Recommend an investment plan for beginner

[produde1999]

I'm 17, planning to invest $100 per month for probably 10 years.
I was considering the following plans : POSB Invest saver,OCBC BCIP and SSB.

I was recommended POSB over OCBC as it Charges $5 per counter while POSB Invest saver charges 1% per transaction.

I'm not too sure about SSB $2 transaction fee. Do I get charged $2 every time I invest $100, or do I get charged $2 for applying?

Do you guys recommend SSB or POSB invest saver? Thanks in advance.

 

[Average]

Posb invest saver.

Ssb will charge for every application. Invest saver also charges monthly but only 1%. Redemption for invest saver is free. Posb invest saver give dividends every year, at least 3% accourding to history. And u can expect capital growth in invest saver's G3B over 10yrs

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[Lewis.T]

Invest saver doesn't charge you 1% monthly, they charge you 1% per transaction.

On the topic, I heard that if you were to liquidate your posb invest saver, you have to sell all your holdings at once. True?

SSB has a minimum of $500 so its kind of out of the picture at this stage for TS.

 

[chuanz]

On the topic, I heard that if you were to liquidate your posb invest saver, you have to sell all your holdings at once. True?

Not true. That has been changed for quite a while. You can input the # of units to redeem. Hope you re-"hear" this here.

 

[Lewis.T]

Not true. That has been changed for quite a while. You can input the # of units to redeem. Hope you re-"hear" this here.

Well I was told that by a client who called in to posb to ask, as well as tried redeeming units. That was maybe a month back. Was it changed again recently? They are giving so many conflicting information.

 

[chuanz]

FAQ -> iii -> 10
http://www.posb.com.sg/personal/landing/invest-saver/index.html

Step 3: Select the Exchange Traded Fund that you wish to redeem and click on the “Continue” button

Step 4: Input the number of units to redeem and select the account to credit your redemption proceeds.

Interestingly, there's no input units option on the steps for ATM. So maybe your client is also right.

 

[chuanz]

Btw, better disclose that I personally have some G3B via InvestSaver, although no longer subscribing to InvestSaver currently.

 

[Asphodeli]

You need to be 18 and above to start investing with POSB InvestSaver dude unless joint account

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[produde1999]

Invest saver doesn't charge you 1% monthly, they charge you 1% per transaction.

On the topic, I heard that if you were to liquidate your posb invest saver, you have to sell all your holdings at once. True?

SSB has a minimum of $500 so its kind of out of the picture at this stage for TS.

Hmm maybe i should just put $1500 one shot each year to SSB so i would bear less transaction fee.

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[produde1999]

You need to be 18 and above to start investing with POSB InvestSaver dude unless joint account

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Haha ya I just realized that applies to SSB as well. Guess I'll either make joint or wait next year apply

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[frenchbriefs]

$100 per month is $1,200 per year,its not going to get you anywhere in 10 years....this might be perfectly acceptable if u are living in manila where 470k pesos is a large fortune or in india where 6 lakhs is a nice retirement fund(yes they have financial investment programs in india)......

 

[produde1999]

$100 per month is $1,200 per year,its not going to get you anywhere in 10 years....this might be perfectly acceptable if u are living in manila where 470k pesos is a large fortune or in india where 6 lakhs is a nice retirement fund(yes they have financial investment programs in india)......

Of coz the returns for $100 per month is not really much. At least its better than putting it in bank and gain no investing experience.

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[produde1999]

$100 per month is $1,200 per year,its not going to get you anywhere in 10 years....this might be perfectly acceptable if u are living in manila where 470k pesos is a large fortune or in india where 6 lakhs is a nice retirement fund(yes they have financial investment programs in india)......

And I'm 17. This is not my retirement plan LOL

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[chuanz]

frenchbriefs is a troll. Ignore him.

You're on the right track, and your thinking is correct.

In your journey of investment, there's gonna be many trolls, holier-than-thou, etc. Don't waste your time on them. Maybe some are lucky enough to start their investment journey with 100k a clip, but everybody else have to start somewhere.

 

[frenchbriefs]

i may be a troll but let me ask u seriously,do u want to be at 27 years with only 20k to ur name and 10 years irrevocably gone by?when u are 27,20k is lesser than nothing,u cant even go backpacking to australia for 3 months cause that will cost u 5k and severe heartpain to lose 25 percent of ur networth.....20k is smaller than a chinaman with zomzom virus that causes their dicks to shrink similar to zika virus that babies brains to shrink like microcephalis .....im pretty sure there are many of us with the same regrets at 27 year old with a dick the size of a mosquito brain.

how bad do you want it?if u want even to stand a chance of becoming a millionaire and financially free by 35 or 40 u got to do it now,u need at least 100k by 27 or u will never make it,u got to start saving at least 50 percent of ur income or more,especially when ur living with ur parents and have the freedom of not having to pay for rent and bills.at 27 ur peers will be driving a toyota corolla,having a wedding at shangri la and popping out babies but at least u can tell urself ur a millionaire to be.

 

[chuanz]

What I'm saying is everybody's gotta start somewhere. Be it $100 or $100k. The keyword is START, doesn't mean permanently at the same amount. Starting somewhere is always better than waiting and waiting and waiting "until I have enough" to start.

I'm already mid-30s and can only wished I've started at TS age. I've "awaken" too late financially.

 

[Nature_call]

Isn't it better if open SCB trading account to buy etf? The fee per transaction is only 0.2% vs 1%

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[Asphodeli]

Isn't it better if open SCB trading account to buy etf? The fee per transaction is only 0.2% vs 1%

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TS is only 17...

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[disavowed]

TS you're on the right track. Always good to start small, start conservatve, and get a feel of how investing is like, even if its in such a simple product. The mere action of putting your money down can reveal a lot about your own emotions and risk appetite which will serve you well as you delve deeper into investing. After a while you can start to open a scb brokerage account can buy a lot other securities with minimal fees.

 

[01asdf]

Not to be a wet blanket, but you might wish to have a cash stash (if you don't) before you even start investing.

Granted you are probably being supported by your parents and have little to no expenses at 17, but having the discipline to keep a chunk onhand - without going YOLO and splurging it on the latest must-have is a pretty much a prerequisite to any financial planning.