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!

Eight Essential Money Principles

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

Very often, people ask me to provide them with one piece of advice that could help them to be more successful with their money.

Over the years I have learnt that there isn’t just one method to effectively manage your finances, create wealth, or preserve your money for the future. In fact, there are several steps which, when combined, can put you on a solid financial footing.

Here are eight guidelines that can help you successfully traverse the road to financial freedom: Continue reading Eight Essential Money Principles →

3 Ms of Money- Dealing with Debt

3 Ms of Money, , , , , , , , , , ,

Writing my first book, The 3 Ms of Money, has allowed me to take a look back in time at all the BIG money mistakes that I have made. One of the worst wrong turns I have made is to think that having access to other people’s money (OPM) would make life easier.

Borrowing money can be a very destructive practice, as it lulls you into a spending lifestyle that isn’t sustainable. When you are dependent on a source of income that doesn’t come from you, you lose sight of the fact that you are living beyond your ability to produce. As your desire for credit grows, eventually the monthly payments become too high to manage, and then your debt mushrooms beyond control. Then you have to keep on borrowing to stay afloat. Very often at this point, you can’t access any more credit and your entire financial well-being is impacted.

The Bible says that the “borrower is servant to the lender” (Proverbs 22:7). I have found this to be true. For years I worked hard to pay off thousands of dollars in loan interest. And for what? Useless trinkets and idle entertainment that were long forgotten!

I teach people that debt is not only about borrowing money. It’s any obligation where someone else has delivered their part of the deal, and you have not. Just recently, I almost got tempted to take a great mobile phone offer where I could get a ‘FREE’ Nokia E71. In return I would have to sign a 3-year contract with the mobile company. After thinking about it some more,I realised that I would only be selling myself into 3 years of slavery to pay for this ‘free’ phone. What if I hated their service? What if they raised the monthly cost? I couldn’t complain because they had supplied their end of the deal.

I decided I would just save up and pay for it in CASH, thank you.

Anyway, you can read more about my misadventures with debt and what I had to do to get myself out of the mess I had created when The 3 Ms of Money is published.

Keep thinking and acting Financially SMART!

Subscribe to Financially S.M.A.R.T. by Email

Saving for Retirement in Jamaica

Retirement & Estate Planning, , , , , ,

Last week we examined the high cost of retirement and calculated the amount of savings that would be required to replace your income when you choose to stop working. Although cash is tight in today’s economy, if you delay putting aside some of your money for your retirement needs, it will only cause you more financial distress in the future.

Let’s look at some of the options which can help you to achieve your retirement nest egg targets:

Employer-Sponsored Pension Plans

Pension plans, also called superannuation funds, are retirement saving schemes which businesses voluntarily set up for their employees. Larger workplaces usually offer pension plans, whereby both the employer and the worker contribute funds to create a retirement lump sum for the employee. Staff members are required to put aside at least five per cent of their salary into retirement savings, and this figure would be matched by the employer. Continue reading Saving for Retirement in Jamaica →

Is it Practical To Plan For Retirement?

Retirement & Estate Planning, , , , , ,

As it becomes increasingly difficult for many companies to finance workplace pension plans, and more persons join the ranks of the self-employed, the number of Jamaicans who are currently investing towards their retirement years is woefully inadequate.

Studies indicate that private pension arrangements are now covering some 60,000 persons of the approximately 1.3 million people in the labour workforce in Jamaica. This means that only about one out of every 22 persons contributes to a savings plan that will help to replace their income when they can no longer earn a living or choose to stop working.

This is a startling statistic, as it indicates that many persons may not have considered the necessity of planning to create an income for their later years. Continue reading Is it Practical To Plan For Retirement? →

Don’t Stop Spending!

Spending, , , , , , , ,

A call for persons to spend more might seem like very strange advice for a financial coach to give in these challenging economic times. The typical recommendation for weathering this tough economy is to cut back on consumption by buying only the basic necessities and channeling as much money as possible into savings.

First, let me qualify my comments by indicating that my discussion on the merit of spending is not intended for persons who are in unmanageable debt or unable to make ends meet. If you are in that position (as too many of us are) then you need to focus your attention on aggressively reducing your liabilities and earning more money to cover your budgetary needs.

However, a fear of all the gloom and doom surrounding the global recession has prompted some consumers who are financially capable of maintaining their normal buying habits, to choose to keep their money close to home instead. Continue reading Don’t Stop Spending! →

Mission: The 3 Ms of Money

3 Ms of Money, , , , , , , , ,

I am really excited that I have now begun to compile eight years of learning and teaching the principles of money into my first book, The 3 M’s of Money: How to Manage, Multiply and Maintain Your Money.

As you may already know from reading my Author’s Bio, for most of my life I was a financial mess – I had never saved, was over my head in debt, and was generally clueless about how money worked. After getting a job at one of Jamaica’s largest financial institutions, I started interacting with financially savvy people and then determined that I would learn the secrets of money success for myself.

The 3 Ms of Money is basically a tell-all of the financial mistakes I have made and the lessons I learned which helped me to change my financial situation.  As I started teaching others the principles that I had applied in my life, I realised that they also saw positive changes in their financial and personal lives. This observation led me to start Financially S.M.A.R.T. Services with the mission to be Jamaica’s number one source for practical, down-to-earth and independent answers to all questions about personal finance.

So keep looking out during the month of November, as I will share with you my progress in writing The 3 Ms of Money.  I hope that publishing this book will inspire many people to believe that they too can win the money game!

Subscribe to Financially S.M.A.R.T. by Email

Money Lessons from the Animal Kingdom

Goals, , , , , ,

Recently, a reader commented that a lack of discipline was one of the primary reasons many people were not successful in their personal and financial goals. He noted that most animals, unlike many humans, were disciplined in their everyday habits, which resulted in a sense of order and efficiency in nature.

I thought about the many wild animals that exhibit very civilised attitudes towards carrying out their purposes. Although human beings might be more developed than other creatures, there are many valuable lessons that we can learn from them. Let’s examine some animal behaviours that can teach us important truths about the achievement of financial goals.

Envision A Better Life Like A Caterpillar

I believe that it would probably be easy for the lowly caterpillar to despair as it crawls along the pathways of life. Inching along at a painfully slow pace as it tries to eke out a living, dodging the threats of extermination from humans who despise its very existence. Why should a caterpillar dare to dream of a better life? Continue reading Money Lessons from the Animal Kingdom →

Your Money and Your Time

Money & Your Mind, , , ,

The old saying ‘Time is money’ came to mind recently as I sat in a recording session that had to be paid for by the hour. As the taping extended beyond the planned schedule, I began to watch the steady progress of the clock’s minute hand, and mentally calculated the cost of each tick of time.

Time is really the only resource that’s in limited supply, as we only get 24 hours, or 1440 minutes, or 86,400 seconds in a day. Oftentimes, we forget the important connection between time and money, as there are many ways that we squander time that will negatively impact our money.

Here are some considerations about time and money: Continue reading Your Money and Your Time →

Steps To Closing Your Business

Business Success, , ,

Last week we considered some of the challenges that can cause a small business to be unsuccessful. Despite your best efforts at preserving your enterprise, sometimes terminating it may be the only viable option.

However, it’s not enough to have a closing-down sale and take down your sign; there are several legal steps that are also required.

Here are the organisations in Jamaica that must be informed about your business closure:

1. Companies Office of Jamaica

The first step in officially cancelling your enterprise is to inform the Companies Office of Jamaica (COJ). If your business was being operated under a name other than your given name, you should have initially registered that name with the COJ. Similarly, you need to submit documentation with the COJ to complete the closure of your business. Continue reading Steps To Closing Your Business →

When Your Small Business Fails

Business Success, , , , , ,

“Despite my best efforts in running my own business, I have to admit that my venture is just not going to work out. Over the years, my business has cost me a lot of money and hurt my relationships with my family. Now, I feel like a failure because I really believed that I would have been successful at being my own boss.”

The entrepreneurial journey can oftentimes be treacherous, as there are many pitfalls and challenges en route to business success. Whether you are new to business or a seasoned entrepreneur, you have to be prepared to take on the risks which are inherent in any enterprise.

There are very few successful businessmen today who at some point didn’t face a disappointing result from their ventures. Like any other career, being an entrepreneur requires you to advance through a learning curve, where time and experience will help you to become better at your job.

Instead of only focusing on the negative aspects of the collapse of your business, consider your experience as your initiation rites into entrepreneurship. Don’t think that your inability to succeed after your first attempt only signals the end of the road for your business goals. In fact, a ‘failure’ can actually help you to become a better entrepreneur. Continue reading When Your Small Business Fails →