Anonymous
Hi, Iām a 23 year old part-time student with $40k in savings and can save $3-5k a month. Where do you suggest I park my money? I'm pretty new to the personal finance world.
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Elijah Lee
08 Dec 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
Saving $3K-$5K is tremendous and you should be proud of that.
I would say that $40K in savings is quite sufficient to cover 12 months of your expenses. Your monthly savings can and should be channeled to investments (you don't have to start immediately, but can earmark those funds for deployment)
You should look at gaining knowledge and starting your investment journey. There are plenty of asset classes to consider, so take time to understand their pros and cons before deciding what to look at.āāā
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Try Stan chart jumpstart account. If you can't achieve the criteria, do Singapore savings bond.
At the same time, upgrade your knowledge about investing and look for ways to shortcut your knowledge GAP between what you know now and what you wish to know. This can be through mentors, books and youtube!
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Fixed deposits until until you are comfortable with investings! :)
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Bjorn Ng
07 Dec 2019
Business Analyst at 10x Capital
Wow that's amazing man! Congratulations! When I was 23, I was only thinking where should I party ton...
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