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!

Three Laws of Prosperity

Money & Your Mind, , , ,

“Have a prosperous New Year!”

This cheerful holiday declaration of future fortune is usually expressed with the best of intentions. Wouldn’t it be funny if someone replied honestly, “It would be great if you would tell me exactly how to have this prosperous New Year, because I’ve been broke for the last ten of them!”?

How did the tradition of wishing each other prosperity in the New Year originate?

According to www.answers.com, New Year’s is a time for resolutions, when people look forward and back in time. This practice can be attributed to the two-headed Roman god of beginnings Janus; of whom it was said “could see in the past with one face and into the future with the other.” The first month of the year is dedicated to his honour.

In many cultures, activities that are thought to bring future wealth are carried out on New Year’s Day. One interesting custom is the eating of cabbage leaves, which is considered a symbol of prosperity as it represents paper currency.

Another ritual is the baking of a coin into a loaf of bread, and then dividing it among the dinner guests. The recipient of the slice with the coin is expected to enjoy good fortune for the coming year.

Superstitions aside, how can we create this prosperity that we all desire? Continue reading Three Laws of Prosperity →

It’s Not Too Late in 2008!

Goals, , , ,

Recently, a client, while reflecting on the amount of time she had wasted over the years in getting her finances under control, said that the coming year was going to be different for her. “It’s not too late in 2008!” she exclaimed, reaffirming her decision to carry out all her plans and persevere on the road to financial freedom. “Yes,” I agreed, “2008 is going to be great!“

I think that her impassioned cry, “It’s not too late in 2008!“ is an appropriate theme for all of us as we face the New Year. Looking back on 2007, I’m sure that many of us may have regrets about what we didn’t achieve financially. We might wonder- what’s the point of making New Year’s resolutions if they never get carried out?

Let’s decide to forgive ourselves for all our budget-busting spending sprees, missed investing opportunities, and failure to makes plans for our financial future; and become determined to make 2008 a financial success. Continue reading It’s Not Too Late in 2008! →

Have a Charitable Christmas

Money Reflections, , ,

“To desire and strive to be of some service to the world, to aim at doing something which shall really increase the happiness and welfare and virtue of mankind – this is a choice which is possible for all of us; and surely it is a good haven to sail for. – Henry Van Dyke

In just a few days, Christmas 2007 will be here. All too soon the day will be done, leaving behind piles of torn wrapping paper which once hid secret gifts; overflowing fridges stocked with left-over ham and rice and peas; brown pine leaves on brightly decorated trees; and the fading sounds of happy Christmas songs.

The 24 hours that comprises Christmas day disappears as quickly as any other normal day, and I sometimes wonder if all the hype and frantic preparation for this one day is overdone. On the dawn of December 26th, will the world be a better place for us? Will we be more financially, spiritually and emotionally fulfilled?

For many people, there is no improvement in the quality of their lives after Christmas. Real life returns, ushering in a January filled with bills that give testimony of holiday excesses. Unfortunately, all the commercialism that surrounds Christmas can sometimes make us forget the reason behind the season.

The story of the baby born to make a difference to the whole world makes a nice, heart-warming tale – but can it leave a life-changing impression in our hearts?

Continue reading Have a Charitable Christmas →

Crazy Consumption Case # 3 – Living In The Past

Spending, , ,

This week we conclude our series on people afflicted with serious cases of ‘Crazy Consumption.’ They exhibit uncontrollable urges to shop, many times ending up in devastating debt. In desperation, they search for solutions to cure them of their out-of-control spending lifestyle.

Sharon* shares her story of how living in the past has caused her to spend unwisely in the present, leading to a bleak financial future.

Sharon’s Story:

I am a mother of three and I think I’m a spendthrift. I will buy things like groceries and necessities but after that I just spend like money is water. I know I need to slow down because my first child is going to high school now and the second will be going in two years’ time. Right now I’m in debt up to my head top and even though I’m in debt I still take on more.

My take-home pay is about J$14,000 every two weeks. Although the money isn’t much I still end up wasting some of it on things I don’t need. When people come around with things to sell, I can’t resist them. Sometimes I think that I am ‘red eye’; or that I’m buying things to make people think I can afford them, but in reality, I can’t. Please give me some advice on how to monitor my spending better. Continue reading Crazy Consumption Case # 3 – Living In The Past →

Crazy Consumption Case # 2 – Too Much Money To Spend

Spending, , ,

In our continuing saga of ‘Crazy Consumption’, we have been focusing on real-life stories of this phenomenon which afflicts consumers who spend without control, sometimes to their financial ruin. The silly spending season is fast approaching, and we hope that our readers’ experiences will help you to resist the Christmas urge to splurge.

This week we examine Richard’s experience in the spending cycle. He has a problem many of us wouldn’t mind dealing with – too much money to spend!

Richard’s Story:

Your article on crazy consumption really hit the mark for me. I’m twenty-seven years old and I’m tired of wasting my money. I live at home with my parents, which helps to keep my expenses down. I do save a portion of my salary, but I realize that most months I will spend J$20-J$30,000 on idle activities and things I don’t even need. Sometimes I splurge on big ticket items, other times I buy a lot of small things that add up. Once I have money in my hand – I have to spend it!

I will be on leave from work during the Christmas period, so I’ll have a lot of free time on my hands. I’m afraid that I’m going to waste my bonus on parties and unnecessary stuff, like I normally do. My major frustration is that I seem to have absolutely no self-discipline to stop spending this way. Please help me to regain control over my money! Continue reading Crazy Consumption Case # 2 – Too Much Money To Spend →

Crazy Consumption Case # 1- Shopaholics Anonymous

Spending, , , ,

Last week we looked at the phenomenon of ‘Crazy Consumption’ where clueless consumers are overcome with the desire to shop uncontrollably even when they can’t afford it. This out-of-control spending habit devastates the financial vitality of its victims by dumping them in massive debt and rendering them unable to realize their money goals.

We opened up the floor to our readers to get real-life stories from people who are suffering from this dreaded spending disease and are desperate for solutions to get their lives back on track. Our first case is of Marcia* who suffers from a clinical case of Crazy Consumption.

Marcia’s Story:

I’m a forty-something year old professional with a great job and fabulous friends. On paper I may look upwardly mobile and progressive, but the truth is that my financial situation is in shambles. Although I earn a good salary, I have no savings because I have absolutely no control over how I spend my money. For me, shopping is a way to escape reality, as when I shop, I don’t have to think about the personal issues that torment me. My greatest times of weakness are when I am alone with nothing to occupy my time. Then I surf the internet and go crazy buying things online.

I work with an international agency which requires me to travel frequently. On these overseas trips I indulge in binge spending, sometimes without reason. Last time I was away, I went into an expensive department store to buy one gift and walked out with over US$400 worth of perfume for myself. I don’t even like to wear perfume because it affects my allergies. I just don’t know what came over me. Most people might overspend at Christmas, but for me, Christmas is year-round! Continue reading Crazy Consumption Case # 1- Shopaholics Anonymous →

Can You Be Cured of Crazy Consumption?

Spending, , ,

The shopper knew she had to move fast. She only had fifteen minutes before her meeting started, but she just had to pick up another storage box from the home decorating store, so she could finish organizing her closets. “Hmmm….” she mused, “I didn’t know they were having a 50% sale. Doesn’t hurt to look at what they have.”

Forty-five minutes later, she staggered out of the store laden with three bulging shopping bags and a bill for J$8,000. The pleasure derived from her half-priced acquisitions disappeared in an instant when she remembered her important meeting and her non-existent spending budget. “What just happened?” she wondered out loud, “How did I end up paying all this money for things I don’t even need?”

If this scenario sounds even remotely familiar, don’t despair about your inability to control your spending habits or think that you’re a financial loser. If you’re breathing and your heart beats, and you don’t live like a miser or hermit, at some point you’ve been stricken with an attack of ‘Crazy Consumption’. Continue reading Can You Be Cured of Crazy Consumption? →

Your Taxes – What You Don’t Know CAN Hurt You

Business Success, , , ,

Last week we started looking at a topic that makes most consumers rather uncomfortable – taxes. We either think we’re paying too much or we’re trying to figure out ways to pay less.

However, just like a persistent itch that won’t go away until you scratch, our obligations to the ‘tax man’ won’t disappear. It just makes good financial sense to learn more about our rights and responsibilities under the tax laws.

Recently the Jamaica Trade and Invest (Jampro) Corporate Finance Broker Unit hosted a seminar that highlighted some of the key tax matters relating to self employed persons and small business owners.

Presented by renowned tax expert, Ethlyn Norton Coke, the event featured discussions on the Jamaican tax system, tax deductions, GCT issues and compliance requirements. Continue reading Your Taxes – What You Don’t Know CAN Hurt You →

Your Taxes – No Escaping Them!

Business Success, , , ,

“Beenie Man wanted for tax evasion!” the news headlines screamed. The popular Jamaican entertainer, whose real name is Moses Davis was in big legal trouble recently after he failed to turn up in court to answer charges of tax evasion.

According to the reports, Beenie Man owes nearly J$30m in back taxes and over J$18m in penalties. As Resident Magistrate Owen Parkins issued the warrant for his arrest, he issued a warning: “No one is above the law, not even me.”

Only time will tell the outcome of Beenie Man’s tax woes, but his dramatic story highlights a very sensitive issue for consumers- the paying of taxes. In Jamaica, most employed persons are taxed automatically through the Pay As You Earn (P.A.Y.E.) system, where their employers are responsible for deducting and paying over their taxes to the authorities.

However, as more people become separated from their nine-to-five jobs through redundancies or the desire to be their own bosses, non-compliance in paying taxes becomes a big issue. Continue reading Your Taxes – No Escaping Them! →

Making Money Out of Nothing on the Internet

Income Creation, , , ,

Last week we looked at the Internet as a remarkable resource for successfully marketing products and services. With millions of possible customers, the income-generating potential of having an online presence is priceless. If you learn how to use simple but effective mediums such as websites, blogs, and audio and video podcasts, it’s feasible to earn extra money.

But what if you don’t already have a product or service to offer? Is it still possible to generate money on the Internet starting out with nothing?

The surprising answer is Yes! The wonderful thing about the Internet is that it brings together people with diverse interests and needs in one immense marketplace. If you learn how to figure out what people are interested in and what they would like to buy, then you can supply it for a profit. There are free websites that can give an insight on what people are searching for or talking about online. Continue reading Making Money Out of Nothing on the Internet →