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In my early 20s, life was good: my parents were healthy, I’d secured a stable job right after graduation, and I had no major bills weighing me down.
Perhaps it was this sense of security that nudged me into a financial commitment I wasn’t quite ready for.
And it all began when a friend who’d recently started as a financial adviser approached me with a pitch.
At the time, it felt like the perfect setup: a way to grow my savings, managed by someone I trusted — or at least thought I could trust.
Little did I know, that decision would end up costing me thousands and teaching me a lesson I’ll never forget.
Our initial chat felt innocent enough. To his credit, my friend did his due diligence, showing me a range of policies and genuinely listening to my priorities.
(In hindsight, I was probably naive. I thought I knew what I wanted out of life, even though I wasn’t yet 25, and I assumed things would stay the same.)
We eventually settled on a plan aimed at growing my savings. I was fortunate; living with my parents and keeping my expenses low meant my savings were in good shape.
The setup was simple: I’d pay a premium of S$500 each month, sit back, and watch my money grow as someone else did the heavy lifting. Sounded like a pretty sweet deal, right?
There was a catch, though: I’d have to wait 30 years to see any returns or withdraw what I’d earned. But at the time, I understood that investments were long-term, and I trusted my friend of three years to have my best interests at heart.
So, I went for it.
Fast forward a year, and my life had completely changed.
I was in a new job with a lower salary, and I had rent, bills, and a loan to manage. That hefty S$500 monthly premium became harder to afford.
After paying off these commitments, there was barely any disposable income left, let alone anything to save.
With my savings dwindling, I wanted out of the investment plan I’d already sunk thousands into. I knew I wouldn’t get the full amount back, but given my financial strain, it felt like the right choice.
When I explained my situation to my friend, hoping he’d understand, he didn’t see it that way.
Instead, he insisted: “We don’t throw away our money like that.” He suggested I was overreacting and should stick it out since I’d already committed.
I felt foolish for signing up in the first place and regretted not pulling the plug immediately.
It took me another year — after reading other horror stories online — to gain the confidence to cut my losses. Seeing so many others in their 20s in the same boat gave me the reassurance I needed.
In the end, I had to come to terms with the money lost — around S$10,000, to be exact — and the hard lessons learned.
Looking back, I can see now that relying on a middleman for my investments wasn’t the best choice.
It’s really worth knowing where your money’s going, which means doing some homework and understanding what you’re signing up for.
At the time, though, I felt completely out of my depth. I barely knew anything about investing, and honestly, it just felt easier to let someone else deal with it. I didn’t think I could make smart decisions on my own.
But after discovering moomoo, I realised that getting a handle on my own investments is absolutely worth it.
The fintech company’s investment app makes it so much easier to stay in control. Now, I can track what’s happening with my investments, adjust things as I go, and actually react to the market — no more messy spreadsheets or vague promises from someone else.
Another thing I didn’t realise back then was how much fees could eat into my returns.
With moomoo, I can clearly see exactly what I’m paying for each trade thanks to its fee transparency and handy in-app fee calculator. Plus, with lifetime zero-commission trades on US stocks, I’m saving a lot compared to traditional platforms.
What I really love is having everything I need in one place: real-time market data, company financials, dividend updates, and even a supportive community to exchange strategies and discuss market movements together. It’s reassuring to know you’re not doing this alone, while still maintaining control over your finances.
With all this access to holistic information, it feels like I finally have the full picture so I can make quicker, more confident decisions without that nagging feeling of uncertainty.
Learning also comes from watching others, so I’m gearing up to check out ‘Moomoo Money Master’, a reality show by Moomoo SG that’ll be available on TheSmartLocal’s YouTube channel on 26 Nov.
I can’t wait to grab my popcorn and watch everyday Singaporeans put their investment skills to the test in some intense challenges for a shot at S$30,000. (Wonder what the winner will end up doing with all that cash? Honestly, I’d probably invest it myself.)
For more information and to open your Moomoo SG universal account (psst, new sign-ups get an attractive starter bundle), visit the official website. And don’t forget to follow Moomoo SG on YouTube and Instagram for investment tips, insights, and updates.
I took a shortcut and got burned, and now I share my story with anyone just starting their career or thinking about investing.
As for my “friend”, we hardly talk anymore. Time has passed, so it’s mostly water under the bridge — though I admit I still have some trust issues with financial advisers.
My advice: trusting someone you know might feel easier, but when it comes to money, making informed, clear decisions beats a costly leap of faith.
If things go wrong, you could lose more than just your money.
This article was brought to you in collaboration with Moomoo SG.
All views expressed in the article are the independent opinions of the author. Neither Moomoo Singapore or its affiliates shall be liable for the content of the information provided. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Featured image adapted from PP on Canva and fizkes on Canva, for illustration purposes only.
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