Tip 1: Leverage on compounding effect to grow your wealth
The benefits of compounding effect grow with time, and as such the earlier you start your savings – whether via MPF or other forms of contribution – the better rewards you can reap!
Reserve a small amount from your spending budget and allocate it to your retirement savings or MPF voluntary contributions. For example, by saving HK$1,500 per month you would have a considerable sum of HK$600,000 after 20 years, assuming 5% p.a. return.