Category Archives: Income Creation

More Money: Get Paid to Shop

Income Creation, Spending, , , , ,

Many people are feeling a tight squeeze on their pockets as their spending power decreases in line with the increasing cost of goods and services. Unfortunately, most of us don’t have incomes that automatically adjust to inflation, so it means that what we earn can buy fewer items each month. How can we maintain our standard of living in light of this reality?

To stay on top of rising costs, you need to create a budget plan for the year and track your expenses every month. When you consistently record your actual spending, you will quickly be able to ascertain when your bills start to increase. You can download a budget plan with a monthly tracking spreadsheet at www.financiallysmart.org.

Rebalancing your budget

When the expenditure side of your budget goes up, your first strategy is to try and rebalance it by cutting back on other costs. Apply conservation strategies to reduce your utility bills, plan your driving routes to use less petrol, and make drastic reductions on non-essential expenses such as cable TV, fast-food restaurants and mobile phone calls. Continue reading More Money: Get Paid to Shop →

More Money: Use What You Have

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Patrick owned a small pharmacy that had been struggling in recent years. Rising overheads, declining sales and a burdensome debt situation were some of the factors that were crippling the cash flow and profitability of the business. Patrick was in a quandary – there wasn’t enough capital to either cease or continue operations.

To pay off long-standing bills and restock his store, Patrick tried to obtain additional financing, but his poor credit rating prevented him from getting another loan. In desperation, he decided that the only option to generate extra cash was to have a massive sale on most of the items that had been sitting in his establishment for a long time.

With little concern about the original cost of his ‘dead’ stock, Patrick slashed prices on all non-performing goods to J$1,000 and less. Then he put up sale signs and displayed some of the articles on a table outside the store. To his surprise, during the first week he made over J$40,000; and the increased traffic also boosted his sales of regularly-priced items in the store. Continue reading More Money: Use What You Have →

More Money: Teach What You Know

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Whenever I meet persons with expert knowledge that could benefit the wider society, I usually encourage them to find ways to earn by sharing their expertise with others. Too many people who are privy to specialised information tend to keep it to themselves, with the mistaken view that giving away their ‘trade secrets’ will prevent them from benefiting financially from their work.

Whether you are a craftsman using a lost art form, a teacher using successful training methods, or a nutritionist using natural remedies, if you only focus on serving your individual clients, there will always be a low ceiling on the income you can derive from your knowledge. In fact, when you die, your talent will pass on with you and will not be available to better the world.

If you have essential information that creates value for others, you should be looking for ways to spread your knowledge in a systematic way that will allow you to earn more money. Your income will increase in direct proportion to the number of people you serve, so you need to consider how to get many more persons to benefit from your expertise. Continue reading More Money: Teach What You Know →

More Money: The Internet Is The Key

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How did a 24-year-old security guard change his financial situation by learning the secrets of making money on the internet? When I first heard Ricardo German give his testimony at an internet marketing seminar earlier in 2012, I was inspired by this young man who eagerly embraced the income opportunities available on the World Wide Web.

For years I have been encouraging persons to search online for solutions to earn extra money. You don’t need a lot of capital to get started, nor do you require specialized training to succeed. The world of online marketing is open to persons who are willing to learn new methods of earning, and are determined to keep trying until they achieve their objectives.

After his impromptu talk at the seminar, I followed up with Ricardo to discover more about his motivating story. He shared with me a classic account of how someone can have his or her dreams fulfilled, with the right attitude and actions.

Hopefully his words will encourage you to believe that, in spite your current challenges, you do have the power to change your destiny. Continue reading More Money: The Internet Is The Key →

More Money: Nature’s Wealth

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The debate on our 2012 national budget has left many of us with more questions than answers. We are being advised to prepare for austerity measures, yet the only way for Jamaica to overcome the deprivation that faces us is to focus on growth.

If our economic strategies do not promote and support productive activities, then the country’s financial future will be compromised.

Despite the general feeling of uncertainty that currently exists, let’s make a special effort to think positively about the prospects and possibilities for better. For me, while I may not be able to control or change our leaders’ economic decisions, I will continue to play my part by encouraging each and every person in Jamaica to focus on earning more.

It is getting more challenging for the traditional manufacturer to produce competitively, thanks to increases in the cost of living. Electricity, wages, transportation, and security are just some of the rising overhead expenses that make it harder for businesses to remain profitable.

However, in difficult situations, those who use innovation can definitely find new opportunities to exploit. Continue reading More Money: Nature’s Wealth →

Money Mission: Build a Money Machine

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Wouldn’t it be wonderful if you could design a machine that can generate cash every hour of the day? Whether you were eating, playing or sleeping, this device would ensure that you were consistently supplied with a steady stream of income. Your money problems would be history and the lifestyle of the financially free would be yours forever.

While many of us would love to possess a magic money machine, this apparatus would probably be impossible to build, and it would definitely be illegal. However, the concept of creating an income source that could eventually produce earnings without your personal effort is something that is entirely in your power to achieve.

Do you have to work to earn?

Most of us have grown up with the idea that the only way to earn money was to physically work for it. We were taught in school to study hard, get good grades and look for a nice job with attractive fringe benefits. For the most part, our education system does not foster entrepreneurial thinking which focuses on teaching people how to create income-generating systems. Continue reading Money Mission: Build a Money Machine →

More Money: Eat, Drink, Earn

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It would definitely be an understatement to say that Jamaican people love to eat. It is a treasured part of our culture to celebrate food; we enjoy not just partaking of a good meal, but preparing it as well. There are tremendous opportunities for persons to create profit from satisfying our never-ending demand for food.

The Jamaica Observer newspaper showcases many established and nascent businesses in our local food industry at its Annual Food Awards [last held May 31, 2012]. All of the participants have devoted considerable time, money and effort to create products that bring pleasure to people who love to eat and drink Jamaican fare.

Although it may take a relatively large investment to make it big in the food business, there is plenty of room for ordinary persons to get involved as well. As we continue to look at different ways to make extra money in these challenging economic times, let’s look at some practical possibilities to generate income in your spare time with food. Continue reading More Money: Eat, Drink, Earn →

More Money: Hair is Big Business

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1 pack premium hair – J$1,400.00
1 bottle hair glue – J$105.00
1 pack stocking wave cap – J$80.00
1 lesson on how to make money with hair – priceless!

Based on my observation of the variety of hairstyles displayed by many of our stylish women, I had always believed that Jamaica’s hair industry was almost immune to the effects of the general recession.

However, it wasn’t until I decided to learn more about the world of hair design that I discovered exactly how lucrative this opportunity could be. Continue reading More Money: Hair is Big Business →

Avoiding the Rat Trap in your Finances

Goals, Income Creation, Investing, , , , , ,

“Rats close down Kingston high school.” This shocking headline continued into a revealing report of how rodents were running rampant at the 100-year-old institution. Despite their best efforts at pest control, the situation had deteriorated to the point where school officials were forced to temporarily suspend classes to effectively eradicate the problem.

As I read the unfortunate story of rats gone wild, my first thoughts were “How are these boys ever going to live this one down?” Knowing the fierce rivalry that exists among secondary schools in Jamaica, I had painful images of the merciless teasing and cruel rat references that were about to be unleashed upon the hapless students.

I thought no more about this incident until recently when I saw a television programme highlighting what the students had done to overcome their situation. Instead of being embarrassed by their rodent visitors, they had embraced them and practically turned them into school mascots. They had even created buttons with cute rat cartoon figures and were proudly wearing them. Continue reading Avoiding the Rat Trap in your Finances →

More Money: Hitting Pay Dirt

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The question on everyone’s lips nowadays is: “How can I make more money?” Employees who run out of cash right after payday; school leavers or laid-off workers who can’t find a job; retirees who buckle under the pressures of inflation, everyone is looking for extra funds in these tough economic times.

A couple of years ago I wrote a series of articles looking at dozens of different methods of earning money part time. I believe that innovative thinkers and motivated go-getters will always find the ways and means of making money whether times are good or bad.

In fact, periods of severe financial crisis will often produce many thriving new enterprises and wealthy business owners.

I have always been fascinated by the interesting things that people do to make money in their spare time. Starting this week, I will take a deeper look at various entrepreneurial exploits, and give you the inside scoop on what it takes to be successful in these endeavours.

I hope that our ‘more money’ adventures will encourage you to search for your own ways to create extra income. Continue reading More Money: Hitting Pay Dirt →