“I want to start an investment plan for my retirement, but the problem is that I really can’t find the time to concentrate on making money. My job takes me all around the island and I have very little opportunity to focus on my own affairs. Can you advise me how to start an investment plan with the least amount of time and effort on my part?”

“I don’t have the time to learn how to make money!” If I had received one hundred dollars for every time I heard clients complain that they can’t find the time to plan how to save and invest their money, I would have discovered a fast-track method for becoming rich.

With only 24 hours in any day, the reality is that time is limited. However, the perceived lack of time to do any endeavour is really a factor of where your priorities are placed. What you achieve in life is determined by what you desire to find the time to do.

How many times have we complained of an inability to find time to an undesirable chore like housework, but as soon as some exciting event comes around, we have all the time in the world to attend?

As Bo Bennett in the Year to Success states, “Avoiding the phrase ‘I don’t have time…‘, will soon help you to realize that you do have the time needed for just about anything you choose to accomplish in life.”

Being a successful investor requires you to be committed to the goal of making money. Nobody is really going to be as dedicated to the achievement of your objectives as you will be, so you have to play and integral role in development of your investment plan. Even if you’re seriously time-challenged, you can still find ways to get your investing needs fulfilled. Here are some steps to follow:

1.   Take a day off

Don’t try to use your lunch time to get investment advice; take the whole day off and concentrate on learning about available investment options. Visit different banks and investment brokerages to compare their service offerings. You can also go online beforehand to familiarize yourself with their products. Make lots of notes so you can make the decision that’s right for you.

2.   Get a professional advisor

Some financial institutions provide free financial planning advice that can take the mystery out of investing. Build a relationship with an advisor who will guide you through the process. Your advisor will also look out for you when there are new investment products, and they will help you to keep track of your portfolio growth.

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3.   Invest in pre-packaged investment plans

You don’t have to build a portfolio from scratch. Many financial institutions have investment offerings that cater to specific goals, so you can match their products to your personal objectives. For example, you can invest in the NCB Omni Educator or the Heritage International plans for your child’s college education; you can save long term for your retirement goal with the ScotiaMint plan; and Jamaica National Building Society and Victoria Mutual Building Society have plans for you to save towards getting lower-interest rate mortgages.

4.   Use automatic salary deductions or standing orders

When time is of the essence, make your investments automatic. Many people fail to keep up with their saving plans because they can’t spare the time to make a trip to the financial institutions. Once you have decided on the best investment products for you, establish a standing order or salary deduction to ensure that the money is invested every month.

5.   Learn by listening

Even if you have found a great financial advisor, it’s very important to build your own knowledge about investments. With limited time, it’s understandable if you don’t get around to reading financial newspapers or attending investment seminars. You can still get a wealth of information by purchasing financial audio books on CD that you can listen to while commuting. You can make great use of all that time that’s normally wasted in traffic.

Stop using lack of time as an excuse that prevents you from making money. If your financial goals are important enough, make sure you do whatever it takes to ensure that investing time receives the priority it deserves.

Copyright © 2007 Cherryl Hanson Simpson. No reproduction without written consent.

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Originally published in The Daily Observer, May 03, 2007

Cherryl is a financial columnist, consultant and coach. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Contact Cherryl