Asked by Anonymous

I have $40,000 spare cash to invest from an inheritance. I'm a first jobber and don't spend much, have no debts or financial liabilities. How should I get started?

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  • Lim Wei Siang
    Lim Wei Siang, Financial Consultant at Advisors Alliance Group - Aia Fa
    Level 2. Rookie
    Answered on 07 Mar 2019

    Have you spoken to any Financial Consultant?

    I would encourage you to do so.

    • Having that inheritance is a bonus
    • Do up a cash flow to understand your spendings and amount you are able to set aside
    • I believe you are young so time is to your advantage if you are looking at insurance coverage or investing for your lifestyle or future retirement needs
    • Understand your own risk appetite and what you wish to achieve if you were to do any form of investment
    • Understand that financial wealth is only figures in your bank account with no value if you are not using it to generate more wealth for you. Fixed deposit, Regular Saving Plan, Endowments, ILPs and investments are some different avenues you can look into.

    Your actions will lead to reactions/consequences.

    Equiped yourself with the knowledge to increase the number of choices you have.

    Only then, a decision with a consequence you can bear will be made.

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  • Yong Kah Hwee
    Yong Kah Hwee
    Level 6. Master
    Answered on 07 Feb 2019

    Look around on Seedly - there are a lot of articles to get you started!

    Also, there are many financial blogs out there that can help you :)

    Gain some knowledge first before putting money into any form of investments. It is important to know what you are doing.

    Alternatively, you can put your money into high interest savings account, Singapore Saving Bond or Fixed Deposits!

    Also, do have an emergency fund you can tap upon, in case you require money for any form of emergencies.

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  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Level 6. Master
    Answered on 07 Feb 2019

    Start learning from blogs and google first. You should have join seedly personal finance event, it has a lot of good stuff to give you a head start but tickets alr sold out. Alternatively, you can go look at their blogs and take your time to read them. The informations are good for beginners like you. You need to set aside an emergency funds of 6 months expenses first then you can use the rest to invest. You have to find out your risk appetite to see which kind of investments suit you as well. There are a lot of ways you can invest your money so it is important to find out which is better for you and learn about them.

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