National Service (NS)
Asked 4w ago
Investing seems interesting to me but I have no idea where to go and how to start. Thanks!
I always envy those who have the vision to start investing at such a young age! What wei ming has mentioned below is 100% correct and i totally agree with him.
In any case you are interested to know more on how to invest your money in the stock market specifically, do consider following my youtube channel where I discussed how you can use brokerage account in singapore how to buy and sell shares etc - basically all about stock market investing!
Do consider following my youtube channel and I hope I have answered your qustion!
My friends are in a similar boat, so I can share a bit about what some of them have done. Most of them have started parking their NS savings in an interest bearing account, let it be Standard Chartered Jumpstart or a roboadvisor. More of them are using roboadvisors mainly due to them wanting to get a start in investing. I personally think Stashaway was a great way to start, but I'm biased because it was my first exposure to investing! Stashaway also has Stashaway Academy, which provides a lot of free investment and personal finance courses. This is great if you're looking to learn something as well ~
I also think honing in on an interest or skill that is "freelance-able" is good as well. Do you like writing? Then maybe start a blog or portfolio to beef up your credibility to do freelance. All the best!
Hello! SIngapore is currently encouraging upskilling for all citizens which means that there are currently many courses available that are eligible for claims. After picking up such a skill I think that there will be opportunities to do some of these work freelance which will help you to earn some additional money as well! This article may be of help to you: https://thesmartlocal.com/read/training-courses-smartcademy/
Investing is definitely a great way to make your money work for you, but I wouldn't view it as a way to earn additional money. I see it more as a method to make your money grow and generate returns versus leaving your savings in the bank.
I wish I started thinking about these at 20 too, so all the best!! :D
Before investing, it is important to ensure that
You have at least 6 months worth of expenses as emergency fund
You have a recurring inflow of cash so that your livelihood will not be affected
Do you foresee that you have any big ticket purchases in the near future?
Have sufficient insurance coverage, though it should be covered by your parents as of now. However, it is important to review when you are older and once you start working.
For beginners, I really advocate Passive Investing using ETF with Robo Advisors or ETF RSP. I am working on an article which will be released in the coming days so do keep a look out.