facebookWhat are some investment advice for a 20 year old regular police officer with about 5k cash and a take home salary of $1.8k? - Seedly

Anonymous

26 Jul 2019

Career

What are some investment advice for a 20 year old regular police officer with about 5k cash and a take home salary of $1.8k?

Currently invested $3.5k (one time) and $300 per month into moneyowl

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Clarence Chua

26 Jul 2019

Financial Planning Specialist at Prudential Assurance Singapore

Firstly get your insurances settled first. Wealth protection should always be the first step of building a good portfolio.

Too many people are overly eager to grow their wealth, only to lose it to death and illnesses when they strike.

A really basic and simple guideline to how you can manage your money is. Keep your expenses to below 50%. Then set aside 20% for savings, you may put them into different instruments. Set aside another 10-20% for investments. Set aside 5% to get books for self improvement.

Also remember to start building your emergency fund. (6 months of income)

And maintain a healthy cashflow!

Boy, you're still young

Go for courses that shape your mindset, followed by public relations/communication, then valuable skills such as stock trading/investments and sales/business, if that interests you in the future.

Use your multiple gahmen bonuses (don't be stingy) to buy books and online courses that gives you skills that can serve you well after 30s or 40s. Don't rest or be comfy. Be restless and keep learning and applying what you learnt.

When you think you are oredi champion, then you're screwed!

Invest in your health too. So that when you are rich in the future especially if you follow my advices, you can enjoy the fruits of your labour while you're in the pink of health

Dun give excuses or ask too many questions. Seek knowledge thru coaching and mentorships and apply to gain experience. Gain feedback and improve. Rinse and repeat, until cow come home.

What i did for myself when I was at that state of my life was to:

  1. make sure I have adequate insu...

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