If there are two things I think we all should start doing from young, that would be skin care and to invest wisely. Ironically, I suck at both departments. It is until recently that something suddenly hits me (I am slow, I know). I don’t have the economy background and I often have this negative impression on the financial market (again, ironic that I have been in the financial services industry for years). Stock market used to be a gigantic gambling ground to me. Then one day I realize that buying shares is very much like taking your hard earned money and invest into the future of mankind. And as mankind progress, those who invest their money rather than leaving their resources rotting inside a current deposit account get rewarded. So, stock market is not necessarily evil. And I am not necessarily evil if I participate in this frantic world that so freely and readily embraces capitalism.
Over lunch, my buddy RC – the one who always unfailingly thrilled me with all his wonderful war stories with the stock market – needed to visit the Singapore Exchange for something that was too complex for me to comprehend (something to do with buying a discounted share offset by dividend … huh?!). None the matter. I followed. And impulsively, I have decided to open an account.
Fortunately for me, I have RC with me to explain the necessity. I am sure most of you are aware of how to trade in Singapore. For those who are interested in the process, this is for you. First, you need to open a CDP account. You can do so at SGX or at a security house. Minimum age is 21 (RC asked me to inquire if his 6 years old son can open a CDP account) and all you need is your IC and a bank account. Next, you need to open a trading account – either with a broker or trading via Internet. I chose DBS Vickers Securities Singapore out of convenience. Then you need to link your trading account to your CDP account (another form to fill up). And finally, choose your payment method (I opt for GIRO).
Viola! It is that simple. Stay tuned in what I will do with those accounts (still haven’t decided if I am going to actually trade). Meanwhile, remember … skin care and invest wisely – the two things you should do from young.
Categories: Diary
Tags: 3 Comments
I opened an account with CDP once I reached 21. I started investing only after I had my kid. Good to start early and DO YOUR HOMEWORK!
ECL – Totally agree with you. Start early and do your homework
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