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!

Networking for Earning

Income Creation, , , , , , , , , ,

Over the past weeks, we have been examining the age-old question “How can I earn more money?” If you’re seeking an answer to this problem, but you have insufficient time to increase your income, then you may have to change your method of making money.

As discussed, most persons earn a living by pursuing linear income, and have to continually put in work time in order to get paid. Linear income puts a ceiling on your earning ability, as time is a restricted resource. Also, if you have to physically stop working for any time above your vacation or sick leave allowance, your income is negatively affected.

Looking for options, we considered residual income, where you are able to earn continually from some type of work or investment that you carried out once. For example, you can earn residual income on royalties from book or record sales.

We also examined leveraged income, in which you can multiply your total income by utilising the efforts of other people. If you employ others to work in your business, then you make use of this type of income. Continue reading Networking for Earning →

Using OPT to Earn More

Income Creation, , , ,

One of the biggest financial challenges many persons face today is the need to earn more money to make ends meet and achieve their goals. As most people obtain their incomes by selling their time for dollars, their ability to increase their remuneration is severely limited by the number of hours in a day.

Many employees and self-employed persons neglect to pursue earning options from sources that are not wholly dependent on their physical efforts. They believe that work security lies in their own ability to complete a task and receive a payment for it.

In reality, this is not a very secure way of earning, as circumstances such as pay cuts, job loss or illness can derail expected income.

One solution to this problem is to create a passive income source that pays you repeatedly without your continued personal effort. As your earning potential is not completely dependent on your time, it is easier to make more money to supplement your regular pay cheque and channel excess money to invest in long-term goals. Continue reading Using OPT to Earn More →

How to Work Less and Earn More

Income Creation, Retirement & Estate Planning, , , , ,

With some amount of trepidation, you decide that you’re finally going to get a grip on your budget. Armed with months of bills and receipts, you painstakingly recreate an outline of your spending plan for the year. After adding up all your expenses, you’re shocked to see that the total monthly income needed to finance your lifestyle is way in excess of your current earnings.

“That explains why I’m so dependent on my credit cards every month,” you mutter to yourself. “I’ve got to reduce these expenses if I’m ever going to get out of debt.”

Determined to cut back all unnecessary costs from your overblown budget, you examine each expense category for items that you can do without. Unfortunately, your search reveals that you already exist on the basics – any reduction will only lead to deprivation for you and your family.

Frustrated by your budget-trimming attempts, you decide to take a hard look at the income side. “My salary is just not enough,” you admit. “What I need is a way to make some more money.” Continue reading How to Work Less and Earn More →

Mistakes, Miscalculations and Memories about Money

3 Ms of Money

As I reflect on all that’s happened in my journey to financial freedom over the past nine years, I realise that most of the important lessons that I have learned have come from some major mistake or miscalculation on my part.

Today, I’m not afraid to share with my clients, readers and audiences some of the stupid things that I’ve done around money (some of which leave me wondering, “What on earth were you thinking, Cherryl”?) I know that my openness to admit my financial mess-ups will give them the freedom to know that they too can learn and rebound from their own money mistakes.

Although making mistakes can have consequences that are often painful to deal with, don’t be ashamed of your financial past – what’s done is done. The important thing is to understand where you went wrong, make amends if necessary, and resolve to do the Financially Smart thing in the future.

Looking forward to sharing more of my mistakes, miscalculations and memories in my upcoming book, The 3Ms of Money!

Are You Tired of Being in Debt?

Debt, , , ,

“It’s the same story every month. I promise myself that I’m going to make a big dent in my credit card bill, yet within two weeks after payday, I’m forced to swipe the card to buy groceries. This month the car required major repairs and I just didn’t have the money to deal with it.

“It took me a long time to pay down $40,000JMD off my debt, but it disappeared in an instant after purchasing car parts. I’m sick and tired of owing this money; I feel like all I do is work hard to pay interest to the bank. When am I ever going to get rid of this debt?”

This heartfelt cry of a client who is stuck in a debt quicksand could easily have been echoed by thousands of concerned consumers who are similarly mired in a vicious cycle of borrowing to survive. Despite their strong desire to pay off their obligations, their financial reality makes it challenging to break free of the chains of debt. Continue reading Are You Tired of Being in Debt? →

Maximising Your Time To Make Money

Money & Your Mind, , ,

Camille, a 35-year-old middle manager at a large corporation, is faced with a major dilemma. To date, her job has survived the prevailing economic challenges, but she is aware that at any time her position could be in jeopardy. She wants to boost her income in order to put aside more money for future eventualities including redundancy.

Camille has applied for a promotion in her company, which she thinks she will probably attain based on her performance reviews. However, she is concerned that the new senior management job entails working longer hours and being on call practically 24 hours a day, 7 days a week.

Although she wants to earn more, Camille is already having difficulty balancing her work and personal life. She feels guilty that she doesn’t spend more quality time with her husband and two children, but she is torn by her desire to increase her earnings and secure her employment. She wishes she could find a way to make more money but increase her leisure time. Continue reading Maximising Your Time To Make Money →

Help for Young Jamaican Entrepreneurs

Income Creation, , , , , ,

Last week, we looked at the important role that youth entrepreneurship plays in the overall economic development of Jamaica. Unfortunately, despite aspirations to create their own income sources, many young people struggle to find ways to achieve their business dreams.

It’s a common belief by new entrepreneurs that the route to business success lies in easier access to start-up financing for their fledgling operations. The reality is that an injection of money can sometimes be insufficient to help an enterprise prosper if the owner is inexperienced in business.

From observing the mistakes of many young entrepreneurs (myself included), I know that working capital will often be misused and wasted in the hands of someone who is just starting out in business. The saying “Experience is the best teacher,” could very well have been written by an entrepreneur who gained worldly wisdom after several costly business errors! Continue reading Help for Young Jamaican Entrepreneurs →

Developing Youth Entrepreneurship

Income Creation, , , , , , ,

At a recent economic forum hosted by the Bethel Baptist Church in Kingston, a young man came forward to ask the panel of financial experts for tips on how he could be successful in his new business venture. As he made his passionate plea for guidance, I recalled the challenges of my first entrepreneurial effort at 23 years of age.

With the adventurous spirit and eternal optimism of youth, I enthusiastically pursued my business idea, but after a couple of years, I realised that having an innovative concept was not enough to attain business growth. I didn’t know enough about marketing, sales, product development and strategising; and I remember feeling confused and frustrated as I searched in vain for answers on how to build a sustainable business.

Today, with the lack of employment opportunities in Jamaica, many young people are forced to try to make an income for themselves. However, despite the emergence of several organisations designed to assist business development, thousands of young entrepreneurs still struggle to turn their inspirations into profitable ventures, and a large percentage of them will not be successful in their endeavours. Continue reading Developing Youth Entrepreneurship →

More Money Lessons I Wish I Had Learnt In School

Kids & Money, , , , , , , , , , ,

In nine years of experience in providing personal financial advice, I have trained thousands of persons from all walks of life about the principles of money; I have coached highly paid doctors and lawyers and counselled lower-income workers.

There is one factor that unites the majority of persons who seek my assistance – they are facing financial distress because they are unaware of the basic steps that they should take to successfully manage, multiply and maintain their money.

I can recall the frustration of a professional who earns more money in one month than most Jamaicans will see in a year, as he painstakingly tried to organise his finances to get out of debt. “I can’t believe that I don’t know how to budget,” he sighed, “why didn’t they teach us about this money stuff when we were in school?” Continue reading More Money Lessons I Wish I Had Learnt In School →

Money Lessons I Wish I Had Learnt In School

Kids & Money, , , , ,

Recently, while planning for a trip to a Spanish-speaking country, I realised that I had forgotten all the lessons I had learnt in high school about this foreign language. Although I had passed the subject in external examinations many years ago, I had no recollection of even the basic concepts.

Unfortunately this problem is replicated with many of the subjects that I studied in school from primary up to tertiary levels. Although I may have excelled at them in class, the reality is that I did not practise their principles outside of school, so their content became distant memories.

I know my situation is not an isolated case of ‘school-subject Alzheimer’s’. I have often wondered why our education system focuses on teaching children so many obscure topics, while ignoring some practical areas that are crucial to the development of our students. I believe that more attention needs to be paid to imparting important life skills to help them to cope in the real world. Continue reading Money Lessons I Wish I Had Learnt In School →