The idea of just leaving money in passive investments in hopes of it growing cuts no ice with teen entrepreneur Wong Li Hong.
The Year 6 Raffles Institution student feels his money should work hard for him. This led him to start an online business with pal Lemuel Low, 18, early this year.
Their site, WhatsNext.sg, aims to be a one-stop guide outlining what locals and tourists can do in Singapore.
"Lemuel and I noticed the lack of real guides for events and service providers in Singapore, as opposed to the large number of business directories which feature shop addresses but little else," says Li Hong, 18.
They put $1,000 into the project at first. It took a year to set up before they launched the online platform that allows two-way communication between shop owners and users. They have now invested about $3,000 in total.
Instead of asking their parents for extra money, Li Hong and Lemuel dug into their savings to ensure they were responsible for the project.
Li Hong gets $450 a month as pocket money and said that it was more than enough to cover his expenses - mainly food, transport, half his monthly mobile phone bill and books.
His allowance also covers new gadgets, such as computers or mobile phones.
The site makes money through advertisements and recently broke even.
Li Hong's parents, who are in their 50s, run their own businesses in real estate, food and beverage, and packaging. His 20-year-old brother is studying overseas.