Tag Archives: Jamaica

A Dollar for Your Thoughts

Money Reflections, Saving, , , , , , ,

The phrase “a penny for your thoughts” is usually expressed when asking someone to voice an opinion on an issue being discussed, or when trying to discover the ideas which might be occupying the mind of someone lost in deep contemplation.

The earliest recorded use of the idiom is traced back to the 16th century when a United States penny, or one cent, was much more valuable than it is today. Given the current purchasing power of a penny, it might be considered almost disdainful to offer someone a cent for their opinions!

Our falling Jamaican dollar

I recently recalled this old saying when the rate of exchange of the Jamaican dollar to the United States counterpart first traded at about $100 for US$1 in June 2013. Our embattled currency symbol, which now had a value of less than one US penny, had hit a dismal new low. Continue reading A Dollar for Your Thoughts →

Money Mission: Lose Your Excuses!

Goals, , , , , , ,

We’re now at the halfway mark in the year, and it’s incredible that six months have already passed us by. Time marches steadily on and it certainly isn’t waiting on us to join the parade! The year 2013 will disappear before you realise it; how successful have you been at keeping your resolutions?

In assessing the actions you have taken thus far towards achieving your goals, how would you rate your progress? Are you enthusiastic about your development, underwhelmed with your results, or have you simply resigned yourself to yet another year of missed opportunities?

Six months to succeed
The good news is that you still have the ability to make this year count; there are still six months left to pursue your objectives. It’s now a great time to identify the recurring issues which may prevent you from moving forward, and refocus your energies towards success. Continue reading Money Mission: Lose Your Excuses! →

Creating a Time Budget

Budgeting, Goals, , , , , , ,

This month, the focus has been on getting organised so that you can be better equipped to accomplish your goals. If you study the habits of successful people, you will recognise that they all learned how to effectively organise and control their resources to achieve great things.

One of the most important skills that will be required for goal attainment is time management. Your plans for your future will not be realised unless you have a proper time utilisation strategy to carry out the necessary tasks. One way to accomplish this objective is to create a time budget.

Design a schedule for your time

To budget your time, you should first design a timetable that lists blocks of time on the left-hand side in half-hour increments, and the seven days of the week along the top of the page. To make this process easier, you can simply download a time budget spreadsheet on www.financiallysmart.org. Continue reading Creating a Time Budget →

Expect the Best, Prepare for the Worst

Risk Protection, , , , , , , ,

For many people, thinking about the subject of money brings on negative emotions ranging from mild confusion, constant frustration, sheer anxiety to full-blown panic. It’s unfortunate that such an essential part of our lives can sometimes cause us to experience so much mental pain.

Very often, persons will create their own money misery with their poor financial habits. Splurging in excess of their income, not planning for upcoming expenses, ignoring the need to save, and not making efforts to earn part-time income are some of the practices that can cause distress.

While careless spending and budget shortfalls are the usual suspects for money worries, sometimes a lack of organisation in your financial affairs can bring unwarranted concern. Uncertainty about the true state of your finances can lead you to be overly fearful about your financial future. Continue reading Expect the Best, Prepare for the Worst →

Money Mission: Get Organised

Goals, , , , , , ,

Each month we have been addressing a specific task that will allow you to become more efficient in carrying out your financial objectives. Goal accomplishment is not attained by isolated spurts of activity; it’s the little actions that you do every day that will eventually help you to be successful.

This month’s money mission addresses a major problem that can hinder your effectiveness in your personal, work and financial lives. Many people find that they are not able to achieve their best, not because they lack the desire or skills to do so, but because they are completely disorganised.

Disorganisation brings distress

Marcia awakes each morning with an optimistic outlook. “Everything is going to run smoothly today,” she vows. Marcia operates a small wholesale and also makes gift baskets that she delivers to her customers. She juggles the two activities hoping that the combined effort will pay all her bills. Continue reading Money Mission: Get Organised →

Food and your Finances

Money Reflections, , , , , , ,

Jamaicans definitely have a very special relationship with food. Our love of preparing and eating good food is culturally celebrated in poems, songs, wise sayings and folklore. Many people will travel far and wide just to partake in a fancy food festival or curry goat cook-up.

Food also has a major effect on our economy. Apart from the profits that food providers can make, other businesses can benefit from our fascination with food. If you’re planning an event and you want to encourage people to participate, just let it be known that free food will be available!

The benefits of the food industry

On the positive side, our country is experiencing a resurgence in the quantity and quality of food service professionals. When I was in school, over 20 years ago, it was not considered ambitious to take a home economics class, as you didn’t see how it could contribute to a lucrative career. Continue reading Food and your Finances →

Keeping Records is Key

Budgeting, Business Success, , , , , , , ,

One of the occasional tasks that I find tedious and inconvenient is filling out forms or questionnaires. Whether I’m required to carry out a survey, complete documents for a financial institution or even submit contact information online, I usually have to overcome my initial resistance to the process.

I know I’m not alone in my aversion to data entry; but in many instances, it can be well worth the effort to capture information in a written or computerised format. When it comes to your finances, it is essential to maintain regular accounts of your transactions, both for individual and business use.

If you don’t have a firm handle on your financial dealings, it can cost you dearly in lost time, money and opportunities, and lead to confusion and frustration. Let’s look at some of the ways in which keeping timely and accurate records can help you to manage your personal or business finances. Continue reading Keeping Records is Key →

What do you need to learn about money?

Financial Literacy, , , , , , ,

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

Financial Literacy, , , , ,

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

Financial Literacy, , , , , , ,

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 →