Tag Archives: insurance

A Bridge Over Troubled Financial Waters

Risk Protection, , , , , , , ,

Life is like a box of chocolates, as actor Tom Hanks memorably said in the movie Forrest Gump; you can never be certain what types you’re going to get until you open the box. Life can indeed be full of surprises, but unlike a package of sweets, not all of the components may be pleasant.

To live to the fullest, the irony is that you must accept the various risks which life can bring. Risk is simply the possibility that your plans may not turn out in the way you hoped. Instead of obtaining the positive results that you expect from your efforts, you can actually receive a negative outcome.

To be financially secure, you must find ways of spreading the risks that life may bring so that you don’t have to absorb them all by yourself. To do this, you need to put in place certain strategies which will prevent you from having to deal with the full financial cost of undesirable life events. Continue reading A Bridge Over Troubled Financial Waters →

Jamaican Style Money Guide: Trouble Nuh Set Like Rain

Risk Protection, , , , , , , ,

From June to November, many in Jamaica keep an anxious watch for signs of an impending storm. During the months of the annual hurricane season, we are more likely to see these dangerous weather systems developing in the tropical waters which surround our island.

If one of the ominous cloud formations appears to be drifting in Jamaica’s direction, people often think about preparing for the possible arrival of heavy rains and wind. However, if we are spared the onslaught of bad weather, some persons will simply abandon their plans until the next scare.

The reality is that we are always faced with the potential of an emergency occurring at any time. As our Jamaican proverb of the week states, “Trouble nuh set like rain.” While a downpour is always preceded by gathering dark clouds, a major calamity can take place in your life without warning. Continue reading Jamaican Style Money Guide: Trouble Nuh Set Like Rain →

Homeownership Challenges

Home Buying, , , , , , , ,

According to recent news reports, mortgage interest rates are set to rise drastically as a result of the interest rate increases on Bank of Jamaica (BOJ) securities. Financial institutions will have to raise the interest rates paid on deposits in line with market rates, and therefore they will be forced to charge more for loans.

How will these developments affect Jamaica’s housing market? According to real estate industry experts, increases in mortgage costs will have a negative impact on both existing and prospective home owners.

BOJ data revealed that up to June 2008, the amount of mortgage loans in arrears for three months and more had risen by some 71 per cent over the previous year. Delinquency rates are expected to grow even more as the cost of homeownership increases.

In addition, most consumers’ income levels are not moving up to match these increased finance costs, so many hopeful homeowners may not have the cash flow required to qualify for a mortgage. Continue reading Homeownership Challenges →

Making Ends Meet in Retirement

Retirement & Estate Planning, , , ,

“I retired from teaching five years ago and I’m finding it very hard to make ends meet. I have a fixed pension and it seems that every month my expenses increase. Do you have any advice on how to make my retirement money stretch more?”

These are financially challenging times for all consumers, especially retired persons. We’re constantly searching for creative ways to spend less, but sometimes it seems that the cost of living demands more of our hard-earned dollars every day.

For retirees on fixed pensions, it can be frightening to see your nest eggs dwindling. Many additional health concerns may also be brought on by the stress of wondering if you’ll outlive your money. Continue reading Making Ends Meet in Retirement →