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What is the best option to save our kids Ang Bao $$$
Posted: Mon Apr 11, 2011 4:49 pm
by hungry caterpillar
Care to share which saving account, plan, etc is best recommended for managing kids Ang Bao $$$ (yearly one sum kind of saving)......
Re: What is the best option to save our kids Ang Bao $$$
Posted: Tue Apr 12, 2011 10:06 am
by financial_guru
hungry caterpillar wrote:Care to share which saving account, plan, etc is best recommended for managing kids Ang Bao $$$ (yearly one sum kind of saving)......
If you dont mind locking up the money for at least 5 yrs...there's a plan that will give you 1-3% returns per year. You need at least $5K though to start.
Posted: Wed Apr 13, 2011 4:23 pm
by 2000 modern daddy
buy endownment plan and save up for them?
Re: What is the best option to save our kids Ang Bao $$$
Posted: Mon Apr 25, 2011 11:28 pm
by jimmy56
Teach them how to save a minimum of 90% of the ang bao money and put it in a money saving account and see it grow.
Re: What is the best option to save our kids Ang Bao $$$
Posted: Fri Apr 29, 2011 10:15 pm
by roamingglass
I just opened a savings account for them and park the ang pow $$ inside. Probably for their future education expenses.
Re: What is the best option to save our kids Ang Bao $$$
Posted: Sun May 01, 2011 12:18 am
by financial_guru
unfortunately most SG bank savings account gives lousy interest, haven't seen anything above 0.35% per annum!
0.35% interest means for every 1K in the bank account, the bank only gives $3.50 per year!
Re: What is the best option to save our kids Ang Bao $$$
Posted: Tue May 03, 2011 8:40 pm
by dicky
Me put DS Ang Bao money into DS CPF account. Locked up as forced saving and super-early retirement. Anyway DS no need for the cash as he is too young. 4% (Maybe 5%?) compounded over many years.....
Re: What is the best option to save our kids Ang Bao $$$
Posted: Tue May 03, 2011 10:16 pm
by roamingglass
dicky wrote:Me put DS Ang Bao money into DS CPF account. Locked up as forced saving and super-early retirement. Anyway DS no need for the cash as he is too young. 4% (Maybe 5%?) compounded over many years.....
Actually quite ideal. It will go into OA or SA? Can use for kid's education later?
Re: What is the best option to save our kids Ang Bao $$$
Posted: Mon May 09, 2011 12:18 am
by dicky
Not ideal. It is placed in SA account, meant for retirement. Just rationalize that he doesn't need the cash at such a young age. Maybe later when he understand the value of money, virtue of saving and the fact there is no free lunch...., then open a bank account...
Re: What is the best option to save our kids Ang Bao $$$
Posted: Mon May 09, 2011 4:13 pm
by rosemummy
dicky wrote:Not ideal. It is placed in SA account, meant for retirement. Just rationalize that he doesn't need the cash at such a young age. Maybe later when he understand the value of money, virtue of saving and the fact there is no free lunch...., then open a bank account...
Once you put money in the CPF account, it'll be subject to all the rules if you want to withdraw. If the money is meant for his retirement, then it's ideal. But can't use for education. If it's in OA, can at least use to buy property. If it's in SA, can't use it for anything (apart from investing) until 55years old. But the good thing is the money left there would have mulitiplied many times by then.