depending on your age, there're some cheap term insurance like $5+ / mth (termprotect?) that can satisfy the category.
or you can buy the cheapest $5,000 endowment (savvyEndowment) and park for 3 years which you can earn some peanut interest while not losing any capital and still qualify for the insurance category.
i want to first apologise i forgot hwz is mostly young and upcoming. such savings gain are actually very useful in early working life.
but regarding investments…(long read if you interested…but i wished someone told me these when i was younger)
i was attending a retiree financial planning workshop by my company yesterday. the presenter was talking about having a consistent monthly budget plan, on a show of hands i was shocked to see how many of the attendees actually have (read: need) a budget plan. i mean....if you need a budget plan at this stage in life....and also seems most did not already have a long-term investment in place.
i was also guilty for not thinking of it much in late 20s, but i was glad my financial advisor literally "forced" me into savings plans (yes sounds like scam)...and when built enough rolled into the investment plan...
long story short, the cpf may be a long-term guaranteed investment tool….the 4% is really v little…cpf itself is only just sufficient to retire after 65. think of long-term investment (read: not stocks/shares) to retire way before that.
you can diy (save fees) or engage a financial advisor (save time) or robo (save fees, save time) for your long-term investment. i prefer save my time for hobbies and stuff. note: robo is not humane enough to interpret geopolitics “anticipate” future; it relies on statistics. but i will do more random robo when i retire just for the fun.
but…
don’t forget to enjoy life. if you keep dwelling on saving and investing, you miss out the most important period in life. i forgot the last time one of my friend (he’s a millionaire before 30) met up with our group of secondary school friends. so if you are on the fence, at the minimum do robo for a start, but for long-term only.
“work-save-life” balance is important. work-life balance is insufficient - contrary to popular beliefs…govt is wrong - work until retire at 65 to enjoy life…is too late. work-life is a revelation i held when i turned 40 to have more life but i glad the foced savings for work-save-life should allow me to retire way before 65.
and don’t forget, ditch (read: not ignore but to be not reliant) your monthly budget plan way before you need to retire.
note:
i am of the sandwich generation - parents not savvy to invest, i won’t inherit anything from them (not that i want them for that) and now have to take care of them for life; while my child will literally be a millionaire even before she starts work (obviously i don’t tell her).
…so my parting statement is...having cheap thrills is fun (i love it too), while you are still young, start (long-term) investment early…but don’t forget enjoy life at the best period in life (not after 65 like what your favourite govt says)
yes $300-400 gains is useful (i never forget the times i have zero dollars in my bank and i have to weigh buying $3 cai png...or just don't eat at all) but don't forget the long run. i nearly did.
don't overspend. don't underspend.
late 20s/early 30s is a good time to start do what i mentioned (no matter how small)....cos by then you already have a 10-15 year headstart against your peers.
i want to first apologise i forgot hwz is mostly young and upcoming. such savings gain are actually very useful in early working life.
but regarding investments…(long read if you interested…but i wished someone told me these when i was younger)
…so my parting statement is...having cheap thrills is fun (i love it too), while you are still young, start (long-term) investment early…but don’t forget enjoy life at the best period in life (not after 65 like what your favourite govt says)
late 20s/early 30s is a good time to start do what i mentioned (no matter how small)....cos by then you already have a 10-15 year headstart against your peers.
i'm glad while i spent a long time typing this previous long message, many great replies came in on how to game the system. i'm thankful for the tips. i will look into these soon.
once again, i apologise, i meant no harm.
but if you have the time, read my long previous message to see where i'm coming from and i hope it helps you. no one did that for me and was guided mostly by my own partially-flawed revelation.
as for the investment option....no...don't buy direct from bank/financial institution (low yield), nor to go to a independent investment company (high risk).
ps: yeah i was stirring somewhat...to get tips, but also i just attended a retiree planning workshop yesterday and got me thinking to pen down my thoughts for the benefit of you guys...the younger generation.
just add him to the "ignore" list and no need to respond to his posts if you happen to see it. Usually the one who post here often bragging he is the "smartest" is usually the opposite
actually I think most folks here are of mostly the matured age group. and age doesn't really matter here.
it's okay to ask for tips here on how to satisfy some of the categories and that's what some have advised already. for investment, can follow what reddevil said - buying and selling immediately every month - if you can part with the fees involved and also the uncertainty of any sudden drastic movement in price.
otherwise can do RSP with a low volatile UT or Invest-Saver ($100/mth) and treat it like an actual investment.
play your own game. to maximise the gains, it takes some self-testing. dbs multiplier has its own tracker so you can check what you do is eligible or not (usually updated within 2 days), no need to second guess or ask about how to game the system. test it out early the month so if any transaction doesn't show up as eligible, you still have time to do plan B, plan C, etc...
just add him to the "ignore" list and no need to respond to his posts if you happen to see it. Usually the one who post here often bragging he is the "smartest" is usually the opposite
Actually encourage people to do nothing, and look into real investments for real. Why leave your funds in a bank account knowing they will eventually cut the rates.
Actually encourage people to do nothing, and look into real investments for real. Why leave your funds in a bank account knowing they will eventually cut the rates.
I am explaining what you mean by "literally doing nothing", ie you automated your transactions by “some are setup one-time, others once every 12 mths” (more details in my post quoted above)!
If you are not doing all these such that you do nothing every month, can you explain here what you mean by "literally doing nothing"?
I understand there could be another possible meaning, but that is "illegal" to share here. So share your 3rd reason?
Otherwise Admin should take action, delete Fake Post, and all edmw posts including the next insulting post!
i want to first apologise i forgot hwz is mostly young and upcoming. such savings gain are actually very useful in early working life.
but regarding investments…(long read if you interested…but i wished someone told me these when i was younger)
i was attending a retiree financial planning workshop by my company yesterday. the presenter was talking about having a consistent monthly budget plan, on a show of hands i was shocked to see how many of the attendees actually have (read: need) a budget plan. i mean....if you need a budget plan at this stage in life....and also seems most did not already have a long-term investment in place.
i was also guilty for not thinking of it much in late 20s, but i was glad my financial advisor literally "forced" me into savings plans (yes sounds like scam)...and when built enough rolled into the investment plan...
long story short, the cpf may be a long-term guaranteed investment tool….the 4% is really v little…cpf itself is only just sufficient to retire after 65. think of long-term investment (read: not stocks/shares) to retire way before that.
you can diy (save fees) or engage a financial advisor (save time) or robo (save fees, save time) for your long-term investment. i prefer save my time for hobbies and stuff. note: robo is not humane enough to interpret geopolitics “anticipate” future; it relies on statistics. but i will do more random robo when i retire just for the fun.
but…
don’t forget to enjoy life. if you keep dwelling on saving and investing, you miss out the most important period in life. i forgot the last time one of my friend (he’s a millionaire before 30) met up with our group of secondary school friends. so if you are on the fence, at the minimum do robo for a start, but for long-term only.
“work-save-life” balance is important. work-life balance is insufficient - contrary to popular beliefs…govt is wrong - work until retire at 65 to enjoy life…is too late. work-life is a revelation i held when i turned 40 to have more life but i glad the foced savings for work-save-life should allow me to retire way before 65.
and don’t forget, ditch (read: not ignore but to be not reliant) your monthly budget plan way before you need to retire.
note:
i am of the sandwich generation - parents not savvy to invest, i won’t inherit anything from them (not that i want them for that) and now have to take care of them for life; while my child will literally be a millionaire even before she starts work (obviously i don’t tell her).
…so my parting statement is...having cheap thrills is fun (i love it too), while you are still young, start (long-term) investment early…but don’t forget enjoy life at the best period in life (not after 65 like what your favourite govt says)
yes $300-400 gains is useful (i never forget the times i have zero dollars in my bank and i have to weigh buying $3 cai png...or just don't eat at all) but don't forget the long run. i nearly did.
don't overspend. don't underspend.
late 20s/early 30s is a good time to start do what i mentioned (no matter how small)....cos by then you already have a 10-15 year headstart against your peers.
Yes i was active there previously. actually… i’m sidelined as compared to the many bros and sis who went big lol with 2 properties or bought the most exp they could afford.
Haha i thought its more like you already up big in property/investment then come to the savings account forum to see see look look. I’ve always been into HYSA because too risk adverse which is not good on hindsight..
Yes i was active there previously. actually… i’m sidelined as compared to the many bros and sis who went big lol with 2 properties or bought the most exp they could afford.
Haha i thought its more like you already up big in property/investment then come to the savings account forum to see see look look. I’ve always been into HYSA because too risk adverse which is not good on hindsight..
Actually encourage people to do nothing, and look into real investments for real. Why leave your funds in a bank account knowing they will eventually cut the rates.
Investment is not for everyone. It is better for some to just keep in biscuit tins than for them to dabble in equities. Many who are here are those who are unable to take the slightest risk. Especially this is their retirement funds.
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