Tag Archives: finance

Your Taxes – No Escaping Them!

November 9, 2007Business Successbusiness registration, finance, Jamaica, tax evasion, TRNCHS

“Beenie Man wanted for tax evasion!” the news headlines screamed. The popular Jamaican entertainer, whose real name is Moses Davis was in big legal trouble recently after he failed to turn up in court to answer charges of tax evasion.

According to the reports, Beenie Man owes nearly J$30m in back taxes and over J$18m in penalties. As Resident Magistrate Owen Parkins issued the warrant for his arrest, he issued a warning: “No one is above the law, not even me.”

Only time will tell the outcome of Beenie Man’s tax woes, but his dramatic story highlights a very sensitive issue for consumers- the paying of taxes. In Jamaica, most employed persons are taxed automatically through the Pay As You Earn (P.A.Y.E.) system, where their employers are responsible for deducting and paying over their taxes to the authorities.

However, as more people become separated from their nine-to-five jobs through redundancies or the desire to be their own bosses, non-compliance in paying taxes becomes a big issue. Continue reading Your Taxes – No Escaping Them! →

Making Money on the Internet

October 26, 2007Income Creationblogging, finance, Jamaica, podcasting, YouTubeCHS

One of the most frequent questions I receive as a financial advisor is, “How can I earn more money when I don’t have the time to take on a second job?” Then there are others with lots of time on their hands, like the college graduate who can’t get a job, or the worker who’s been laid off, who will ask how they can find viable ways to generate income.

There is a remarkable money-making opportunity that’s open to practically everyone – young or old, university-educated or high-school dropout – which doesn’t require huge amounts of start-up capital or specialized knowledge to succeed. What is needed to take advantage of this new age money-maker is a little creativity and the determination to learn the tricks of the trade.

This opportunity is called Internet marketing.

Last week I attended Peak Potentials’ The World’s Greatest Marketing Seminar, where participants were exposed to cutting-edge techniques of marketing. Speaker after speaker showed how making money on the Internet was more accessible than ever before to anyone, anywhere, in the world that wanted to take advantage of it. We heard tales of people who were earning thousands of dollars (United States currency of course!) monthly, weekly and even daily by marketing products and services online.

To make your mark on the Internet you have to take advantage of most or all of the various mediums of presenting your product or service to the world. Here are a few of the possible things you can do:

1. Make a simple and useful website

If you have a product or service for sale, then you need to have a presence online. Don’t limit yourself to what you may think the Jamaican market can handle- there’s millions of people out there in cyberspace who may want what you have to offer. You don’t have to spend a lot of money making it high-tech or fancy, just present the bare essentials of what you do and how it can solve someone’s problems. The next step is to utilize some of the many techniques of driving interested consumers to your webpage.

Need ideas to create more money? CLICK HERE!

2. Express yourself by starting a blog

According to www.answers.com, a blog is short for web log, an online, regularly updated journal or newsletter that is readily accessible to the general public by virtue of being posted on a website. Blogs usually report on topics of interest to the author, but readers can also post their comments. A blog can help you to promote your product or service by containing a link to your website, and by allowing you to establish yourself as an expert in your field. You can start a blog in minutes free of charge by going to a blog publishing site like WordPress or Blogger.

3. Let your voice be heard with podcasting

Many people react with more emotion to the sound of a voice than just to words on a paper. To get your message to stand out from the crowd, you can create a recording called a podcast that people can listen to on your site or play back on a portable media player. The term was derived from combining broadcast and iPod (the Apple brand of the media player). Podcasts allow to you to continually reach your audience whenever you update your content.

4. Put your best face forward with online video

If a picture is worth a thousand words, then video broadcasting is the whole book. Think of how successful you could be if you could speak directly to lots of people about the benefits of your product or service. Video podcasting can be done on your site, or you can post something related to your offering on a website such as YouTube which is viewed by millions. For example if you sold natural hair care products could post a video demonstrating hair care tips.

Now many of you might be thinking that online marketing is only for computer geeks and ‘techies’ who are very familiar with the workings of the Internet. This is definitely not the case, because how-to information is available to anyone who searches for it online. There is also a level playing field as you can have access to millions of people who may be interested in what you have to say, or to sell.

The following is an example of an unlikely Internet marketing success story: A 90-year-old great-grandmother in Australia was bored with retirement and wanted a way to share her love of quilting with the rest of the world. She received some basic Internet training and learned how to publish an E-book on quilting. She now earns over US$1,000 monthly selling her E-books online and has thousands of devoted subscribers to her site.

If a ninety-year old retiree can make money on the Internet, don’t you think you could too? Next week I’ll look at what you can offer on the Internet if you don’t have a business or product to sell.

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Originally published in The Daily Observer, October 25, 2007

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

Small Business Financing: Is it impossible to get it without collateral?

October 19, 2007Business Successcollateral, credit rating, finance, Jamaica, lending rateCHS

“After reading your column last week, I must agree with a lot of things you said. I am a small business operator for the past ten years and I have found that a loan is one of the hardest things to access. A small business like mine aspires to become a big business one day but when no one wants to lend you the amount of money that you want, you will never reach that goal.

“If every time I need a loan I can only get J$30,000 then I will remain a small business owner for life. Are the banks really interested in helping small business or are they just interested in making their interest? Let’s face it- a lot of small business operators don’t own land or houses so telling us we need a registered title or car title to access funds only drives us up the wall and give us no hope.

“As the saying goes BANKS ONLY LEND MONEY TO PEOPLE WHO DONT NEED IT.”

These are the words of a clearly frustrated business owner who emailed me last week. I have reprinted this passionate plea almost in its entirety because his views seem to reflect many of the concerns and complaints I receive constantly from entrepreneurs. Finding money to turn a business dream into a reality can sometimes be a nightmare. Continue reading Small Business Financing: Is it impossible to get it without collateral? →

Small Business Financing: What you need to do to get it

October 12, 2007Business Successbusiness plan, finance, Jamaica, loan, profit & lossCHS

The entrepreneurial spirit is alive and well in Jamaica, as statistics show that more and more people are opting to start their own small businesses. However, idealistic business owners are often hit with the harsh reality that most enterprises need financing in excess of what their pockets can provide.

Last week we looked at some funding options as outlined in the Small Business Financing seminar organized by the Jamaica Trade and Invest (JAMPRO) recently. These included the traditional forms of equity financing and short and long term loans, as well as alternative sources that involve making arrangements with suppliers or customers to improve the cash flow of the business.

Although there are varied options available for financing, small business owners sometimes find it difficult to access these funds. Continue reading Small Business Financing: What you need to do to get it →

Getting Financing For Your Small Business

October 5, 2007Business Successbusiness loan, finance, Jamaica, working capitalCHS

While many people who are stuck in a nine-to-five job may dream about chucking it all in and starting their own business, the reality is that an entrepreneur’s life is not an easy one.

When a person takes the big step to become his or her own boss, many daunting questions come to mind, such as; “Do I have what it takes to run my own show?” “What if my idea is not viable?” What will happen to me if I fail?” “Where will I get the money I need to carry out the business?”

One of the major challenges that business persons face is the need for financing. With many start-up businesses, the entrepreneurs have little more that a germ of an idea and a big vision to present to a prospective lender.

With the high failure rate among new enterprises, it is no surprise that many businesses find it difficult to raise the financing they need to succeed.

Continue reading Getting Financing For Your Small Business →

Raising Money-Smart Children Pt 2

September 28, 2007Kids & Moneychores, entrepreneur, finance, Jamaica, real estateCHS

In these challenging economic times, when the spending power of a dollar is declining but expenses keep increasing, it’s important for parents to equip their children with the necessary skills to become good money managers.

Last week we learned how Andrea Reid-Davis, a realtor and shrewd investor, has successfully taught her daughters Gabrielle, 18 and Gayan, 14 to save and earn money. Their wisdom with money belies their years, and this week we’ll look at some of the strategies they have used to enrich themselves.

The Value Of Work

One of the key principles that Reid-Davis has passed on to her daughters is the value of honest labour. She insists that children should be very aware of the work that their parents do to get money to take care of them. This is even more important when the adults have a family business, she confirmed, as children should be encouraged to participate by working in the enterprise. Continue reading Raising Money-Smart Children Pt 2 →

Raising Money-Smart Children

September 21, 2007Kids & Moneyfinance, goal setting, Jamaica, money market, school savingsCHS

“I just negotiated to reduce my bill by US$20!” shouted Gayan excitedly.

Her smile shone brightly not just because of the rows of metal on her teeth, but also from her pleasure in successfully making a deal to save money. I looked up in amusement, wondering what on earth a 14-year-old kid knew about the art of negotiation.

I turned to her mother, Andrea Reid-Davis and asked her what kind of negotiations her daughter was involved in. She noted that Gayan had just bargained with the orthodontist’s assistant to cut her bill for fixing her damaged braces.

Reid-Davis explained that because Gayan kept eating the wrong foods, she would regularly break the bands on her braces. To ensure that Gayan realized the consequences and costs of her actions, the smart mother decided to have Gayan pay the bills from her savings. Continue reading Raising Money-Smart Children →

Managing Money for College Students

September 14, 2007Budgeting, Spendingcollege fund, credit card, expenses, finance, JamaicaCHS

I’m heading off to university for the first time this September, and I’ll be living on campus. I’ve never left home before and I’ve been accustomed to having my parents buy everything I need. I would like some advice on how to spend my money carefully and stay within my budget.”

College life can bring new-found freedom for most young adults. For perhaps the first time, they can make their own decisions: how long to stay out at night, what type of food they want to eat, what to spend their money on. The problem is- most students have had little experience in managing money, and end up making poor choices when it comes to their finances.

Here are some tips to help you to successfully navigate the tricky financial waters throughout your college years: Continue reading Managing Money for College Students →

Don’t Give Up!

September 7, 2007Money & Your Mindbankruptcy, finance, Jamaica, network marketingCHS

“I don’t know where to turn financially- I was made redundant and was without a job for two years. Then I started a little shop and a hurricane destroyed everything I had. I tried to make some money in a network marketing business, but the profits were too small to make a difference. To add to it all, my girlfriend is expecting our first baby in three months. I really feel hopeless right now.”

As a financial coach, I hear a lot of stories of financial despair. Sometimes it’s the quiet desperation of persons who are outwardly successful with all the trappings of wealth, but are inwardly terrified because the bank owns it all, and they know that a missed pay cheque can lead to financial ruin.

Then there are the plaintive cries from those who have no income- tales of job unavailability, impending foreclosures, and bailiffs at the door abound. Then somewhere in between are the masses of people mired in credit card crises, spending addictions, pension-less retirements, failed businesses, and payroll loans spiraling out of control. Continue reading Don’t Give Up! →

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