For Malaysians, they contribute a certain amount of money from their monthly earnings to the Employees Provident Fund (EPF) as a way to save up for their future retirement.
However, not everyone has the best financial management skills when it comes to handling large sums of money, such as was the case of a man who squandered every penny.
M’sian man spends entire RM700K EPF savings within 3 years
Taking to Facebook to share how not to spend one’s EPF savings, a netizen named Imlan Adabi wrote that he had a friend who spent every cent of his EPF savings.
And it was no small amount. According to Imlan, his friend spent RM700,000 in just a span of 36 months!
Instead of admitting that he had made poor financial decisions and owning up to his mistakes, Imlan’s friend shifted the blame to his family members, whom he accused of not giving him a monthly allowance.
Now at the age of 70, Imlan’s friend now has to work to pay off his credit card debt and house loan instead of enjoying his sunset years.
“He complains to me about his problems, but all I do is listen because I’ve given him the same advice for 25 years” wrote Imlan.
‘Watch your spending habits’
Not wanting others to fall into the same trap as his friend, Imlan urged other Malaysians to be mindful of how they spend and save their money.
If your children or grandchild decides to give you money, be grateful. But my wife and I have always told our children to save their own money. We’ve advised them not to give any money to us but to just keep us in their prayers.
“We’re not rich, but we have enough money to get by for the rest of our lives,” he wrote.
Imlan also urged others not to withdraw money from the newly-introduced Account 3 before they retire as there’s no telling what may happen in the future.
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