Many people want to be able to live and enjoy old age without having to keep working. When you are young, you have worked hard. One day you will get old and you just want to enjoy what you reap. Is this what you imagine? The good news is, there are ways to have a lot of money or become rich at a young age that you can put into practice starting right now. Don't delay any longer, let's start doing the following things if you don't want to keep working until you get old.
How to Get Rich at a Young Age, Without Working Anymore in Old Age
To be able to have a lot of money when you are still young, there are several ways you can do with discipline and consistency.
1. Change your lifestyle to be more mindful in spending
The first way to have money to save is to change your habits and lifestyle. Indeed, this does not apply to everyone, because there are those who live a frugal lifestyle.
However, for those who have the tendency of spending all money and prioritize wants over needs and savings, you can start changing your lifestyle. No need to be drastic right away. It can be done slowly but consistently.
Which is more important, the enjoyment of no longer needing to work in your old age or the wants and lifestyle of today? Thinking about more important and meaningful things will make you more enthusiastic about changing your lifestyle. It may seem difficult at first, but over time it will become easier.
Related article: What are the Differences Between Needs and Wants?
2. Manage finances better with the right budget allocation
There are many benefits of budgeting. Finances become more organized, expenses become more controlled and you ensure savings continue to grow consistently.
As long as the budget allocation is done correctly, it will be easier for you to manage your finances. What is the appropriate budget allocation? For example, a larger budget is for needs than wants. Then, because you no longer want to work when you are old, you can allocate a larger budget for savings so that it fills up quickly.
3. Have lots of money by saving in the right place
A budget for saving has been set aside regularly. Now, you need to choose the right place to save. By saving in a deposit, for example, you can get additional income from the principal funds saved.
By continuing to extend your deposit after maturity, you can get multiple profits from the principal funds along with the extras. You can grow your savings faster.
4. Diversify assets, for example by investing
Apart from choosing the right savings products, you can also diversify your assets. One way is to invest. Low-risk investments, for example, can be done by purchasing mutual fund products.
You can also try investing in stocks, depending on your level of risk tolerance. The risk of investing in stocks is indeed high, but it comes with the potential for high profits.
Why Choose Bank Jago to Save Your Money
Why is saving at Bank Jago the right choice if you want to be able to save as early as possible so you don't have to work when you're old?
1. You have the freedom to save money the way you want or according to sharia
When you are about to open an account at Bank Jago via the Jago application, you will be asked to choose between a Jago account and Jago Syariah account. You can register for an account according to your own preferences.
Opening a Jago and Jago Syariah account is both easy and practical. It can be done from anywhere and at any time via the Jago application, so you don't need to go to a bank branch.
2. Many choices to save your money through the Jago application without deductions
After you have a Jago or Jago Syariah account, you can choose to save using the features you want according to your needs.
Jago users, for example, can save money in Savings Pockets, Locked Pockets and Term Deposits. The interests offered vary but are competitive. Check the latest interest rates for the Saving Pocket, Locked Pocket and Term Deposit here.
Meanwhile, Jago Syariah users can save with Wadiah akad without interest using the Saving Pocket. To get profit sharing from savings, you can choose to save money in a Sharia Deposit with Mudharabah Muthlaqah. Check the latest profit sharing rates for the Sharia Deposit here.
Jago and Jago Syariah users can both create up to dozens of Pockets in the Jago application. And the nice thing is, you can enjoy this benefit without being subject to deductions. In other words, saving at Bank Jago is free of monthly admin fees, regardless of the number of Pockets you have at the same time.
3. Connected with a digital ecosystem that helps you save a lot of money quickly through investing in mutual funds and stocks
Jago has collaborated with Bibit and Stockbit to create a powerful digital ecosystem so that everyone can experience a seamless investment experience.
Investing in mutual funds on Bibit does not require paying top up fees and you can do it regularly using the Jago Autodebit payment method. Monitor mutual fund investment progress directly from the Jago application at any time. Especially for Jago Syariah users, make sure you activate sharia preferences in the Bibit application before starting to invest in mutual funds.
To invest in stocks, you can open Jago RDN/Jago Syariah RDN. Top up your RDN balance directly from any Jago/Jago Syariah Pocket. Especially for Jago Syariah customers, by opening Jago Syariah RDN you can only invest in sharia stocks for a more blissful experience.
4. Complete features in the Jago application that make it easier to budget, save, manage expenses and make transactions without overspending
There are many features in the Jago application that you can make the best use of to become better at managing your finances. As stated above, you can create lots of Jago/Jago Syariah Pockets, including Spending Pockets to manage expenses.
With various needs that can be separated into their own Pockets, it will be easier for you to allocate your budget and manage expenses.
You can also enjoy managing and allocating budgets automatically in the Jago application. Use the automatic budgeting feature available in every Saving and Spending Pocket. This feature is very useful if you often skip saving. If you want to have a lot of money in savings, make sure to activate this feature. Decide the amount you want to save and the frequency of saving the way you want.
Other features that can help you manage your expenses better and make transactions without overspending are Spend Analysis, Jago/Jago Syariah debit card that can be linked to any Spending Pocket (you can also set daily transaction limits for your debit card), and QRIS that can also be linked to any Spending Pocket.
