35-Year-Old M'sian Shares How She Saved Almost RM2 Million In Her EPF Account
"It took me 10 years to get to RM1 million, but only three years to get to the second million," she shared.
By May Vin Ang — 01 Nov 2024, 03:50 PM
A 35-year-old Malaysian woman has captured attention online after announcing that her Employees Provident Fund (EPF) savings are nearing RM2 million
"This is going to be a flex that I can't share with people in real life, but I just realised that I'll hit RM2 million in my EPF account by the end of this year!" wrote the anonymous user in a Malaysian personal finance thread on Reddit last month.
The thread sparked a great deal of discussion, with netizens chiming in with their own money-saving tactics while others were curious to learn about her approach.
The woman listed four strategies for how she managed to achieve this financial milestone
While the most obvious way was to have a high-paying job, the woman said that, unlike others, she did not change jobs frequently but stayed with the same company since graduation, advancing through internal promotions and salary increments.
The successful employee also said she discovered the option to make voluntary contributions to her EPF account, which she maximised by contributing an additional RM100,000 annually for the last few years, significantly boosting her retirement savings.
Lastly, she said she has never withdrawn from her account, allowing her EPF savings to grow steadily, and she credited the compounding effect for helping her achieve her second million
"It took me 10 years to get to RM1 million, but only three years to get to the second million," she observed.
She added that last year alone, she earned RM80,000 in dividends from EPF, and looks forward to seeing that number grow.
Meanwhile, the woman also hinted that she contributed a total of RM400,000 to her EPF account last year, including self contributions and dividends.
