Chinese New Year is upon us again! This is the time where singles rejoice at their marital status and grin with glee at their opportunity to collect a bit of ang bao money (red packets).
This year, why not take some steps to multiply your “income” instead of losing your money to that extremely lucky cousin of your in blackjack (again)?
1) Save It In A Bank That Has A High Interest Rate
Well, in case you haven’t yet come across one of my blog posts that sing the praises of OCBC’s 360 deposit account, you don’t know what you’re missing.
You’re potentially missing out on a big fat chance to earn up to 3.05% on your money!
Just by requesting your Boss / HR department to deposit your salary into your OCBC 360 account every month would allow you to earn a cool 1.05% interest!
Fun Fact: That’s 21x better than your typical bank’s meager 0.05% interest rate!
For those who aren’t working yet, not to worry. With POSB’s current 1.88% CNY Promotion, anyone (including student) can earn higher interest on their money.
However… it ends on 28 February, so if you’re intending to save with POSB, you got to do it fast!
2) Buy An Index Fund (ETF)
I have started putting $200 every month into Nikko AM’s Singapore STI ETF via POSB Invest-Saver since September last year.
6 months later, the $1200 that I’ve accumulated has already grown by 3.99% as of today!
This is actually a fantastic option for the lazy investor who still wants to grow his money. While it may not seem as exciting as trading, it is still the most foolproof way to grow your money.
I can’t find any reason for you not to start!
Since the money is already in your bank anyway, why don’t you put it to good use instead of letting it suffer the effects of inflation?
3) Invest In Your (Financial) Education
No, I’m not asking you to take on a part time degree or some sorts. What I’m asking you to do is to buy some books or sign up for some courses that would actually teach you how to grow your money!
“An investment in knowledge pays the best interest”
– Benjamin Franklin
In case you’re looking for some help, you can start off with our list of recommended money books you should read if you really want to be wealthy!
For those who are more serious about making money, there’s this list of classic books every investor needs to read might also work for you.
If you’re not the type who likes to read books and prefer to have people who would simplify it and then pass it down to you, you might want to consider sign up for courses.
Perhaps you might want to find out how this Singaporean National Sailor made 3% a month by trading Forex profitably or you might prefer to learn from the NUS couple and discover how you can start your own internet business from the comfort of your home!
Regardless of which option you take, just remember to take action!
4) Invest In Stocks
Now that the Singapore Exchange has decided to reduce the standard lot size from 1000 shares to 100 shares, your ang bao money can actually buy you some shares!
I’m sure you know that the most intelligent way to really grow your ang bao money is actually is to invest it instead of multiplying it!
Of course, I’m not telling you to throw money blindly into that blue chip stock. Investments can make you money, if you are first willing to learn how to invest wisely(#3).
Perhaps all of these may sound a bit foreign to you considering that most of us are used to spending our ang bao money reckless the moment we get it.
Well… that clearly doesn’t sound like the most intelligent thing to do, won’t you agree?
Image Credits: Dawn.com