PT AVO Innovation Technology has a community called the Rubi Community. This community is not only to look beautiful and elegant, but we also provide lessons and knowledge that is useful for every member in it. This time, Rubi held an event that discussed “financial planning” for millennial.
The Rubi Class this time presents Achie Mahfudloh, MBA, CFP, from Rayhn Wealth Advisory as the speaker at this event. The focus of the discussion in this class is “financial planning” especially for millennial because of the average Rubi member aged 20-26 years.
Financial Planning Based on Age
On this occasion, Achie Mahfudloh explained that financial management will vary based on age. Financial planning is divided into 3, namely: age 20 years, age 30 years, and ages 40 to 50 years.
At the age of 20, there are not many needs because there are still many who do not have dependents. However, this should not be used as an excuse to relax. At this age, you should have an emergency fund of at least six times the cost of living to provide security. Then, at the age of 30 years, your life needs will be more. However, you can still do side work to increase income. For 40-50 year olds, at least you leave 15 or 25 percent of income for pensions, emergency funds and general savings. Ensure the level of financial stability by seeing how much retirement savings.
Achie Mahfudloh explained to make “budgeting” early to have savings and investment for the future. Some of these ways you must do to manage your finances.
- Make expenditure items (bills, routine needs, social expenses, savings, investments, and lifestyle expenses).
- Record each expenditure
- Have two or more accounts (savings, investment, expenses)
- “Delaying Pleasure” (delay buying items that are not needed)
- Save emergency funds at least 3 months’ salary
Intelligence in Financial Planning
Doing financial planning requires intelligence such as processing or holding back the feeling of wanting to something. Millennial must be able to resist the desire for things that are fun and able to manage well. Millennial must have the following 5 intelligences:
- Intelligence to make money
- Intelligence allocates money
- Intelligence in developing money
- Intelligence to protect money
- Intelligence seeking information
Make sure you have that intelligence so that the money you get can be managed well and perfectly developed. If you want to make an investment you should look for as much information as possible so as not to experience large losses. Millennial are certainly easy to find information because their lives are not far from gadgets and technology.