{"id":18130,"date":"2023-06-13T00:56:00","date_gmt":"2023-06-12T16:56:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/got-rm10000-can-turn-rm100000.html"},"modified":"2026-03-26T15:59:31","modified_gmt":"2026-03-26T07:59:31","slug":"got-rm10000-can-turn-rm100000","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/investments\/got-rm10000-can-turn-rm100000.html","title":{"rendered":"Here Are 7 Smart Ways To Invest And Grow RM10,000"},"content":{"rendered":"\n

If you are looking for tips on how to grow the first RM10,000 or more in your savings, here are the seven smart ways you can invest and grow it. Read this article to find out.<\/strong><\/p> \n

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What would you do if you had RM10,000 in your savings right now? Some may splurge it on themselves or use it for their necessities, while others may stash it away for their own investments.<\/p> \n

Knowing how to manage that money is crucial, especially in this day and age where inflation, almost always, cuts through our money, making it harder for us to retain the value of our savings. In this article, we will explore the different ways you can invest and grow RM10,000.<\/p> \n

Following the announcement that contributors<\/a> who are financially impacted by the pandemic could withdraw up to RM10,000 of savings from their Employees Provident Fund (EPF) Account 1, we were intrigued by what a person could actually invest in with RM10,000.<\/p> \n

Big disclaimer: we’re not advocating that you withdraw RM10,000 out of your EPF savings – what more use it for investing. Times are undeniably tough for a lot of Malaysians who are struggling to make ends meet, and the government, on their part, has initiated this effort as a way to alleviate the burden of the rakyat. We believe that if there is not an immediate need for the cash, it’s best to keep it in your EPF account.<\/strong><\/p> \n

But for those who have RM10,000 or more in savings and are wondering how to best utilise and grow it further, here are eight ways you can grow your wealth.<\/p> \n

But first \u2013 setting the right mentality<\/strong><\/h3> \n

It\u2019s important to remember that regardless of whether you are using a savings account or a fixed deposit account or a one-time investment, money requires some time to grow and investors may tend to have usually unrealistic expectations for returns in a short period.<\/p> \n

Similarly, it’s important to practice diversifying your portfolio. A lack of diversity in your investments is similar to gambling. You bet on one choice and expect to get the greatest return. The diversification model is an important way to secure your wealth with balanced risk management.<\/p> \n

All in all, there are no shortcuts to growing your wealth other than these financial steps:<\/p> \n

1. Clear your debt – it’s the first important step!<\/h2> \n

Your total assets and savings will only truly count if you have zero debt.<\/p> \n

For example, if you have a total savings of RM10,000 and total debt of RM4,000, your savings amount is technically what you have left after paying your debt and interest rates.<\/p> \n

Hence, prioritise clearing your debts first. This way, your savings or investment may produce a healthy net return without losing value by your debts\u2019 interest rates.<\/p> \n

Related:<\/strong> Learn how to calculate flat rate interest and reduce balance rate.<\/a><\/p> \n

If your total debt is more than RM10,000, you don\u2019t have to use all of that money to clear your debts. Instead, use 70%-80% to clear as much debt as possible and leverage on debt repayment tools in the market such as a debt consolidation personal loan<\/a> or a 0% interest balance transfer (for credit card debt). Here is a detailed article on how to use debt repayment tools.<\/a><\/p> \n

2. Stay protected by insuring yourself!<\/h2> \n

You never know what will happen next in life, so it’s best to be prepared.<\/p> \n

Retrenchment, disability, health issues, critical illness, and accidents can cripple your finances if you do not insure yourself properly.<\/p> \n

With a monthly payment of RM250, you have comprehensive insurance including medical coverage of RM100,000 a year and coverage of RM100,000 in the event of death or total permanent disability.<\/p> \n

Here is everything you need to know about life and medical insurance:<\/p> \n