Tag Archives: financial literacy

Money Musings: What You Don’t Know Can Hurt You Financially

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I recently read a report about an entrepreneur who was being sued for non-compliance to a business contract. Apparently the deal contained specific delivery terms for the product that was being sold, and the business owner failed to provide the goods within the agreed time.

This time delay resulted in the customer losing a lucrative partnership, and the negligent business owner was taken to court to obtain damages. The defendant admitted that he was not aware of the time stipulation, and declared that he would not have signed the contract if had he known about it.

What the business owner didn’t know ended up costing him a significant sum, as he was deemed liable to pay for his customer’s losses. This case made me think that there are many occasions in which we can suffer financially because of what we don’t know. Continue reading Money Musings: What You Don’t Know Can Hurt You Financially →

What do you need to learn about money?

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As children, we were taught that we needed to study the topics of reading, writing and arithmetic if we wanted to do well in school. Similarly, if you want to be financially successful, you have to make an effort to learn the essential principles of dealing with money.

Wikipedia.org defines financial literacy as the “set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.” There are three keys to being financially smart — you have to know how to manage, multiply and maintain your money.

Get basic money skills
The important skill sets to learn in managing money are: how to budget to know the cost of your lifestyle and to prioritise your spending; how to develop the discipline of saving; how to manage useful debt and eliminate wasteful borrowing; and how to set and achieve your financial goals. Continue reading What do you need to learn about money? →

Six Ways to Learn About Money

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I regularly receive correspondence from readers asking me for advice on how to fix their money problems or accomplish some of their financial goals. While it’s possible to answer some questions in a few paragraphs, most queries would require an extended period of teaching to comprehensively address the issues of concern.

We live in an age of immediate gratification, and many people have become accustomed to getting fast solutions to their needs. Although today you can enjoy convenience foods, Google searches and instant messaging conversations, when you are looking for solutions to your money challenges, there really is no shortcut to success.

Take charge of your financial education
It took me many years of dedicated research and determined application to garner the wealth of knowledge about money that I am happy to share with you each week. I’m still learning new things all the time about what it takes to be successful with money, as there is always some lesson in life that can bring more insight and wisdom. Continue reading Six Ways to Learn About Money →

Money Mission: Increase Your Financial Knowledge

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One of the reasons why persons may find it difficult to achieve their money goals is that they lack the financial know-how necessary for success. They might be clear about what they want to achieve, and may be motivated to do what’s necessary to accomplish their objectives, but they are still hampered by uncertainty about the right way forward.

Although having insufficient information can negatively affect your self-confidence, it’s one of the easiest obstacles to overcome. We are living in the age of information, and there are myriad ways to gain detailed instructions on almost anything you need to do. Once you have a strong desire to learn, you can seek and find the answers to most of your questions.

As we continue to look at strategies which can help you to stay focused on your goals, this month’s money mission challenges you to get educated about financial matters. As 16th century philosopher Sir Francis Bacon declared, “Knowledge is power;” and learning the essential skills of money can empower and equip you to take charge of your financial future. Continue reading Money Mission: Increase Your Financial Knowledge →

MoneyAir Flight 2013

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Ladies and gentlemen, welcome aboard MoneyAir Flight 2013, with non-stop service to Money Success! It is my pleasure to be your financial flight attendant who will guide and assist you for the duration of this 12-month journey.

Your trip on MoneyAir will be customised to fit your needs, as all passengers must create individual flight plans to achieve their personal objectives. It is important that you make a directional map that is specific, measurable, achievable, relevant, and time-based. If not, your journey will be aimless and frustrating, and you will not be able to reach your desired destination.

On MoneyAir, we put you in the pilot’s seat, as you are actually the designer and driver of your own destiny. You will be required to adopt a persistent and determined attitude on this flight, as it will not always be a smooth or simple journey. As we prepare for take-off, please pay full attention as I explain the safety features of our special flight. Continue reading MoneyAir Flight 2013 →

Jamaican Money Resources

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Over the years, I have observed a steady increase in the number of Jamaicans who are trying to develop their money skills and find ways to improve their finances. There is a wealth of financial information available on the internet or in books and CDs; but very often the material has been developed for an overseas audience, so some of the details might not be relevant to our situation.

While basic money principles are the same regardless of the country of origin, there are certain financial issues that are unique to our culture that can only be adequately covered from a local viewpoint. It is therefore encouraging to see that some Jamaican authors have risen to the task of spreading financial literacy by sharing their knowledge and experiences about money.

Let’s look at some of the locally available books that aim to educate persons about personal finance and business matters. Continue reading Jamaican Money Resources →

The Art and Science of Making Money

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Despite the developments in technology and differences in trends that emerge over time, there is one financial certainty that will probably remain constant. Most persons – regardless of age, gender, education, nationality, status or creed – will express the desire to have more money.

The ability to increase income levels far in excess of spending needs is desired by many, but discovered by very few. Could it be that some people are blessed with an inherent flair for making money that escapes the less talented majority? Or is there a scientific approach to money multiplication which can only be exploited after years of dedicated study?

The 2012 Money Manifesto, our 12-step guide to creating financial success, provides a recipe for increasing your income and putting your money to work for you. It is virtually impossible to budget successfully, save towards a nest egg, avoid debilitating debt, and plan for future goals, without having the means to boost your earning power. Continue reading The Art and Science of Making Money →

Budgeting Is A Must

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Last week we expanded on the concepts in our 2012 Money Manifesto and explained why focusing on your financial education is the most important investment you could make for your future.

If you’re searching to find answers to your money problems, I can assure you that you will find the solutions in books, magazines, CDs, DVDs and Internet sites that deal with financial matters.

The first money success principle that you need to learn and apply is budgeting. Our Money Manifesto states: that “I will no longer be clueless about what I spend money on, as I will take the time to document all the expenses that I expect to come during the year. I will write down all my income sources and then calculate if my earnings can cover my expenses.”

There are two main reasons why budgeting is an indispensable money management tool. Continue reading Budgeting Is A Must →

Money Manifesto for 2012

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As many Jamaicans go to the polls today to select the party, people and policies of their choice, I thought that I would create a ‘Money Manifesto’ containing all the financially smart steps that can help you to shape a prosperous future for 2012 and beyond.

The 12 points shared below represent the essential areas that you should follow if you wish to become financially successful.

1. I will make financial education my priority.

I will invest in my own personal development by seeking to learn more about money. I will endeavour to read or listen to good financial advice every single day, as I recognise that most of the solutions to my money problems can be found in other people’s experiences in books and CDs. Continue reading Money Manifesto for 2012 →

Investing Is Not Rocket Science

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Many persons think that investments are mega money-making deals that can only be carried out by wealthy individuals such as financier Michael Lee Chin or hotelier Gordon ‘Butch’ Stewart. It’s also commonly believed that investing involves very technical and complex financial transactions that are outside of the understanding of the average person.

These mistaken notions often lead persons to become intimidated by the thought of investing, and this unfounded fear often prevents them from creating wealth with the use of solid investments. The reality is that once you have a desire to learn about investing, it is possible to find out all you need to know to become a competent and successful investor.

My personal experience offers living proof that anyone, regardless of background, education, age, or sophistication, can figure out the intricacies of investing. Just over 10 years ago I had no idea that there was even as concept called investing; in fact, I didn’t even practise the simple habit of saving my money. Continue reading Investing Is Not Rocket Science →