Tag Archives: budget

Financial Mistakes

Financial Literacy, , , , , , , ,

“Success does not consist in never making mistakes, but in never making the same one a second time.” — George Bernard Shaw

UNLIKE most school systems, life doesn’t give you homework and examinations to determine how well you have learned the skills you need to succeed. In the real world, you can often gauge your progress in accomplishing your goals by the type of results that you are currently experiencing.

When it comes to money, there are many mistakes that can prevent you from enjoying the financial life that you desire. If you keep making the wrong choices, you will only continue to feel frustrated with the state of your finances. Let’s look at some of the common missteps that can derail your financial security. Continue reading Financial Mistakes →

Financial Priorities

Budgeting, Spending, , , , , , , ,

A Guyanese colleague shared with me her concern about the financial practices of many Jamaicans with whom she interacted. After spending a few years managing a project in our country, she observed that the attitudes towards saving, spending and debt were very different in the two nations.

One major point of divergence, she noted, was that most Guyanese people were very focused on saving to buy a home as their first priority. The consultant remarked that you would hardly see persons in her country driving a car if they did not already own a piece of property.

Another point of difference was that most Guyanese were very embarrassed about having debt that they could not afford to pay. Indebtedness was taboo and there were even cases of persons who attempted suicide because they were so devastated about their unpaid financial obligations. Continue reading Financial Priorities →

Money Tips for Rebound Kids

Spending, , , , , , , ,

Most young adults eagerly look forward to the day when they will be able to break free of the restrictions of their parents’ home and move out into their own place. The ability to earn enough money so that they can become financially independent is a major milestone in their lives.

However, there are times when adult children, who had previously flown the nest, decide to go back home to their parents. Inadequate earnings, failure to secure steady employment, job loss, illness or divorce are some of the reasons that may turn them into ‘rebound’ or ‘boomerang’ kids.

It can be very demoralising for adults to be forced to return to their parents’ home because of financial difficulties. They may feel a sense of failure that they could not make it on their own, worry that they are being a burden on their older relatives, and be despondent about their future prospects. Continue reading Money Tips for Rebound Kids →

Doing Business with Family and Friends

Business Success, , , , , , ,

Would you feel more satisfied with your life if you had a devoted family and great friends but had little to show in the wealth column, or if your net worth made you extremely wealthy but you were estranged from your closest relatives and colleagues or lacked genuine companionship?

For many people, the love of family cannot be equalled by any amount of riches, and as the saying goes, “Good friends are better than pocket money.” Whereas your wealth can be eroded, caring family members and true friends will remain loyal to you through both prosperity and lean times.

While having a good relationship with family and friends is priceless, don’t assume that the rapport that you share with your closest companions will also carry over into the business world. On the contrary, operating an enterprise with your loved ones can sometimes be fraught with major challenges. Continue reading Doing Business with Family and Friends →

Money Musings: The Power of Teamwork

Financial Literacy, Money Reflections, , , , , , , , ,

The FIFA 2014 World Cup is in full swing and millions of people across the world are being entertained by the excellent football matches being played. I enjoy watching competitive sport, and have been fascinated by the dominance of smaller football nations over their more established counterparts.

The brilliance of star strikers from teams such as Spain and Portugal has been dulled by the exploits of the not-so-favourite sides like Costa Rica and Chile. I observed that it was often very difficult for the top teams to get the better of a band of players who were performing together like a well-oiled machine.

As I marvelled at this showcase of sporting teamwork, I reflected that we all could benefit from the help of others when we are trying to accomplish our goals. Instead of attempting to advance solely by ourselves, it might be useful to get the assistance of a supportive team in order to achieve our objectives.

Just like a football squad which is made up of players with different responsibilities, you might need to assemble a group of friends and professionals who can help you in various ways to further your goals. Let’s look at some of the possible members who might comprise your personal finance team. Continue reading Money Musings: The Power of Teamwork →

How to Earn More to Balance Your Budget

Budgeting, Income Creation, , , , , , , ,

Many people feel intimidated by the thought of having to do something outside of their regular job to create more cash to pay bills or save more for the future. However, like any other money skill, you can learn the simple steps that are required to generate income independent of your employer.

Preparing a comprehensive budget is the first step in the process of increasing your earnings, as you need to have a realistic target of how much money is required to meet your needs. You can download a budget at www.financiallysmart.org which will allow you to input all your bills and income sources.

After using your budget to calculate the exact amount of your shortfall of income over expenses, you need to break down that monthly amount into a weekly or daily figure that will be easier for you to work with. Therefore, if your monthly deficit is J$24,000, your daily income need would be about J$800. Continue reading How to Earn More to Balance Your Budget →

Patience is a Financial Virtue

Money & Your Mind, , , , , , ,

Modern society is characterised by fast-paced technology which allows us to enjoy Google searches, Twitter updates and ready-to-eat meals. Today, it seems that patience has become passé; who wants to wait for anything in this age of instant gratification?

Patience, one of the seven heavenly virtues, is the ability to accept delays in the desired timing of an event, or the capacity to endure problems without anxiety. Patience really requires you to take a passive approach while you allow nature or destiny to take its course.

When it comes to money, it could be argued that patience indicates weakness, as we should be fiercely ambitious in going after our financial goals. However, patience is an important trait to have if you want to succeed with money; without it you may actually be sabotaging your dreams. Continue reading Patience is a Financial Virtue →

Having Fun With Money

Money & Your Mind, , , , , , , ,

When some people think of finance, they may conjure images of imposing business people dressed in expensive suits speaking a language that goes way over their heads. To be frank, some of the money information in the media really does sound like college course material that most of us would prefer to skip.

Apart from the formality of finance, many people have less-than-positive sentiments about their personal money situations. When they think about their financial issues, they may feel confused, intimidated, frustrated, and even fearful. Money, for many people, is definitely not fun.

Change your money mindset

Unfortunately, having a distant or apprehensive approach to financial matters can prevent you from getting the most from your money and from achieving your financial objectives. You need to be confident and optimistic about your finances in order to succeed with money. Continue reading Having Fun With Money →

Money Lessons From Mom

Money Reflections, , , , , , ,

On Sunday May 11, millions of people around the world celebrate Mother’s Day, when they pay homage to their maternal parents. The memories of a great mother can last beyond her lifetime; and if you are lucky enough to still have your mom around, ensure that you treat her extra special on this day.

I have been blessed with the inspiring presence of my mother for over 40 years, and she has been very influential in my personal and professional development to this day. As a woman who achieved many accolades in her chosen field, I have always aspired to emulate her success.

In hindsight, I realise that my mother has always been an excellent financial role model, demonstrating many of the smart money practices that bring financial security. Unfortunately, as a young person, I ignored her examples and advice, which caused me to make many poor choices with money. Continue reading Money Lessons From Mom →

Making Financial Sacrifices

Goals, , , , , , ,

At this time of year, many people all around the world commemorate Easter, when they focus on the death and resurrection of Jesus Christ. In the Christian faith, Jesus’ ultimate sacrifice of His life brought salvation to a weary and sinful world.

The word sacrifice may conjure up images of pain and deprivation, and many persons would prefer to avoid the distress associated with making a sacrifice. However, while a sacrifice often involves difficulty, it can also be a beneficial action which brings positive results in your life.

When you make a sacrifice, you usually give up something pleasurable for something that may lead to severe discomfort, or you carry out an unselfish deed to benefit others instead of yourself. Most people are motivated to make a sacrifice when they are working for a greater good.

While it may not be your calling to make drastic life sacrifices, when it comes to your money, there are times in which sacrificial decisions will be required. Let’s look at some of the ways in which making sacrifices may help you to become financially successful. Continue reading Making Financial Sacrifices →