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!

Starting a Small Business

Business Success, , , ,

“I hate my nine-to-five job, and I would love to work in a business of my own. I’ve always dreamt of one day leaving a large, vibrant company for my son to carry on, to give him a good start in the world. I opened a wholesale shop once, but I ended up losing a lot of money.

“I would like to start another venture, but don’t think I can afford to fail again. What can I do to guarantee success in business?”

It’s wise for you to approach starting a business with some amount of caution. A business venture can be a potentially profitable form of investment, and it’s probably the route to eventually achieving financial freedom. Unfortunately, there are many stories of people who have gone into business and lost a lot of money, even ending up seriously in debt.

Even though the failure rate is high for start-up businesses, it is possible for you to eventually achieve your dream if you approach it with careful planning. Here are some factors to consider for your next business idea: Continue reading Starting a Small Business →

Shopping on Impulse

Spending, , , ,

“My husband and I have been trying to budget, as we realize that most months we can barely make ends meet. Last week, a large-screen TV from a popular furniture store was delivered to our home. My husband had mentioned nothing about this purchase prior to delivery.

“I am very upset that he broke our budget for a totally unnecessary item. I can’t understand why he did this, and I need some advice to make sure he doesn’t do it again.”

It’s difficult to try to live a frugal lifestyle nowadays. We’re constantly bombarded with advertisements encouraging us to buy with no deposit down, or enticing us with expensive rewards if we purchase from their store.

Unfortunately it seems that your husband may have given in to the understandable desire to see the World Cup Football matches in large and living colour! Continue reading Shopping on Impulse →

Making Ends Meet in Retirement

Retirement & Estate Planning, , , ,

“I retired from teaching five years ago and I’m finding it very hard to make ends meet. I have a fixed pension and it seems that every month my expenses increase. Do you have any advice on how to make my retirement money stretch more?”

These are financially challenging times for all consumers, especially retired persons. We’re constantly searching for creative ways to spend less, but sometimes it seems that the cost of living demands more of our hard-earned dollars every day.

For retirees on fixed pensions, it can be frightening to see your nest eggs dwindling. Many additional health concerns may also be brought on by the stress of wondering if you’ll outlive your money. Continue reading Making Ends Meet in Retirement →

Managing Money in Retirement

Retirement & Estate Planning, , , ,

“After working for over 36 years in the civil service, I’m going to retire in a few months time. I feel a little confused about how to make sure my retirement money is properly invested. I’m also scared that my pension and savings won’t be enough for my needs. What can I do to feel more secure in retirement?”

In theory, retirement should be a time to relax and enjoy the fruits of your labour. In reality, many persons face retirement with fear, wondering if this change of life will bring better or worse.

One of the biggest sources of concern for retirees is the uncertainty about money- how will they survive without a steady paycheck?

Continue reading Managing Money in Retirement →

Teaching Your Children About Money

Kids & Money, , ,

“I grew up with a poor but loving grandmother, and money was always hard to come by. Finances were never discussed at home, and I think that not learning how to save or spend money properly may have caused me to really mess up financially when I started working.

“I have a 6 year old daughter, and I don’t want her to suffer the same fate. How can I teach her good money management skills from now?”

Most mothers are great at focusing on life’s necessities – ensuring that their children are well fed and clothed, that they go to school regularly, and that they’re protected against the evils of the world.

Unfortunately, many parents neglect an important lesson that can be taught to children right in the home- how to be successful with money.

Continue reading Teaching Your Children About Money →

How Does Your Money Grow?

Saving, , ,

I’m 19 years old and I just started working. All I can manage to save at this time is J$500 per month in my credit union. Sometimes I wonder if it’s worth it, as my savings seem to grow so slowly. I feel tempted to just spend this money until I can really afford to save more. What you would advise?”

Congratulations on your decision to start saving some of your income, regardless of how small you think it is. Don’t discount the value of your current savings effort. Remember the Jamaican adage – “Every mickle mek a muckle.”

In financial terms this means that you should be content to save the little you have over time, and eventually you’ll get all the money you need.

Last week we looked at three keys to starting a savings plan and ensuring its success: pay yourself first, save at least 10% of your salary, and use automatic deductions to save consistently.

Once you’ve gotten into the savings groove, how can you make your money really grow faster?

Continue reading How Does Your Money Grow? →

Saving Success

Saving, , ,

“I will finish university in two months, and I will start my first job. I want to get going with a savings plan as soon as I receive my first pay cheque. What would you advise me to do?”

I’m very impressed with your determination to begin your working life with the right savings attitude. Many of us (myself included) wish that we could turn back the clock and reverse all the years we spent splurging our income.

Time is on your side- with a savings and investment plan in place, you can accomplish many financial goals. A deposit on your first house, higher education, travel around the world, a comfortable retirement – all these can be within your reach by just starting to invest early. Continue reading Saving Success →

Boost Your Income

Income Creation, , , ,

“I’ve done my budget and I as much as I try, I can’t cut back on any expenses. I have one child that is not being supported by his father and I find it really hard to make ends meet on my salary. I would love to be able to earn more money, but I don’t know how to start. Any advice?”

Last week we looked at ways to find more money to save by creatively reducing expenses. However, if you aren’t making enough money even for your basic needs, then the only option is to increase your income.

Once again, the first step is to assess your income and expenditure to find out how much your monthly deficit is. Write down all your monthly expenses, including a savings amount, on your budget planner and subtract the total from your earnings.

If you’re not making ends meet, then your budget should show a shortfall. This figure is the targeted amount which you need to increase your income each month. Continue reading Boost Your Income →

Spend Less, Save More

Spending, , ,

“I really want to start saving, but I am not even making enough to meet my basic expenses. I work and go to school most evenings, so I don’t have time to try and earn another income.

“I’m tired of living hand-to-mouth and worrying that I have no savings. Can you give me some ideas to find extra money to save?”

The difficulty in finding enough money to save can be explained in two simple equations:
Expenses > (greater than) Income, or Income < (less than) Expenses.

You’re either living beyond what your income can provide, or you’re not earning enough money to finance your lifestyle. Similarly, there are really only two ways to solve the problem: spend less, or earn more.

This week we’ll look at the first option. You have stated that time is not on your side, so trying to earn more might be difficult right now. Therefore, you have no choice but to curtail your expenses and be smarter with how you spend your money. Continue reading Spend Less, Save More →