19 y/o student with no investment knowledge. What is the most passive way I can grow my RM10k?

[jackluies]

Recently I inherited 20k cash from my late grandmother. I've already spent about 5k on refurbishing the car she left for me. I'm left with 15k, I've set 5k aside for emergencies, which I have put in TNG eWallet as it has daily interest payouts (RM0.44 to 0.47 per day), and I want to invest the remaining 10k. What is the most passive way I can grow the RM10k? I have no knowledge whatsoever about stocks, share markets etc. I'm not expecting high returns, I just want to make some good use out of it.

A little more info, I get 1k in monthly allowance, of which I save a minimum of 200, sometimes a little extra. If possible, I'd like to add this 200 monthly on top of the 10k that I'd like to invest.

Any advice is well appreciated, thanks in advance

 

[dazza_73]

@jackluies ASB/ASM depending on your race.

 

[mlorrainee]

@dazza_73 ^ or sp500 ETF (long term passive investment)

 

[jackluies]

@dazza_73 Chinese, non-bumi

 

[jenmelania0]

@dazza_73 ASM as it still has the bigger dividend other than ASB

 

[indyanna]

@jenmelania0 how to open account for ASM?

 

[jenmelania0]

@indyanna Can use your Maybank or CIMB account. Pretty straightforward

 

[niv80]

@dazza_73 Yes, for younger people that don't need liquidity and want to stash some money away.

My parents dumped in 20k about 25 years ago in ASW2020... Now it is over 3.5x the original value.

 

[vinaynmbs]

@dazza_73 what does ASB ASM ETF even mean

 

[worthyoflove]

@vinaynmbs Basically asb and asm is a long term investment asb is for bumi while asm is non-bumi and bumi. Etf is exchange traded fund.

 

[skjay91]

@worthyoflove Amanah Saham = mutual funds.

(Mutual funds = putting funds with a fund manager, who would invest on your behalf)

 

[philipd]

@jackluies Just put it into your epf. Lock it up for the next 40 years. That way u aren't tempted to use it bc u cant. With the average 5% return annually. Compounded over 40 years, your 10k would roughly be worth 70k

 

[jackluies]

@philipd What are the documents required to open epf account? I'm still a student without a job and no active income. Is that possible? Sorry for the silly questions...

 

[dustybunny]

@jackluies You need to be employed to enable to have an epf account, even part time job can go under epf, and you can go to( EPF Shah Alam) to register it

And what we meant here is manually deposit the money into epf monthly there's a cap to it, but In your case 10k you just need 2 months to fully deposit in. And just keep in mind once deposit there will be TnC to withdraw, you can look it up on kwsp.gov.my

 

[jackluies]

@dustybunny That's what I figured, I don't exactly know much but I kind of knew that you need to have a job in order to have an epf account. So since I don't have a job, I suppose epf deposits are not an option?