Income is giving you free $30 for you to start your investment journey!
All you need to do is
- Download the SNACK by Income app
- When creating a new account, input my referral code “SUN6693” and tap on SIGN UP
- Complete your SNACK account creation with MyInfo
- Set up Investment and you will get your $50 free Investment Credits!
What is Snack?
Of course, we all know what snacks are (perhaps a little too well), but have you heard of SNACK?
SNACK is a mobile app created by NTUC Income that allows you to build your insurance coverage and investments gradually.
While some users may be familiar with SNACK for its “stackable” insurance initiative, the company recently launched SNACK Investment, which allows users to build their investment portfolio with bite-sized premium contributions.
The First Micro ILP in the Industry
SNACK Investment was marketed as the industry’s first micro investment-linked plan when it launched on September 16th (ILP).
ILPs are well-known for providing a benefit known as cash value, which is generated from premiums used to purchase units in selected funds for investment. This amount increases over time as you make more contributions.
SNACK Investment, like its insurance package, offers a stackable investment opportunity in which users can gradually grow their investment portfolio through small contributions over time.
You can start investing with as little as $1.
In this particular instance, it’s not a stretch to say that “investing is as simple as 1,2,3.”
Unlike some wealth managers or robo-advisors, which require significant minimum investment fee, you can begin your investing journey with SNACK Investment for as little as $1.
Making investment on the move (literally when you are communting)
As the saying goes, time is money, and manually contributing to your investment portfolio can be a chore.
SNACK Investment, on the other hand, allows you to invest while going about your daily activities.
As you can see, your desired micro premiums (ranging from $1 to $10) can be linked to your chosen lifestyle activities, such as taking public transportation or making purchases fried chicken from KFC.
It enables you to use dollar cost averaging.
For those who are oblivious, there are two major ways to invest.
You could use Dollar Cost Averaging (DCA), which requires investing small amounts of money at periodic intervals over time.
Lump-sum investing, on the other hand, involves investing all of the money you have available to invest at the time.
The DCA method does have the advantage of limiting the effects of market volatility, so you don’t end up producing in a lump sum when the market falls. It also eliminates the emotional component from your decision-making process.
You can use the DCA method with SNACK Investment because you invest the same, small amounts every time you do your daily activities.
You have the option to withdraw your funds at any time.
Some investment plans lock in your funds for a fixed period of time, meaning you won’t be able to withdraw them even in an emergency.
Fortunately, this is not the case with SNACK Investment; you can withdraw your funds whenever you want.