Achieving Financial Independence: A Pathway to Empowerment
As we celebrate Malaysia's journey to sovereignty and freedom of 66 years since Merdeka, it's also a time to reflect on our personal pathways to empowerment. Just as our nation fought for the right to govern itself, everyone can strive for their own financial freedom. Just as our forefathers envisioned a nation unburdened by external constraints, we can envision a future unburdened by financial worries.
Financial independence means having enough money from investments, savings, or other sources to support your lifestyle without relying on a regular job. It gives you the freedom to do what you want without constant financial worries.
We conducted a survey with our customers and here are some of the voices of worries that may be a hindrance to achieving financial independence.
"I don't have a lot of money to spare for anything else other than paying for my commitment and maybe to put aside a little bit of savings." (Debbie)
"I don't have a lot of money, I just try to save or invest however much I can. If I have extra money, I will save more, if not then I won't set aside anything." (Jeremy)
"There's a lot of commitments to pay for, and I have a big family to take care of. If I save, I don't have much to save." (Haikal)
With low financial literacy levels in our country, it seems as though many Malaysians aren’t very well prepared for their retirement, as the Finance Ministry stated that recent Employees Provident Fund (EPF) statistics show that 51.7% (6.62 million) of its members aged 55 year old and below have minimal retirement savings of less than RM10,000 in their accounts.1
What are the steps or strategies you can attain to achieve financial independence?
As we raise our flags and hearts to commemorate Malaysia's Independence Day, let's also raise our aspirations for personal liberation – financial independence. Just as our nation's journey to freedom was marked by determination and unity, so too can our individual paths to financial empowerment be guided by purpose and resolve. By embracing the principles of financial literacy, smart investment, and disciplined planning, we pave the way for a future where worries about money take a backseat to the pursuit of our dreams.
Happy Merdeka – may our pursuit of freedom extend to every corner of our lives, including our wallets and aspirations.
Source: 1 Ministry of Finance, 8 August 2022
Discover a world of investment opportunities with Principal via Touch 'n Go eWallet’s GOinvest. It's your gateway to Principal's Global and Regional funds, giving you access to various markets and top industries. Start with just RM10 and own a real investment in a specific industry. Activate the monthly Auto Cash In to stay focused on your financial goals. Learn more: https://www.principal.com.my/en/invest-via-goinvest
Disclaimer: You are advised to read and understand the relevant Prospectus, Information Memorandum and/or Disclosure Document including any supplemental thereof and the Product Highlight Sheet (if any) before Investing. Among others, you should consider the fees and charges involved. The registration of the relevant Prospectus, Information Memorandum and/or Disclosure Document including any supplemental thereof and the Product Highlight Sheet (if any) with the Securities Commission Malaysia (SC) does not amount to nor indicate that the SC recommends or endorses the funds. A copy of the relevant Prospectus, Information Memorandum and/or Disclosure Document including any supplemental thereof and the Product Highlight Sheet (if any) may be obtained at our offices, distributors or our website at www.principal.com.my. The issuance of any units to which the relevant Prospectus, Information Memorandum and/or Disclosure Document relates will only be made on receipt of an application referred to in and accompanying a copy of the relevant Prospectus, Information Memorandum and/or Disclosure Document. Please be advised that investment in the relevant unit trust funds, wholesale funds and/ or private retirement scheme carry risk. An outline of the various risk involved are described in the relevant Prospectus, Information Memorandum and/or Disclosure Document. As an investor you should make your own risk assessment and seek professional advice, where necessary. Securities Commission Malaysia does not review advertisements produced by Principal.