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      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

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      All Guides

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      GuidesSaving & InvestingSavingsSavings goals
      • Introduction 1

        • Lecture1.1
          Summary
      • Deep, deep dive 4

        • Lecture2.1
          When & how do I start saving?
        • Lecture2.2
          Where should I place the money I save?
        • Lecture2.3
          Why do you need an emergency fund?
        • Lecture2.4
          Quiz: Savings

        Where should I place the money I save?

        Emergency Funds: As you may need these funds on short notice, you should place them in an account where you can quickly withdraw the money like short-term fixed deposits. You can have a variety of fixed deposits with different tenures, so that if you only need a portion of the money, you can uplift some of the accounts without giving up interest on the rest. 

         

        Be careful: Placing your emergency funds in stocks or unit trusts carries big risks. If you’re forced to sell your shares at a particular time when the market is down, you could end up losing a lot of money!

         

        If you are thinking of placing the money in EPF, be sure to read up on when and how much you’re allowed to withdraw from your EPF account.

         

        You should have a minimum of 6 months’ salary in your emergency funds, but you can always choose to save more and increase your financial stability.


        Retirement Funds: Here, you might want to consider doing the opposite to the above. These are funds that you’ll only be needing in 20 to 40 years’ time, so it’s very important that you use that time to grow this pool of money. 

         

        The most important rule here is to make sure the value of your retirement funds do not get eaten away by inflation. Have you ever heard your parents talk about the days when they could purchase a mi goreng for 20 sen? And how now that same plate would cost you RM7? That’s inflation!

         

        People feel safe holding cash, but increasing prices mean that your cash is able to buy less and less over time. Savings accounts, for example, are NOT inflation proof. 

         

        A good place to invest your retirement savings is in EPF, which guarantees a minimum return (before inflation) of 2.5%, is well diversified and lower risk than other investment products on the market.

         

        Alternatively, you could invest in less risky investment products such as Amanah Saham Nasional. 

         

        Want to learn more about investing for your retirement? Check out Investing 101  and planning for your retirement. 

        Prev When & how do I start saving?
        Next Why do you need an emergency fund?

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        Ready to simplify your finances and achieve financ Ready to simplify your finances and achieve financial independence? 🔥💰 Swipe to learn more about the FIRE concept as part of our Multiply Simplifies series. Discover how you can retire early and live the life you want by following these simple steps.#FIRE #retirement #multiplysimplifies #financialfreedom #financialindependence #financemadesimple #financialliteracy #financialeducation #multiplymalaysia #malaysia
        EPF savings will always be enough for my retiremen EPF savings will always be enough for my retirement - do you think this is a fact or a myth? 🤔Check out our reel to find out the answer, and the recommended retirement savings amount you should have! 🏦#mythbusters #mythbusting #mythbustingmonday #retirement #retirementplanning #retirementsavings #retire #epf #kwsp #personalfinance #malaysia #financialliteracy
        Money talk made simple! 🤑 Introducing Multiply Money talk made simple! 🤑 Introducing Multiply Simplifies - your one-stop destination for all things finance! 💰💸 From budgeting to savings, we've got you covered. Today its about EPF, also known as KWSP (Kumpulan Wang Simpanan Pekerja).Follow us for weekly bite-sized explanations that make financial concepts & elements easy to understand. #multiplysimplifies #financemadesimple #moneytalk #financialliteracy #financialeducation #kewangan #financemalaysia #epf #kwsp #personalfinance #multiplymalaysia #malaysia
        Anda rasa simpanan persaraan penting atau tak untu Anda rasa simpanan persaraan penting atau tak untuk suri rumah? 🤔 Tonton reel ini, biar kami jelaskan, dan beritahu pendapat anda di ruangan komen di bawah!👇#mythbustingmonday #multiplymalaysia #celikkewangan #pendidikankewangan #surirumah #wanitaperlutahu #duit #kewangan #wanita #isayang #kwsp

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