Comedian and author Raditya Dika shared several financial management tips for students in the midst of the growing phenomenon of Fear of Missing Out (FOMO).
He delivered the message in a talk show titled Avoiding FOMO Culture in Finance through a Healthy and Planned YOLO Approach, organized by the Indonesian Life Insurance Association (AAJI) at UGM’s Grha Sabha Pramana on Wednesday (Aug. 13).
According to the author, there are several steps young people should take to become wiser in managing their finances. Before applying technical strategies, he emphasized the need to eliminate the self-serving bias.
“Many people get trapped in this mindset. If we always think the problem lies outside ourselves, we will never grow. But if we are honest with ourselves, we can think, ‘This is how much I earn, so how much should I set aside?’” he said.
The second step, he explained, is to understand opportunity cost, which means every choice involves letting go of another. He shared that this principle guides his own life. For example, money spent on unnecessary items could actually be saved for the future.
“Personally, if I want to buy something, I usually ‘sleep on it’ first. Often by the next morning, the desire is gone, and I end up not buying it,” he said, drawing laughter from the audience.
The third tip, Raditya Dika continued, is distinguishing between needs and wants. He explained that needs are things that, if unmet, will disrupt life, while wants are often driven simply by the urge to possess.
He also stressed the importance of recording daily expenses, a practice he still maintains with his family today.
“On the 28th of every month, my wife sends me an expense report. This way, we know our financial standing and can plan ahead, including for retirement,” he shared.
Furthermore, Raditya Dika reminded young people to prepare an emergency fund and secure health insurance before investing. He also encouraged the audience to invest in skills first. For him, continuously honing one’s abilities increases self-value and creates opportunities for higher income.
“Investing in skills is crucial. For instance, taking courses, improving communication, or learning skills relevant to your job,” he added.
Head of Communications at AAJI, Karin Zulkarnaen, expressed hope that the event would help students better understand how to manage their finances, prepare daily budgets, start saving, begin investing and obtaining insurance, and, importantly, distinguish between needs and wants.
“So, it’s not just about being carried away by consumerism, where we shop just to follow others, but truly spending because it is a real need,” Zulkarnaen said.
Author: Lintang Andwyna
Editor: Gusti Grehenson
Photograph: Raditya Dika’s Instagram account