Jars of 6 for Millionaire Mind - cont

Every income that we are getting, we have to segregate to all these jars. There are rules to saved in it. I want to make it clear here. So, no one gonna feel this method burden them. This is the rules to follow.

• NEC - Necessities - 55%
  
• PLAY - Play - 10%
  
• LTSS - Long Term Saving Spending - 10%
  
• EDU - Education - 10%
  
• FFA - Financial Freedom Account - 10%
  
• GIVE - Give - 5%
  

NEC - The highest percentage of all that includes your utility bills, hire-purchase loan, housing loan and foods. This is the commitment, compulsory commitment. Reducing the utility usage can save a lot. 55%

PLAY - The money that can spend to ease your stress you earned. 10%

LTSS - The money you saved here could be your Hajj saving, dream home deposit, retirement rich plan and traveling around the world. For the card credit users, you can use this jars up to 50% to pay your card debts. 10%

EDU - For those who plan to continue their studies too a higher level this is the jars they need. For others, this jars is still relevan because you can use it to attend the course or seminar for your mind dietry. 10%

FFA - The key of passive income is in this jars. No matter what happen, don't withdraw from this jar. This jar is strictly for deposit only such as takaful. It will be use when you're at golden age. 10%

GIVE - What you gives, you get back - Scorpion. In this jars, i suggest the usage is for zakat, humanity and charity. Zakat or "alms for the poor" or tithe it is an obligation on Muslims to pay 1/40 (2.5%) of the wealth which they have had for a full lunar year,1/40 (2.5%) of goods used for trade, and 5% or 10% of certain type of harvests depending on irrigation. Exempt from Zakat are a person's house and personal transportation. Zakat is not mandatory on harvest if the total did not reach the minimum limit of about 653 kilograms, nor on gold amounts if the owner has less than 85 grams of gold or less than 595 grams of silver. 5%

You may wonder, why there is no emergency jar in this method. Please be informed with these method you'll not need the emergency jars anymore. You just form 3 jars for the investment (EDU, FFA, GIVE) and 3 jars for the daily usage (NEC, PLAY, LTSS). I hope for those parents please educate your children with this kind of saving money. Make it a habit, a habit with a good return.

Last and not lease, don't just leave your saving in the jars. Please save it in according places, you know what I mean ;P