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Need some advice here

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Old 26-12-2017, 09:32 AM
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Default Need some advice here

Dear fellow Singaporean, I am 26 this year and have just graduated not long ago and is currently holding a full time position having a gross salary about 3k per month and taking home about only 2.4k
Due to my current family situation, I have to fork out 1.5k per month for my family bills, education loan repayment and etc and is left with only about 900 per month for my own usage. Recently I was studying on what I can do on investing because I wanted to start investing early but I just could not fork out a lump sum of money at the moment to do so. One method I researched on is to dollar cost averaging(DCA) into SPDR STI ETF using DBS upfront cash account every month consistently which will cost me about $350/month given the current pricing of the etf. My concern is whether is it viable to do this for a few years eg.5-10years or maybe there is better advice or alternatives that I might not heard of yet? Times are tough for me and my family these few years and I am currently working off to mainly clear all debts asap.

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Old 11-03-2018, 09:35 AM
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Quote:
Originally Posted by jurongeastboy View Post
Dear fellow Singaporean, I am 26 this year and have just graduated not long ago and is currently holding a full time position having a gross salary about 3k per month and taking home about only 2.4k
Due to my current family situation, I have to fork out 1.5k per month for my family bills, education loan repayment and etc and is left with only about 900 per month for my own usage. Recently I was studying on what I can do on investing because I wanted to start investing early but I just could not fork out a lump sum of money at the moment to do so. One method I researched on is to dollar cost averaging(DCA) into SPDR STI ETF using DBS upfront cash account every month consistently which will cost me about $350/month given the current pricing of the etf. My concern is whether is it viable to do this for a few years eg.5-10years or maybe there is better advice or alternatives that I might not heard of yet? Times are tough for me and my family these few years and I am currently working off to mainly clear all debts asap.
DCA of $350/monthly using DBS Cash Upfront will cost you $10 per month in commission fees. Reason being commission is the maximum of $10 or 0.12%, whichever is higher. So even if you put in $9000 to DCA, you will also incur $10+ in commissions. That is 2.86% in commission, which is extremely high. I'd recommend you save up 12 months worth before DCA-ing.

Alternatively, go open a POSB Invest Saver Account and put in $300/month. That's only $3 in commissions.

When investing, take special care of the fees you are paying.

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Old 27-03-2018, 07:45 PM
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pay off your loan first la

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