What should I do with my first $1,000? We ask OhMyHome's Race Wong

Did you know that women outperform men when it comes to investment returns? According to a 10-year study by international financial consultant firm Fidelity, they make 0.4% more on average than their male counterparts.

Still, some women are hesitant to take that first step: They believe that they lack the financial knowledge to dip their toes in the water. When Her World conducted the What Women Want Financial Literacy survey in 2023, the results showed that more than 50% of respondents stated that their financial knowledge was poor to average.

But as the adage goes, Rome was not built in a day. Taking baby steps can sometimes be all the push we need to help us build our financial knowledge and confidence.

In this series, we speak to savvy women on how they invested their first $1,000, and lessons learnt along the way. Here, we ask Race Wong, the 41-year-old co-founder of Ohmyhome, a tech platform that connects all stakeholders in the real estate industry.

What did you do with your first $1,000 investment?

I made my first $1,000 when I was 14. My parents used to run photo-printing retail business Konica in Orchard Road. One year, my elder sister Rosanne and I booked a Christmas booth outside Ngee Ann City to sell films and batteries. My dad sold us films and batteries at his cost price.

We had to take in consideration the cost of the booth and cost of the products, then price our products accordingly. We sold our products at above market prices because after 9pm towards the countdown to Christmas, we were the only ones selling films and batteries for the cameras. We made $2,000 in two days, and my sister and I split the profits equally. I didn’t invest that $1000 as I was too young, so it went into my savings account. At 21, when I had more income, but not enough to buy a property, I bought a share of a property with my parents.

Why did you choose this vehicle?

My parents have always made buying the next property our family’s goal. In my experience, property investment consistently emerges as not only the safest asset, but also one that yields substantial capital gains. My family and I have witnessed the enduring benefits of this strategy.

What pushed you to make your first investment?

$1,000 might not seem like much to many, but it’s made up of saving on many cups of bubble tea and Starbucks coffee. I believe that every great thing starts from something small, and it’s never too small to get started.

What did you learn from that investment?

I’ve gained valuable insights from my various investment endeavours, ranging from the stock market to NFTs and cryptocurrencies. Time and again, I’ve validated a fundamental principle: for those unable to monitor investments full- time and lacking substantial risk tolerance, it’s prudent to steer clear of high-risk ventures.