Tag Archives: financial literacy

How to become a successful investor

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Last week we looked at several investor personalities which Robert Kiyosaki describes in his best-selling investing book, CASHFLOW Quadrant. While examining the attitudes and actions of different types of investors, he explains that most of them will only achieve minimal success because they lack the financial intelligence required to become wealthy.

Kiyosaki outlines three investor types that will become successful with money. The first is the long-term investor that is actively involved in making investment decisions. He explains that these persons invest in their own financial education before they buy an investment, so that they can fully understand how to make appropriate choices with their money.

These investors are financially disciplined; they live within their means and minimise their liabilities. Once they have identified their goals, they find out how much they need to invest to attain their objectives and create realistic action plans. They seek advice from competent financial advisors, are usually conservative, and avoid complex investing options. Continue reading How to become a successful investor →

Knowledge is Power in Business

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Sixteenth-century philosopher Sir Francis Bacon is credited with coining the phrase “knowledge is power”. I enthusiastically support his viewpoint, as I believe that the pursuit of knowledge is an important means of personal development.

However, acquiring knowledge by itself is not sufficient; the key to real growth is applying what you have learnt to improve your life.

Searching for new ideas may sometimes be likened to opening the mythical Pandora’s Box. Like the ancient tale, exercising a natural curiosity to find the unknown could result in the discovery of truths that would have been better left hidden, and may even bring danger in some instances. Continue reading Knowledge is Power in Business →

Uncovering the Secrets of Money Success

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Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.” – Matthew 7:7, NIV Bible

As a money coach, I interact with many people who are desperately seeking solutions to their financial problems. When you are constantly broke, heavily in debt and unable to find the way to achieve your dreams, it can feel as if you’re lost in a confusing maze without the vital directions to get you out.

I can easily relate to people’s feelings of distress, as I was also trapped in a financial quicksand for a long time. After years of spending more than I earned, depending on debt and naively ignoring any preparations for the future, I had the good fortune to get a job at a financial institution.

For the first time, I saw persons who were smart about money, who were achieving financial goals that I hadn’t even dreamed about. Continue reading Uncovering the Secrets of Money Success →

Financial Education for all Jamaicans

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“He who knows not and knows he knows not, is simple; teach him” – Arabic proverb

The road to financial achievement can be a difficult journey for many persons. The passage to money success is frequently encumbered by deep potholes and unexpected speed bumps. In fact, most people never end up attaining their goals, as along the way they detoured from the straight and narrow path of making smart financial choices.

Over the years, I have realised that the number one reason that most people falter on the route to financial freedom is that they aren’t aware of what it takes to be successful with money.

Thanks to improved access to communication sources and lessons learnt from the recent financial fallouts, more persons have become concerned about their lack of knowledge about financial matters, and are desperately seeking answers to their problems. Continue reading Financial Education for all Jamaicans →

More Money Lessons I Wish I Had Learnt In School

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In nine years of experience in providing personal financial advice, I have trained thousands of persons from all walks of life about the principles of money; I have coached highly paid doctors and lawyers and counselled lower-income workers.

There is one factor that unites the majority of persons who seek my assistance – they are facing financial distress because they are unaware of the basic steps that they should take to successfully manage, multiply and maintain their money.

I can recall the frustration of a professional who earns more money in one month than most Jamaicans will see in a year, as he painstakingly tried to organise his finances to get out of debt. “I can’t believe that I don’t know how to budget,” he sighed, “why didn’t they teach us about this money stuff when we were in school?” Continue reading More Money Lessons I Wish I Had Learnt In School →

The 3 Ms of Money Gone Caribbean!

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It’s been really exciting seeing the development of the personal finance industry in Jamaica over the last eight years. As I write my memoirs about my past money mistakes and the strategies I used to turn around my financial situation, I remember the days when I felt like a lone voice in the wilderness, talking to people about the importance of proper financial habits.

Ever since I learned that the key to money success was all about knowing, understanding and doing the right things with money, I have been committed to spreading the ‘3 Ms of Money’ message – how to manage, multiply and maintain money.

Today, there are more institutions passing on information about the right money habits for success, although there’s still a lot of work to be done. It’s also encouraging to see the focus on financial literacy education in agencies around the Caribbean. I am actively building my audience in the Caribbean, and I have recently been included as a feature writer on the regional website http://financialliteracycaribbean.com.

I’m looking forward to taking the ‘3 Ms of Money’ all around the Caribbean very soon!

Keep being Financially S.M.A.R.T.

The Five Laws of Gold

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“Money is plentiful for those who understand the simple laws that govern its acquisition.” George S. Clason

In these harsh economic times, there are many people who believe that it’s almost impossible for them to become get ahead financially. They focus on their shrinking spending power and their apparent inability to achieve their goals and declare, “I give up!”

What most people fail to recognize that it’s not really their lack of money that’s keeping them broke, it’s their lack of financial literacy that’s holding them back. According to Wikipedia, financial literacy is the ability of individuals to make appropriate decisions in managing their personal finances.

You can actually learn how to manage your money effectively, multiply your money to create wealth, and maintain your money to preserve it for future generations.

So where can you obtain an education on financial literacy? The bad news is that the art and science of managing money is not taught in schools, although it should be. The good news is that the information is still available if you look for it. Continue reading The Five Laws of Gold →

Fun ways to teach kids about money

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May is observed as child’s month, so I decided to search the Internet for interesting and fun ways to teach our children about money and personal finance. Equipping our kids to handle money wisely is one of the most important skills we can give them.

It is my dream that one day, there will be a financial literacy curriculum in all schools, so that our children will be fully prepared to deal with managing, multiplying and maintaining their money as adults.

Let’s look at some websites that offer stimulating money lessons and products: Continue reading Fun ways to teach kids about money →

Teaching Your Children About Money

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“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 →