When you have a sufficient amount of savings (generally three to six month’s salary), it is time to go one step further and grow your money through investments.
There are many types of investment plans in the market, such as short-term and long-term savings plans, mutual funds, and Private Retirement Schemes. Before deciding on one, consider these few factors: your appetite for risk, your time available to monitor your investments and your life goals or priorities: whether you are saving for a lifestyle change, marriage, education, a new home or retirement. Here are some ideas of what you can invest in with only RM10,000.
You should also plan for your retirement early. PRS is designed to expand the coverage of retirement benefits to all segments of the population to complement a conventional retirement savings scheme. Most Malaysians do not have enough savings to meet their retirement needs, and coupling this with increasing life expectancy and living standards; there is an urgent need to relook at how and when we plan for retirement .