Most of us start working in our early 20s. With the fixed amount we contribute to our retirement fund (KWSP) every month, 5 (or 6) figures in the account are possible when we hit our 40s.
If we were to aim high for Rm1 million in KWSP before we turn 50, do you think that is possible? In a Facebook post by Nur Fadhli Bassar, the man revealed that it is possible by sharing a story about his 45-year-old friend who works in the IT industry. As of March 2024, he has a total of RM1,002,867.18 in his retirement fund. A figure many of us want but not all of us can achieve.
We can if we want, but here’s how Fadhli’s friend lives his life, and Fadhli believes that all of us can achieve the amount as long as we’re disciplined, and of course, have a stable job.
“He contributed to his EPF himself too. From 11%, he went up to 13%. His employer contributes too. He’s also riding his motorcycle to work because he wants to avoid traffic.”
For illustration purposes only
The previous government allowed contributors to withdraw from their KWSP due to the pandemic and despite the leniency, his friend did not do so.
“Can you recall how many actually withdrew from their KWSP? Not my friend. So, I assumed he has enough emergency savings.”
While Fadhli did not disclose how much his friend makes, he said that job hopping is one of the “cheat codes” his friend does, which increases his monthly wage.
“He has worked with 8 different employers and each time, he requested for a higher salary.”
“Want to be a millionaire? Be disciplined.”
Fadhli explained that he decided to share the story about his friend because he believes that with enough will and discipline, everyone can be a millionaire. He also estimated his friend to have around RM2 million in his retirement fund by the time he retires at 60.
“It’s not impossible for him to feel what it’s like to spend RM10,000 a month after he retires.”
Fadhli also has shared a reminder and motivation to those who aim high.
“The real millionaires often stay low-profile and humble. If you haven’t started, set your intentions right and make a dream tonight, so you can start tomorrow.”
Do you think it’s possible to have RM1 million, or at least half a million before you hit 50? How much do you aim to have before you bid farewell to your career?
Also read: From JB to KL, 49yo M’sian Walks 300KM in 6 Days to Meet Agong to Talk About KWSP Withdrawals
