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!

More Money: Finding Earning Opportunities

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Most people will agree that having more money is essential, but many will admit that they don’t know where to find opportunities to earn from their own efforts. Our education system does not really put much emphasis on self-employment and entrepreneurship; so many graduates leave school with a dependence on external sources to generate an income.

Our columns for this month have been dedicated to helping you understand what you need to do to increase your earning potential by creating your own sources of income. If you are going to survive and succeed in these challenging economic times, you will need to focus a lot of your attention on making extra money in your spare time.

This week, let’s look at some simple strategies that can help you to identify and take advantage of various opportunities to create your own income. Continue reading More Money: Finding Earning Opportunities →

What does it take to earn more?

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Last week we looked at the importance of placing a value on your work effort. Most employees are constrained by the amount of money that their jobs will pay them, as their work value is dictated by someone else. To earn enough money to fulfil your goals, you need to create your own avenue of earning where you can determine the true worth of your work time.

Over the years, I have recognised that many persons only wish to have the end result of having more money, but are not really prepared to put in the necessary work to get it done. Before you can enjoy the fruits of success, you have to be willing to do whatever it takes to generate a consistent and worthwhile income source.

You must understand that positive changes will not occur in your life if you simply continue along the same pathway that you are on today. If you wish to generate additional funds to build your financial future instead of just living from pay cheque to pay cheque, you have to be willing to make some big sacrifices and do things differently. Continue reading What does it take to earn more? →

What is Your Work Really Worth?

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Our focus for this month is all about finding extra income sources that will give you the ability to save towards your financial goals. It’s not enough to just have a clear and specific dream that you are passionate about; you also need to identify exactly where and how you are going to create additional income to invest in your plans.

Last week we set a challenge that was especially directed at employees and anyone who believes that a job is the only way that they can earn. Your mission is to find a product or service that creates values for customers, and offer it to your friends, family and colleagues for profit. The objective is for you to get accustomed to making money from your own efforts.

With the current economic challenges, most people have few opportunities to increase their on-the-job income. Those who are fortunate to get a raise or bonus will find that inflation eventually eats away at the extra earnings they make. If you are determined to have enough money to improve your standard of living and attain your dreams, then you need to look within. Continue reading What is Your Work Really Worth? →

Money Mission: Earn Your Own Income

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The goal-achievement race is more like a marathon than a quick sprint; unless you continually focus on the finish line, you might get discouraged by the long journey and give up along the way. Our Money Mission columns are aimed at challenging you to accomplish a specific task each month that will help you persevere with your dreams.

Previously, we addressed two of the stumbling blocks that can prevent persons from making progress on their plans – procrastination and the inefficient use of time. Another major drawback that many people face in their quest to attain their goals is that they don’t earn enough money to save for important financial objectives such as buying a home or retirement.

Independent earning is important

The reality is that with the rising cost of living and the inability of most employers to pay increased salaries, you will have to change your outlook on earning if you want to have more money. You can no longer expect a job to supply you with all the income you need to create your desired lifestyle; you have to learn how to generate other sources of earning from your own efforts. Continue reading Money Mission: Earn Your Own Income →

How to Overcome Time Poverty

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We have been looking at one of the main stumbling blocks to personal and financial success — the inefficient use of the precious resource of time. Many people will argue that they really wish to start the process of change that will take them towards actualising their goals, but they find it very difficult to dedicate enough time to do what is required.

With work commutes that can take hours, job responsibilities that go beyond the contracted nine-to-five, and various commitments to children, service clubs or school, the average person is severely starved of unscheduled time. We may be able to find ways to alleviate our money deficiencies, but how can we overcome the challenge of time poverty?

Educator and author of Overcoming Time Poverty, Bill Quain, explains that if you feel like you don’t have enough time in your life, you may think you can fix the problem by becoming more efficient at what you do. On the contrary, Quain says, “You don’t need more time to do the same things you are doing now. You need to do different things in order to have more time in your life.” Continue reading How to Overcome Time Poverty →

What Makes the World Go ‘Round?

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When asked, “What makes the world go ’round?”, some people will empathically answer “Money!” while others will firmly declare, “Love!” It’s been said that “money can’t buy love,” but there is also wisdom in the concept that “it takes cash to care.”

Many people think that it is impossible to actively pursue love and money at the same time. A job, the main source of income for most persons, is seen as a tedious chore that is only tolerated because it pays the bills. The idea of working for love seems like a childish fantasy.

Others are so obsessed by the need to amass riches that they will sacrifice human kindness to gain a dollar. In their greed for money, they will abuse and take advantage of people; and cheating and corruption often become necessary evils in their pathway to progress. Continue reading What Makes the World Go ‘Round? →

Money Mission: Make Time for Your Money

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The month of January has already bid us a swift farewell. We have all heard the old adage, ‘Time waits for no man’ and the days, weeks and months of 2013 will not delay their passing for any of us. How successful have you been in getting started on the resolutions that you were determined to accomplish this year?

For our monthly ‘Money Mission’ columns this year, I would like to focus on strategies that will help you keep your dreams in the forefront of your minds. Don’t accept the mistaken belief that it is impossible to accomplish your resolutions; with clarity about your goals and the right attitude you can adopt new habits that will help you to be successful.

What do you do with your time?

Many people find that even though they are desperate to make changes to their financial situation, they just can’t get the time to do what they need to do. We often let work pressures and trivial events distract us from our goals. We stop thinking about and carrying out the daily steps required to maintain our progress; thereby relegating our future to the back burner.

It’s pointless to say “If only I had a little more time, I could really get going with my plans,” as we all have the same number of hours, minutes and seconds to utilise each day. Wealthy persons and successful achievers don’t have some secret stash of time that puts them ahead of the pack; they accomplish exceptional things with the same amount of time resource as you do.

What should you be doing with your time?

There are several essential activities that you need to accomplish if you want to be financially successful. You need to be efficient at budgeting, practice smart spending habits, be cautious with debt, save consistently, invest for future goals, put money aside for your retirement years, and make adequate provisions against life’s eventualities. Continue reading Money Mission: Make Time for Your Money →

More Money: Get Paid to Shop

Income Creation, Spending, , , , ,

Many people are feeling a tight squeeze on their pockets as their spending power decreases in line with the increasing cost of goods and services. Unfortunately, most of us don’t have incomes that automatically adjust to inflation, so it means that what we earn can buy fewer items each month. How can we maintain our standard of living in light of this reality?

To stay on top of rising costs, you need to create a budget plan for the year and track your expenses every month. When you consistently record your actual spending, you will quickly be able to ascertain when your bills start to increase. You can download a budget plan with a monthly tracking spreadsheet at www.financiallysmart.org.

Rebalancing your budget

When the expenditure side of your budget goes up, your first strategy is to try and rebalance it by cutting back on other costs. Apply conservation strategies to reduce your utility bills, plan your driving routes to use less petrol, and make drastic reductions on non-essential expenses such as cable TV, fast-food restaurants and mobile phone calls. Continue reading More Money: Get Paid to Shop →

Budgeting: Get it right, Get it done

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Last week we reviewed Brian Tracy’s best-selling book, Eat That Frog! looking at simple tactics that could help you to take action on your financial resolutions this year. The book’s unusual title is derived from a saying that if the first thing you do each morning is eat a live frog, it would probably be the worst thing that would happen to you for the entire day.

Tracy, a goal achievement expert, explained that your frog is your most important task, “the one you are most likely to procrastinate on if you don’t do something about it now.” If you immediately tackle your frog every day, it will have a tremendous positive effect on all your goals. Ignoring your frogs will only make it harder to achieve your life’s objectives.

Your ticket to success

One thing you can do right now to change your financial future is to prepare a budget. However, it is probably the one money objective that people procrastinate on the most. Budgeting could definitely be viewed as a big ‘frog’ that you need to eat. It is the foundation to money success; as without the clarity it provides, it will be hard to proceed with your other goals. Continue reading Budgeting: Get it right, Get it done →