Yay to another year of being single (unmarried)! This means you get to collect more ang pows and listen to aunties nag you about settling down soon. (Probably because they want to stop giving you ang pows already.)
But that’s fine! Just grin and bear it while they ask you inappropriate questions because at the end of the day, you get to go home with a full wallet.
What you should be doing every year with that full wallet, instead of spending the cash, is to pay off your debts, then invest the money!
If you’ve paid off all your debt and you’re hoping to invest ang pow money into something lucrative this year, you’re already in a good place.
Make your money work for you.
Invest ang pow money into these investments this year:
1. Start investing in the stock market
Whoa, whoa, whoa! Isn’t that a huge leap? For first-time investors, this task may sound daunting and scary, even. Why put my money into something so risky and potentially lose it all rather than keep it in the bank? Read this article on investing in stocks for beginners to get started.
You have to start somewhere especially if you want your money to grow. Plus, we’re not suggesting you dump all your money in stocks. Every good portfolio is balanced with low and high risk investments!
2. Invest in your retirement plan
There is no such thing as starting too early to save for retirement. Do not rely on just your CPF savings for retirement. In fact, you should start looking into a Supplementary Retirement Scheme as extra savings as well as consider some deferred annuity products to add on to a cushy retirement plan.
3. Consider peer-to-peer lending
Try peer-to-peer lending as an investment if you’re skeptical about other investments. At least you will be choosing something to back that you’re really passionate about and truly believe in. You, as an investor, can lend money to businesses who need to raise funds, and get returns based on interest rates when borrowers repay the loans.
Perhaps it is finally time for you to consider investing in property! Okay, so your ang pow money isn’t going to be able to buy you your property (unless your parents give out ang pows in the hundreds of thousands). But you will be able to start a fund for yourself to buy that property in the future. Start it early so you can buy your property sooner rather than later.
5. Invest in yourself
Investing isn’t always about seeing monetary gains over time. Sometimes, you need to invest in yourself. Take up a class or a skill, buy books to gain knowledge, spend money on improving yourself. Sometimes, investing in yourself IS the best way to see more monetary gains in the future.
What will you be doing to invest ang pow money this year? Let us know in the comments.
Read more CNY related stories here.