What to do with 1k

[Mecisteus]

You are clearly out of context. Why are you even talking about the annual limit here? To win the argument? It only shows how out of touch you are.

The thread-starter is 1) 18 years old. 2) studying in poly. 3) comes from a low income family (bursary). 4) only has 1.4k (if he has 10k, he won't be asking about 1.4k).

In those circumstances, it is irresponsible of you to advise the TS to put it into CPF. Period.

Out of context or inappropriate advice is the right statement.

I think we can see that BBCWatcher is knowledgeable but his advice definitely does not fit here.

 

[Trazora]

Donate to charities since you don't know how to spend it mean you come from rich family?

Don't think so. One of the criteria for Bursary is household income below a threshold.

 

[shared]

Alternatively, use the 1.4k to gain some skills like driving license.

1.4k is nothing when you are in your 20s, so should use it to inxrease your skills or market value

 

[fluxos]

now bursary is very generous especially in poly. it goes by per capita income.

<950 - $2000 bursary
<1400 - $1500 bursary
<1900 - $750 bursary

if you have 4 fella in your family and the dad is earning 7600 a month, you still get bursary.

7600 per month is quite well to do already. many of these students use the money to buy new phones.

bursary means you are lower-middle income at best.

 

[zheng]

1k keep in bank lor or .....

 

[dork32]

bursary means you are lower-middle income at best.

7600 a month, is not lower middle. it is probably middle middle

 

[newjersey]

You are clearly out of context. Why are you even talking about the annual limit here? To win the argument? It only shows how out of touch you are.

The thread-starter is 1) 18 years old. 2) studying in poly. 3) comes from a low income family (bursary). 4) only has 1.4k (if he has 10k, he won't be asking about 1.4k).

In those circumstances, it is irresponsible of you to advise the TS to put it into CPF. Period.

putting his only sg$1k into CPF is the stupidest advice ever.... as an investment strategy.

please get a copy of "Rich by Retirement" from indiegogo.

google it, get a general idea of investment framework.

keep it in the bank, take up more odd-jobs in the holiday and set a higher target.

SG$5k... then SG$10k.

and the book u bought, would tell u what are the best thing to do with it.

 

[peterchan75]

Every journey starts with the first step. Leave it in your bank account and target the next 1k. In no time, you will have 2k and so on. Once you have 10k, then you should consider STI ETF. If you have 100k, 20% in STI ETF, another 20% in another basket etc.... Once you are in the workforce, ratchet savings cum investment. If you spend this 1k, you will never have the discipline to start your investment journey. You will give yourself the excuse, "I will start when I have my next 1K."