Category Archives: Goals

Are you sitting on your money?

August 8, 2007Goalsdormant account, finance, Jamaica, money marketCHS

Recently, while preparing my living room chairs for re-upholstering, I turned them over to see what stray items might have fallen inside the frames. From the jingling sounds I heard, I realized that several coins had slipped into the lining of the chairs. As I cut away at the fabric and the money fell out, I counted up J$150 that had previously been lost to me. It wasn’t a fortune, but it was enough to buy lunch the next day.

While I was happy for the unexpected small bounty, I reflected that perhaps for several months or years I had sat on this money, which could have been put to better use. It then occurred to me that there have been times when I had figuratively ‘sat on money’ by neglecting to manage my investments effectively or by procrastinating on money making ventures.

In fact, if we take this analogy even further, many of us never see our financial dreams into reality because we are guilty of ‘sitting on our money.’ What are some of the ways in which we sit on money? Continue reading Are you sitting on your money? →

Making An Action Plan

April 6, 2007Goalsfinance, JamaicaCHS

“I have all these great ideas on how to make some money to help pay off my student loan and credit card debt faster. However, they have remained just that- ideas. I can’t seem to get them out of my head and into reality. Can you help me to make my ideas into an action plan?”

When it comes to our finances, many us are so busy creating ideas on how to get ahead in life that we never actually get around to doing something about these ideas. Even if you have big dreams for success, if there is no action plan, the end result will be unrealized goals and frustration.

Here is an example of what happens when ideas are not followed by action: I have a client who I’ll refer to as Althea, who is in a very serious financial crunch. She owes over one million dollars in unsecured loans and credit card debt and has changed jobs frequently.

Although being depressed about her situation, she is very upbeat with her ideas. She has come up with many creative money-making concepts that are all viable. Continue reading Making An Action Plan →

Steps To Achieving Your Money Goals

January 19, 2007Goalsfinance, financial advisor, Jamaica, T. Harv EkerCHS

“I wrote my usual resolutions at the start of the year to make some improvements to my finances, but already I’ve slipped back into some bad habits like buying unnecessary items at the supermarket. It’s one thing to make the resolutions, but how do you actually carry them out successfully?”

The challenge with resolutions is that they are often in direct opposition to your normal behaviour pattern. To achieve your new goals, you will have to break the old, comfortable habits that have prevented your progress, and create new routines for success.

Many times it is very difficult for people to change their lifestyle, even if they know it’s bad for them. As they say, ‘old habits die hard.’

Continue reading Steps To Achieving Your Money Goals →

2007 Money Resolutions

December 29, 2006Goalsexpenses, finance, financial advisor, investment account, JamaicaCHS

As 2006 winds down, let’s take some time to look back at all the experiences, both good and bad, that we’ve had with money this year, and reflect on the lessons that we’ve learnt. This is a perfect time to make some definite plans to make 2007 a really ‘Prosperous New Year’.

Here are some money resolutions that can help you to be financially successful in 2007 and beyond:

1. I will make a budget.

Get honest about the state of your finances by documenting all your expenses. Then write down your income to see if you’re really earning enough to cover your spending. Chances are, if you feel like you’re living ‘hand-to-mouth‘ or you’re in debt, then your income isn’t enough to meet your needs. The following two resolutions will help to solve this problem.

2. I will reduce spending on unnecessary items.

Look at your budget to see where you’re spending too much money. Phone cards, fast food and entertainment are some of the areas where money goes down the drain. Ask yourself if you would prefer to achieve a big financial goal or to continue to waste money on frivolous items. Make the choice to save more or reduce your debt, by spending your money more wisely. Continue reading 2007 Money Resolutions →

Be Ready When Opportunity Knocks!

October 6, 2006Goalsfinance, financial advisor, Jamaica, Napoleon Hill, networkCHS

“A friend of mine recently bought a fabulous house in Mandeville at a bargain price. We’ve both been talking for years about home ownership. Unfortunately for me, I was not in a financial position to quickly bid for the house, while my friend was ready with her money.

“It seems that good opportunities always pass me by. I’m convinced that luck is not on my side, and I’m tempted to just give up trying.”

Sometimes it may seem that opportunity and luck favour the few. Is it possible that there is some unwritten universal law that decides whom lady luck will smile upon and fortune will bless?

Definitely not! The reality is that most people who are successful didn’t achieve their objectives by just being lucky. They had to put in many years of persistent, hard work in order to be in a position where they could grab the opportunities as they passed by. It takes a lot of effort to be in the right place at the right time.

Ray Kroc, the founder of McDonald’s said in his autobiography, “I was an overnight success all right, but thirty years is a long, long night.” Continue reading Be Ready When Opportunity Knocks! →

Jamaican Style Money Management

August 4, 2006Goalsfinance, Jamaica, Jamaican proverbsCHS

Let’s look at some old-time Jamaican sayings that can help us to understand the basic principles of sound money management:

“Nuh care how tree big, woodpecker know weh fi do wid it” – Begin with a dream

To be successful at managing your money, you must be clear what you want your money to achieve for you. You are much more likely to buy a house, send your children to college, start your own business, or retire in style, if you focus on your dream and establish an action plan to help you accomplish it.

“De more yuh look, de more yuh see” – Know your current financial picture

Being very clear about your present financial position is a crucial step to attaining your dreams. Many people are afraid to be honest with their finances, and pretend that they are not in difficulties. List all your savings and property, and calculate all outstanding debts. Subtract liabilities from assets to get your financial net worth. Whatever your money situation is now, it can be improved with an appropriate plan of action. Continue reading Jamaican Style Money Management →

Five Steps to Achieving Your Financial Dreams

June 29, 2006Goalsbelief, finance, financial advisor, Jamaica, smart goalCHS

“Sometimes I dream about being a financial success -owning my own home and having enough money to buy nice things for my two children. Then I remember my present ‘hand-to-mouth’ existence, and I feel hopeless and depressed. I’m tired of worrying about money! Can you show me how to start turning my dreams into reality?”

We all have dream wish-lists that we like to think about: we hope to one day get rid of our landlords and turn our own keys; we wish that somehow we could be rescued from the jobs we hate; we desire that our children would be able to live better lives than we did.

Why is it that many people never seem to achieve their financial dreams? Sometimes if we dare to speak out about the big things we want out of life, we’re met with the words, “Stop dreaming and get real!” So we accept our present condition as our reality and give up without a fight. Continue reading Five Steps to Achieving Your Financial Dreams →

Your Dream Wedding On A Budget

June 23, 2006Goalsbudget, finance, honeymoon, Jamaica, wedding plannerCHS

“I just got engaged, but my fiancé says he can’t set the date yet, because we don’t have enough money to have a nice wedding ceremony and reception. I really would like some advice on how we can get married on a limited budget”

A beautiful wedding can be one of the most cherished events in a person’s life, but it can also be one of the most expensive undertakings. The good news is that it’s not impossible to have your dream wedding without breaking the bank.

Plan Your Budget

The first step in preparing for your wedding is to make a detailed budget outlining your expected costs. Some of the major expenses to consider are: Food, Clothing, Wedding rings, Location rentals, Invitations, Photography & Videography, Decorations, Music, and Honeymoon expenses. Continue reading Your Dream Wedding On A Budget →

Planning for Education

March 17, 2006Goalsbudget, college fund, finance, financial advisor, Jamaica, scholarshipsCHS

“I have three children ages 4, 8 and 11. I’m worried that I have not been saving any money towards sending them to university. Right now it’s sometimes hard to find the school fees and money for extra activities, but I don’t want them to have to struggle to afford university.

“What can I do with my limited budget?”

The high cost of raising children is a reality that is never going to get easier. Sometimes it’s not that the money isn’t there to pay the school fees, but that parents didn’t start saving early enough to take care of the costs.

The saying “If you fail to plan, you plan to fail“ is really applicable in this case. I think that sometimes we look at the word ‘plan‘ as a bad four-letter word. We live from day to day without a clue for the future, hoping that some happy coincidence will provide us with what we need to survive.

It’s one thing to adopt this attitude when we’re only thinking of ourselves, but when children come into the picture, we owe it to them to plan for their future. Continue reading Planning for Education →

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