Personal Financial Management V3, It's all about managing your $$$
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 Aug 4 2016, 11:21 AM
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#1
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Senior Member
1,757 posts Joined: May 2011 
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Sifus, if an account is opened in singapore , let's say under CIMB or OCBC in Singapore, are there ways for our money to work harder there? What are the benefits of having accounts (be it premier or other accounts) as what many well wealth planned people do?
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Aug 4 2016, 11:46 AM
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#2
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Senior Member
1,757 posts Joined: May 2011
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QUOTE(T231H @ Aug 4 2016, 11:34 AM) i will try to breakdown your question.... For (1): Lol, I'll wait for more sifus to respond.1) if an account is opened in singapore , let's say under CIMB or OCBC in Singapore, are there ways for our money to work harder there? 2) What are the benefits of having accounts (be it premier or other accounts) as what many well wealth planned people do? no idea about (2)... as for (1) to have your money work harder...you may try to learn about it in here.....(while you wait for more value added responses) http://www.moneysense.gov.sg/ Understanding Saving and Investing http://www.moneysense.gov.sg/Understanding...-Investing.aspx Things to Watch Out for http://www.moneysense.gov.sg/Understanding...ch-Out-for.aspx https://secure.fundsupermart.com/main/school/school.svdo  For (2): What are the ways that one can earn more than 5% interest by having accounts in Singapore? Is there an added advantage if one travels there to open accounts compared to opening a foreign currency account from CIMB/OCBC here? |
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 Aug 4 2016, 05:24 PM
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#3
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Senior Member
1,757 posts Joined: May 2011
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QUOTE(j.passing.by @ Aug 4 2016, 12:25 PM) There is no free lunch... meaning to 'make your money work harder' = getting higher returns on your money => taking higher risk => putting money into riskier financial tools such as unit trusts. Thanks for the information. Am a newbie and am trying to diversify investments. What are your views about foreign currency bonds ?You can't expect much from fixed deposit. Rates in FD are dependent on the country's currency which is linked to its inflation and its political/economy environment. Take a look into this list of rates from across the world... http://www.deposits.org/world-deposit-rates.html (Check the fd rate for Singapore... ) People opens accounts in Singapore for various reasons, it does not mean they are "well planned". Some put there as emergency funds and safety reasons - not for gains, as in the recent news of Indonesia exhorting its high networth citizens to repatriate their money back to Indonesia. Financial management has no one size fits all formula. There is no formula such as putting x% in gold, y% in foreign accounts that will fit everyone. Having 500k is different from having 50 million. |
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 Aug 5 2016, 03:20 PM
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#4
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Senior Member
1,757 posts Joined: May 2011
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QUOTE(Ramjade @ Aug 5 2016, 10:10 AM) ASG is a pure UT. Dividend does not matter in UT. Like I said there are better option than ASG at FSM. Now, if you are talking about the fixed price fund, dividend is important. How to go about investing in those 3 funds? Also, what is ASG and FSM and fixed price funds ? You don't need to be a bumi to buy the 3 fund I mention ASW2020, ASM, AS1M. I can assure you that those 3 funds give better returns than any FD. I am not a bumi too. |
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Aug 10 2016, 07:24 AM
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#5
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Senior Member
1,757 posts Joined: May 2011
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QUOTE(wil-i-am @ Aug 5 2016, 06:46 PM) 👍🏽 thank you. |
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