Saving a huge sum of money for your retirement or education plan may seem like a daunting task but with time coupled with the power of compounding interest/ profit (for islamic investments), you will be amazed by how much your funds can grow simply by making regular investments. For instance :-
You can achieve RM1 million by investing RM220 monthly in an investment fund for about 40 years*.
Hence, starting early does have its benefits while procrastination may cost you dearly. For instance:-
If you start investing 10 years earlier (50 years timeframe)
You only need to invest RM90 a month in an investment fund to achieve RM1 million*
If you procrastinate by 10 years (30 years timeframe)
You will need to invest RM550 a month in an investment fund to achieve RM1 million*.
*Assuming rate of return is 9% per annum. This figure is only an assumption and does not indicate the past or future performance of any specific unit trust fund.
Sunday, January 24, 2010
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