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
Life is a journey not a destination
Disparity of income among next-of-kin is common regardless of whether one is salaried or self-employed. Hence, one may find it harder to meet ends need while the other family members are enjoying life. With so much happening like this, this is the opportunity of the 'haves' for their money can have the greatest impact. That’s why this Family Future Fund (3F) scheme is a great idea.
In case of 3F, the fund is mainly for EDUCATIONAL perposes. However, if it grows larger in amount, it can respond quickly for urgent needs, to help the most vulnerable children and families nearest to you. Whether it’s providing emergency assistance to families impacted by unexpected turn of event or helping long-term solutions to alleviate income disparity or perhaps poverty, you can be happy that your gift (money) will be put to good use where
it’s needed most.
It is therefore crucial to
find every opportunity to set money aside because money starts working for you the very moment you set them aside for future needs. As such, the earlier you save for the future, the more money you will have.
Every financial situation can be managed through proper planning. It is never too late to start, but starting early gives you an advantage. You have more time to save and compound your savings.
The objective of 3F
To reduce the gap of income disparity among family members or next-of-kin by supporting to finance the very important driver to better life i.e. Education. However, as the fund expanded in it size, the purpose may be broaden to include other types of support, such as for emergency or business financing.
Note:How does 3F works ?
Its about pooling of fund, manage it prudently and use the money to reduce the disparities among family members.
- Pool of fund: Determine the Source of Fund in order to have sufficient supply of fund
- Managing of Fund: Professionally managed to ensure adequacy and sustainability of fund
- Disbursement of Fund - Amount to be released mainly for Education only and under exceptional cases or very necessary, can be used for emergency matters.
The cost to educate children has grown rapidly in the past 20 years.Whether you have 18 years to prepare or your son or daughter is packing right now, you’ll have to decide how to foot the bill. If you plan on paying for all or part of your child's college education, you’ll need to develop a savings plan as early as possible.
Student loans-Private scholarshipsCollege controlled aidMilitary aid- 3F
