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Best Way To Invest Money For Retirement
Best Low Risk Investments In November 2023
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You finally did it. You’ve worked hard, practiced financial discipline, and finally hit the elusive six figures in your savings account. Congratulations!
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After a little celebratory dance, take a seat, and let’s find out how we can turn this S$100, 000 into your retirement savings, money for your new home, or maybe fund your children’s education. The key is to do it in a safe, smart and sustainable way, and this starts with a better understanding of the options available to you.
Before we continue, you need to understand why you want to invest in the first place. What kind of goals do you want to achieve? What timeframe are you looking at? How daring or dangerous should your targets be?
Your goal will motivate you to keep growing your nest egg, and determine the strategy to take when investing your hard-earned money.
Protecting yourself from bad financial risks is important when trying to secure your financial goals. The last thing you want is for a little hiccup to derail your plans. However, there is no need to make a big fuss about it. Here are some tips that can add some guardrails to life’s curveballs.
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Always set aside an emergency fund before you start investing. These funds can be used to cover situations such as unexpected repair bills or sudden loss of income. .In general, you should save 6 to 9 months of expenses – check out our guide to learn more
Getting out of debt may have allowed you to improve your quality of life in the immediate term, but holding on to debt, especially high-interest debt, is a recipe for financial disaster. Whether it’s a personal loan or a credit card loan, we must prioritize their repayment before investing. Compounding interest should benefit you rather than be a burden; High-interest debt can quickly spiral out of control.
You may not need the most expensive and premium insurance plan, but having adequate insurance can help prevent you from needing to empty your savings account for a medical emergency or accident. Check out these policies to protect you and your family from potential financial problems:
If you’re not yet savvy with the many investment options available to you in Singapore, then this is a good time to check out what’s out there. While not an exhaustive list of options, these will serve as a good starting point to conduct your investment research.
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Of course, if this all sounds Greek to you, talk to a financial advisor who can help better identify the appropriate options for you.
As we saw in the table above, each investment option has its own advantages that are attractive in their own way, and disadvantages that can make you think twice. Which options you choose will depend on a variety of factors including your financial goals and your risk appetite. An investor’s goal is usually to meet the expected level of return with minimal risks.
What is the best way for you to achieve a well-balanced portfolio that can spread your risks and offer you a better chance of stability during a volatile economy? Diversification.
Diversifying your portfolio means having different instruments that will perform differently in different market conditions – aiming to maximize your gains or minimize your losses in anytime.
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One way of allocating your assets is to use the Bond-to-Stock ratio. The usual one is the 100 Minus Age rule. This rule includes a sliding allocation ale, where your allocation to bonds equals your age, while your allocation to stocks is 100 minus your age.
Whether you have S$100,000 or just S$100 to spare, these strategies can be applied to help you get one step closer to achieving your financial goals. With unit trusts for example, you can also consider setting up a Regular Savings Plan (RSP) to invest a fixed amount of funds every month to grow your wealth faster. And remember, the best time to start is now.
However you choose to invest your money, be sure to review and optimize your financial strategies on a regular basis. If you need help with your investments, check in with a financial adviser , who can give you the advice and information you need. If you’re tired and ready to go, check out what Standard Chartered has to offer.
This article is for general information only and does not constitute an offer, recommendation or solicitation to enter into any transaction. This article is not prepared for any particular person or class of persons and is prepared without regard to the particular investment or insurance objectives, financial situation or particular needs of any person. You should seek advice from a licensed or an exempt financial advisor on the suitability of a product for you, taking these factors into account before making a commitment to purchase any product. In the event that you choose not to seek advice from a licensed or an exempt financial advisor, you should carefully consider whether the product is appropriate for you. You are fully responsible for your investment decision, including whether the investment is suitable for you. The products/services involved are not principal protected and you may lose all or part of your original investment value.If you are trying to set financial goals, one of the easiest decisions you will likely face is the decision between savings vs. investment. There’s a lot of conflicting advice out there when it comes to how to prioritize your money. The truth is, you can do both saving and investing at the same time, but you’ll want to do it strategically so you have your money when you need it.
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Here are some scenarios to help you get an idea about whether to put your money in a savings or investment account.
When you first start planning your finances, you’ll want to prioritize saving an emergency fund that you can dip into when unexpected expenses arise. You will use this fund to cover expenses ranging from being unemployed for a period of time, to paying for emergency medical bills. Having an emergency fund saved means you don’t have to rely on credit cards at these critical moments.
Since you’ll need access to these funds at short notice, it’s smart to keep them in a savings account that you can withdraw at any time without penalty. If you use a high interest or high yield savings account you will still earn a small amount of interest on your deposit. However, the main focus of these funds is not to make money, but rather to have funds available whenever you need them.
If you expect to make a large purchase within a year, such as a car or a home, you may want to consider keeping the funds available for this purchase in your savings account. Having money in a savings account means you can access it without penalty whenever the right deal comes along.
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Also, the investments with the greatest returns are also often subject to market fluctuations. If you don’t have time to go through the highs and lows of the market, you may need to withdraw your money from an investment loss to make your intended purchase. Unless the investment is safe, such as a Certificate of Deposit, you will run into this risk, which is why it is not advised to invest money that you plan to spend in the short term.
Let’s say you plan to buy a house in the future, but don’t think you’ll buy it for the next three to five years, or longer. Then you can consider investing the money you’ve already saved to grow it while you continue to save and shop for the perfect property.
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