Hi Jolyn,
Great question to ask especially at a young age of 18! I think it's really good to start searching for tools to invest your money in now, as it will give you an edge over your peers who may start 3-4 years later, after they graduate from university.
I honestly agree with starting young as well. I'm 23 this year, and I only gotten into investing when I was 22. Even then I still felt like I could have done better by starting earlier as well.
I think for your age, there are many ways that you can actually start growing your money, and it's through savings plans or investments! Saving plans are tools that are more conservative in returns as the risk is lower, as compared to investment which generate higher returns at a higher risk.
So as you know, it is super easy to start on a savings plan, all you need to do it come accross any insurance agent at the MRT and boom they'll show you different types of saving plans that you can enroll yourself in.
However, when it comes to investment, things will start to look a little "Uh Oh" already. This is because for investment, there is quite a bit of things needed to be done before investing, like opening a Central Depository account and a brokerager account as well.
Afterwards, things will look way more intimidating (especially for me when I just started out). This is because after opening both accounts, you're now trying to figure out which investment instrument you want to put your money in (Bonds, Stocks, Funds etc). And then finally upon picking your desired investment instrument(s) (eg you pick stocks), you'll will have a butt-load of questions like which stock should I invest in? Are so-so stocks good? What if I lose money? How much do I want to invest? And all these requires you to have a good understanding of the economic market!
The list can go on and on on how difficult it is to begin investing, and at a young age of 18, yes it looks very daunting. For you at 18, I think its good to know that you know WHY you should grow money, but I think it's better to use this time to learn HOW you can do it and WHAT you can do with it to make it more sustainable in the future.
I think online (google) is a good place to start reading up on money and etc. Websites like seedly (seedly.sg) ,Dollar and Sense (dollarsandsense.sg) and DrWealth (drwealth.com) are good local based sites where you can read about topics on finance, money and investment.
Gonna link you some good articles to kick you off:
https://dollarsandsense.sg/beginners-guide-star...
https://www.drwealth.com/investment-in-singapore/
https://dollarsandsense.sg/start-investing-just...
https://fifthperson.com/how-to-start-investing-...
https://blog.seedly.sg/working-adults-begin-inv...
There are many other related articles you can find on these sites, and if you actually read this whole post, you deserve to treat yourself a good meal!! :D
Cheers! And have fun starting on your new journey on money growth. I had many questions when i started but also had many people that helped me with it. If you have questions do feel free to drop me a dm!
Good Luck
Nixon
Student, NTU MAE
FA, AIA
Hi Jolyn,
Great question to ask especially at a young age of 18! I think it's really good to start searching for tools to invest your money in now, as it will give you an edge over your peers who may start 3-4 years later, after they graduate from university.
I honestly agree with starting young as well. I'm 23 this year, and I only gotten into investing when I was 22. Even then I still felt like I could have done better by starting earlier as well.
I think for your age, there are many ways that you can actually start growing your money, and it's through savings plans or investments! Saving plans are tools that are more conservative in returns as the risk is lower, as compared to investment which generate higher returns at a higher risk.
So as you know, it is super easy to start on a savings plan, all you need to do it come accross any insurance agent at the MRT and boom they'll show you different types of saving plans that you can enroll yourself in.
However, when it comes to investment, things will start to look a little "Uh Oh" already. This is because for investment, there is quite a bit of things needed to be done before investing, like opening a Central Depository account and a brokerager account as well.
Afterwards, things will look way more intimidating (especially for me when I just started out). This is because after opening both accounts, you're now trying to figure out which investment instrument you want to put your money in (Bonds, Stocks, Funds etc). And then finally upon picking your desired investment instrument(s) (eg you pick stocks), you'll will have a butt-load of questions like which stock should I invest in? Are so-so stocks good? What if I lose money? How much do I want to invest? And all these requires you to have a good understanding of the economic market!
The list can go on and on on how difficult it is to begin investing, and at a young age of 18, yes it looks very daunting. For you at 18, I think its good to know that you know WHY you should grow money, but I think it's better to use this time to learn HOW you can do it and WHAT you can do with it to make it more sustainable in the future.
I think online (google) is a good place to start reading up on money and etc. Websites like seedly (seedly.sg) ,Dollar and Sense (dollarsandsense.sg) and DrWealth (drwealth.com) are good local based sites where you can read about topics on finance, money and investment.
Gonna link you some good articles to kick you off:
https://dollarsandsense.sg/beginners-guide-star...
https://www.drwealth.com/investment-in-singapore/
https://dollarsandsense.sg/start-investing-just...
https://fifthperson.com/how-to-start-investing-...
https://blog.seedly.sg/working-adults-begin-inv...
There are many other related articles you can find on these sites, and if you actually read this whole post, you deserve to treat yourself a good meal!! :D
Cheers! And have fun starting on your new journey on money growth. I had many questions when i started but also had many people that helped me with it. If you have questions do feel free to drop me a dm!
Good Luck
Nixon
Student, NTU MAE
FA, AIA