I have a sum of 5k on hand now. Where should I invest my money in? People encourages not to invest with insurance company, what's your say on this?
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Andy Sim
09 Mar 2020
HR Professional at a Financial Institution
Hi Mui Ling, yes I would not mix my insurances with my investments since there are alot of hidden costs in the product that eats away at the returns, You are better off trying robo advisors, low cost ETFs, SSB or fixed deposits. In the meantime, do read up more about the various invesment tools and methods, know your risk profile and have your emergency fund set up first before you dive in :)
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True: not with insurance companies, not with mutual fund (unit trust) company
just do it yourself, no problem at all,
some suggestions here:
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Get your 3-6 months of emergency funds first. Also your hospitalisation insurance
Once thats up, start understanding your options. But dont sit on it too long as its easy to keep postponing this when you're working and busy.
You can start with Singapore Savings bond and those high interest account.
Once you feel comfortable, can start putting some small money to equities and get used to the volatility of markets. I have friends who cant stomach a 1-2k volatility so its just something i felt should be addressed. Start small so it doesnt scare you away.
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Bjorn Ng
08 Dec 2019
Business Analyst at 10x Capital
Hey there! Have you set up your pool of emergency funds yet? As a gauge, it should be about 6 months...
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I agree that you should not invest via insurance company as insurance is meant for protection and not investing. You can start with RSP or robo advisor. All these are ETF and suitable for beginners. From there you can learn along the way and see if you want to go for stock picking when you have more experience.