Main Objective: Pooling of fund by family members for future financing of children's education
Concept of 3F Source of Fund Management of Fund Disbursement of Fund
Saving for a child TODAY is a wonderful gift for their FUTURE!!
If you save regularly, you’ll quickly find that your savings add up and keep growing. Get into the habit and watch your money turn into more money. The easiest way to get your savings working for you is to set things up so that you automatically add a little bit each month to your savings. That way you won’t have to remember to make the payment and you won’t be tempted to skip a month.
One of the quickest way to do this is each individual family members to set up a standing order (a regular payment) from a bank account into your 3F Account, preferably in a form of jointly operated saving account.
For this purpose, a portion of INCOME of each family members to be put aside and consolidated into 3F as per Table 1 below:
[1] Income from Salary
- Minimum 3.0% deduction of Monthly Salary (Basic + Fixed Allowances only)
- Yearly Bonus from employer: Based on 5% deduction from yearly bonus and dividend earned
- Minimum 2.0% deduction of total Incentives received either monthly, quarterly or yearly.
- Other Incomes
- Income from own business: This very difficult to determine but since it is family matter, its up to contributor to be honest. However, if the business is good I would suggest the MINIMUM amount of contribution will be based on 3% from Net Profit after Tax
- ROI of This Fund: If this fund is invested for business purposes, management to recieve 2 types of Income i.e. Principle Repayment (as agreed) and sharing from the profit.
- Rental Income: Deducting of Rental Income will be based on the Net Amount after mortgage monthly Installment. For instance, Monthly Rental Recieved less Monthly Bank Instalment= Net Amount.
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| Table 1 |
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