Inflation has been going up steadily over the past few years now, with the recent fuel price hike in M'sia, I just got news from the bank that, to be considered as financially independent, at someone around my age, we would need to have a minimum deposit with the bank of MYR 3 million without any outstanding debts, loan, and that is not even considering any fixed assets or liquid assets that we might own. Up MYR 1.5 million from 2 years ago.
Anything less than that, we are considered to have a very high risk of getting a financial burden later in life. And by the statistics accumulated by them so far, 30% of Malaysians around my age already have an accumulated net worth of 500k.
This has also taken into calculation of the instability of Malaysian politics and economic factor as well.
Cheers!
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