I've just started my first job with a take-home of $2,400. I'm looking to invest and grow my wealth, but have no experience. What should I do? - Seedly
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Anonymous

Asked on 19 Jun 2020

I've just started my first job with a take-home of $2,400. I'm looking to invest and grow my wealth, but have no experience. What should I do?

I just opened the DBS Multiplier account with the Live Fresh card to up the interest. I have $12k in the SC JumpStart account after accounting for 12 months of emergency funds but will move my funds after the interest rate slash. How should I apportion the funds and my monthly salary across DBS, Stashaway (14% but open to changing), Stashaway Simple, and maybe other relatively low-risk, beginner-accessible investment options? Thank you!

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Wilson Nid A Break
Wilson Nid A Break
Level 9. God of Wisdom
Answered on 20 Jun 2020

Go to libbyapp.com and login via your NLB account, and go borrow as many personal finance / value investing books. Borrow books that are written from a practictioner perspective. Can start with beginer friendly:

The Five Rules for Successful Stock Investing by Pat Dorsey

The Ultimate Dividend Playbook: Income, Insight, and Independence for Today's Investor, Josh Peters

If books are not your cup of tea, there are a couple good US financial youtubers to follow

Graham Stephan: https://www.youtube.com/channel/UCV6KDgJskWaEckne5aPA0aQ

PPCIAN: https://www.youtube.com/channel/UCXtrYuGksGkkyls50lPWvYQ

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Andy Chan
Andy Chan

20 Jun 2020

Can also consider "The Intelligent Investor" by Benjamin Graham and "The Little Book of Common Sense Investing" by John Bogle. I highly recommend "The Intelligent Investor" although it is quite a tedious book to read as it reinforces the principles you ought to have when you approach investing. I'm only halfway through the lessons learned have been invaluable so far.
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Michelle (askmichellelee)
Michelle (askmichellelee), Founder at Legacy Edge
Level 3. Wonderkid
Answered 5d ago

Save first, set aside money to invest via dollar cost averaging. Then find a mentor or advisor who can assist you to accelerate your growth.

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Monbu
Monbu
Level 2. Rookie
Answered 5d ago

Hi! I would recommend Singlife to deposit $10k of your emergency funds for 2.5% pa Although the interest is non-guaranted but I've been getting 2.5% so far!

No harm trying as there's no conditions and no lock in which means u can withdraw it anytime (in the event they slash the interest rate)

& also comes with free debit card for daily use.

U can use my referral link if u don't have 1 for $10 credit each (upon activating the debit card)

https://app.singlife.com/y9Vp4WXA48

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You can use this as a general guidelines for cashflow budgeting:

https://www.aaronleow.com/life-budget-calculator

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Answered on 19 Jun 2020

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Andy Chan
Andy Chan
Level 5. Genius
Updated on 19 Jun 2020

Hello. You can also consider opening up a Singlife account for the 2.5% interest (although not guaranteed). Once you've maxed your Singlife, you can also consider putting your remaining funds in Stashaway Simple, which invests the monies in a money market fund (short-term debt intruments that are typically considered safer).

As to the investing part, if you're not very sure about the products yet, I would recommend you continue reading. In particular, understand what an ETF is, because there are 'bad' ETFs in the market.

Assuming you can only set aside a small sum each month, I would recommend Autowealth if you have an initial lump-sum of 3k to set aside. Their fees are quite low (0.5% + 18USD). Syfe has a global portfolio you can also consider. If you don't have 3k to invest, I think Stashaway is another viable option. Generally I recommend these 3 because their options are quite straightforward and simple.

In general, you can consider building a permanent portfolio of stocks and bonds with roboadvisors since they invest in multiple ETFs. Hence, you diversify your risk at a relatively low cost. You can then read up more about other financial instruments like REITs, or read up about how to stock pick if that interests you. ​​​

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