I often receive emails from people living in the Diaspora who express their commitment to this country, and share their concerns for it. Recently, an overseas reader asked me to recommend some investment solutions that would be appropriate for Jamaicans living overseas.

There are several local investment options which can help investors from any country to increase their personal wealth. Licensed investment advisors can assist persons to identify their investing objectives and choose suitable investments that are targeted towards accomplishing their goals.

However, I believe that my reader had a more meaningful purpose for seeking to invest in this country. Aside from building wealth, he wanted to see his dollars make a difference in Jamaica. To achieve this, he would also need to look for investments outside of the traditional financial markets.

Many persons of Jamaican heritage have a desire to direct funds into this country to help promote our social and economic development. If you’re living in the Diaspora, here are some practical ways for you to invest in Jamaica, which will really stimulate long-term development in this nation.

Invest in spending

One simple way to help boost our economy is to support local businesses with your spending dollars. One of the challenges facing small Jamaican enterprises is the relatively small size of the local market. Businesses need to increase their customer base to achieve economies of scale.

Look for local enterprises which sell their wares on the internet and support them wherever possible. For example, instead of packing a barrel with foreign foodstuff and sending it back here, search online for “buy groceries in Jamaica,” and utilise the services of a reputable agency.

You can also patronise local clothing designers, skin care producers and other manufacturers by buying their products online. Some major Jamaican brands are making inroads in stores located in areas with large Diaspora communities, so look out for these items on your supermarket shelves.

Invest in business

Overseas readers also ask for advice on starting a business in Jamaica. Some people want to find opportunities to generate income which can support their plans to move back home eventually. In most cases, these persons are thinking of funding a business that someone else would manage.

I usually caution people overseas about the pitfalls of business ownership from a distance. Very often, the local partner takes advantage of their absence, or their funds are not invested well. It is best to look for business options in which you have control over the operations and the finances.

You can also seek out growing enterprises that need capital to expand, and support them as an equity partner or an angel investor. You can identify promising ventures by keeping abreast of local business publications, checking social media, and viewing reality shows featuring local businesses.

Invest in charities

If you are not looking to make a financial return on your investment, then there are many charitable organisations that will benefit from your funds. There are so many entities that are doing good deeds in Jamaica, which are strapped for cash due to cutbacks in their traditional sources of financing.

Persons overseas often make the mistake of acquiring items for charities without first contacting the organisations to determine their needs. It’s advisable to establish a rapport with the people in charge to see how best you can help and to ensure that your support will be property utilised.

Look out for organisations that are working in depressed communities or with vulnerable groups. If you invest in projects that will provide jobs or which will allow the charity to earn consistent income, then you can be assured that your investing dollars will reap significant benefits for Jamaica.

Invest in people

Your money does not have to be invested in a profitable business or an influential charity to make a major difference to our country. Sometimes a small seed planted in the life of an individual can be nurtured to produce bountiful returns that far exceed the initial investment amount.

How about contacting an educational institution in Jamaica which you or your family members had attended to find a promising student who needs financial support? You don’t have to send money directly – you can buy books, pay for examinations, or ensure that the child receives school lunch.

You can also invest your money in developing programmes at the school which will enhance the students’ abilities to earn future income. So you could fund a music department, upgrade the sporting facilities, or start an entrepreneurial club to help the children to tap into their talents.

So, if you’re living in the Diaspora, you don’t need to feel helpless about the challenging situation here in Jamaica. Instead of getting distressed by discussing our problems, put your money where your heart lies and invest your funds wisely to support ‘Jamaica, Land We Love.’

Copyright © 2015 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, July 30, 2015.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl