RM30,000+ Income: New "High Income" Threshold?

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Post on Oct 28, 2024

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RM30,000+: The New "High Income" Threshold?

It's no secret that the cost of living in Malaysia is skyrocketing. What used to be a comfortable income a few years back might not even cover the basics today. So, is RM30,000 the new benchmark for "high income" in Malaysia?

Let's break it down. Inflation and Cost of Living are the main culprits here. Housing, food, transportation, education – everything is getting more expensive! This means that even with a decent salary, many Malaysians are struggling to make ends meet.

The Real Picture

The problem isn't just about the rising cost of living. It's also about how much people actually take home after taxes and deductions. A RM30,000 gross income might look great on paper, but after taxes and EPF contributions, that number gets significantly smaller.

Don't forget about lifestyle choices too. Having a large family or living in a big city with high expenses can easily eat into your income, even if you're earning a decent amount.

So, Is RM30,000 Enough?

It's tough to say definitively. While it might provide a decent level of comfort, it's probably not enough to live comfortably in Malaysia's major cities. Especially if you're looking to save for retirement, invest in your future, and maybe even treat yourself to a nice vacation once in a while.

What Can You Do?

There are a few things you can do to improve your financial situation:

• Negotiate a higher salary. Don't be afraid to ask for what you're worth.
• Look for ways to cut your expenses. This could mean finding cheaper housing, eating out less, or taking public transportation.
• Learn how to budget effectively. A good budget can help you track your spending and identify areas where you can save money.
• Invest in your future. This could mean putting money into a retirement fund, taking online courses to learn new skills, or starting a side hustle.

Remember: There is no one-size-fits-all answer. The key is to understand your own financial situation and make informed choices that will help you achieve your financial goals.

But seriously, if you're struggling to make ends meet, it's important to reach out for help. There are many organizations and resources available to help you get back on track.