Background: I'm a 22-year-old Singaporean currently studying overseas, actively engaged in freelance work, with a side interest in NFTs, ENS domains and DeFi trading. I'm looking for some guidance on structuring my finances more effectively.
Savings: I've set aside 75,000 SGD in a flexible bank account that generates 2.5% interest p.a. With concerns about inflation, I'm evaluating if this is an adequate safeguard for liquidity and unforeseen events.
Wise offers 4.43% jar interest but not SDIC covered but lion trust fund... I'm considering putting some there but I've heard horror stories with regards to custodian platforms like Wise. Only have 100usd there for testing haha
Cryptocurrency: I possess 7 Ethereum, 3 Bitcoin, and 80K USDT. I'm keenly observing the market for a favorable entry point to acquire more BTC and ETH with my USDT.
My USDT currently earns between 2% to 4%+ APY in Binance Earn depending on market conditions.
After a learning experience from the FTX collapse, I've moved my ETH and Bitcoin to a cold wallet for self custody storage.
CPF: Do not have much cpf except for part time work and internships in SG in the past.
Income: My freelance assignments can generate a monthly income in the ballpark of anywhere from 4K to 7K SGD
Insurance: I have a foundational accident plan from AIA. Since I'm technically "unemployed" on paper, I'm unsure about the prospects of obtaining a critical illness plan and am also reconsidering the value of a hospital plan for someone as young as me and especially living
Living Situation: Currently, I'm single without any children but have a standing monthly commitment to financially assist my parents.
I'm seeking advice on:
-
Optimal strategies for managing and potentially growing my savings, given my limited exposure to traditional investments.
-
Feedback on my cryptocurrency choices and any suggestions for further refinement.
-
Retirement planning recommendations tailored for someone with an inconsistent income structure.
-
Pointers on insurance, specifically in the context of my age and employment status.
Your expertise and feedback would be immensely beneficial. Thank you in advance! .
No comments:
Post a Comment