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!

Financial Freedom

Wealth, , , , , , , ,

The Universal Declaration of Human Rights states that: “All human beings are born free and equal in dignity and rights,” and the desire for freedom is entrenched in the hearts of people worldwide. While we may enjoy personal liberties here in Jamaica, how many of us can say that we are financially free?

Freedom is usually defined as being devoid of restraints on thought, speech or actions. To be free, you must be able to make choices for your life without any restrictions, apart from legal considerations. When it comes to money, do you believe that you have the ability to determine your financial destiny?

If asked “What does financial freedom mean to you?” different people will provide diverse definitions. One basic concept of money freedom is the ability to finance your preferred lifestyle without stress or debt. To be financially free, you should have autonomy in your income and time to live as you desire. Continue reading Financial Freedom →

Financial Fears

Money & Your Mind, Risk Protection, , , , , , , ,

Fear has been described in the acronym False Evidence Appearing Real, indicating that very often the thing you fear is not factual, but just based on some perception in your mind. Sometimes you may even be embarrassed about some of the strange thoughts that secretly cause you to be fearful.

Fears about money can leave you feeling vaguely uncomfortable about your finances, intensely anxious about your future prospects, or send you into full-blown panic mode. Even if your fears may be irrational they can cripple you mentally and physically and prevent you from actualising your goals.

Many financial anxieties may stem from your concerns about losing something important that money can provide, while certain types of financial mistakes can be serious enough to warrant extreme distress. Let’s look at some common financial fears and simple strategies which can help you to deal with them. Continue reading Financial Fears →

Financial Mistakes

Financial Literacy, , , , , , , ,

“Success does not consist in never making mistakes, but in never making the same one a second time.” — George Bernard Shaw

UNLIKE most school systems, life doesn’t give you homework and examinations to determine how well you have learned the skills you need to succeed. In the real world, you can often gauge your progress in accomplishing your goals by the type of results that you are currently experiencing.

When it comes to money, there are many mistakes that can prevent you from enjoying the financial life that you desire. If you keep making the wrong choices, you will only continue to feel frustrated with the state of your finances. Let’s look at some of the common missteps that can derail your financial security. Continue reading Financial Mistakes →

Financial Frustrations

Goals, Income Creation, Money & Your Mind, , , , , , ,

If you like to follow the progress of persons who are top achievers in the entertainment or business world, you may marvel at their fabulous lives that most of us can only fantasise about. Whether it’s Beyonce or Buffett, you might secretly envy their ability to accomplish their wildest dreams.

Most stories about the rich and famous usually show these persons enjoying the trappings of wealth, but they hardly ever give the background of what they had to endure to reach where they are today. The end result is celebrated, while the journey with its challenges and obstacles is often ignored.

When asked to share their road to success, many notable persons will reveal that they had to endure tremendous difficulties before they started seeing any results from their efforts. One common trait of those persons who make it big is a determined persistence to keep going despite their frustrations. Continue reading Financial Frustrations →

Financial Priorities

Budgeting, Spending, , , , , , , ,

A Guyanese colleague shared with me her concern about the financial practices of many Jamaicans with whom she interacted. After spending a few years managing a project in our country, she observed that the attitudes towards saving, spending and debt were very different in the two nations.

One major point of divergence, she noted, was that most Guyanese people were very focused on saving to buy a home as their first priority. The consultant remarked that you would hardly see persons in her country driving a car if they did not already own a piece of property.

Another point of difference was that most Guyanese were very embarrassed about having debt that they could not afford to pay. Indebtedness was taboo and there were even cases of persons who attempted suicide because they were so devastated about their unpaid financial obligations. Continue reading Financial Priorities →

Money Tips for Rebound Kids

Spending, , , , , , , ,

Most young adults eagerly look forward to the day when they will be able to break free of the restrictions of their parents’ home and move out into their own place. The ability to earn enough money so that they can become financially independent is a major milestone in their lives.

However, there are times when adult children, who had previously flown the nest, decide to go back home to their parents. Inadequate earnings, failure to secure steady employment, job loss, illness or divorce are some of the reasons that may turn them into ‘rebound’ or ‘boomerang’ kids.

It can be very demoralising for adults to be forced to return to their parents’ home because of financial difficulties. They may feel a sense of failure that they could not make it on their own, worry that they are being a burden on their older relatives, and be despondent about their future prospects. Continue reading Money Tips for Rebound Kids →

Doing Business with Family and Friends

Business Success, , , , , , ,

Would you feel more satisfied with your life if you had a devoted family and great friends but had little to show in the wealth column, or if your net worth made you extremely wealthy but you were estranged from your closest relatives and colleagues or lacked genuine companionship?

For many people, the love of family cannot be equalled by any amount of riches, and as the saying goes, “Good friends are better than pocket money.” Whereas your wealth can be eroded, caring family members and true friends will remain loyal to you through both prosperity and lean times.

While having a good relationship with family and friends is priceless, don’t assume that the rapport that you share with your closest companions will also carry over into the business world. On the contrary, operating an enterprise with your loved ones can sometimes be fraught with major challenges. Continue reading Doing Business with Family and Friends →

Managing Money Challenges With Your Spouse

Budgeting, Spending, , , , , , ,

When two persons join forces in a marriage or co-habiting union, one of the important aspects that will determine the success of their relationship is how well they manage money together. While money can’t buy love, it can definitely solidify and secure the foundation of a family bond.

In the best-case scenario, spouses should operate as a team when making all their financial decisions. Both parties should pool their income on an equitable basis to ensure that the household needs are met, and they should make plans to accomplish long-term objectives for the future.

While you hope that you and your spouse will share the same goals and work together to achieve the best for your family, there are times when the financial union may be rocky. Let’s look at some of the negative money issues that may arise between spouses, and suggest practical strategies to overcome them. Continue reading Managing Money Challenges With Your Spouse →

Financial Help for Elderly Parents

Retirement & Estate Planning, , , , , , ,

Last week we examined some of the considerations that adult children may have to face when dealing with parents who have financial difficulties. Assisting your parents with their money needs when they are unable to cope requires a lot of patience and diplomacy, as well as financial astuteness.

Even if your parents have been excellent stewards of money throughout their lifetime, as they get older, you may need to become more involved in helping them with their finances. Let’s look at some of the areas in which your elderly parents may require your support in their retirement years.

Budgeting for spending

At every stage of your financial life cycle, it’s important to know exactly how much money is required to pay all your bills. Budgeting helps you to be aware of your expected expenses and earnings; and this habit becomes even more critical for persons who are retired or have to live on fixed income sources. Continue reading Financial Help for Elderly Parents →

Managing Your Parents’ Finances

Budgeting, Spending, , , , , ,

Most parents will make selfless sacrifices for their children. Whether they work long hours to earn enough to defray current expenses or forgo their own pleasures to put aside for their future education, responsible parents will always find ways to provide for their children’s financial needs.

It is expected that parents will function as caretakers for their dependent children until they are able to fend for themselves in the adult world. However, sometimes the roles are reversed when adult children are obliged to take on the responsibility of managing their parents’ finances.

Parental money problems

One reason why younger family members may be forced to take control is if their parents are facing money problems which compromise their ability to pay their bills. This could happen if the parents have unmanageable debt, lose their sources of income, or if they encounter business setbacks. Continue reading Managing Your Parents’ Finances →