SINGAPORE: An IT professional who was laid off at the end of last year has sparked a lively discussion online after asking for advice on how to better manage his finances.
In a post on the r/singaporefi subreddit, he shared that he currently has around S$100,000 parked in a high-interest savings account, which earns him approximately S$140 to S$150 in interest each month. On top of that, he has S$91,000 invested in a mix of exchange-traded funds (ETFs) and individual stocks.
“Suggestions on better way to manage the S$100k?” he asked. “Given that markets are up now, how should I invest?”
He added that he has no dependents and sends his parents S$500 every month.
“It is not a good time for you to do it now.”
While some users applauded his savings discipline and investment portfolio, the majority advised him to hold off on investing further until he found stable employment. Many cautioned that the S$100,000 in his savings account should be treated as a safety net, given the uncertainty of his current situation.
One commenter explained that without a steady income, any additional investments could backfire if the market turns, as he might be forced to sell at a loss to cover living expenses.
“This is exactly why you have emergency cash, so you don’t need to liquidate your investments,” they wrote. “Don’t need to think about optimizing the S$100k, you should focus on cutting expenses while you job hunt. All the best for your job hunt!”
Another commented, “Play it safe for now is my suggestion. So keep the S$100k in the high interest saving until you get a job. No point playing risky games now.”
A third echoed this sentiment, writing, “It is not a good time for you to do it now. Most folks think they should do more investing when they are out of the job but that is a gambling mindset, and with that mindset – you are chasing big gains and tend to also take bigger risk.”
In other news, a local took to social media to share that he feels like he’s “drowning” as his job search continues to go nowhere.
Posting on the r/askSingapore subreddit on Wednesday (Jul 30), he said he believes he has already applied to every available job opening in the advertising and creative field he could find. Yet, despite his efforts, he has not received any positive responses or seen any progress in his job hunt.
Read more: Local says he’s ‘drowning’ after nearly 5 months of unsuccessful job hunting
