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!

Can Earning More Make You Poorer?

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“I’m really distressed about my financial situation. Although I’m earning twice as much as I did a year ago, now every month I’m broke right after payday, and I’m in serious debt. What am I doing wrong?”

Most people desire to make more money so that they can improve their finances. It seems practical to think that if we get additional income, our money troubles should disappear. So why is it that so many of us retain less money when we earn more?

It’s easy to point to the spiralling cost of living to explain this phenomenon. But should we only put the blame on the tough economy? Can our own spending habits contribute to this earn-more-have-less problem? Continue reading Can Earning More Make You Poorer? →

Smart Real Estate Investing

Home Buying, Investing, , , , , ,

In challenging times there are always tremendous opportunities for smart investors to make profit. Despite the fact that we are in the middle of a reported recession, there are several ways to earn good returns from investing in Jamaica.

Right now, money market instruments are yielding attractive interest rates; government global bonds can be bought at low prices; stocks in quality companies are trading way below their true values; and buyers have the upper hand in the real estate market.

While you can get expert guidance on investing in the money market, bonds and stocks from several licensed financial advisors, it’s not so easy to find out how to win in the real estate market. Continue reading Smart Real Estate Investing →

Money Lessons from Michael Jackson

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Following the sudden passing of pop superstar Michael Jackson, many people around the world are reminiscing about his music and mystique. However, as a financial advisor, I can’t help but focus my attention on Michael Jackson’s finances.

As the stories about his financial situation come to light, it appears that Jackson had serious money problems. Despite a lifetime of achievement, Jackson’s final curtain call revealed foreclosures, failed ventures and financial chaos.

At the end of the day, the ‘King of Pop’ was just another person who suffered the consequences of ignoring the principles of money success.

Continue reading Money Lessons from Michael Jackson →

Is Network Marketing A Good Business Opportunity?

Income Creation, , , , ,

Earning additional money has become a necessity for most people in these tough financial times. Gone are the days when persons could feel comfortable with a single source of income – for some people, a nine-to-five job has almost become an endangered species.

As people look for ways to supplement or replace their salaries, one business opportunity has risen to the forefront as a viable option. Network marketing, also called multi-level marketing (MLM), is now being seriously considered by many people as a route to starting their own business.

According to Wikipedia.com, network marketing is a selling strategy that compensates promoters of direct selling companies for product sales they personally generate, and for the sales of others they introduced to the company. By using referrals and word-of-mouth promotion, independent business owners receive compensation for the volume of sales they and their down-line team can generate. Continue reading Is Network Marketing A Good Business Opportunity? →

On Your Mark, Get Set, Goal!

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“The journey of a thousand miles starts with a single step.” – Chinese proverb

The process of achieving your goals, whether personal, career or financial, can sometimes feel like a never-ending journey. In over eight years of coaching people about money, I have discovered that most persons don’t realise that getting what they want out of life is often easier than they think.

In today’s world where instant gratification is a common expectation, many people think that if the desired goal does not appear in their laps within a few months, it means that their objective is an impossible mission. This mistaken belief is the number one reason why people fail to reach their targets and continue to ‘lead lives of quiet desperation’. Continue reading On Your Mark, Get Set, Goal! →

Wants vs Needs – Can You Have Both?

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“In these challenging economic times I feel a little guilty when I spend on trivial items. I’m currently saving more than ten per cent of my salary and I have never been careless with my money. Is it financially unwise to buy something just because I want it?”

Financial wisdom normally dictates that people should spend their money acquiring the things they need instead of splurging on things that they want. A need is something that the human body requires for survival, such as food, shelter, and clothing.

In reality, most of the things we spend money on are things we want, not need. But wouldn’t life be boring if we only focused on our basic requirements all the time? Is there any way to get both what we need and what we want? Continue reading Wants vs Needs – Can You Have Both? →

Financial Wellness in the Workplace

Business Success, Financial Literacy, , , , ,

“Employees with money problems are like sharks swimming around the workplace taking bites out of the bottom line.” – E Thomas Garman, Personal Finance Employee Education Foundation

Last week we looked at some poor money habits that can cause you to feel distressed about your finances. These practices include spending more than you earn, not saving for emergencies, depending on credit for consumer purchases, not planning for financial goals and taking unwise investing risks.

Research has shown that people with money problems usually end up being tense, worried and depressed. The Centre for Financial Social Work has stated that “money issues are the greatest stressor in peoples’ lives.” Financial distress can actually lead to insomnia, high blood pressure, migraines and other serious health concerns.

While it’s clear that people’s money challenges impair their personal lives, it may not be that obvious that these troubles can negatively impact the workplace. What happens when financially challenged people go to work? Do they leave their money worries at home? Continue reading Financial Wellness in the Workplace →

Are you Financially Distressed?

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Are you dissatisfied with your present financial situation? Are you worried that you can’t pay for your regular monthly living expenses? Are you afraid that you won’t be able to find money to cover an emergency? Do you make spending or investing choices that you regret? When you think about money, do you feel overwhelmed, scared or depressed?

If you answered yes to one or more of these questions, then chances are you’re financially distressed.

Financial distress occurs when you have negative feelings and reactions to your financial situation. These emotions are usually the result of unhealthy money practices that can have a damaging impact on your financial well-being or wellness. Continue reading Are you Financially Distressed? →

Making Money from your Bedroom

Income Creation, , ,

It’s been said that an entrepreneur is someone who sees opportunities where others see problems. Envisioning and creating a thriving business venture out of a simple concept is definitely a skill that can lead you into a great fortune. Unfortunately, many people lack this insight and miss out on profitable ways to earn income.

As a financial advisor, I am always on the lookout for new money-making ideas to share with budding entrepreneurs. Recently, Nuff Hope Limited, the business arm of Swallowfield Chapel, held an informative seminar which exposed dozens of business opportunities available in Jamaica.

Evadnie Sterling, chairman of Nuff Hope, explained that the church started looking at ways to mitigate the effects of the economic downturn on its ministries and community. “Nuff Hope was established to encourage and facilitate entrepreneurship,” Sterling noted. Continue reading Making Money from your Bedroom →

‘Nuff Hope’ for Entrepreneurs

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There have been several encouraging signs that the entrepreneurial spirit of our Jamaican people has not been dampened by news of a global recession. Several newspaper articles have highlighted positive stories of persons who, despite facing the devastation of job layoffs, have decided to make the best of the bad situation by seeking self-employment.

Recently, Nuff Hope Limited, the business arm of Swallowfield Chapel, presented a workshop of practical solutions for these tough economic times, showcasing several income-generating options. The seminar was designed to help persons identify business opportunities based on their skills sets and passions.

One of the challenges for those who have become accustomed to nine-to-five employment is learning how to adapt to the new rules that comes with being a business owner. Many persons believe that starting a small enterprise should be a relatively easy process as long as they love what they do, and can acquire enough start-up capital. Continue reading ‘Nuff Hope’ for Entrepreneurs →