[00:00:01]
Genecia Alluora: Hey, gorgeous. Welcome to today's episode. I want to talk about the Jar's money management system that can work miracles for you. This is a system that I came across during Tea half acres program. Millionaire, mind intensive.

[00:00:16]
Genecia Alluora: And also it's part of his book Secrets of the Millionaire Mind. In this I learned a very effective money management method which I've applied in my business and my life to achieve my F word fabulous freedom, financial independence and a happy family. So this is designed specifically to get you to your F word. Are you ready for your freedom, financial independence? Well, it's called the Jars Management System.

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Genecia Alluora: J-A-R-S. So just imagine, by using this system, you split up your money into six different jars, or it can be a different account and you have the percentages of your money to put into each account. So, like I said, you can use bank accounts or actual jars. For myself, I sometimes use jars. Sometimes I use Rip packets.

[00:01:16]
Genecia Alluora: Rip packets are basically like envelopes. So whatever that works for you, because it's easy for me to carry around and move around. So what are these jars and what percentage of your income goes into them? Now, this is something I want to highlight to you. The single biggest difference between financial success and financial failure is how well you manage your money.

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Genecia Alluora: No doubt we talk about manifesting money. We talk about how do you create more abundance, more freedom in your life. However, managing your money allows you to eventually create the financial freedom so that you will never have to work again. Remember, to master money, you just need to manage money. And it starts just from a single dollar.

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Genecia Alluora: So I'm going to share with you the guidelines below. Listen closely. They are altogether six jars. Necessities, long term, play, education, financial Freedom account and give. Necessities, long term savings for spending.

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Genecia Alluora: Play, education, financial freedom, account and give. So, total six. So what goes into each for necessities is 55% of your income. Now, this is used for rent, food, electricity, bills and stuff that you want to pay for long term savings for spending. And this is 10% of your income.

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Genecia Alluora: This is for big purchases like your washing machine, your refrigerator, your house or whatever that may be looked like for you. Rainy Day Fund in case of emergencies, vacations and unexpected medical expenses. Play use this account for 10% of your income. This is for spoiling yourself and your family and your leisure expenses. Education, 10% of your income. This is used for coaching, mentoring, books, courses.

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Genecia Alluora: Financial Freedom Account this is 10% of your income. This one you can use to buy stocks, mutual funds, passive income vehicles, real estate investing and any other investments. Give 5% of your income. This one is for charitable donations. Now, get it.

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Genecia Alluora: So the question will be Genecia, I know you have told me before in the program, in the audio course. All right, so now, why should I use the six jars system? Because I have already a savings account, I've got some investments going on, or maybe for you who don't really have much going at the moment, and you say, Genecia, I'm already in debt. Six figure debt.

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Genecia Alluora: Seven figure debt. All right, let me share with you the reasons why it's important for you to embark on this jars system. It's the same exact system that I have created financial freedom in my life. Reason one because the habit is more important than the amount. Right now you might be thinking I'm not earning a lot of money or my expenses are too high.

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Genecia Alluora: Am I saying that you have to put $1,000 in your accounts every single day? No, I didn't say that. So how come I'm not suggesting a specific amount, but certain percentages? So it's that every single person, regardless if they're earning $100,000 a week or one dollars a week, can follow this money management system. It's that easy.

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Genecia Alluora: So, yes, if you're earning one dollars a week, let's say from your part time job, from your side hustle, or from your nine to five job, you can do this system. Reason two because the fastest way to do well with money is to manage your money well. Here's the thing. The way the universe works is if you manage your money, you will get more of it. If you mismanage your money, you will not get any more.

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Genecia Alluora: The fastest way to do well with money is to manage the money you have well. Just show the universe how you know to manage the $1 and then see what happens in your life. Because when you take action on the $1, it's a symbolic thing. Miracles do happen. So you have to decide right now, are you going to get six jars and start managing your money today?

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Genecia Alluora: Well, you need to declare your intentions to the universe that you are going to turn your finances around right now and let me know how it's going for you. You can send in your journey and experience to hello@soulrichwoman.com. Remember, managing your money well is one of the key ways to truly becoming financially free, embracing and owning your effort, fabulous freedom, financial independence and happy family. Now, some of you will ask me a couple of questions. Let me address this. Genecia, what if my necessities, which is the 55% that we talk about, the first jar 55% of the income for rent, food, electricity and bills is more than my 50% of my income.

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Genecia Alluora: Now, this is very common when starting with the 6th jar system. Now, it's important to understand that the percentages we give are the recommendations and ultimately goals for you to get to not definitive rules. We believe that the habit of managing your money is far more important than the amount itself. So if you can't follow the percentages to the T, that means you can go up to 55% because the necessities is more than 55% of your income. You just need to give more.

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Genecia Alluora: That's fine. Then take an amount that you can manage and start there.

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Genecia Alluora: For example, even though you have a certain salary, a certain amount that you receive every month from your side hustle, from your business, from your nine to five job, whatever that may be. For example, A $100 a month then use the jars to split up that $100. Then the next month do $150, and then the next month, $200. Understand? It is literally taking a step at a time.

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Genecia Alluora: These are just guidelines, not definitive rules. That is why it's important for you to start even with just a dollar. I've met someone who started with just $1 and guess what? She's a multimillionaire now. No joke.

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Genecia Alluora: Because she started with the habit of that $1. 2nd question what do I do if I have a lot of debts to pay? Like I have $100,000 in debt. I'm $200,000 in debt. I am how many dollars in debt?

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Genecia Alluora: Whatever the amount that you are in debt with, you still can manage your money. You can use your long term savings jar to pay down your debt and always, always pay the minimum. Managing your money is a habit and so is the debt. It is important to understand that if you pay down all your debt first before you are in the habit of managing your money, this most likely will result in a repeat of the debt pattern. Listen closely.

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Genecia Alluora: Managing your money is a habit and so is going to debt. Doesn't mean you put all the money into the debt to clear it all. Your pattern of spending money or managing your money is going to be the same. So therefore, it's important to know that if you were to pay down all your debt first before you are in the habit of managing your money, this will likely to result in a repeat of the debt pattern. Therefore, you can create a habit of managing your money first and then pay down your debt while managing your money.

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Genecia Alluora: Hey, it's a win win, right? And therefore you will have a higher chance of staying out of debt in the future. Good or great? Question three if I earn passive income, where should I be putting that amount? Into the jars?

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Genecia Alluora: There are six jars. Where do I put? So my answer to that question is if you want to become financially free quicker, you should keep your financially free jar money with your Financially Freedom jar as well. Okay? Which means that you put your money into the first.

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Genecia Alluora: Let me see put it into your jar number five, which is the Financial Freedom Account where your stocks, mutual funds, passive income vehicles, real estate investing, and any other investments. That is 10% of your income. You can actually just put it inside there. So that's how you will hit your Financial Freedom number and you're ready to live fully off the passive income. Understand?

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Genecia Alluora: Next question. What about credit cards? All right, so credit cards are great to have after you are in the habit of managing your money. Now, if you have been a person who is constantly in credit card debt, then you should not use a credit card literally. I would suggest you to cut away the card.

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Genecia Alluora: Of course, there are people who tell you that, oh, Genecia, I need it for business rolling my cash flow. I need a credit card or credit line to do something for my business so that I can roll my business. I can roll this and roll that. All right, now, if you pay your balance each month, then well, a credit card is definitely useful tool to have, especially the ones with the great rewards programs.

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Genecia Alluora: Again, only use this strategy if you pay your credit card in full in each month. Put everything on one credit card. Then when you receive your monthly statement, then go through the transactions of a pen. Mark each jar.

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Genecia Alluora: That means you mark your credit card statement. Mark which jar. Each charge of each payment should be paid from. Clear, for example, water, gas, electricity, conservancy charges is under the Necessities fund, which is jar number one, right? 55%.

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Genecia Alluora: From that 55%, you pay out the water, gas and conservancy charges, et cetera. How about champagne to celebrate? That is under the Play fund, which is the Play jar. And that is the third jar, which is the 10% of your income.

[00:13:09]
Genecia Alluora: And then books and online courses. That will be under education and that will be under your education fund. You take that out, which is the 10% of your income. And that's the fourth jar. So now you get it.

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Genecia Alluora: This is how you get started. Even with a credit card, you really need to identify where this payment is going to move out from. Move to to pay for each of the charges on the credit card statement. Okay? Then you add up those charges on a jar by jar basis.

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Genecia Alluora: Then simply transfer the amounts from each bank account into the account you pay your credit card with. All right? So this is how you can do it. So, my friends, managing your money is one of the essential elements you must have in place to be financially free or to own and love your F word. Now, if you want to discover how I create this Soul Rich Woman life and become owning and loving the F Word fabulous freedom, financial independence and happy family, then you have got to really connect with me and follow me.

[00:14:29]
Genecia Alluora: I always share with you my Freedom First Formula so that you'll never have to work again. The ugly truth about why most people don't become free or on the F word and how to beat the odds with a Simple Mindset shift. Now, a unique technique that could accelerate your path to freedom. And you'll be so shocked at how simple this is. And like I said, this entire thing is available on my website.

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Genecia Alluora: Okay, so go join and download this freebie at soulrichwoman.com. I really want to send you my love. Remember, I stand on your side. I really believe in you. I know that some of you are in depth right now and you want to get out of it.

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Genecia Alluora: You want to create passive income and own loved your F word to lead a Soul Rich Woman life truly and fully. I am here with you. I love you so much. That's why I'm doing this. And I really look forward to speaking with you soon. Bye for now.