First, I decided that, I am not going to live on overdraft or bought anything on loan. So, I bought myself a small motorbike to travel to office. I saved enough and bought a Toyotal GL for RM19K. Then I went to learn how to drive!
I read an article on The Star today and it is quite disturbing! To summarise:
- Average EPF saving at retirement for most people is RM146K and 70% of them used the whole lot in 3 years
- Average life expectancy is 74 years - so 20 more years of living without income to "worry" about
- If we spend about RM4000 a month, a million ringitt could last about 20 years
- If you want to retire with a million ringgit, start saving and investing before 40. To play safe, start saving the day you start working.
- Most Malaysia under-invest and under-save
- If you want your money to grow faster, the return must be more than 4% inflation
You can invest in properties, unit trust and others low risk investment.
By the way, I am also an unit trust agent. If you are interested, please let me know and we can discuss.