Category Archives: Income Creation

How to Work Less and Earn More

Income Creation, Retirement & Estate Planning, , , , ,

With some amount of trepidation, you decide that you’re finally going to get a grip on your budget. Armed with months of bills and receipts, you painstakingly recreate an outline of your spending plan for the year. After adding up all your expenses, you’re shocked to see that the total monthly income needed to finance your lifestyle is way in excess of your current earnings.

“That explains why I’m so dependent on my credit cards every month,” you mutter to yourself. “I’ve got to reduce these expenses if I’m ever going to get out of debt.”

Determined to cut back all unnecessary costs from your overblown budget, you examine each expense category for items that you can do without. Unfortunately, your search reveals that you already exist on the basics – any reduction will only lead to deprivation for you and your family.

Frustrated by your budget-trimming attempts, you decide to take a hard look at the income side. “My salary is just not enough,” you admit. “What I need is a way to make some more money.” Continue reading How to Work Less and Earn More →

Help for Young Jamaican Entrepreneurs

Income Creation, , , , , ,

Last week, we looked at the important role that youth entrepreneurship plays in the overall economic development of Jamaica. Unfortunately, despite aspirations to create their own income sources, many young people struggle to find ways to achieve their business dreams.

It’s a common belief by new entrepreneurs that the route to business success lies in easier access to start-up financing for their fledgling operations. The reality is that an injection of money can sometimes be insufficient to help an enterprise prosper if the owner is inexperienced in business.

From observing the mistakes of many young entrepreneurs (myself included), I know that working capital will often be misused and wasted in the hands of someone who is just starting out in business. The saying “Experience is the best teacher,” could very well have been written by an entrepreneur who gained worldly wisdom after several costly business errors! Continue reading Help for Young Jamaican Entrepreneurs →

Developing Youth Entrepreneurship

Income Creation, , , , , , ,

At a recent economic forum hosted by the Bethel Baptist Church in Kingston, a young man came forward to ask the panel of financial experts for tips on how he could be successful in his new business venture. As he made his passionate plea for guidance, I recalled the challenges of my first entrepreneurial effort at 23 years of age.

With the adventurous spirit and eternal optimism of youth, I enthusiastically pursued my business idea, but after a couple of years, I realised that having an innovative concept was not enough to attain business growth. I didn’t know enough about marketing, sales, product development and strategising; and I remember feeling confused and frustrated as I searched in vain for answers on how to build a sustainable business.

Today, with the lack of employment opportunities in Jamaica, many young people are forced to try to make an income for themselves. However, despite the emergence of several organisations designed to assist business development, thousands of young entrepreneurs still struggle to turn their inspirations into profitable ventures, and a large percentage of them will not be successful in their endeavours. Continue reading Developing Youth Entrepreneurship →

Is Self-Employment Right for You?

Income Creation, , , , , ,

In today’s economy, the concept of self-employment is becoming increasingly popular. Some persons desire to become their own bosses in order to give birth to business ideas that they always dreamed about. Others are forced to create their own incomes, as the contracting job market does not provide many options.

Unfortunately, the road to successful self-employment is littered with many casualties along the way, with people who have seen their entrepreneurial dreams transform into financial nightmares. Whether self-employment is your choice or you have no alternatives, it’s important to first consider if you are ideally suited to the rigours of this lifestyle.

Let’s look at some of the key factors that can help you to decide if self-employment is right for you: Continue reading Is Self-Employment Right for You? →

2010 Action Plan #3: Control Your Income

Income Creation, , , , , ,

It wouldn’t be hard to predict that it’s going to be more difficult to make money in 2010. Employees and entrepreneurs alike are experiencing a decline in their earning power due to pay reductions, job layoffs, and consumer spending cuts. Investors who had previously benefited from lucrative profits in the money market now have to cope with decreasing returns.

How can you survive when you are not earning enough? Let’s look at some of the typical challenges that people are facing today and offer some possible solutions to these problems:

Situation: Your boss is cutting your work time to four days per week, and you stand to lose 20 per cent of your pay. Continue reading 2010 Action Plan #3: Control Your Income →

How to Earn More Money

Income Creation, , , , , ,

Very often, readers request advice on how to conquer their financial challenges. Most times their major issue is that they are not earning enough to pay their basic bills. As the cost of living increases, this problem only gets worse.

The reality is that it’s almost impossible in these times to expect that one job will be able to cover all our spending requirements. Many people try to borrow to make ends meet; but the only sustainable solution is to look around for other ways to earn more income.

Earning more is absolutely vital for financial success. Apart from the fact that many people do not earn enough to cover their basic expenses, they need to generate more money in order to achieve their financial goals. It’s also true that most persons don’t make full use of their abilities and time to make money. Continue reading How to Earn More Money →

Is Network Marketing A Good Business Opportunity?

Income Creation, , , , ,

Earning additional money has become a necessity for most people in these tough financial times. Gone are the days when persons could feel comfortable with a single source of income – for some people, a nine-to-five job has almost become an endangered species.

As people look for ways to supplement or replace their salaries, one business opportunity has risen to the forefront as a viable option. Network marketing, also called multi-level marketing (MLM), is now being seriously considered by many people as a route to starting their own business.

According to Wikipedia.com, network marketing is a selling strategy that compensates promoters of direct selling companies for product sales they personally generate, and for the sales of others they introduced to the company. By using referrals and word-of-mouth promotion, independent business owners receive compensation for the volume of sales they and their down-line team can generate. Continue reading Is Network Marketing A Good Business Opportunity? →

Making Money from your Bedroom

Income Creation, , ,

It’s been said that an entrepreneur is someone who sees opportunities where others see problems. Envisioning and creating a thriving business venture out of a simple concept is definitely a skill that can lead you into a great fortune. Unfortunately, many people lack this insight and miss out on profitable ways to earn income.

As a financial advisor, I am always on the lookout for new money-making ideas to share with budding entrepreneurs. Recently, Nuff Hope Limited, the business arm of Swallowfield Chapel, held an informative seminar which exposed dozens of business opportunities available in Jamaica.

Evadnie Sterling, chairman of Nuff Hope, explained that the church started looking at ways to mitigate the effects of the economic downturn on its ministries and community. “Nuff Hope was established to encourage and facilitate entrepreneurship,” Sterling noted. Continue reading Making Money from your Bedroom →

Mission: H.O.P.E. – Righting the Wrong Address

Income Creation, , , , ,

Tried to get a job today but
When dem see the application dem say
If this is really where you reside
Please step outside
She asked them why
And they replied…

We don’t want no trouble
We don’t want no trouble, no day
Cause lady where you come from
People die there everyday
For our safety that’s where you should stay
“Wrong Address” – Etana

During January, Your Money has turned the spotlight on organizations and persons that are helping others to conquer their challenges and succeed despite setbacks. Under the theme Mission: H.O.P.E. – Helping Others to Prosper and Excel, we have shown that it is possible for us to combine positive thinking with practical training to achieve our financial goals.

There are still major challenges facing some Jamaicans, who in spite of demonstrating the right attitudes, face overwhelming roadblocks along their journey to economic achievement. For many inner city residents, being born in poverty may seem like a verdict that sentences them to forever remain in financial distress. Continue reading Mission: H.O.P.E. – Righting the Wrong Address →

Mission: H.O.P.E. – Disability Is No Deterrent

Income Creation, , , , , ,

I am a firm believer that just about everyone has the ability to earn enough to meet everyday needs and achieve their goals if they are determined enough to do it. After counselling hundreds of people, I have found that the key component that influences the level of their financial success is their mindset.

I was forced to reflect on my conviction while making a donation to a visually impaired couple who were begging in New Kingston. Despite my view that all persons had the potential to earn their way in life, did the physical and societal challenges faced by these blind persons allow them the same opportunities to excel as able-bodied people?

Is disability a deterrent to financial success? Continue reading Mission: H.O.P.E. – Disability Is No Deterrent →