Six Ways to Learn About Money
I regularly receive correspondence from readers asking me for advice on how to fix their money problems or accomplish some of their financial goals. While it’s possible to answer some questions in a few paragraphs, most queries would require an extended period of teaching to comprehensively address the issues of concern.
We live in an age of immediate gratification, and many people have become accustomed to getting fast solutions to their needs. Although today you can enjoy convenience foods, Google searches and instant messaging conversations, when you are looking for solutions to your money challenges, there really is no shortcut to success.
Take charge of your financial education
It took me many years of dedicated research and determined application to garner the wealth of knowledge about money that I am happy to share with you each week. I’m still learning new things all the time about what it takes to be successful with money, as there is always some lesson in life that can bring more insight and wisdom.
As we discussed last week, this month’s money mission is all about taking responsibility for your own financial education. There is a vast reservoir of easily accessible information that can help you to become more knowledgeable about money and to become an expert in handling your finances. Let’s look at six ways to learn more about money:
Read financial books
I can’t stress enough how important it is for you to develop the habit of reading books about personal achievement and money success. Most of what I know today was gleaned from dozens of books written by experts. Reading other people’s experiences is a relatable way to learn about money.
For example, financial guru Suze Orman taught me the secret to preparing a workable budget in her bestseller, The 9 Steps to Financial Freedom. Click HERE for a list of recommended resources that will cover various money topics.
Do Internet research
No one should give the excuses of having ‘no time’ or ‘no money’ to devote to financial education, as the Internet makes knowledge accessible to all persons. Website research has been a priceless source of information for me, and I consider it my unofficial university of higher learning.
You can find guidance on personal finance matters on advice sites such as Ehow.com or About.com; earning strategies on business sites such as Entrepreneur.com and Inc.com; and detailed investing education on trade sites such as Investopedia.com.
Listen to CDs
While reading is essential, some persons find it difficult to assimilate facts solely from the written word. If you are more of an auditory learner, then you can get several money titles in audio book versions. You can also download them to your music player or smart phone for easy listening.
Even if you like reading, the spoken word can add a more vibrant experience to your education. One CD that really influenced my life was Secrets of the Millionaire Mind by T. Harv Eker. Just listening to the passion in the author’s voice inspired me to make some major career changes.
Watch videos and TV shows
Reading and listening are good ways to gain information, but in today’s technological age, people connect even more when they can see the person giving the advice. Look out for TV shows or internet videos that can help to enhance the material being taught.
For years, I watched The Suze Orman Show on CNBC and absorbed great lessons from the host’s inimitable style of giving money advice. Another helpful financial coach is Dave Ramsay, author of Total Money Makeover; you can watch his videos on You Tube.
Go to seminars
We are fortunate here in Jamaica that many financial institutions regularly host seminars to provide money advice to the public. Most of these events are free of cost, so keep abreast of upcoming events and take advantage of the information you can receive from them.
Occasionally, training organisations will create workshops that can educate you about specific skills such as starting a business or internet marketing. I encourage you to invest some money in your learning and participate in sessions that are relevant to your needs.
Get mentors
Experience is really the best teacher, and you can gain nuggets of wisdom from persons who have already learned the lessons you are trying to discover. I received a lot of invaluable advice from wealthy clients who shared their stories about building businesses or investing techniques.
Even if you don’t have direct access to mentors, you can be motivated by reading about persons who achieved against the odds. One inspiration is Alvin Day, author of If Caterpillars Can Fly, who is currently carrying out mentorship training in Jamaica to help transform our nation.
It’s not enough to just gather information from financial education resources; you have to apply your new-found knowledge to your own situation. If you’re serious about seeing positive changes in your finances, then take action on the advice you receive and persevere in carrying out the required steps until you are successful.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, May 9, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
Money Mission: Increase Your Financial Knowledge
One of the reasons why persons may find it difficult to achieve their money goals is that they lack the financial know-how necessary for success. They might be clear about what they want to achieve, and may be motivated to do what’s necessary to accomplish their objectives, but they are still hampered by uncertainty about the right way forward.
Although having insufficient information can negatively affect your self-confidence, it’s one of the easiest obstacles to overcome. We are living in the age of information, and there are myriad ways to gain detailed instructions on almost anything you need to do. Once you have a strong desire to learn, you can seek and find the answers to most of your questions.
As we continue to look at strategies which can help you to stay focused on your goals, this month’s money mission challenges you to get educated about financial matters. As 16th century philosopher Sir Francis Bacon declared, “Knowledge is power;” and learning the essential skills of money can empower and equip you to take charge of your financial future.
Financial education is life-changing
My own experience is proof that it is possible to teach yourself how to improve your financial situation. Prior to 2001, I knew absolutely nothing about the basic money principles of success; I had no consistent savings, careless spending habits, a crippling dependence on debt, and no concept of what it meant to plan and invest for future goals.
Once I realised that my lifestyle was leading me down the path to deprivation, I acknowledged that I really didn’t know how to do better. I then vowed to leave no stone unturned until I discovered the steps I had to take to fix my money problems. Within a few years, I had learnt enough to start teaching others these essential elements of financial achievement.
Identify what you need to learn
Your challenge for this month is to take another look at your financial objectives and identify areas in which a lack of know-how might be preventing you from taking action. For example, you may want to earn a better return than you are currently receiving on your savings account, but don’t know which types of investments might be appropriate.
Record, electronically or by hand, all the things you wish to learn on the left side of a paper or document. Your list could include: “I want to prepare a budget that works;” “I want to invest in the stock market;” or “I want to earn income while I sleep.” Then, on the right side, rank each area in the order of importance or relevance to your most important goals.
Put your time to good use
To be successful in this mission you have to devote some of your free time towards your quest. Put down a time period in which you can commit to tackling each learning objective, but don’t be unrealistic about how long it will take to gain sufficient knowledge. Learning about money is really a lifetime effort, because you can discover something new every day.
Don’t use the excuse that you don’t have enough time to learn. If you do an audit on your usage of this precious resource, I’m sure that you will find many minutes or hours wasted in unproductive activities. You could use your long work commute to read a book or listen to a CD, and repurpose time spent on Facebook to surf the Internet for information instead.
Get free education fast
Gone are the days when you needed to spend a fortune over an extended period to gain an education about money. Once you have identified your topic of interest, you can start learning right away. The great thing about today’s technology is that it puts information right at your fingertips; you can access the knowledge you need almost immediately, and at little or no cost.
While I do advocate investing money in your financial education, don’t let a limited budget deter you from proceeding with your mission for this month. There are many free websites which can provide detailed information on any area of financial literacy, and the language is usually easy to understand. Just ensure that you verify the accuracy of a site before using it.
Build a resource library
You should make financial education a continuous goal; I recommend that you collect reading and listening material from financial experts and keep bookmarks on your computer of useful sites. Your money resource library will come in handy whenever you need to make a financial decision, and you should periodically review some of the material that you have already utilised.
Whenever I’m not sure how to handle a financial matter, I can usually find the solution in a book or resource, even from those that I may have studied years ago. You can always gain new insight or inspiration from your library that will help you to accomplish your goals. Next week, I will share some of the best places to learn about money.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, May 2, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
Instant Money Motivation
Years ago when I worked in an investment firm, I often wondered why even though all my clients received detailed advice to help them accomplish their goals, less than 50 per cent actually carried out the recommended steps. In addition, only a very small percentage of those who started the process continued until they had achieved their objectives.
Could I have done more to assist those who fell by the financial wayside? Could I have done a better job in finding workable solutions for my clients? My determination to help people achieve evoked my desire to learn about the factors required to bring about lasting change in their beliefs and behaviours.
With more experience in money coaching, I now recognise that there are various underlying reasons that can block persons from actualising their dreams. Although counsellors can make suggestions and show them practical ways to fix their financial problems, the reality is that the decision to take corrective action can only come from within.
Are you willing but weak?
There are many persons who truly want to adjust negative traits or adopt positive habits, but feel frustrated when they struggle against an unidentified force that seems to immobilise them. In their minds and hearts they desire change, but for some reason, it is almost impossible for them to perform the required tasks.
Are you having economic challenges or finding it difficult to achieve a major financial goal? Do you already know what you need to do to improve your situation? Have you already identified personal motivators that are prodding you to act? If you have all these elements in place, yet still find it hard to get going, then perhaps you need to dig a little deeper for your solution.
The science of achievement
In my search to find out more about the process of change, I discovered the work of Anthony Robbins, an expert in the field of peak performance. Robbins dedicated many years to researching the psychology of personal achievement, and is highly acclaimed for his work on scientific considerations in understanding human behaviour.
One fundamental concept that Robbins outlines in his best-selling book, Awaken the Giant Within, is that there is a single driving force that “impacts every facet of our lives, from our relationships and finances to our bodies and brains.” The force that motivates us to act, or to hold back, stems from “our need to avoid pain or our desire to gain pleasure.”
Pain and pleasure linkages
Robbins explains that your brain uses various experiences to form associations in your nervous system which are called neuro-associations. If you touch a hot stove, the pain you feel will indicate to your brain that this is an activity to avoid. Robbins asserts that the things which your brain links to pain and those it identifies with pleasure will ultimately determine your attitudes and actions.
Pain or pleasure linkages are not only physical, as our emotional experiences can play an even more significant role in determining our outcomes. For example, feelings of rejection or ridicule that may have occurred when you tried to sell cookies in your neighborhood as a child can lead to painful associations that will hinder you from being successful in your sales job as an adult.
Change can happen in an instant
So if you’re struggling to achieve your financial goals, perhaps your brain is ‘wired’ to avoid the very success that you so desperately desire. Despite your efforts to break free of your limiting thoughts and behaviours and to do what you intellectually know is right, the neuro-pathways inscribed in your brain will ensure that you fail every single time.
Fortunately, Robbins reveals that it is possible to change this negative process; in fact he declares that it can happen in an instant. This can be done by utilising the science of Neuro Associative Conditioning (NAC), which can “condition your nervous system to associate pleasure to those things you want… and pain to those things you need to avoid, in order to succeed consistently.”
Six steps to change
Robbins’ NAC procedure involves six steps. First, you need to be specific about what you want and determine what is preventing you from getting it. Next, you need to create a sense of urgency that compels you to follow through with your plans. Robbins then describes how to dramatically interrupt the negative behaviour pattern that is holding you back.
To ensure that you don’t regress, you have to identify an alternative way to get the “same pleasurable feelings without the negative side effects” of your past behaviour. For lasting change, you must use reinforcements and repetition until your positive action becomes a habit. Finally, you need to test what you’ve done to ensure it will always work in the future.
To make the best use of Robbins’ methodologies to effect change, you need to be committed to the process of absorbing and acting on his recommendations. There are many available resources from Robbins and other practitioners of neuro-conditioning strategies, so I encourage you to research widely to learn more.
Originally published in The Daily Observer, April 25, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
Get Mad and Get Going!
“When will this ever end?” Martha groaned in frustration. “If I have to face one more tirade from Mr Johnson for a mistake I didn’t commit, I’m going to scream!” Martha reflected on the practice of her dishonest supervisor to blame his junior staff for his own errors of judgement. Since Mr Johnson got promoted six months ago, he had made her job a daily nightmare.
For the third time that day, Martha daydreamed about what her life would have been like if she had followed her heart. Doing administrative work was not her real desire; in school she had excelled in home economics and had wanted to pursue a career in catering. However, she doubted that she could have earned a living at it, and had studied business at the community college instead.
Twenty years later, Martha was amazed at the developments in Jamaica’s food industry and a little envious of all the persons who had risen to stardom in the field. She still treasured baking as a hobby and enjoyed the praises of her friends who encouraged her to go into business using her talent. “What’s the point?” she sighed. “I’m too old now to make a change.”
“Miss Fraser?” Martha jumped as she heard the shrill cry of her boss. “Get in my office at once!”
Fifteen minutes later, her eyes brimming with tears, Martha returned to her desk. Mr Johnson had ignored her suggestions for improving the submission to the new client, and the company had lost out on a lucrative contract. She was shocked as she heard her supervisor criticise her in front of the department head, assigning her full responsibility for the failed proposal.
As she wiped her eyes, Martha was consumed by a wave of anger. “Enough is enough! I refuse to put up with this any more.” With a look of determination, she grabbed the telephone directory and searched for schools providing training in catering. For the first time in many years, Martha felt at peace. “Whatever it takes,” she thought, “I’m getting out of this place and going after my dream.”
Are you on the edge?
Like Martha, many persons exist in “quiet desperation.” They are distressed about their financial situation; they are overworked and underpaid; they feel anxious because they can’t make ends meet; they fall into a cycle of debt trying to plug the holes in their budget. They are even more annoyed about their inability to change their circumstances and pursue a better life.
Do these scenarios sound painfully familiar to you? Are you completely fed up with your state of affairs? Do you feel as if you’re about to have a breakdown because you can’t take your situation any more? Surprisingly, that might not be a bad thing. If you feel as if you’re living on the edge right now, you may actually be at that point where your breakthrough is imminent.
One push is all you need
For some people, change will not come until their status quo becomes completely unpleasant and unbearable. They get to that breaking point where just one more negative remark or result is enough to become the ‘straw that breaks the camel’s back’ for them. That trigger situation will often spark a fire of righteous indignation that propels them to take decisive action.
Like a novice swimmer who stands unmoving at the top of a diving board, sometimes you just need to receive a shove to take that big plunge. If you’re lacking the motivation to do what’s required to improve your life, maybe you need to get really angry about your situation. Focus on your frustrations and turn up the fire on your feelings until it becomes too hot to bear any more.
Prepare to swim, not sink
While anger can motivate you to make positive changes in your life, if not harnessed properly, it can actually lead you to make rash decisions. You don’t want to get so irate that you lose the ability to reason logically; your emotions should instead encourage you to think clearly and objectively about what you can do to fix your problems.
Once you are sufficiently riled about your issues, the first thing you need to do is create a plan of action. Assess the reasons why you are in your current predicament. Resist the temptation to blame others for your problems, and think honestly about how your own beliefs and habits may have contributed to your distress. Then get creative in devising practical solutions.
In the same way that coals need to be periodically stoked to keep the fire blazing, anger as a motivating force will diminish over time if you don’t keep it burning inside of you. After you have used your trigger situation to spark you into action, create visual reminders of your negative motivation that will prod you to keep going until you have accomplished your goal.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, April 18, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
How To Motivate Yourself to Sell
“You wrote recently about the importance of creating your own income. I agree, yet I find it almost impossible to proceed as I just don’t know how to sell anything. I have no motivation to make the effort to make the extra money I need, because I feel like I would be a total failure at it. How can I overcome this problem?”
Earning an independent income is vital for goal achievement; and selling is an integral part of this process. For some persons, the thought of selling is as welcome as going to the dentist with a cavity. However, you must conquer your anxieties to fix an ailing tooth; and if you really want to realise your financial dreams, you have to overcome your resistance to doing sales.
One reason that may demotivate many persons from trying something new, like selling, is that they lack confidence. The good news is that sales, like any other life or business skill, can be learned. There are simple, repeatable steps that novices can take, which will help them to improve their techniques and eventually excel at the task of selling.
Get educated by sales experts
There are hundreds of great books and resources written on the concept of sales success. Many legendary experts, such as Zig Ziglar, Dale Carnegie and Brian Tracy, have shared their vast knowledge and expertise and inspired several generations of salespersons to develop their sales skills to produce lasting financial rewards.
One outstanding work that has helped thousands, perhaps millions of readers is Frank Bettger’s best-selling effort, How I Raised Myself from Failure to Success in Selling. As the title implies, Bettger shares his experiences of how he was able to turn around his personal and financial fortunes by applying simple yet effective sales techniques.
Be inspired by a rags-to-riches tale
Bettger outlines his tried, tested and proven formula that allowed him to work his way to becoming one of the highest-paid salesmen in his time. For anyone struggling with the frustrations inherent in creating self-propelled income, this book offers not just workable sales strategies, but provides hope that success is possible, despite the challenges.
I really like Bettger’s memoir because he reveals his less-than-stellar attempts at making a living by selling, and discloses the mistakes he made along his journey. It always motivates me to hear real-life stories from persons who overcame their personal problems and became successful. Let’s now look at some of Bettger’s suggestions for improving your ability to earn by selling.
Determine needs and wants
Many people think that selling is trying to convince someone to buy a product or service; so if they lack persuasive skills, then they might not be very successful at it. Bettger debunks this myth by declaring that the secret of sales is “finding out what people want and helping them to get it”. Therefore, sales should really be about helping persons to find solutions to their problems.
If you take the focus off your own needs, you will realise that selling gives you a chance to make a difference in people’s lives. Bettger explains that you need to develop the art of listening and asking questions to determine people’s desires. Once you discover their main concerns, find ways in which your offering can deliver the results they desire, and you will make the sale.
Play a numbers game
“Show me any man of ordinary ability, who will go out and earnestly tell his story to four or five people every day, and I will show you a man who just can’t help making good!” A disheartened Bettger heard this statement when he was about to quit his sales job. He discovered that the key to success was to approach more people with his product every day.
Another secret Bettger learned was that seeing a lot of prospects was not enough; it was also important to keep records of his activities. Tracking his results allowed him to immediately see where he was going wrong, and gave encouragement to do more of the tasks that produced success. You just can’t make the money you need if too few people are aware that you have something to sell.
Bounce back from failure
Finally, Bettger reveals that a key element of success is not to be afraid of failing. He declares that fear of failure, a weakness common to most people, will prevent you from attempting new opportunities or continuing when you are beset by setbacks. Ironically, giving in to this irrational fear can actually produce the negative results that you are hoping to avoid.
Most successful people have experienced repeated failures, Bettger notes. Babe Ruth, baseball’s immortal home run king, struck out more than any other player in history; but he never let his failures discourage him. Bettger insists that you should develop a sense of indifference to your failed attempts; learn from them instead and keep improving until you ultimately reap success.
Bettger provides many other step-by-step strategies that can help you to sell any type of product or service successfully. I highly recommend this book to anyone who wants to receive the motivation they need to earn more.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, April 11, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
Money Mission: Discover Your Motivating Force
Recently I spoke to students in the Young Entrepreneurs Society at my former high school, showing them simple strategies to earn income even before they graduated. I encouraged them to learn how to establish viable enterprises in the future, reminding them that small business is the engine for growth that can turn around our country’s ailing economy.
After my talk, we had a brief question and answer session, and one of the students had a very interesting questions for me. “What drives you to be successful?” he asked. Usually I am quite speedy in providing responses, but this question made me pause. To be able to give an honest answer, I had to really get introspective and consider my true motives.
I have always said that when you are establishing a goal, you need to be certain about what you want out of life and focus on why it is important to you. Don’t worry too much about the how it will happen. You only need to formulate the initial strategies that will get you started on the journey to your dreams; the rest of the pathway will reveal itself over time.
One step leads to another
If they don’t immediately see a clear way for them to successfully achieve their dreams, many people will give up on the process before they even begin. However, goal accomplishment can be likened to a scavenger hunt; you don’t get all the directions to your destination at once, as you have to succeed at one level before the next clue is disclosed.
Some people also falter along the journey, not because it was impossible, but because they never identified an impetus that would spur them to keep going regardless of inconvenience, discomfort or setbacks. You will need to have a motivating force that will keep you going until you uncover all the clues in your personal treasure hunt.
May the force be with you
What drives you to be successful? Upon deeper reflection I now recognise that this consideration cuts to the core of a person’s ability to achieve goals. It’s one thing to know what you want and create an action plan to accomplish it, but do you have a strong enough reason that will encourage you to persevere until you are successful?
For this month’s money mission, I would like you to focus on finding your inner motivator, that driving force that will compel you to succeed. What is the reason that made you decide to pursue a particular goal? Why do you want to accomplish this objective? What is your definition of success at this goal? What will motivate you to keep going despite obstacles and frustrations?
Is your nail sharp enough?
The story is told about a dog lying on the ground, groaning pitifully day after day. After seeing this, a neighbour asks the dog’s owner why the animal continues to moan. The owner explains that the dog is resting on the point of a nail. “Why doesn’t he just stand up and move off the nail?” the neighbour exclaims. “Well, it seems that the nail isn’t sharp enough to push him to get up.”
Many people behave just like that hapless animal, mindlessly existing with constant financial frustration every day. They complain about their circumstances, but never really do anything to improve their situation. Like the dog in the story, their pain is not a big enough motivator to make them get up and take action to live more fulfilling lives.
Find your internal motivator
If you are struggling with the process of achieving your dreams, ask yourself the question, “What drives me to be successful?” If your query doesn’t provide a passionate response, then this could be the root cause of your inability to accomplish your objectives. It’s not enough to just want something; you have to find a stimulus that will drive you relentlessly.
Very few people are motivated by money alone; if that were true, we would all be high achievers! Some people are not really inspired to act by their own needs, but their family’s future or the betterment of their community can provide strong reasons to succeed. Others are driven by the need to prove themselves to naysayers or to escape the deprivation of the past.
Get inspired by others
In my experience, I have seen people achieve almost impossible feats because they had a strong reason to accomplish their goals. Their desire fuelled a fire to achieve that was unquenchable; their determination opened doors that would normally be closed; their destiny was guaranteed because they would not accept the idea of failure.
To find a rallying call that will compel you to greater heights, you may be encouraged by reading stories of other people’s journeys. South African freedom fighter Nelson Mandela, Jamaican national hero Paul Bogle, American media mogul Oprah Winfrey, are among the hundreds of powerful inspirations that can help you to find your own impetus to succeed against all odds.
Over this month, we will continue looking at ways to motivate yourself to achieve your money goals.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, April 4, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
More Money: Finding Earning Opportunities
Most people will agree that having more money is essential, but many will admit that they don’t
know where to find opportunities to earn from their own efforts. Our education system does not
really put much emphasis on self-employment and entrepreneurship; so many graduates leave
school with a dependence on external sources to generate an income.
Our columns for this month have been dedicated to helping you understand what you need to do to
increase your earning potential by creating your own sources of income. If you are going to survive
and succeed in these challenging economic times, you will need to focus a lot of your attention on
making extra money in your spare time.
This week, let’s look at some simple strategies that can help you to identify and take advantage of
various opportunities to create your own income.
Set income targets
Before you get started on your quest to earn more money, you first need to calculate exactly how
much more you would like to make on a periodic basis. Your budget can help you to work out the
amount of additional funds you will need to comfortably pay your bills, pay off debt, and pay for the
lifestyle of your dreams.
Whatever earning target you arrive at, you then need to break down that figure into a daily amount
that will seem easier to achieve. Let’s say that you need to make another J$20,000 monthly to
achieve your goals. With approximately 20 working days in a month, it would mean that you need
to find a way to earn about J$1,000 extra each day.
Identify units of sale
If you are accustomed to earning from just one source, such as your employer, then it might be
a little difficult to comprehend that your extra income will most likely come from making several
units of sale. That is, you need to sell a number of units of a product or service to a number of
customers or clients in order to attain your earning target.
For example, if you need to make a daily profit of J$1,000, then you could have ten customers who
each provide you with a return of J$100. You could also arrive at your target by servicing five clients
who give you profit of J$200 each. It’s important to set targets for sales as this will allow you to
choose the right products or services which can help you accomplish your objectives.
Find out what people want
It’s not a good idea to simply try to sell a product or service without first determining if there is a
need or demand for what you have. Just because you like something, it doesn’t mean that other
people will want to pay money for it on a regular basis. It’s always best to test your idea with your
friends and colleagues before investing time and money in it.
Another factor to consider is that although people may desire what you have to offer, they are not
really your customers unless they are willing, or able to pay for your product or service. If you want
to sell a high-end or niche product, ensure that you identify the best places to locate persons who
genuinely wish to pay for your offerings.
Exploit your talents and hobbies
Many of us are gifted with various abilities which we take for granted, and one of the easiest ways
to find something to sell to the public is to look to your talents or hobbies. If you cook or bake
divinely, sing beautifully, explain difficult concepts simply, or keep people in stitches with your
jokes, then these can all be avenues for earning.
The key to earning money from your skills is to package them in appropriate ways that meet
people’s needs or solve their problems. A flair for baking can be used to make breakfast muffins for
co-workers; singing talent can be offered at wedding ceremonies; tutoring for key school subjects
is always in demand; and amusing stories can generate online income.
Get creative and innovative
There are many options for earning money once you use your imagination. Think of ways in which
your everyday possessions can be turned into income generating assets. For example, a home
computer could provide internet service on the weekends in your community. A fertile backyard
can be used to cultivate organic vegetables for sale to supermarkets.
The Internet is a great source for finding ideas to earn and outlets to sell your wares. Keep on the
lookout for new trends, as this can help you to become a front-runner in offering new styles and
fashions. You can also get sales by providing everyday products and services more conveniently
or a cheaper prices to friends and colleagues.
Finally, there are some important considerations to keep in mind as you try to earn money
part-time. If you already have a job, avoid time-consuming projects that may leave you overly
tired or distracted. Ensure that your outside income source does not conflict with your terms of
employment; if required, advise your employer about your off-the-job activities.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, March 28, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
What does it take to earn more?
Last week we looked at the importance of placing a value on your work effort. Most employees are constrained by the amount of money that their jobs will pay them, as their work value is dictated by someone else. To earn enough money to fulfil your goals, you need to create your own avenue of earning where you can determine the true worth of your work time.
Over the years, I have recognised that many persons only wish to have the end result of having more money, but are not really prepared to put in the necessary work to get it done. Before you can enjoy the fruits of success, you have to be willing to do whatever it takes to generate a consistent and worthwhile income source.
You must understand that positive changes will not occur in your life if you simply continue along the same pathway that you are on today. If you wish to generate additional funds to build your financial future instead of just living from pay cheque to pay cheque, you have to be willing to make some big sacrifices and do things differently.
Adjust your outlook
One of the reasons that you may not have the money you want today is that your attitudes and actions are not aligned with the lifestyle you desire. In other words, how you think and how you act are helping to keep you poor. Negative thoughts and a nonchalant approach to work will definitely prevent you from accomplishing your objectives.
For example, if you’re resistant to learning new things, or think that you’re not smart enough or too old to embrace technology, then you won’t be able to take advantage of the myriad opportunities that the rapidly evolving 21st century economy has to offer. If you admit that you’re just plain lazy, then you won’t be able to generate the required energy to do extra work.
Before you can establish a realistic plan to earn more, you have to improve both your work thoughts and your work ethic. You must believe in your ability to learn new skills and to do things you’ve never tried before; and also be diligent in carrying out the required tasks. Are you prepared to think positively and work productively all the time to make more money?
Give up free time
A major casualty in your crusade to create income will be your leisure time. As we discussed previously, you need to channel about ten hours each week into activities that can generate your side income. Since you can’t manufacture more time, you will have to sacrifice something you are currently doing to find the time to earn.
You may be forced to abandon well-loved pastimes such as watching television, surfing online social networks and casual reading. If work, school or family obligations already put a strain on your time, then the only option might be to give up some of your sleep time. You can definitely get another couple of hours in your day if you wake up earlier every morning.
As Henry Wadsworth Longfellow declared, “The heights by great men reached and kept were not attained by sudden flight, but they, while their companions slept, were toiling upwards in the night.” Are you prepared to give up some of your free time or sleep time so that you can do what is required to accomplish your goals?
Become immune to challenges
Another reality of change is that it often produces a level of discomfort before it brings its reward. When you decide to start the process of creating extra income, you will almost certainly face some obstacles that may tempt you to stop. It’s as if you are being tested to prove how much you are determined to accomplish your goals.
One of the first setbacks that you may face is rejection. It’s natural to want everyone to like the product or service you are offering; however, you are going to encounter people who are just not interested in your wares. You will also have to deal with disappointments, sickness, pain, judgment errors, deceitful people and a host of other challenges along the way.
You have to resolve that no person or circumstance is going to prevent you from accomplishing your goals. Become the champion of your own destiny and decide that you will not stop trying until you find a way to earn the amount of money you require. Are you prepared to keep persevering at the task of generating more income despite the discomforts you may face?
Once you are practical about what is required of you to create your own sources of income, and you are prepared to do whatever is necessary to succeed, then you will be ready to start looking for opportunities to earn. Next week, I will discuss some strategies that can help you find ways to make more money.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, March 21, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
What is Your Work Really Worth?
Our focus for this month is all about finding extra income sources that will give you the ability to save towards your financial goals. It’s not enough to just have a clear and specific dream that you are passionate about; you also need to identify exactly where and how you are going to create additional income to invest in your plans.
Last week we set a challenge that was especially directed at employees and anyone who believes that a job is the only way that they can earn. Your mission is to find a product or service that creates values for customers, and offer it to your friends, family and colleagues for profit. The objective is for you to get accustomed to making money from your own efforts.
With the current economic challenges, most people have few opportunities to increase their on-the-job income. Those who are fortunate to get a raise or bonus will find that inflation eventually eats away at the extra earnings they make. If you are determined to have enough money to improve your standard of living and attain your dreams, then you need to look within.
Putting a value on your work
Let’s now discuss an important concept that will help you to understand why generating income for yourself may be the best way to obtain the funds you need to accomplish your goals. There is an interesting correlation between your time and your income that you may have never really considered — what is the true value of your work effort?
In a previous column, we looked at the importance of making smart choices with the utilisation of your time. Since you only have 24 hours in a day, you have to carefully make use of each hour, minute and second to further your goals. You also need to place a value on your time that will allow you to reap the highest reward from the time you spend working.
To find out the current value of your work effort, calculate how much you are being paid for your time by dividing the salary you receive by the total number of hours you typically work in a month. For example, if you earn J$80,000 monthly and work eight hours per day for 20 days in a month, then you would be earning at a rate of J$500 per hour over 160 hours.
Who determines your worth?
Perhaps you have heard the old joke, “My job pays me just enough money to keep me from quitting!” This amusing comment actually highlights a crucial aspect of most work contract arrangements – the amount of your salary is established by market rates and your employer’s budget, not by what your work effort is truly worth.
In other words, there is just so much that you can earn in a certain job position, regardless of your belief in your intelligence, ingenuity or importance. If you think your work effort should be worth more, or if you need to increase your income to achieve your goals, you are usually constrained by what your employer, trade union or other outside forces decide is appropriate.
Although many sales positions offer employees an open-ended ability to earn as their income is influenced by their performance, it’s unlikely that they will ever make more money than the boss! If your dreams require a significant amount of income that is currently out of your ball park at work, then you will be only be frustrated trying to obtain your required earnings from your job.
Getting more from your work time
According to Bill Quain, author of Overcoming Time Poverty, most people will try to increase their income by spending more time earning money. They will seek to get overtime pay or work part-time at another job. However, Quain insists that the solution is to “make our time more valuable … so that we can spend the same amount of time, or even better, less time making more money”.
Quain explains that because we have been trained to wait for an employer to determine what we are worth, this presents an obstacle when we want to increase the value of our time. “The only one who can place the correct value on your time is you,” he asserts. If you really want to earn what you think you’re worth, you have to give yourself a raise.
To start making what you truly deserve, you should spend some of your time creating your own source of income. Quain suggests that after calculating how much more you need each month; set aside 10 hours each week to go after that income goal. So if you need an additional J$40,000 per month, you have to find a means of generating J$10,000 per week or J$1,000 per hour.
Understanding and believing in the true value of your work time is a vital factor in the process of increasing your income to accomplish your dreams. In upcoming columns we will look at what you can do within your spare time to earn what you are really worth.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, March 14, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl
Money Mission: Earn Your Own Income
The goal-achievement race is more like a marathon than a quick sprint; unless you continually focus on the finish line, you might get discouraged by the long journey and give up along the way. Our Money Mission columns are aimed at challenging you to accomplish a specific task each month that will help you persevere with your dreams.
Previously, we addressed two of the stumbling blocks that can prevent persons from making progress on their plans – procrastination and the inefficient use of time. Another major drawback that many people face in their quest to attain their goals is that they don’t earn enough money to save for important financial objectives such as buying a home or retirement.
Independent earning is important
The reality is that with the rising cost of living and the inability of most employers to pay increased salaries, you will have to change your outlook on earning if you want to have more money. You can no longer expect a job to supply you with all the income you need to create your desired lifestyle; you have to learn how to generate other sources of earning from your own efforts.
For this month, I would like you to get creative and bold in thinking of different ways to make an extra dollar. The amount of money that you make is not that important right now; you just need to find a means of creating income from an idea that you conceived. Just imagine that you are exercising unused entrepreneurial muscles in the process of getting financially fit.
Job security is a pipe dream
This money mission is particularly directed at employees who have never earned money outside of their regular jobs. In my interactions with various salaried workers, I have realised that their mindsets are generally stuck in the concept of the job income. Many of them find it extremely hard to think of ways to generate cash if it is not provided by their employer.
Even if you earn more than enough money to meet your bills, save for the future and enjoy an impressive lifestyle, once your source of income is a job that you didn’t create, you are at risk. Be aware that you do not own your job; your employer can decide at any time that your contribution to the organisation is no longer required.
Who will provide the jobs?
Our mission is also crucial for students in high school and tertiary institutions who may hold the mistaken belief that completing their education, even with top honours, will guarantee them some form of employment. The state of the global economy dictates that fewer persons will be hired by large organisations, as technology will continue to render many jobs obsolete.
Our education system is still training young people for a world that no longer exists. We encourage students to study hard, borrow to finance higher education and seek lucrative work. With a shrinking job market, where will these sources of employment be derived? We need to teach our youth a more realistic approach to earning that focuses on viable self-employment.
Discover your inner entrepreneur
For your challenge this month, you need to come up with one or two ideas to supply a product or service that has value to others, in exchange for cash. For example, if you are blessed with a talent such as baking or sewing, you could produce cupcakes or bed sheets for sale to your friends, family and colleagues.
You could also consider how to turn your hobby into an income source. If your garden is overflowing with the proceeds of your green thumb, can you look for outlets to market some of your plants? If you like to keep fit, can you coach others in weight-loss or strength-training techniques? Think about how others could benefit from what you love to do.
Build a customer base
If you don’t have a talent or hobby that you can cash in on, try to find products that may be in demand which you can supply cheaper or more conveniently. You could go to a wholesale and buy phone cards or snacks to sell at the office, or purchase bulk cleaning products and retail them in smaller containers within your community.
Remember, your objective is not to establish a dream business right now; you just need to learn how to get customers and earn extra income from your own efforts. Even if you are selling items that you are not really excited about, you will be encouraged by the profit you are making from your entrepreneurial endeavours.
This exercise is the first step in the process of discovering how to create a rewarding side income that can be used to finance your big dreams. Celebrate every dollar you make from your own efforts, as you are getting paid to learn how to achieve lasting financial security and freedom. Next week, we will continue to look at ways to increase your earning potential.
Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, March 7, 2013
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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl