Anonymous

07 Jun 2019

∙

General Investing

What should I do with my money to hit my next life goal after setting aside 6 months emergency savings?

I have already set aside my 6 months emergency savings to be held in my UOB one account (2%+- Interest) + Singapore Saving Bonds (2% +- Interest).

Now I am saving up for my Renovation + Wedding + Potential Kids (still considering)

Estimated sum to be around 100k (without the kid) thereabout. *Unsure of actual sum.
Time frame is 2023 (4 years from now) which means I need the money 4 years from now.

Now that I have extra money on hand, what should I do with the money to hit my target 100k?

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Nicholes Wong

07 Jun 2019

Diploma in Business Management at Nanyang Polytechnic

4 years means dont put in stocks better. You can get more SSBs, put more into UOB one or you have 70k you can put into Citi maxigain. Depends on how much you save every month as well. If you have no money other than the emergency fund right now and you only save $1000 per month, its not possible to hit 100k. Assuming you have no other money than emergency fund right now which you should not use for investments. You need to save $24,000 every year which is $2,000 every month and get 2% returns for 4 years, you will hit your $100,000 goal.

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Hariz Arthur Maloy

07 Jun 2019

Independent Financial Advisor at Promiseland Independent

If you die die need the money in 4 years, then I wouldn't suggest investing it in equities, the money has to be guaranteed. There are some 3 year endowment plans available that could give you some return, but don't expect any amazing return. Anything giving you more than 1.5% is already good enough.

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Grace Cong

06 Jun 2019

Agree with both previous answers. 4 years means equities is out of the question.

See if you can fin...

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