The growing economy in Asian countries, including in Indonesia, has given rise to the number of upper middle class in the country, and this new generation of “young, upwardly mobile/urban professional,” or yuppies, just like their predecessors in the ‘80s, live the high life. Their sharp business instinct helps them win a slice of fortune the country’s burgeoning economy has to offer. And they know how to spend their fortune.
WHO ARE THEY?
Many of them may not purvey in banking industry or in money market as their predecessors did a couple of decades ago. Today, there are myriad business opportunities one can venture into, especially with the rapid development of higher education in the country and the ease of communication nowadays.
The challenge, which the government also helps to initiate, to create new products and industries, and to be one’s own boss has spurred Indonesia’s young and bright to outshine each other in the eyes of consumers ever hungry for the next trend.
From ‘traditional’ sellable goods, such as fashion and foods, to high-end technological products, Indonesian entrepreneurs are really starting to come out of the woods and enjoying profits.
With the American and some European countries’ economy continuing to send negative signals to other countries, it is always advisable to be prudent. And this also applies to the young and successful. How much, and indeed, how they spend their fortune should not make them become ignorant of any risk of extreme economic downturn. And this is where financial caution and financial planning come into play.
Many people see financial planning as an intrusion into their fun-filled life, imagining a life of discipline in spending and saving, Yet, financial planning actually focuses on long term profit planning aimed at generating greater return assets, growth in market share and solving foreseeable problems. So with good financial planning people can expect to gain profit while at the same time fortifying their valuable assets.
Ligwina Hananto, CEO of Quantum Magna Financial, and Safir Senduk, are two of Indonesia’s well-known young financial planners. Both are writers of books on financial planning. Safir Senduk, with his partners, runs a financial planning and consulting firm and website, which provides trainings for companies or groups of individuals. Both have been known to optimize the use of media to help people planning their finances. From radio and television talk shows to social media, they offer advice worth following. And true to the nature of social media such as Twitter and Facebook, the advice is up-to-date, short and simple. But, of course, for more comprehensive advice and guidance, people really need to consult them directly.
PLAN TO WIN
Financial planning encourages us to think long term. Even though this is not something most of us are opposed to. It is in fact the concern of most, it is one of the things that require resolution in our part. Financial planners and consultants provide help for this kind of hindrance by sitting down with their clients and together looking up available financial planning options. Some advices that Safir gives related to saving may turn heads but upon consideration it is a sound one. For example, if we are expecting higher return, he advises that we go for savings deposit when the available choices for saving are buying a life insurance policy or opening a savings deposit. He also suggests that the longer the term for an investment product, the better as it yields bigger return despite the bigger risks it brings.
Ligwina gives an advice of keeping vigilance about using your credit cards. Making it a priority to settle debts is almost always should be in everyone’s mind. This also applies to using your good sense in long-term investment, be it in the form of money market funds or time deposit.
So, surely business is good. Indonesia’s economy is looking stable, the growth appears to be on the right track, and life is to be enjoyed. Yet, good sense and vigilance are two ingredients that help winners stay on top and have a luxurious retirement.
By Gandi Faisal. Published in HighEnd, October 2011.