Our Money Jars Work

I came back from T Harv Eker Millionaire Mind Intensive course with a totally different perspective of money.

The MMI course changed the way I view money, manage money and grow money. To me, this is one course that I think is truly value for money. Just a mere two hundred plus dollars for a 3-day intensive course. Harv really over-delivered. So much good information to walk away with and to apply.

If you are keen to get an insight into a Millionaire Mind, go to www.themillionairemindcoach.com
[psst... tell u a secret, got free ticket to National Achievers Congress if you can commit before 25 april. Good bargain]

Let me give you an example of what Harv taught me on how to manage money. It is really working very well for us.

Harv suggested that we maintain 6 money jars which we label as "NESS", "GIVE", "PLAY", "EDU", "LTSS" and "FFA". And of course, there is a certain % of your monthly income tagged to each jar.

NESS (55%)
- Necessity Fund. Money for our daily expenses etc.
GIVE (10%)
- Charity Fund. To give out to one charity organisation of your choice every month. The more you give, the more you will receive.
PLAY (10%)
- Play Fund. To spend your money without guilt. Pamper yourself, indulge yourself.
EDU (10%)
- Education Fund. To use it on seminars, books, workshops etc. to grow yourself
LTSS (10%)
- Long Term Savings. Can be used to purchase a more costly item, or save up for a trip.
FFA (5%)
- Financial Freedom Account. Something so important, yet so often neglected by people.

Every week, when we receive the cheque from our home-based business, we will split it up into the various proportions and deposit into the money jars.

I simply love the "PLAY" fund. You see, my wife and I are more of the savers type. Not sure if you can associate with me, but we often measure financial security with the amount of savings in the bank. So the "PLAY" fund allows us to spend without guilt cos it has been planned for right from the beginning. Anything is fine as long as it makes you happy. Be it a Spa relaxation, a sumptuous meal, a new pair of shoes... the list just goes on.

We just took out all our savings from the "LTSS" fund to purchase a new sofa. If we do not have this fund set-up, I am pretty sure we will overspend on the sofa. With this fund in place, we spent within our limits and yet have money left over for other purposes.

To me, the most important fund should be the "FFA" fund. The money from FFA can be used for investment (e.g. stocks, bonds, run a biz) to generate more money. That is the secret behind how the rich get richer. That is how you can plan for your retirement.

I am so intrigued by Harv's teaching that I am adapting his teachings and coaching my business partners ONLINE every night at 10pm. If you are keen to drop by our econference room to listen in to the teachings, drop me an email kaihock@gmail.com