYQ

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Question Poster

23 Jun 2020

Thank you very much, I will check it out :)
Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jul)

Level 9. God of Wisdom
Answered on 22 Jun 2020

Wisdom #1 don not trust mainstream finance too much (conflicts of interest), there

are exceptions of course.

what not to do, here:

https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy

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Question Poster

23 Jun 2020

Thank you ! ☺️

Hi Anon, what would you like advice on? You might need to expand on your current situation and your goals or worries before we can give a meaningful answer.

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