The beauty of online communities is that they bring together individuals of like mind, to harness their collective wisdom in a common area of interest.
Augmented by technology, such platforms are allowing people to share insights, exchange ideas, and speak from their own experiences about financial concepts, companies, and products. Discussions about Singapore going cashless and using cashless payment methods have been going on online.
Not too long ago, anyone seeking information about a finance company and its products, had nothing else to go by but its FAQ page. The information was one sided. All he or she could get was their terms and conditions, the features of the product and that was it.
Today, its is easy to hear from others who have interacted with the company, purchased the said product, and has interacted with it directly. This gives a better picture of what one can expect.
Acceptable Etiquette For Online Engagement
Singaporeans will be delighted to know that there are several online communities filled with knowledgeable minds about personal finance. They often also discuss ways to make passive income or to how to improve one’s credit score.
However, before diving right in, it is important for one to first take time and simply learn how the group operates. Find out about the group rules, norms and culture. It is important to build rapport with other members in the group slowly through participation. It is also important that the new comer carries out research on the topics that are discussed there to provide knowledgeable input.
If one has a question, it is prudent to first search previous discussions to find out if the topic that he or she is interested in has been discussed in the past. That’s the good thing about forums and pages because you can ask a question and will mostly likely receive a reply.
You can also review the comments and the discussion to find an answer. Should he or she not find the answer required, then the person can raise a specific query on that issue. Respect for others should be obvious. Ensure that when asking questions, they come across clearly.
Whether posting or responding to threads, be sure to check the post for typos before hitting the send button, and make sure to appreciate those who respond to you.
8 Personal Finance Communities to Benefit From
These 8 communities are our top picks for the best places that one can get excellent information, so they can learn about how to diversify their portfolio:
This is the most active and largest community in Singapore that discusses personal finance. The group is named ‘Money Mind’ and it is a sub-forum within HardwareZone. This group stands out because of the depth and breadth of discussions held there. People discuss everything from techniques for saving money to savings bonds in Singapore.
In addition, they talk about the various popular consumer financial products such as the OCBC 360 account. This is the place to go if you are looking to find information about a financial product that has just been launched, or a company that seems obscure to most.
There is a whole slew of threads all rich with information that can be used to make one a little bit wiser about a product, or a company. It is a definite win when it comes to online communities.
The group is dubbed r/Singapore and it is a subgroup within Reddit. It is an ideal place to figure out what is trending or what is going on in Singapore both online and off. With 147,000 subscribers, this subreddit is constantly active.
There are always thousands of people online at any given time ready to discuss personal finance. Considered among the most connected communities online, as well as the most technologically savvy, this is where you can find breaking news about what is going on in Singapore’s financial market.
The information ranges from personal anecdotes giving detailed information on scams that are taking people for a ride, what is going on with the government and any legislature that is bound to affect the financial landscape, as well as announcements made by or about the various financial institutions in Singapore.
You can even get the latest updates about cryptocurrencies and stocks on Reddit.
3. The Fifth Person
The Fifth Person is actually a financial website started by four Singaporeans who had good knowledge on finance and investments. They created the website aiming to provide sound investment knowledge and to increase financial literacy in their readers. The team shares financial knowledge and their analysis through articles.
If you want to learn more about investments and REITs, this is the place to visit.
4. Seedly Personal Finance SG
The team that manages the group is very proactive about encouraging discussions and regular participation so that the group remains fresh. They will often post questions of interest and solicit responses from members. This is a place where you will find very enlightening discussions and interesting insights from Singaporeans.
People can express their own thoughts on a matter, ideas, and engage in discussions on a wide variety of financial topics. Some of the topics that can be found there are on cryptocurrencies, financial advisors, getting the best loans, where to invest, The Singapore Exchange, even how to manage expenses when married. There’s something for everyone.
5. Money Digest
This page has over 132,400 likes. It offers financial news, bargain tips, tips on money and personal finance articles.
6. Insurance Discussion SG
We all need insurance and the definitely come in handy during emergencies and medical situations. Insurance Discussion SG is a community that has more than 5,300 members on Facebook. It is the only one of its kind because it is the only group that has focused on insurance.
Anyone in Singapore looking to purchase insurance should visit it for further information. Here, he or she will find a wide range of viewpoints on various insurance policies such as CareShield Life. There is also information on changes made to integrated shield plans, and a variety of detailed discussions on many individual products as well as how they work.
Since many of the members in the group work within the insurance industry, it is easy to get all the information that one would need on a product.
Perhaps one of the best things about this group is the fact that many of the insurance products in the market incorporated components of investment. This means that here, one can find help regarding issues to do with retirement planning, investments and more. The discussion never ends.
7. Personal Finance Discussion SG
This group is still small with just over 1,100 members. The community is growing though, and the group revolves around encouraging members and creating a space that is positive for people who are interested in discussing topics to do with personal finance.
Anyone looking to find information that allows him or her to make better financial decisions should join the group because here they can ask questions, learn, and share information that may be helpful to others.
The group moderators are from DollarsAndSense. They not only allow questions and discussions, they also provide information on the news, articles, and threads for discussion that will not be overwhelming even to a newbie.
8. Singapore Smart Spenders
This group has more than 6,700 people and is ideal for people who are looking to save money by making a great bargain. It is a closed group that only allows Singaporeans to sign up. It is ideal for those who are trying to live within a budget and save more money that they can use to invest.
The value of personal finance knowledge cannot be overlooked. More so, when it comes from the experts, and those who have used put this knowledge to good use and can tell whether it works. If you require any form of financial assistance to reach your financial goals, Lending Bee is here to lend a hand.