I just started my first job and I have a RSP. I am interested in investing in other stuff however I am only going to turn 21 in a few months. Should I wait until I'm 21 to open a brokerage account? ? - Seedly
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Anonymous

Asked on 19 Oct 2018

I just started my first job and I have a RSP. I am interested in investing in other stuff however I am only going to turn 21 in a few months. Should I wait until I'm 21 to open a brokerage account? ?

Where should I open one?

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MT2020
MT2020
Level 7. Grand Master
Answered on 09 Mar 2020

You are still young, it would be good if you can study more about investing first. the RSP is a good start for you.

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Lim Boon Tat
Lim Boon Tat, Mathematics at Cambridge University
Level 6. Master
Answered on 02 Feb 2020

Hey! Education is the best investment, especially if you're starting late. There's tons of FIRE blogs are there, but if you're like most heartlanders in Singapore, with at least a 30 minute commute in the morning, i would suggest downloading the app Libby, where you can borrow ebooks from the National Library very user-friendly interface (wayyy better than the previous method of using Overdrive).

My top recommendation is the following book available as an ebook via Libby

Financial Freedom: A Proven Path To All The Money You Will Ever Need by Grant Sabatier. My personal review is that this book covers 95% of everything you need, including how to ask for a raise, how to start a side hustle, how to invest etc. If you need a great starting point, i think this is it. This was written by the blogger of millenialmoney.com and he also has a fairly informative podcast. Go check those out as well.

I guess i will end with: for almost anything, the best time to start was yesterday. But the next best time is today. And you dont have to start perfect, or start 100%, you just have to start. And i think the above book will give you more than sufficient strategies/tactics to get started in 90% the right direction.

Best of your luck.

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YT
YT
Level 9. God of Wisdom
Updated on 21 Oct 2018

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