LY Any tips & tricks to get start on wealth accumulation ?
Advice needed on how to get start to build up more savings for the future, especially since the interest rate are low now.
I’m not a financial advisor nor i am rich..lol..but I started investing like 5 yrs ago.
I started RSP in DBS and DCA my way through. From there i get dividends. I think the most important thing is simply to START. It is important to have emergency fund by the way.
DBS has RSP for unit trust & etfs. RSP enables you to invest monthly & just leave it to accumulate and compound. You can also open fixed deposit account or Digiportfolio. There are also a few robo-portfolios available now where all you need is to RSP and choose your risk. You don’t need a lot of money to start so everyone can do it.
Then if you have “studied & learned” enough, then you can explore the riskier options..like opening a brokerage account and doing DIY stocks investing, etc.
By the way, don’t just listen to those financial gurus on social media. As always, do your own due diligence. You choose what’s best for you.
Pay yourself first. Automate your transactions so that the moment your salary hits your account, part of it will be pivoted towards your savings and/or investing funds.
the rule of thumb is to save at least 15-20% of our salary.
That's a very broad topic. I am not wealthy yet(lol!) but I think I can give pointers on this. The first goal should be to beat inflation. If my money sits in the bank account, I'm already losing money because the interest rates are not enough to beat inflation.
Start investing using digiPortfolio or invest in unit trusts to accumulate wealth over a period of time.