Asked by Anonymous

What's the best way I can grow a spare fund of $10k to offset the $34k of school fees I've to pay at the end of 4 years? ?

I have about 10k spare cash, and will be graduating in 4 years. My school fees total to about 34k, and I'm currently not on any scholarship. Will definitely be applying for a scholarship though! But as it's not guaranteed, would really hope to know what other ways I can grow this 10k as much as possible within 4 years!

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  • Brandan Chen
    Brandan Chen, Financial Planner at Manulife Singapore
    Level 5. Genius
    Answered on 27 Oct 2018

    Firstly, it appears that you are new to investments, so I would recommend that you take some time to read up on the basics of personal finance through seedly articles.

    Next, understand your personal risk profile.

    Lastly, it may be possible but difficult to triple your money in 4 years.

    But there are some opportunities that may work in your favour if the market crashes within the next one year or so and you manage to select the right stock or investment vehicle.

    I always emphasize on personal finance education first before taking the leap to investing.

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    • Question Poster
      For now I have other cash parked in conservative instruments like SSBs, ASTREA and Temasek bonds. Would be keen to know how to triple my money!
      27 Oct 2018
    • Brandan Chen
      Tripling your money in 4 years would require investment into risky assets. Some ways are through Forex, options or CFDs.
      27 Oct 2018
  • Junus Eu
    Junus Eu
    Top Contributor

    Top Contributor (Mar)

    Level 6. Master
    Answered 2w ago

    Congrats on saving up for that $10k! Scholarship is a bonus, so let's not rely on it. Would be awesome if it comes through!

    Earn More X Spend Less X Invest Wisely

    Earn More: Given that you are currently studying (I assume full-time), this would probably need to wait until you have graduated and are generating a monthly income. Of course, you could decide to run a business as well, but that comes with its own risk/reward profile.

    That said, you can always give tuition in your free-time (it was quite lucrative in my time, just that it definitely ate into my social life), or other side gigs (like even dog-walking).

    Spend Less: Cut back on non-essentials. Set aside a target amount you want to save (in this case $34k or more), and work back on how much you need to earn Less spend each month.

    Invest Wisely: Once you've amassed enough to pay for your own monthly expense, you can start looking at allocating some of your capital into investments. Many resources online that are free, start small and be informed.

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  • Patricia JL
    Patricia JL
    Level 2. Rookie
    Answered on 27 Oct 2018

    If you are not on scholarship, one way is to take the interest free tuition loan and make your money grow from the conservative instruments that you are currently on. Don't really think you should rush into investments without first understanding how to read financial statements + evaluating businesses so I would recommend you to either a) learn about it online and/or, b) take basic accounting/finance modules in university before getting into it. Although getting your feet wet is one sure way to learn quickly, I think as a student you should gain a lil bit of knowledge first before starting. Afterwards, you can do early redemption for your SSBs and use the money to invest.

    Long story short: while learning, use conservative instruments to work your $$.

    I doubt you can really triple your money in 3-4 years unless you are investing into high risk instruments, so be diligent in learning!

    Another way is to do drop shipping or have your own business. 30k in 3 years is possible.

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    • Question Poster
      Thank you! Will definitely look into knowledge building
      09 Nov 2018
  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Top Contributor

    Top Contributor (Mar)

    Level 6. Master
    Answered on 27 Oct 2018

    If only got 10k and want to reach 34k in 4 years, you need to be earning around 34% every year. Not easy.

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