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If you are in your 20s, getting rich and “making big money” may feel like a distant dream. Although there is no quick fix to becoming a millionaire, the key to building wealth is to start as early as possible. From saving tips to money management, here are three smart moves to do now that will benefit you for years to come.

FutureFirst: Automate your Savings

You might notice your monthly pay cheque is deducted for your EPF contribution. This is your safety net for your future, but experts advise this won’t really be enough*.


Try to save 10-20% of your pay cheque into a second savings account. If the temptation to spend is too much, automate your savings by setting a Scheduled Transaction in your online banking account.


Go one step further and choose an account that provides you additional incentives – such as cash rebate for spending at the petrol station or cash incentive if you maintain an average balance every month.

Innovate: Grow your Skills

Your 20s is a time to build the foundations for wealth. Investing in yourself is a surefire way to increase your value, opening doors to more opportunities and wealth in the future. After savings and debt repayments, spend money on growing your skills that help in advancing your career, or start a side hustle.


In the startup economy, it takes a modest seed fund to start your own part-time venture that will bring in extra income.

InvestAlways: Multiply your Money

Double-up your benefits by looking for low-premium investment-linked insurance products. Insurance can prove to be an advantage to cover your financial crisis in times of adversity and unforeseen circumstances.


Hold true to the phrase “avoid putting all your eggs in one basket”. Depending on your risk profile, you can invest in low to high-yielding instruments with a calculated risk approach. A sound and minimally risky investment for your 20s is buying a home – property assets tend to appreciate over time.


If you are still unsure of where to start, a professional financial advisor can help you assess risks and strategise an investment portfolio for the best returns.


There is no magic bullet to get rich quick but it is not an unachievable mystery either. With these basics, you can start your wealth creation journey in your 20s no matter how small your actions or abilities and enjoy abundant wealth in your 40s.


This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions towards positively improving welfare and well-being of communities. This is one of our many efforts to achieve CIMB’s purpose of advancing customers and society.




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