Anonymous

18 Apr 2019

∙

What do I do with general savings?

-In my mid 20s
-Have emergency fund (EF) of 7-8 mths
-Also have separate accounts for general, travel and investment

I’m in a pretty good financial spot now. I’m single, 0 debt, no home to save up for/pay off, no 🚗and no dependants. All along I’ve been putting money in in case I want to buy smth, or I have a big emergency that will wipe out my EF. Should I move some to investment or top up my EF or just go travel or just leave it?

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Hariz Arthur Maloy

13 Apr 2019

Independent Financial Advisor at Promiseland Independent

You didn't mention your insurance, so I hope you have that settled. Hospitalisation, and a Income Protection plan in the event of Illness.

After you have the basics settled and with the amount of monies in your EF, you should start investing. All the money you save right now should be deployed into a globally diversified portfolio.

You can set up a few portfolios for short term, mid term, and long term goals.

With no liabilities and a spouse, you can start working towards financial independence by adding more income from your investments that will help you retire a little bit more in a few years time until it fully replaces your income and your need to work.

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