Tag Archives: money

Getting Out of the Rat Race

Book Review, Wealth, , , ,

“Warning: Do not read this book unless you want to quit your job!”

With such a dramatic introduction to The 4-Hour Workweek, I was instantly hooked. The blurb on the back cover continued, “Whether your dream is escaping the rat race, experiencing high-end world travel, earning a monthly five-figure income with zero management, or just living more and working less, this book is the blueprint.” I mentally placed a check against each of these desires.

As I started reading Timothy Ferriss’s debut Wall Street Journal best-seller, I realised that his cautionary advice was not merely a great marketing plug. The 4-hour Work Week is not a recommended resource for employees who value the perceived security of their jobs. If you really love working for other people, this book may be too disturbing or intimidating for you. Continue reading Getting Out of the Rat Race →

Money Mission: Become A Money Magnet

Money & Your Mind, Saving, , , , , , , ,

At the beginning of the year, many of us made firm resolutions to make 2012 the best ever. This was going to be the year, we declared, that we finally got our money act together. Reciting our 2012 Money Manifesto pledges, we vowed to make positive changes in 12 areas of our financial life.

If you had made these optimistic declarations to improve your finances, how would you rate your progress three months later? Have you been successful at implementing many of the habits that would allow you to achieve your objectives? Or have you given up on your plans and consoled yourself that next year will be better?

If you’re like most people and have already reneged on your resolutions, don’t despair. Decide to tackle your money problems in the same way you would approach a work or school assignment: assess the issue, research possible solutions, create an action plan and carry out the necessary activities.

Make it your mission to work on a specific money goal each month. Continue reading Money Mission: Become A Money Magnet →

Five Laws of Financial Success

Money & Your Mind, , , , , , , ,

If you’re trying to achieve a major financial goal, sometimes your journey may seem like a meandering obstacle course with no clear sign of the finish line. Although you try your best to create a better life, it seems that something always happens to throw off your plans. Why, you may ask yourself, does it have to be so hard to get ahead?

Many times persons struggle to succeed and eventually give up on their dreams because they are unaware of the process of achievement. If more persons understood exactly what was required to get what they wanted in life, then they would be more inclined to persevere until they were successful.

If you want to accomplish your goals, it is essential for you to learn about the universal laws that govern human behaviour and achievement. There are laws of nature that control our lives, whether we are aware of them or not. Unlike man-made laws that can be broken, you can never escape the effects of natural laws which work all the time, without fail. Continue reading Five Laws of Financial Success →

Can You Invest By Shopping?

Spending, , , , , , , , ,

We have recently been discussing the concept of investing, which involves putting money into a venture with the expectation of making a profit. Whether you invest in financial securities, property or a business, the general idea is that you decide to forgo spending money in the present, in order to secure some benefit in the future.

Many people will admit that they find it difficult to invest, as they would prefer to get the instant gratification of spending money than waiting to reap a potential reward in the long term. Why invest and risk your money, they think, when you can buy something right away and enjoy the fruits of your labour immediately?

Some time ago, a reader e-mailed me about the concept of investing versus spending. He introduced a simple but thought-provoking idea — What if more people were to say, “I invested my money on an item instead of I spent my money on it”, would that encourage them to make wiser spending choices? Continue reading Can You Invest By Shopping? →

How to become a successful investor

Investing, , , , , , , , , , , , ,

Last week we looked at several investor personalities which Robert Kiyosaki describes in his best-selling investing book, CASHFLOW Quadrant. While examining the attitudes and actions of different types of investors, he explains that most of them will only achieve minimal success because they lack the financial intelligence required to become wealthy.

Kiyosaki outlines three investor types that will become successful with money. The first is the long-term investor that is actively involved in making investment decisions. He explains that these persons invest in their own financial education before they buy an investment, so that they can fully understand how to make appropriate choices with their money.

These investors are financially disciplined; they live within their means and minimise their liabilities. Once they have identified their goals, they find out how much they need to invest to attain their objectives and create realistic action plans. They seek advice from competent financial advisors, are usually conservative, and avoid complex investing options. Continue reading How to become a successful investor →

Investment tips from an ancient time

Book Review, Investing, , , , , , , , , , , ,

In today’s technologically driven society, persons looking for advice can readily turn to the Internet to find solutions to almost any problem that they might encounter. When it comes to financial issues, it’s not difficult to search online and quickly find answers to a variety of questions about money.

One of the financial questions foremost on many people’s minds is how to become wealthy by investing. Many readers express that they would like to find the secret to making money work for them, so that they can work less.

However, while it’s important to learn about the operations of different investment options, it is even more essential to discover the principles of investing.

One resource that contains many of the basic laws of investing and creating wealth is The Richest Man in Babylon, by George S Clason. Although this book was written in the 1920s, it still provides relevant and practical nuggets of wisdom that can help you to understand what it takes to build sustainable wealth.

Continue reading Investment tips from an ancient time →

Business Lessons from the Honey Bee

Business Success, , , , , , , , , , ,

I have often admired the diligent work of the honeybee. Just stand in any garden for a few minutes and very soon you will see one or two honeybees foraging for food within the flowers. These insects never seem to get tired of working, so it’s obvious why an industrious person is said to be as ‘busy as a bee’.

On deeper reflection, I have come to realise that there are many insights that this tiny insect can give us about being successful in business. I did a little research on the practices of the honeybee and I was quite impressed with the systematic way that it goes about achieving its life’s work.

Here are some of the business lessons that I have learnt from studying the honeybee: Continue reading Business Lessons from the Honey Bee →

Why Do Many Small Businesses Fail?

Business Success, , , , , , , ,

I often receive enquiries from persons who are looking for advice on how to be successful in starting and running their own small businesses. I also get feedback from disheartened business owners who have seen their entrepreneurial dreams transformed into financial nightmares.

A common complaint from local entrepreneurs is that it is extremely difficult to operate a business in Jamaica. However, business challenges are not limited to this country, as international statistics indicate that anywhere from one-third to one-half of new enterprises will fold within the first five years of operation.

While owning a business can be a route to achieve personal financial security, it is a reality that many people will experience a negative result from their entrepreneurial attempts.

There are many reasons why business success may be elusive, but I think they can be grouped into three categories – inadequate knowledge, insufficient capital and inappropriate opportunity. Continue reading Why Do Many Small Businesses Fail? →

Money Lessons from the Mango Tree

Goals, , , , , , , , , , ,

There’s no time quite as enjoyable for the typical Jamaican as mango season. Every sense is stimulated as the sight, smell, feel and taste of a delicious mango will herald an enjoyable experience. Even hearing the words, ‘Would you like a mango?‘ can bring a heady anticipation of coming delights.

It may not be immediately obvious how eating a juicy mango could lead me to reflect about money. However, because I’m immersed in money issues — coaching people with money problems, reading material from money experts and developing resources to teach others about money — then anything and everything becomes an opportunity to discover something new about money.

I have recently been sharing some of the money lessons that I learned from books and CDs, but there are also everyday occurrences that continue to teach me about basic financial principles. If you have a desire to uncover the secrets to financial success, then even the simple realities of life will supply you with useful insights.

Here are some of the lessons that I learned from observing the mango tree and its fruit. Continue reading Money Lessons from the Mango Tree →

What’s stopping your financial success?

Goals, , , , , , , , ,

One observation that has both fascinated and frustrated me is that very few people actually attain the financial success that they dream about, while so many people seem to exist without a sense of direction towards achieving any goals.

I have had many opportunities to examine the attitudes and actions of persons who seek my advice about their money problems. Very often, I would give recommendations to two persons in similar situations, yet only one would follow my counsel and achieve success, while the other would continue along a financially destructive pathway.

Many years ago, as I searched for solutions to improve my own money situation, I realised that I had to understand the forces that could help one person to achieve, and the impediments that could hinder another from getting ahead in life.

I thought that if I could learn and follow the habits of success, and identify and avoid behaviours that led to failure, then I too could join the ranks of the financially successful. Continue reading What’s stopping your financial success? →