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  • Am I saving enough per month?

  • How much should I spend?

  • Roughly at what age should you be looking to get a mortgage?

  • Rent or buy?

  • Save or invest?

  • Cut out the daily coffee or concentrate on the big stuff?

  • When it comes to money, there is so much guidance out there, it can be difficult to know where to start.

  • So we've come to Money20/20 in Singapore, a meeting of some of the world's leading finance experts, to put to them some of your questions.

  • Which is the best investment for now?

  • Well, actually, I don't know if there's one particular way I'd say to start investing your money.

  • I think the most important thing is to start.

  • Nowadays there's so many resources that you can take advantage of.

  • My thoughts and advice would be, diversify it.

  • Make sure that you're investing in things that you believe in, as opposed to investing in things that other people believe in.

  • I'd love to find out more about how to best invest my money, whether it's in, I don't know, bitcoin?

  • First of all, I'm not a crypto fan.

  • But actually my nephew asked me about this.

  • And I say, it's a great opportunity for you to learn. Invest as much as you can lose, and have fun with it.

  • Don't expect to put in a buck and make a hundred.

  • I would advise more on tangible property, real estate, those things that seem to, over history, always have some manner of long-term appreciation.

  • Roughly at what age should you be looking to get a mortgage?

  • From my perspective, starting early is a fantastic idea.

  • That could be indirectly, too.

  • There's different investment vehicles, there's REITS, there's other mutual funds that have exposure to real estate that kind of get you started.

  • It really depends on when you want to use it.

  • So if you're buying a house for yourself and you can afford it, then absolutely go ahead and start buying it.

  • But I think if it's just for the sake of parking your money and seeing whether it's going to be because everybody else is talking about it, then I would caution against it.

  • At least setting money aside, preparing to do that, I think is a good habit.

  • The housing market has also slight ups and downs so when the timing's right at least you have the funds ready.

  • I bought my first property at age 48.

  • So my advice is, at the stage that makes sense for you and not worrying about keeping up with the Joneses.

  • What percentage of my total income should I be saving every month?

  • I'm probably the wrong person to ask that question, but here's my philosophy:

  • You want to spend as if you're going to die tomorrow, and you want to save as if you're going to live for tomorrow.

  • Whatever the tax authority allows in terms of the maximum pre-tax investment you can make, you should be maxing that out.

  • Everybody has to make their own decisions.

  • I'd say at least, you know, 10 to 20% of your income.

  • You'll thank yourself later on.

Am I saving enough per month?

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A2 US investing invest investment advice mortgage real estate

The money advice every millennial needs to hear | CNBC Make It

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    Celeste posted on 2019/07/01
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