I have $5000 in savings. How can I maximize this?

If you have settled your insurance coverage and emergency money, then you can put this sum of money into low risk investment products like savings accounts, singapore saving bonds, astrea bonds or fixed deposits.
then consider more risky products like stocks or reits or p2p or robo-advisor.

i put money into p2p before and shared my experience here.
http://justbeingernest.blogspot.com/2017/07/moo...
lost some money and made some money so you know what to expect.

I would suggest that you keep it as emergency savings. Hence, you may want to consider putting it into a high interest savings account.

I'd say invest!! If you want a safer route, I'd say ETFs or SSBs are pretty good but you might want to hold it for at least 10 years for it to be worth it!

If you want to be more adventurous, I'd say learn how to stock pick, just like what Warren Buffett said, "The stock market is a no-called-strike game. You don't have to swing at everything - you can wait for your pitch". This means that you don't have to choose 30-40 companies to invest in, just pick maybe 10 that you like and understand, invest in them and then hold it for a long time. Also stock picking isn't as hard as what everyone make it seem, because behind every ticker symbol is an actual company. Just pick companies that you know will be around for the next 5-10 years, of course still making profits !! We wouldn't want to put our money into a sinking ship, regardless of how much money you can make.
Good luck with your path to building wealth!

Hey Brenda!

I think you need to ask yourself what are your priorities at the moment.

• First, do you have sufficient emergency funds for rainy days as Gabriel shared? If no, keep this sum for that purpose.
• Next, assuming you would like to grow this sum of money, what's your risk appetite & knowledge in the investment field? This helps determine what you should invest that money on.

I'd recommend this Seedly article on the various types of investments you can invest that sum in: https://blog.seedly.sg/cheat-sheet-what-are-the...

Hope this helped!! :-)