As we usher in the year 2016 with an optimistic outlook for a bright future, we must have a
decisive game plan to create a more prosperous New Year. Instead of just rehashing wishful resolutions from past years, make a concerted effort to attain these specific financial objectives:
1. A S.M.A.R.T. goal
It’s been said that ‘a promise is a comfort to a fool’; and some people believe that resolutions are foolish wishes that bring cold comfort. Your dreams may seem impossible to achieve if you don’t convert your ideas into specific, measurable, actionable, relevant and time-based goals.
Select one dream that would make the biggest difference in your life. Write it down precisely, expressing how you would measure it, take action on it and know when it was complete. Consider all the steps you need to take every day to realise your goal and persevere until you accomplish it. Continue reading 7 Money Must-Haves for 2016
Many people living in Jamaica today find it almost impossible to make their money stretch to accommodate all their needs, wants and dreams. Even the most frugal person will have difficulty dealing with the constantly rising prices which greet them on their regular supermarket trips.
If you want to achieve more out of life, heed the words of this week’s Jamaican proverb: “Who have raw meat mus look fyah.” A person with uncooked meat must seek fire to prepare it; similarly you need to look for options to earn the money required for you to spark the fire under your goals.
Look within for possibilities
When trying to create extra income, people often make the mistake of choosing earning options that are not relevant to them. For example, some persons believe that setting up a wholesale store is a good business idea just because there are many shoppers who want to buy cheaper groceries.
While replicating a proven concept can be successful, if there are too many of the same types of businesses, the market will become saturated. This approach also does not allow you to exploit your abilities, so you need to be more introspective when thinking of what you can do to earn. Continue reading Jamaican Style Money Guide: Who Have Raw Meat Mus Look Fyah
Jamaica is indeed a very inconsistent country. While it is probably one of the most influential nations in the minds and hearts of millions of people around the world, Jamaica has been struggling for years with insufficient income, inadequate infrastructure and immense indebtedness.
Foreign investors will experience Jamaica as a place offering lucrative business opportunities, but local entrepreneurs often find it difficult to overcome the various impediments to business success. It almost seems like two different business worlds exist for overseas and Jamaican operators.
Jamaica is the birthplace of reggae; a tiny island that developed a musical form that has taken over the world is almost unheard of. However, we are losing out on the value of our music as overseas musicians are producing quality reggae and profiting from it in ways that locals do not.
Manufacturers in far-off regions such as Asia are making super profits from incorporating Jamaican images or the words ‘Jamaican Style’ on their products. Conversely, many of our local producers have not been able to adequately exploit the gold mine that can be found in Brand Jamaica. Continue reading Strike Gold with Brand Jamaica
Last week we looked at the impact of the prevailing drought conditions in several communities across Jamaica. Many people are experiencing tremendous hardship and increased spending requirements as they attempt to acquire water for domestic and business use.
So much in our world depends on the supply of water. People, animals and plants need water to survive, many businesses rely on water to produce goods and services, and water also provides recreational benefits. Without water, life as we know it would cease to exist.
Despite the various challenges that arise when the supply of this precious resource is curtailed, lucrative opportunities may also crop up in this time of scarcity. As the saying goes, “nature abhors a vacuum.” When there is a lack of an essential item, something must develop to fill the void. Continue reading Thriving In a Time of Scarcity
Over the past weeks we have been examining some of the key money goals that you should have on your 2015 resolution list. If you really want to avoid the disappointing results of past years, then you must understand exactly what is required to put you on a positive financial path.
One problem that can be very frustrating for persons who want to achieve their financial objectives is that they just don’t have enough income to do everything they would like to. As the saying goes, “It takes cash to care;” and to attain many of your goals, you need to have excess funds on hand.
More money is essential
The reality is that many people do not have enough money left over after paying their regular bills to comfortably attain many of the objectives and acquisitions that they desire. It may be almost impossible for you to live out your lofty dreams, solely on the proceeds of a regular pay cheque.
Therefore, a critical part of your game plan to have a better financial year is to look at options to increase your earning ability. Without additional sources of income, you will be challenged in your quest to manage your budget, avoid burdensome debt, and save towards building your wealth. Continue reading New Year’s Resolution #4: Earn More
Last week we discussed the importance of throwing aside your reservations when it comes to creating independent sources of income. As the saying goes, “Fortune favours the bold;” so if you need to earn more to pay bills and achieve your goals, you have to become courageous in trying to make money.
Many persons are fearful of taking action on their income creation ideas, as they wonder if they can really be successful in offering a product or service to other people. They worry that they will fail miserably in their efforts to sell, and prefer to live in financial distress rather than try something new.
If you have thoughts of failure when you consider your options to earn more money, then you have already set yourself up to be unsuccessful. Let’s look at how you can transform these feelings and develop a more success-centred approach that will help you to attain your financial desires. Continue reading Success Breeds Success
Racquel was finally convinced that now was the right time for her to package her banana bread and try to market it commercially. If she had received J$100 every time she had heard, “Why don’t you sell this in the supermarkets? It tastes great!” she would be a wealthy woman today.
Apart from the fact that she was curious to know if her grand-aunt’s tasty recipe could make her some money, she knew that she needed to have a Plan B for creating income. Her employer’s business was struggling and she knew that it was only a matter of time before he started laying off staff.
Racquel had already registered a business name with the Companies Office and had hired a graphic artist to design a logo. She had made a list of potential outlets and had some ideas on how to market her product on social media. There was just one thing stopping her from proceeding – she was scared. Continue reading Fortune Favours the Bold
If you like to follow the progress of persons who are top achievers in the entertainment or business world, you may marvel at their fabulous lives that most of us can only fantasise about. Whether it’s Beyonce or Buffett, you might secretly envy their ability to accomplish their wildest dreams.
Most stories about the rich and famous usually show these persons enjoying the trappings of wealth, but they hardly ever give the background of what they had to endure to reach where they are today. The end result is celebrated, while the journey with its challenges and obstacles is often ignored.
When asked to share their road to success, many notable persons will reveal that they had to endure tremendous difficulties before they started seeing any results from their efforts. One common trait of those persons who make it big is a determined persistence to keep going despite their frustrations. Continue reading Financial Frustrations
Marcus was elated when he opened the email from his client. His proposal to create the new brand images for the company had been accepted, and he was looking forward to working on the contract. This job, his most lucrative assignment to date, would help him to overcome some financial difficulties.
Marcus was consumed with designing various elements of his client’s marketing material; spending long hours conceiving the corporate images that would give the company an updated, modern image. He devoted all of his time and work effort into the creative process as he wanted to excel at the task.
Although he had bargained that the project would have been completed in six weeks, the adjustments requested by the company extended the time to three months. While Marcus was happy with the cash inflow from this big client, he realised that the amount of work he did was not reflected in his final bill. Continue reading Creating Equity With Your Work
As a money coach, I frequently get asked the question, “What can I do to make some extra cash?” Currently, a lot of Jamaicans are admitting that they are suffering from the effects of the economic crunch, and that they are looking for simple and practical ideas to help them increase their earnings.
Some persons can effortlessly think of money-making ventures, and they are always seen selling some type of product or service to their peers. Most people, however, often find it difficult to envision themselves doing anything outside of their regular jobs to earn extra income.
The good news is that creating independent income is a money skill that you can acquire, just like budgeting or investing. Once you are determined to learn the steps required, you can eventually become quite efficient at the process of generating extra money whenever you need to. Continue reading Profiting from Solving Problems