CNBC Insight Transforms IDR 17 Million Social Assistance into IDR 19 Billion, This Woman Suddenly Goes Viral Entrepreneur – 1 day ago

Jakarta, CNBC Indonesia – Social assistance funds (bansos) are issued by the government to help people in distress. Usually the money is used by the recipient to buy daily necessities or other productive things.

However, this habit is not carried out by Jasmine Taylor, a poor citizen from the United States. Instead, he used the social assistance money amounting to US$ 1,200 or Rp. 17.9 million to do something that had a big chance of failure, namely doing business.

Please note, Jasmine Taylor is an unemployed person who is in large amounts of debt. He has two debts, namely student debt of US$ 60,000 or Rp. 898 million and credit card debt of US$ 9,000 or Rp. 134 million.

Initially he was able to pay the installments smoothly. However, when he was laid off from his regular job, he started having difficulty paying it. The side jobs he does are not enough to cover his debts. On this basis, he became a recipient of government social assistance.

When the social assistance money entered her account, Jasmine rushed to find a way to manage the cash by watching YouTube. He doesn’t want to get caught in money management mistakes.

Luckily, this 31 year old woman found a way cash stuffing which requires someone to budget money. So, a person must put money in an envelope according to its intended purpose and different financial goals.

Cash stuffing Actually, it’s nothing new and has been done for hundreds of years. However, recently this method has gone viral.

“I discovered cash budgeting and I really follow it,” said Jasmine, quoted from CNBC Make It. “I’ll just spend what I have in cash.”

After learning this, Taylor then started uploading videos of himself performing cash stuffing using social assistance money through his TikTok account. As a result, posts about managing finances by putting cash in envelopes went viral. He’s gained a huge following (currently has 650,000-plus followers on TikTok).

From here he then had the idea to do business. Taylor changed methods cash stuffing-it became a business called ‘Baddies and Budgets’. Through this business he provides courses about money, tools for budgeting, and other accessories.

One of the items being sold is an envelope. The envelope is not plain, but has been designed to be more aesthetic and attractive.

“I looked at the market, and couldn’t find many shops that sold the items you needed for cash stuffing,” he said

Jasmine founded her company in 2021 with social assistance capital of US$ 1,200 or Rp. 17 million. It didn’t take long, a few months after establishing the business, Jasmine made a profit of almost US$ 250,000 or Rp. 3.7 billion.

Then a year later the business was booming. Baddies and Budgets made a profit of around US$ 850,000 or Rp. 13.5 billion. In fact, this year, Jasmine claims to have earned almost US$ 1 million or Rp. 15.9 billion.

Since then, Jasmine, who was originally poor and unemployed, has become a young billionaire. The money was then used to pay off all debts. Now, he is free from debt and lives happily and richly.

[Gambas:Video CNBC]

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