Saving RM1 million before turning 30 sounds like a dream, right?
For many young Malaysians, the thought of reaching this milestone feels almost impossible, especially with rising living costs and entry-level salaries that barely stretch the month.
But one 22-year-old wasn’t ready to accept that reality just yet.
He took to X to ask a finance expert if it was actually doable and if so, how much should he be earning and spending to make it happen?
His question caught the attention of @ammarFRS, a finance expert who did the math, broke it down, and gave some brutally honest advice.
So, is this goal within reach? Let’s find out.
So, how much do you need to save?
To reach RM1 million in eight years, the math is straightforward:
- RM1,000,000 ÷ 8 years = RM125,000 per year
- RM125,000 ÷ 12 months = RM10,417 per month
That means a person would need to save RM10,000 every month for eight years straight, a near-impossible feat for most people.
But before dismissing the idea entirely, he pointed out that this calculation assumes direct savings with no investments. What if your money worked for you instead?
Can investing make it easier?
Rather than letting cash sit in a savings account, @ammarFRS suggests putting it to work through investments.
Assuming a 7% annual return from a mix of ASB, stocks, or other investment vehicles, here’s how much you’d need to invest monthly:
- RM5,000 per month → RM634K in 8 years
- RM7,000 per month → RM887K in 8 years
- RM8,000 per month → RM1.01M in 8 years
Basically, investing helps but you still need to put in serious money every month.
Which brings us to the real question: Can a 22-year-old fresh grad even afford this?
The reality check: What about fresh graduates?
Most fresh graduates in Malaysia start their careers earning between RM2,500 – RM3,500 per month.
Even if they saved 50% of their salary—which is already an extreme challenge—they would only be putting away RM1,250 – RM1,750 per month.
That’s nowhere near the RM8,000 needed. So, what’s a more practical approach?
A more realistic approach: Hitting RM1 million step by step
Instead of focusing on RM1 million by 30, why not set smaller, achievable goals?
Here’s what @ammarFRS recommends:
- RM100K by 25
- RM250K by 28
- RM500K by 30
- RM750K by 33
- RM1M by 35
“Even hitting RM1 million by 35 is an amazing achievement. There’s no shame in adjusting your timeline.”
So, how can young Malaysians actually start building wealth now?
1. Focus on growing your income
While saving is important, he emphasised that income growth is even more critical.
- If you’re earning RM3,000 a month, saving alone won’t get you far.
- By your late 20s, aim for a salary of at least RM15,000+.
- The industries with the best potential for fast income growth? Tech, sales, finance, or starting a business.
Without rapid salary growth, reaching RM1 million will remain a distant dream.
2. Build multiple streams of income
Most wealthy individuals don’t rely on just one source of income. He encouraged having at least three income streams before turning 25:
- A full-time job
- A side business or freelance work
- Investments (stocks, crypto, REITs, etc.)
- Digital products or passive income sources
By diversifying earnings, one can increase savings without relying solely on a paycheck.
3. Spend smart & avoid lifestyle inflation
One of the biggest mistakes young professionals make is spending more as they earn more.
- Got a RM1,000 raise? Don’t spend it all, invest at least 50% of it.
- Avoid unnecessary splurges just because you have extra cash.
“Your 20s should be about building wealth, not looking wealthy.”
4. Delay major purchases
Big-ticket purchases can drain your savings early in life.
- Thinking of buying a new car? Stick to a Myvi.
- Want the latest iPhone? A model from 3–4 years ago still works fine.
- Designer clothes? Not a priority.
Keeping expenses low allows for more aggressive saving and investing.
5. Entrepreneurship: The fastest way to RM1 million
He observed that most people who hit RM1 million by 30 didn’t do it through salaries alone, they built businesses.
Even a small business making RM10K–20K profit per month can get you there faster than climbing the corporate ladder.
Some of his suggested business ideas include:
- Dropshipping
- Digital marketing services
- Content creation (social media, YouTube, TikTok, etc.)
- Software or app development
Entrepreneurship isn’t easy, but it offers the best potential for rapid financial growth.
Is RM1 million by 30 achievable?
Yes, but it requires:
- Rapid income growth (RM15K+ by 28)
- Saving 40–50% of income
- A solid investment strategy
- Delaying gratification
- Some level of business income
For most people, it won’t happen overnight, but with discipline and the right strategy, it’s possible.
“Don’t ruin your mental health and relationships just to hit RM1 million.”
Even if one reaches RM1 million by 32 or 33, it’s still a huge achievement.
“The first RM1 million is always the hardest. After that, money starts making money much faster.”
What do netizens think?
The discussion sparked mixed reactions online:
“A friend of mine hit RM1 million at 37. He was extremely frugal; no traveling, no car (only public transport), no fancy purchases. The key is choosing the right industry and never upgrading your lifestyle unnecessarily.”
“RM1 million by 30 is tough but not impossible. I’m 26 and have RM300K, but there’s still a long way to go. I’d suggest aiming for RM100K by 25 first, then maybe RM1M by 35.”
“RM10,416.67 per month. Simple. You need a salary of at least RM14,000–RM15,000.”
Read the original post here:
