All posts by CHS

About CHS

I am a Jamaican entrepreneur, author, money coach, business mentor and inventor. My passion is to learn new things and to share my knowledge with others. I've discovered how the 3 M's of Money can help you to be financially smart. Now I'm learning what it really takes to be financially free. See more of what I'm up to at EntrepreneursInJamaica.com, WiseJamaican.com and JamaicaOnCanvas.com!

Having Fun With Money

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

When some people think of finance, they may conjure images of imposing business people dressed in expensive suits speaking a language that goes way over their heads. To be frank, some of the money information in the media really does sound like college course material that most of us would prefer to skip.

Apart from the formality of finance, many people have less-than-positive sentiments about their personal money situations. When they think about their financial issues, they may feel confused, intimidated, frustrated, and even fearful. Money, for many people, is definitely not fun.

Change your money mindset

Unfortunately, having a distant or apprehensive approach to financial matters can prevent you from getting the most from your money and from achieving your financial objectives. You need to be confident and optimistic about your finances in order to succeed with money. Continue reading Having Fun With Money →

Money Lessons From Mom

Money Reflections, , , , , , ,

On Sunday May 11, millions of people around the world celebrate Mother’s Day, when they pay homage to their maternal parents. The memories of a great mother can last beyond her lifetime; and if you are lucky enough to still have your mom around, ensure that you treat her extra special on this day.

I have been blessed with the inspiring presence of my mother for over 40 years, and she has been very influential in my personal and professional development to this day. As a woman who achieved many accolades in her chosen field, I have always aspired to emulate her success.

In hindsight, I realise that my mother has always been an excellent financial role model, demonstrating many of the smart money practices that bring financial security. Unfortunately, as a young person, I ignored her examples and advice, which caused me to make many poor choices with money. Continue reading Money Lessons From Mom →

Money Mayday

Risk Protection, , , , , , , ,

Historically, the first day of May was celebrated around the world with activities, including the crowning of the May Queen and dancing around a maypole. In modern times, the May Day festival has been merged with the Easter holidays, and it is no longer popular in most countries.

Apart from its association with ancient celebrations, the term ‘mayday’ has a less pleasant meaning. Mayday is used as a signal to indicate that a vessel such as a boat or aeroplane is facing a serious emergency. It was coined because it sounded like the French expression, ‘m’aider,’ which means ‘help me.’

When sudden disaster strikes

Two recent tragic events affecting air and sea travel made me reflect on the mayday distress signal. The mysterious disappearance of Malaysian Air Flight 370, with hundreds of passengers onboard, and the sinking of the South Korean ferry demonstrated how a routine journey can quickly turn into disaster.

Although we may not like to think about it, in the twinkling of an eye our lives can go into a negative tailspin from which it can be very difficult to recover. Just like those persons who embark on a voyage, we need to make adequate preparations to protect ourselves from the uncertainties that surround us. Continue reading Money Mayday →

Money Musings: The Sanctity of Savings

Money Reflections, Saving, , , , ,

Jamaican Finance Minister Dr. Peter Phillips recently announced new taxation measures that would affect all persons who utilise our banking sector. Dr. Phillips revealed that withdrawals from deposit-taking institutions would be subject to a graduated tax system.

All forms of withdrawals, including those done inside branch offices, point-of-sale transactions using debit cards, issuing cheques, and getting cash from ATMs would be affected. Electronic transactions would also be taxed, except transfers made by persons between accounts at the same institution.

The finance minister indicated that withdrawals of less than J$1m would be taxed at 0.1 per cent of the value, which would mean that persons would pay $1 for every $1,000 taken from their accounts. The percentage tax would decrease on a tiered system for larger sums of money withdrawn.

Although the tax is to be applied to the financial institutions, it stands to reason that the final effect of this withdrawal levy would be felt by the account holders themselves. Predictably, the pronouncement has sparked much negative feedback from various sources across the nation. Continue reading Money Musings: The Sanctity of Savings →

Making Financial Sacrifices

Goals, , , , , , ,

At this time of year, many people all around the world commemorate Easter, when they focus on the death and resurrection of Jesus Christ. In the Christian faith, Jesus’ ultimate sacrifice of His life brought salvation to a weary and sinful world.

The word sacrifice may conjure up images of pain and deprivation, and many persons would prefer to avoid the distress associated with making a sacrifice. However, while a sacrifice often involves difficulty, it can also be a beneficial action which brings positive results in your life.

When you make a sacrifice, you usually give up something pleasurable for something that may lead to severe discomfort, or you carry out an unselfish deed to benefit others instead of yourself. Most people are motivated to make a sacrifice when they are working for a greater good.

While it may not be your calling to make drastic life sacrifices, when it comes to your money, there are times in which sacrificial decisions will be required. Let’s look at some of the ways in which making sacrifices may help you to become financially successful. Continue reading Making Financial Sacrifices →

Do You Have Financial A.D.D.?

Financial Literacy, , , , , , ,

Recently, a client remarked that he thought he was suffering from financial ADD. Attention Deficit Disorder (ADD) is a medical condition that is normally associated with children and adults who exhibit inappropriate levels of impulsivity, inattention, lack of focus and sometimes hyperactivity.

His rationale for making this diagnosis was his track record of starting small enterprises upon a whim, with minimal success. He also reported that he usually became distracted by what appeared to be ‘hot’ new opportunities, at the expense of the business venture in which he was already involved.

While I initially laughed at his declaration, I reflected on the concept of financial ADD and realised that when it came to their money affairs, many people could really be suffering from symptoms similar to the real disorder. Let’s look at some ways in which financial ADD could be affecting your life. Continue reading Do You Have Financial A.D.D.? →

Money Musings: Attitude is Everything

Money & Your Mind

I like to read or watch stories about ordinary persons who have succeeded in their endeavours despite the various challenges they have faced in life. The accounts of their perseverance through struggles and setbacks inspire me to keep striving to accomplish my own goals.

As a money coach, I often encounter persons going through serious difficulties with their finances. Their troubling issues include money woes arising from major illness, crippling debt from business failure, or deprivation caused by the death of the family breadwinner.

In a few of these cases, the customary recommendations which I would give to improve their financial problems were not applicable. The situations that they were encountering were so complex that it would take almost a miracle for them to survive and pull through. Continue reading Money Musings: Attitude is Everything →

Business Owners, Watch Your Cash Flow!

Business Success, , , , , , , ,

Ambitious entrepreneurs will have the desire to achieve financial success by operating a business. However, the process of accomplishing this lofty objective is not a simple one. There are so many dynamics that need to be in place before running a business can lead to lasting wealth.

Statistics show that there is a high failure rate for new enterprises, and those that make it past the five-year mark may still find it difficult to attain and maintain profitability. Entrepreneurs have to be skilled in certain technical and theoretical disciplines in order to properly manage their businesses.

One of the critical skills that are often ignored or under-appreciated by many business persons is the ability to carry out fundamental accounting tasks. Some entrepreneurs believe that once they are experts in their fields of endeavour or they are good at doing sales, their businesses will flourish. Continue reading Business Owners, Watch Your Cash Flow! →

Personal Budgeting for Business Owners

Budgeting, Business Success, , , , , , ,

Most business owners and self-employed persons spend long hours making plans for, and carrying out the activities required to run their enterprises. It takes a labour of love to develop a successful small business, very often at the expense of the owner’s recreation and rest time.

Dedicated entrepreneurs will pour their hearts and souls into their businesses, hoping to build an entity that will help them to attain personal and financial freedom. Sadly, many start-up enterprises will not survive past their second anniversary, as there is a high failure rate for this group.

Not a get-rich-quick scheme

It takes more than having a great idea and determination to succeed in business, as it’s vital to pay attention to financial details such as costs, cash flow and profit margins. Many entrepreneurs also neglect to take their personal spending needs into consideration when operating their businesses. Continue reading Personal Budgeting for Business Owners →

The Stress-free Way to Pay Your Taxes

Business Success, , , , , , , ,

It’s tax time in Jamaica, and many business owners and self-employed persons are putting things in place to fulfill their annual tax obligations. March 15 is the deadline for these persons to file several tax returns and remit payments to Tax Administration Jamaica (TAJ).

For those who follow proper accounting practices in their business operations, this annual tax period may not bring on too much anxiety. Once business people keep their records up to date with simple bookkeeping systems, giving the Government its due should not be an problem.

However, for the large number of entrepreneurs who fail to utilise basic accounting procedures, tax time will definitely present a major headache. The last thing business owners need is the threat of having the tax authorities investigating their operations! Continue reading The Stress-free Way to Pay Your Taxes →