Tag Archives: nest egg

Defending Your Savings

May 22, 2015Risk Protection, SavingATM, high bank fees, income replacement policy, interest rate, Jamaica, Money Coach, nest egg, personal finance, retirement plan, savings accountCHS

Last week we discussed the role that saving plays in creating a secure financial future. Saving helps you to develop the discipline required for money success; experience money accumulation, not just money attrition; amass emergency funds; and build a solid base to boost your investments.

An important part of planning for your finances involves determining areas of risk which could potentially jeopardise your ability to realise your objectives. Once you have identified these factors, you need to implement strategies to avoid or mitigate these problems as best as possible.

Like any other aspect of your finances, your savings are subject to certain dynamics which can put your money at risk. Let’s examine some of the various situations and challenges which have the potential of crippling your savings goals. Continue reading Defending Your Savings →

Financial Help for Elderly Parents

August 8, 2014Retirement & Estate Planninghealth care, Jamaica, Money Coach, nest egg, pension, personal finance, retirement income, senior citizenCHS

Last week we examined some of the considerations that adult children may have to face when dealing with parents who have financial difficulties. Assisting your parents with their money needs when they are unable to cope requires a lot of patience and diplomacy, as well as financial astuteness.

Even if your parents have been excellent stewards of money throughout their lifetime, as they get older, you may need to become more involved in helping them with their finances. Let’s look at some of the areas in which your elderly parents may require your support in their retirement years.

Budgeting for spending

At every stage of your financial life cycle, it’s important to know exactly how much money is required to pay all your bills. Budgeting helps you to be aware of your expected expenses and earnings; and this habit becomes even more critical for persons who are retired or have to live on fixed income sources. Continue reading Financial Help for Elderly Parents →

Reflections on Retirement

May 18, 2012Retirement & Estate Planningincome stream, inflation, IRA, Jamaica, Money Coach, nest egg, NIS, pension, personal finance, retirement plan, social securityCHS

Hundreds of readers have accepted this month’s money mission to focus on retirement, and this has confirmed to me that many people are very concerned about said aspect of financial planning. I’m sensing that some of you are becoming desperate about your present financial state of affairs and the bleak future that may be awaiting you.

Whatever your current financial position, I want to reassure you that it is possible for you to design a realistic plan of action that can help you to not only survive during your retirement years, but have a fulfilled life. However, pretending that you don’t have a looming problem is only going to ensure that your worst financial nightmare will become your retirement reality.

Let’s look at some important issues that you should consider in order to make proper preparations for this important time in life. Continue reading Reflections on Retirement →

Saving Is Still In Style

January 20, 2012Savingbank account, budget, emergency fund, expenses, Income, Jamaica, Law of Attraction, Money Coach, nest egg, personal finance, resolutionsCHS

If you have made a determined resolution to improve your finances this year, then our 2012 Money Manifesto will help you to chart the course.

Last week we looked at the fundamental principle of budgeting, indicating that it was crucial for you to be aware of all your expenses, plan for your spending needs for an entire year, and make the right choices with your money.

Another essential practice required for money success is saving. Saving is the act of putting aside some of your money instead of spending it to buy products and services. When you save you should not be intending to go back for the money a few days later to pay bills; this money should be left to accumulate over time. Continue reading Saving Is Still In Style →

Three Keys to Saving Success

November 25, 2011Savingbank account, build wealth, discipline, Jamaica, nest egg, pay yourself first, personal finance, salary deduction, titheCHS

One of the essential money principles that persons often neglect in challenging economic times is the important act of saving. When there’s not even enough money to pay basic expenses, it’s easy to understand why people will forgo this simple, but fundamental tool of financial success.

Even if they had extra funds left after paying their bills, many people think that it doesn’t really make sense to save, as the money seems too small to make a difference to their financial situation. It’s common to hear people comment that interest rates are too low, and it takes too long for savings to grow, so why bother? Continue reading Three Keys to Saving Success →

Creating Retirement Business Income

March 21, 2008Retirement & Estate Planningfinance, Jamaica, nest egg, network marketingCHS

Over the past three weeks Your Money has been focusing on retirement planning: helping you to figure out how much money you’ll need to retire comfortably, explaining methods of saving for your nest egg, and hopefully imparting the urgency of starting a retirement plan sooner than later.

Saving a large enough lump sum to meet your retirement income requirement is easier accomplished when you begin saving at an early age. Unfortunately, the reality is that most of us postpone thinking about retirement planning until we’ve bought our own house or sent the children to college. Then, as age 60 looms closer, we start to seriously consider exactly how we’re going to afford to stop working.

Let’s look at a typical scenario of someone who is faced with the harsh reality of retirement costs. Forty-year-old Teresa wants to invest towards a retirement nest egg that will be available when she is 65. Continue reading Creating Retirement Business Income →

Time is Money!

July 28, 2006Savingcompound interest, finance, financial advisor, Jamaica, nest eggCHS

“I’m 39 years old and I’m trying to save up for the deposit on a house. It seems like time is not on my side, because housing costs are rising much faster than I can save. I really regret not listening to my mother when she encouraged me to save when I was younger.

“I feel discouraged because if I had started saving earlier, I probably would have owned my house by now.”

As the popular saying goes, “Time waits for no man.“ Although it’s never too late to start saving towards your goals, you won’t be able to turn back the hands of time to recreate that nest egg that would have grown with an early savings plan.

Time is probably the most important factor in achieving your financial dreams. Small consistent savings earning a steady interest rate over many years has made many persons wealthy. When we waste time by not investing early, we’re actually losing money.

What are some of the factors that may cause us to put off saving, and lose the advantage of time? Continue reading Time is Money! →

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