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!

Making Money in the Forex Market

Investing, , ,

“Many of my friends are talking about making lots of money in currency trading. However, I feel a little nervous about it, because I have seen all the advertisements telling us to be careful how we invest our money. Is investing in foreign exchange trading really legal, and why has it become so popular recently?”

Jamaicans are usually never far behind in following the international trends, whether it is the latest car, clothing line or hit music. It was only a matter of time before we discovered that there was money to be made in the financial world’s largest and fastest growing market – trading in foreign currencies.

Foreign currency trading, also called forex, currency market, foreign-exchange market, or just simply FX, has until recent years been carried out only by big financial institutions, large conglomerates and central banks.

However, the growth of the internet and the increase in investors’ knowledge and appetite for risk, has allowed many average people to take advantage of this investment opportunity. Continue reading Making Money in the Forex Market →

Free Yourself From Financial Fear

Money & Your Mind, , ,

“Emancipate yourselves from mental slavery, none but ourselves can free our minds.” Bob Marley

This week, as Jamaicans commemorate our emancipation from slavery and the birth of our independent nation, some of us might reflect on what it means to be free. Financial freedom can represent different things to different people, but there is a universal desire in most persons to be free from fear about money. Unfortunately, many of us are in bondage to our financial fears, and have no idea how to emancipate ourselves.

Bestselling author and personal finance guru, Suze Orman, looks at the role that fear plays in denying us the financial success we desire. In her book, The 9 Steps to Financial Freedom, she declares that “Almost all of us have fears or anxieties about money – but we rarely admit them to those around us. We may not admit them to ourselves.“

Orman points out that “because (our fears) are holding us back, preventing us from taking control of our financial lives, looking these fears in the eye is an essential step toward freedom.” Continue reading Free Yourself From Financial Fear →

Money Parables

Wealth, , ,

“For to everyone who has, more will be given, and he will have abundance; but from him who does not have, even what he has will be taken away.” Matthew 25 vs. 29

The biblical Parable of the Talents, from which the above quotation is derived, is a simple but meaningful story about a businessman and the workers whom he entrusts to make money for him. The essence of the parable is as follows:

‘A man went on a journey and called his workers and assigned some money to them. One got five talents (a talent was worth more than a thousand dollars), another got two talents and the other got one talent. The money was distributed according to each worker’s ability.

The man with five talents put the money to work and gained five more. Similarly the one with two talents doubled his money. The worker who had received one talent buried it away in the ground. Continue reading Money Parables →

Beware of the Rule of 78s

Debt, , ,

“I purchased a stove using a hire purchase plan over 24 months. I got a lump sum in a partner draw and decided to pay it off early. To my surprise, I had to pay more than I had expected to in order to clear off the loan before the scheduled date.

“I think this was very unfair, in fact, I think I should have been rewarded for paying my loan in full before the due date. Can you explain how this is possible?”

When borrowing money it’s very important for consumers to be very clear about all the terms of their loan contract. As we’ve discussed in previous columns, the method of calculating a loan can make a big difference in the amount of your total interest and the monthly payments due.

What many borrowers are not aware of is that some loans contain prepayment clauses that can end up costing you a pretty penny if you decide to pay up earlier than contracted. Continue reading Beware of the Rule of 78s →

Are you wired for financial success?

Money & Your Mind, , ,

“One year ago I sold a piece of land and received nearly one million dollars. I decided to fix up my house and invest the rest of the money. I ended up investing in some business ventures that didn’t succeed, and now I’m broke again. I believe that money always multiplies for some people, but not for me, because I always fail when I try to make money.”

Over the years, I have done extensive research on the topic of financial achievement. My quest has been to discover why it is that some people make a lot of money and attain personal success, while the great majority of the world merely struggles to get by financially.

Is it a special gene that some people possess that allows them to be wealthy, or is it left to the goddess of luck to determine who makes it and who doesn’t?

Continue reading Are you wired for financial success? →

Seven Cures for a Lean Purse

Wealth, , ,

“Money is plentiful for those who understand the simple laws which govern its acquisition.”- George Clason

One of the best ways to discover the secrets of making money and managing it successfully is to study how wealthy people actually became rich, and how they retain their wealth. Unfortunately, many of us will never have close personal contact with the very rich, in order to learn at their footsteps.

The good news is that some of the world’s wealthiest people have chosen to reveal some of their secrets through books, CDs and training seminars. In future columns, we will examine some of the best wealth and money management advice available in the world, and try to apply it to your life.

No matter what your financial situation is now, it is possible to learn how to make and keep money by following the examples set by those who have been hugely successful.

Continue reading Seven Cures for a Lean Purse →

Business Planning for the Self Employed

Business Success, , ,

“I work in the financial industry, but my real love is teaching. However, I don’t want to become a regular teacher because of the low pay. I have some innovative ideas on starting a business in education but I am unsure how to proceed with them. Some of my concepts have never been tried before in Jamaica and I need some assistance in making them into a reality.”

Successful self employment and business ownership are two ideals which most people with unfulfilling nine-to-five jobs dream about. Some wish there was some way to make their hobby or passion make money for them, but never have the courage to give it a try. Others launch out into entrepreneurship with the enthusiasm of the eternally optimistic, thinking that being in love with a business idea is enough for it to be profitable.

The majority of small businesses established in Jamaica generally get started without a plan of action to guide the operations. People tend to think that they already have the skills to succeed, especially if they had gained experience in the business area when they were working for someone else.

The typical excited entrepreneur thinks- “How hard can it be to run a wholesale shop? I just need to buy the goods, price them right and the people will come!”

Continue reading Business Planning for the Self Employed →

Student Loan Lessons

Debt, , ,

“Years ago I borrowed J$80,000 from the Students’ Loan Bureau. I had some difficulties paying back the loan as scheduled, but in all I have repaid about J$50,000. I’m trying to make a deal with the Bureau to clear my debt, but I don’t understand why my balance is in excess of J$120,000. There must be something wrong with their calculations!”

The Students’ Loan Bureau provides a revolving loan scheme which has given many persons the opportunity to improve their income earning potential by attaining higher education. However, despite the benefits that thousands have received, there are some persons who complain that the student loan has been more hassle than help to them.

I have heard comments like “I am just working to pay my student loan,” or “I would not encourage anyone to take a student loan.” The negative emotions are usually accompanied by a declaration that they don’t understand how the payments are calculated or why interest for students should be so high.

Even worse, the high level of loan delinquency indicates that some persons are taking advantage of the unsecured credit to get their higher education without feeling an obligation to repay. Continue reading Student Loan Lessons →