They say the only excuse for being broke is being in jail. That couldn't be more true, especially in relationship to the Singaporean context.
In Singapore, you do not have to inherit wealth, have a great career or own a successful business to be rich. As long as you are of legal age, you can get wealthy without breaking a sweat in many smart ways. It all begins with raising a small amount of cash to start.
Have no idea how to source cash? Do not worry, financial institutions offering low interest personal loans in Singapore have got you covered.
Take Advantage of Unsecured Personal Loans
As said before, there are many financial institutions in Singapore that offer low interest, unsecured personal loans. These loans are accessible to anybody who is 16 years old and above. FYI, 16 years is the legal age in Singapore.
Find a bank that offers the best personal loans with the lowest interest rates, and most favorable terms. Borrow a loan to raise the funds you will require to start your journey towards financial success.
Invest In Savings Bonds
Invest some of the money you have raised by borrowing the best personal loan Singapore in treasury bonds. Singapore Savings Bonds enable the government to raise funds by borrowing from her citizens. With these types of bonds, everybody wins. For instance, the government is able to source for funds that it requires to implement its projects, whereas investors are able to benefit from long-term, flexible savings option with safe, high returns. These bonds pay higher interest over time, and can be redeemed on a monthly basis or after ten years.
Invest In Stocks
After putting some of the money in savings bonds, put a portion of the remaining funds in stock markets. Many companies in Singapore offer stocks in exchange for a certain percentage of their profits. Buy stocks from a few top performing entities to earn dividends, which are sums of monies paid regularly—typically annually by a company to its shareholders out of its profits. You could also decide to sell your stocks at a higher price in the future to make capital gains.
Save to Earn Interests
Now save what's left of the money you raised to earn some attractive interests. The best part is you can open as many savings accounts as you wish. There is really no limit on the number of savings accounts you can open. In fact, customers who hold multiple savings accounts impress most banks.
As you can see, you do not necessarily have to work hard to get rich. What it takes to become wealthy is patience and being able to pull some smart moves. Nonetheless, these smart moves are none other than borrowing a personal loan in Singapore and investing in savings bonds, stocks as well as opening a couple savings accounts. If you implement this strategy correctly, I can guarantee that you will accomplish financial success within ten years.