I have my own approach in managing my finances, and I'll share it now...perhaps it can be of help to those that are not able to attend the class, due to the changes.
1. Financial Freedom Account (FFA) 10%
Insurance policies & Other Wealth Creation Investments
2. Long term Project Account (LTPA) 10%
Home & Other Wealth Building Investments
3. Charity 5%
The Hand that giveth is better than the one that received.
The more thy give, the more thou shall receive.
What goes around comes around.
4. Education 10%
Knowledge is probably the only single thing you can take home with you when you die
5. PlayJay 10%
This account is what you use to reward yourself, like going to the spa, holidays or travel 1st class
6. Expenses 55%
Enjoy- God gave you Life, it is your responsibility to give him back a LIFESTYLE!
Secondly do look into The 3 'I' Principle = Insurance, Investments and Inheritance
most people would agree on the importance of insurance and would have secured a policy. Insurance is a vehicle that is able to create instant cash for the family during emergencies such as dreaded disease, disability or death.
You can only move forward in building wealth when you invest. Your investment does not necessary have to be of high risk to achieve great returns. There are government bonds and trust funds available. Landed property and Gold are two good commodities to consider. I always say...anything that man cannot make is a good investment. Investment allows you to accumulate funds for retirement.
And after all that...you will have to write down your will, your final say on the distribution of your assets (hopefully there are plenty) after death.
Sounds good and easy enough to follow right?
Next time, we will discuss The 4th 'I' - Generating Income to fund the 3 Is, ideally continuously, even tho you cannot continue anymore...
