Why I just signed up for MoneyOwl
Why did I open a MoneyOwl account now?
The main reason, I think, is that iFAST (the awesome company I just sadly resigned from) promised that all MoneyOwl account holders will be able to continue enjoying the superb fees (0.6% nett fee per annum with no platform fee) even after the shift from MoneyOwl to iFAST is completed. I have good faith that iFAST will last as a business so this is a long term decision for me.
Funding the account is also relatively easy, I managed to open the account, fund it, and invest in the same day. Everything was pretty straightforward.
Why Dimensional Funds?
Since my 1 year stint as an Investment Advisor, I have come to realize the impact of fees on long term investments. Most equity funds are usually at 1.5–2% per annum, and Dimensional Funds are only 0.2–0.5% per annum despite the diversification. The difference of 1% compounded over 30 years means more than 30% of returns instead of being paid as fees.
What is my current view of the market?
I am thinking markets are going to go sideways or down a bit due to the latest messaging from Fed Chair J Powell. Equities, bonds and properties are not where I want to park the majority of my funds in at this point. However, I do know that any financial crisis is the best (and most painful time) to buy so RSP is a easy way to ensure that I would continually buy into any downturn and the $100 amount monthly is something I know I will be able to continue buying in even if valuation seems expensive and market seems overbought. I would also have the option to add on more when prices become oversold and valuations seems reasonably cheap.
Referral reward $20 Grab credits (last day 2 Oct ’23)
Insure, invest, or do a financial planning with MoneyOwl and get welcome Grab credits when you join using my referral link/code. I’m already a happy MoneyOwl client, you should check it out too!
https://www.moneyowl.com.sg/app/accounts/sign-up?referral_code=4CJH-03TL
Disclaimer
Yesterday I met the MoneyOwl CEO at iFAST and we had a nice chat. This was after I already opened the account and decided to invest. My meeting her did not impact my investment decision. I have deep respect for what she did in the financial space in Singapore and it is a pity that not many people realized this.
Relevant Links
From Investment Advisor to Trader: https://medium.com/@singaporeanlandlord/from-investment-advisor-to-trader-43d1e05e191e
Property Exit to Investment Advisor: https://medium.com/@singaporeanlandlord/property-exit-to-investment-advisor-ab5c05409e2e
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