Money Jar & CNY part 4 This is the 70-10-10-10 budgeting model by Jim Rohn The simple diagram below simply captures in a nutshell what the whole concept is all about FOR CHILDREN: Apart from decoration, children are to labeled the jars as AC /Education INVEST SPEND GIVE. Every time your child is given RM1. S/he is expected to put 10 cents in the Jar labeled GIVE. (refer the purpose of give jar below ) 10 cents in the Long Term Saving.(refer below explanation) 10 cents into INVEST ( refer below for explanation ) and the last SPENDING jar receives the remaining 70 cents. FOR ADULTS : This model is also useful for adults who has many commitments into their necessities and yet to be able to segregated their income / allowance into 6 Jars as Harv Eker suggested. The FIRST group is the “70” part of 70-10-10-10. It suggests that you use 70% of the money for necessities, both needs and wants. The SECOND group is the first “10” of 70-10-10-10 is called active investment jar. For children, I would suggests this money are keep aside as investment for their education fund. For adults according to Jim Rohn this jar is meant for emergency fund. The THIRD group is the second “10” of 70-10-10-10. It suggests that you use 10% for “passive investing.” or " future" Where it is use to invest for retirement ( This jar is also called pay yourself first jar) The FOURTH group is the final “10” of 70-10-10-10. It suggests that you use 10% of the money to make your community or the world at large a better place through some form of giving. #Penang #MoneyJars #JimRohn #90secClub #Garyveechallenge #GazellePenang #financialliteracy #MoneyJar #MoneyJars #cultivatingHABIT #habit #startthemyoung #PublicMutualPenang #mypublicmutual #publicMutual https://www.instagram.com/p/B78zJ5-nxSN/?igshid=1rxty9os7nstl