Tag Archives: Jamaica

Pride Goes Before a Financial Fall

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“Pride goes before destruction, a haughty spirit before a fall.” – Proverbs 16:18 (NIV)

 Act 1: Pride – a high opinion of your own importance

Jonathan, a 34-year-old accountant, makes an average income and lives in an affordable rented one-bedroom midtown flat. He inherited a 2001 Toyota from his father, which performs reliably without needing major repairs. However, despite his reasonably comfortable existence, Jonathan is very dissatisfied with his present position.

Many of Jonathan’s former schoolmates have advanced rapidly up the corporate ladder, and now hold major positions in banking and product distribution companies. As the valedictorian for his graduating year at high school, Jonathan is painfully aware that most of his high-income colleagues were less-than-stellar achievers in school.

Every time they get together, Jonathan compares himself with his friends and thinks that he comes up short in every area. As they discuss the latest high-tech features of their high-end SUVs and share details of their recent jaunts to luxury resorts, he resents the fact that his income does not allow him to live the lifestyle that he thinks he really deserves. Continue reading Pride Goes Before a Financial Fall →

Money Mission: Reduce, Reuse, Repair, Recycle

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In today’s economy, many consumer products are made to be disposable. Gone are the days when you could buy an item that could be used for several years or even passed down through generations.

It seems that some goods are designed to last for a specific time; once they have reached that point, an internal self-destruct feature is activated and they suddenly stop working.

Manufacturers recognise that one of the keys to sustainable profits is to create products that their customers will consume quickly and purchase again. So, even though their offerings are made to the highest standards and are built to last, some marketers will continually release new versions of their ‘must-have’ items to ensure that consumers discard the old for the new. Continue reading Money Mission: Reduce, Reuse, Repair, Recycle →

More Money: The Internet Is The Key

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How did a 24-year-old security guard change his financial situation by learning the secrets of making money on the internet? When I first heard Ricardo German give his testimony at an internet marketing seminar earlier in 2012, I was inspired by this young man who eagerly embraced the income opportunities available on the World Wide Web.

For years I have been encouraging persons to search online for solutions to earn extra money. You don’t need a lot of capital to get started, nor do you require specialized training to succeed. The world of online marketing is open to persons who are willing to learn new methods of earning, and are determined to keep trying until they achieve their objectives.

After his impromptu talk at the seminar, I followed up with Ricardo to discover more about his motivating story. He shared with me a classic account of how someone can have his or her dreams fulfilled, with the right attitude and actions.

Hopefully his words will encourage you to believe that, in spite your current challenges, you do have the power to change your destiny. Continue reading More Money: The Internet Is The Key →

Turn Criticism Into Cash

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When I encourage persons to look for ways to generate extra income, I often get the response that although they may have some great money-making inspirations, they are afraid of the possible reaction that they will get from friends and colleagues.

One of the biggest deterrents to creativity is our fear of being criticised, and this can cause us to abandon good opportunities to earn. In Simple Steps to Impossible Dreams, author Steven K Scott explains that your “efforts to avoid criticism subvert and suffocate your creative thinking and sabotage your launch before you even attempt to achieve your dreams”.

Words can bring long-term hurt

Why do we avoid criticism like the plague, sacrificing the potential gain that may be our reward for trying something new? The simple answer is that being criticised hurts. Continue reading Turn Criticism Into Cash →

More Money: Nature’s Wealth

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The debate on our 2012 national budget has left many of us with more questions than answers. We are being advised to prepare for austerity measures, yet the only way for Jamaica to overcome the deprivation that faces us is to focus on growth.

If our economic strategies do not promote and support productive activities, then the country’s financial future will be compromised.

Despite the general feeling of uncertainty that currently exists, let’s make a special effort to think positively about the prospects and possibilities for better. For me, while I may not be able to control or change our leaders’ economic decisions, I will continue to play my part by encouraging each and every person in Jamaica to focus on earning more.

It is getting more challenging for the traditional manufacturer to produce competitively, thanks to increases in the cost of living. Electricity, wages, transportation, and security are just some of the rising overhead expenses that make it harder for businesses to remain profitable.

However, in difficult situations, those who use innovation can definitely find new opportunities to exploit. Continue reading More Money: Nature’s Wealth →

Money Mission: Build a Money Machine

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Wouldn’t it be wonderful if you could design a machine that can generate cash every hour of the day? Whether you were eating, playing or sleeping, this device would ensure that you were consistently supplied with a steady stream of income. Your money problems would be history and the lifestyle of the financially free would be yours forever.

While many of us would love to possess a magic money machine, this apparatus would probably be impossible to build, and it would definitely be illegal. However, the concept of creating an income source that could eventually produce earnings without your personal effort is something that is entirely in your power to achieve.

Do you have to work to earn?

Most of us have grown up with the idea that the only way to earn money was to physically work for it. We were taught in school to study hard, get good grades and look for a nice job with attractive fringe benefits. For the most part, our education system does not foster entrepreneurial thinking which focuses on teaching people how to create income-generating systems. Continue reading Money Mission: Build a Money Machine →

More Money: Eat, Drink, Earn

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It would definitely be an understatement to say that Jamaican people love to eat. It is a treasured part of our culture to celebrate food; we enjoy not just partaking of a good meal, but preparing it as well. There are tremendous opportunities for persons to create profit from satisfying our never-ending demand for food.

The Jamaica Observer newspaper showcases many established and nascent businesses in our local food industry at its Annual Food Awards [last held May 31, 2012]. All of the participants have devoted considerable time, money and effort to create products that bring pleasure to people who love to eat and drink Jamaican fare.

Although it may take a relatively large investment to make it big in the food business, there is plenty of room for ordinary persons to get involved as well. As we continue to look at different ways to make extra money in these challenging economic times, let’s look at some practical possibilities to generate income in your spare time with food. Continue reading More Money: Eat, Drink, Earn →

Achieving Impossible Dreams

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In my continuous search for solutions to various kinds of money problems over the past 10 years, I have read dozens of books about money success and goal accomplishment. I thought that I was aware of all the top gurus in these genres and that I had analysed and assimilated all of their expert advice.

It wasn’t until recently that I discovered that one of the foremost writers on personal and professional achievement had somehow escaped my scrutiny. Upon the recommendation of a good friend who praised the work of best-selling author Steven K. Scott, I decided to take a look at his work, Simple Steps to Impossible Dreams.

Any book that promised to reveal secrets known by the world’s most successful people would definitely arouse my interest, so I eagerly delved in to find out what Scott could teach me about achieving the impossible. From the very first chapter I realised that I had unearthed a treasure map that could outline the route to accomplishing my wildest aspirations. Continue reading Achieving Impossible Dreams →

Reflections on Retirement

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Hundreds of readers have accepted this month’s money mission to focus on retirement, and this has confirmed to me that many people are very concerned about said aspect of financial planning. I’m sensing that some of you are becoming desperate about your present financial state of affairs and the bleak future that may be awaiting you.

Whatever your current financial position, I want to reassure you that it is possible for you to design a realistic plan of action that can help you to not only survive during your retirement years, but have a fulfilled life. However, pretending that you don’t have a looming problem is only going to ensure that your worst financial nightmare will become your retirement reality.

Let’s look at some important issues that you should consider in order to make proper preparations for this important time in life. Continue reading Reflections on Retirement →

Money Mission: Make A Realistic Retirement Plan

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I vividly remember dealing with a client many years ago at the financial institution where I worked. He was in his late-50s and wanted to put aside some funds for his retirement. Preparing to discuss investment options and strategies for this objective, I asked him how much money he had to start his plan.

He presented me with a cheque for just over J$150,000 (at that time, the equivalent of about US$2,400), and after I asked some pertinent questions, it became clear that this was the sum total of my client’s net worth. He explained that he had worked in the music industry for his entire life and had seen a lot of money pass through his hands, but had never thought about putting aside some of his earnings for the future.

As he continued to relate his sad story of business setbacks and personal challenges with a chronic illness, I realised that he had become despondent and was not really receptive to my ideas to improve his situation. Just before he left, he said, “I wish someone had taught me these things 20 years ago when it could have made a difference.” Continue reading Money Mission: Make A Realistic Retirement Plan →