Tag Archives: finance

Five Steps to Achieving Your Financial Dreams

Goals, , , ,

“Sometimes I dream about being a financial success -owning my own home and having enough money to buy nice things for my two children. Then I remember my present ‘hand-to-mouth’ existence, and I feel hopeless and depressed. I’m tired of worrying about money! Can you show me how to start turning my dreams into reality?”

We all have dream wish-lists that we like to think about: we hope to one day get rid of our landlords and turn our own keys; we wish that somehow we could be rescued from the jobs we hate; we desire that our children would be able to live better lives than we did.

Why is it that many people never seem to achieve their financial dreams? Sometimes if we dare to speak out about the big things we want out of life, we’re met with the words, “Stop dreaming and get real!” So we accept our present condition as our reality and give up without a fight. Continue reading Five Steps to Achieving Your Financial Dreams →

Your Dream Wedding On A Budget

Goals, , , ,

“I just got engaged, but my fiancé says he can’t set the date yet, because we don’t have enough money to have a nice wedding ceremony and reception. I really would like some advice on how we can get married on a limited budget”

A beautiful wedding can be one of the most cherished events in a person’s life, but it can also be one of the most expensive undertakings. The good news is that it’s not impossible to have your dream wedding without breaking the bank.

Plan Your Budget

The first step in preparing for your wedding is to make a detailed budget outlining your expected costs. Some of the major expenses to consider are: Food, Clothing, Wedding rings, Location rentals, Invitations, Photography & Videography, Decorations, Music, and Honeymoon expenses. Continue reading Your Dream Wedding On A Budget →

Starting a Small Business

Business Success, , , ,

“I hate my nine-to-five job, and I would love to work in a business of my own. I’ve always dreamt of one day leaving a large, vibrant company for my son to carry on, to give him a good start in the world. I opened a wholesale shop once, but I ended up losing a lot of money.

“I would like to start another venture, but don’t think I can afford to fail again. What can I do to guarantee success in business?”

It’s wise for you to approach starting a business with some amount of caution. A business venture can be a potentially profitable form of investment, and it’s probably the route to eventually achieving financial freedom. Unfortunately, there are many stories of people who have gone into business and lost a lot of money, even ending up seriously in debt.

Even though the failure rate is high for start-up businesses, it is possible for you to eventually achieve your dream if you approach it with careful planning. Here are some factors to consider for your next business idea: Continue reading Starting a Small Business →

Shopping on Impulse

Spending, , , ,

“My husband and I have been trying to budget, as we realize that most months we can barely make ends meet. Last week, a large-screen TV from a popular furniture store was delivered to our home. My husband had mentioned nothing about this purchase prior to delivery.

“I am very upset that he broke our budget for a totally unnecessary item. I can’t understand why he did this, and I need some advice to make sure he doesn’t do it again.”

It’s difficult to try to live a frugal lifestyle nowadays. We’re constantly bombarded with advertisements encouraging us to buy with no deposit down, or enticing us with expensive rewards if we purchase from their store.

Unfortunately it seems that your husband may have given in to the understandable desire to see the World Cup Football matches in large and living colour! Continue reading Shopping on Impulse →

Making Ends Meet in Retirement

Retirement & Estate Planning, , , ,

“I retired from teaching five years ago and I’m finding it very hard to make ends meet. I have a fixed pension and it seems that every month my expenses increase. Do you have any advice on how to make my retirement money stretch more?”

These are financially challenging times for all consumers, especially retired persons. We’re constantly searching for creative ways to spend less, but sometimes it seems that the cost of living demands more of our hard-earned dollars every day.

For retirees on fixed pensions, it can be frightening to see your nest eggs dwindling. Many additional health concerns may also be brought on by the stress of wondering if you’ll outlive your money. Continue reading Making Ends Meet in Retirement →

Managing Money in Retirement

Retirement & Estate Planning, , , ,

“After working for over 36 years in the civil service, I’m going to retire in a few months time. I feel a little confused about how to make sure my retirement money is properly invested. I’m also scared that my pension and savings won’t be enough for my needs. What can I do to feel more secure in retirement?”

In theory, retirement should be a time to relax and enjoy the fruits of your labour. In reality, many persons face retirement with fear, wondering if this change of life will bring better or worse.

One of the biggest sources of concern for retirees is the uncertainty about money- how will they survive without a steady paycheck?

Continue reading Managing Money in Retirement →

Teaching Your Children About Money

Kids & Money, , ,

“I grew up with a poor but loving grandmother, and money was always hard to come by. Finances were never discussed at home, and I think that not learning how to save or spend money properly may have caused me to really mess up financially when I started working.

“I have a 6 year old daughter, and I don’t want her to suffer the same fate. How can I teach her good money management skills from now?”

Most mothers are great at focusing on life’s necessities – ensuring that their children are well fed and clothed, that they go to school regularly, and that they’re protected against the evils of the world.

Unfortunately, many parents neglect an important lesson that can be taught to children right in the home- how to be successful with money.

Continue reading Teaching Your Children About Money →

How Does Your Money Grow?

Saving, , ,

I’m 19 years old and I just started working. All I can manage to save at this time is J$500 per month in my credit union. Sometimes I wonder if it’s worth it, as my savings seem to grow so slowly. I feel tempted to just spend this money until I can really afford to save more. What you would advise?”

Congratulations on your decision to start saving some of your income, regardless of how small you think it is. Don’t discount the value of your current savings effort. Remember the Jamaican adage – “Every mickle mek a muckle.”

In financial terms this means that you should be content to save the little you have over time, and eventually you’ll get all the money you need.

Last week we looked at three keys to starting a savings plan and ensuring its success: pay yourself first, save at least 10% of your salary, and use automatic deductions to save consistently.

Once you’ve gotten into the savings groove, how can you make your money really grow faster?

Continue reading How Does Your Money Grow? →

Saving Success

Saving, , ,

“I will finish university in two months, and I will start my first job. I want to get going with a savings plan as soon as I receive my first pay cheque. What would you advise me to do?”

I’m very impressed with your determination to begin your working life with the right savings attitude. Many of us (myself included) wish that we could turn back the clock and reverse all the years we spent splurging our income.

Time is on your side- with a savings and investment plan in place, you can accomplish many financial goals. A deposit on your first house, higher education, travel around the world, a comfortable retirement – all these can be within your reach by just starting to invest early. Continue reading Saving Success →