Savings / Investment

[Cacatuoides]

Hi

Anyone can recommend any good savings or investment plans?
I understand some insurance groups have a monthly saving plan....
Wanting to start svaing money but don't wish to let the money sit in the poor interest-rated banks..

[oblivion]

you may want to consider investing a monthly sum into a unit trust
it can either be insurance linked through any one of the major insurance firms,
or could be a pure unit trust investment ==> you can check out fundsupermart for more info

[Cacatuoides]

Thanks lee, I see quite a number of recommendations towards unit trust
Any specific recommendations on which one or where I can read up more?
Sorry, I'm very new to this

[theodore]

For funds, check out:
www.fundsupermart.com
www.dollardex.com
www.mercerfundwatch.com *

I am a firm believer than insurance should be for protection and protection only.

You may also want to look into ETFs (listed on SGX) and foreign currency Fixed Deposits (compare banks before deciding).

[Cacatuoides]

Is it advisable to go to a local bank to find out more /purchase unit trust?

[theodore]

Find out more = Yes

Purchase = Up to you

[Cacatuoides]

Found out that the initial investment is $1000....

I'll like to start off some savings plan at $100-$150 a month, any recommendations?
Still a poor student

[theodore]

Got. It's called a savings account

On a more serious note, for investment, you really should set aside more capital before taking the plunge. Investment-linked policies (ILPs) allow you to move in at smaller amounts but tend to exact higher overheads in the long run. To build up that capital fast, try giving tuition.

If you are still a full-time student that has yet to embark on your life-long misery (aka career), you really should be shopping for some protection first. For example, insurance with critical illness coverage.

[rwalker]

It is very commendable that you think of investment when you are still a student. In fact, one should start financial planning as early as possible. But, don't plunge into investment before doing research (just like the way you should before you start your planted tank ), be it on unit trust, ILP, bond, stock, etc. Get yourself a book on financial planning from the library. Understand your investment objective, your risk profile, and time frame. Try to differentiate between speculation and investment.

If your capital is limited, it is more important for you to accumulate your capital first before starting investment. The effect of compound earning will shows itself once your capital gets larger.

I would generally discourage ILP (no offence to my insurance friend :-)), if you want investment and you are not an expert, go for unit trust or index fund. For protection, go for term insurance. Never buy hot fund/stock of the month. You will regret sooner than you think.

Have fun and good luck.