Tag Archives: Jamaica

Financial Priorities

Budgeting, Spending, , , , , , , ,

A Guyanese colleague shared with me her concern about the financial practices of many Jamaicans with whom she interacted. After spending a few years managing a project in our country, she observed that the attitudes towards saving, spending and debt were very different in the two nations.

One major point of divergence, she noted, was that most Guyanese people were very focused on saving to buy a home as their first priority. The consultant remarked that you would hardly see persons in her country driving a car if they did not already own a piece of property.

Another point of difference was that most Guyanese were very embarrassed about having debt that they could not afford to pay. Indebtedness was taboo and there were even cases of persons who attempted suicide because they were so devastated about their unpaid financial obligations. Continue reading Financial Priorities →

Money Tips for Rebound Kids

Spending, , , , , , , ,

Most young adults eagerly look forward to the day when they will be able to break free of the restrictions of their parents’ home and move out into their own place. The ability to earn enough money so that they can become financially independent is a major milestone in their lives.

However, there are times when adult children, who had previously flown the nest, decide to go back home to their parents. Inadequate earnings, failure to secure steady employment, job loss, illness or divorce are some of the reasons that may turn them into ‘rebound’ or ‘boomerang’ kids.

It can be very demoralising for adults to be forced to return to their parents’ home because of financial difficulties. They may feel a sense of failure that they could not make it on their own, worry that they are being a burden on their older relatives, and be despondent about their future prospects. Continue reading Money Tips for Rebound Kids →

Doing Business with Family and Friends

Business Success, , , , , , ,

Would you feel more satisfied with your life if you had a devoted family and great friends but had little to show in the wealth column, or if your net worth made you extremely wealthy but you were estranged from your closest relatives and colleagues or lacked genuine companionship?

For many people, the love of family cannot be equalled by any amount of riches, and as the saying goes, “Good friends are better than pocket money.” Whereas your wealth can be eroded, caring family members and true friends will remain loyal to you through both prosperity and lean times.

While having a good relationship with family and friends is priceless, don’t assume that the rapport that you share with your closest companions will also carry over into the business world. On the contrary, operating an enterprise with your loved ones can sometimes be fraught with major challenges. Continue reading Doing Business with Family and Friends →

Managing Money Challenges With Your Spouse

Budgeting, Spending, , , , , , ,

When two persons join forces in a marriage or co-habiting union, one of the important aspects that will determine the success of their relationship is how well they manage money together. While money can’t buy love, it can definitely solidify and secure the foundation of a family bond.

In the best-case scenario, spouses should operate as a team when making all their financial decisions. Both parties should pool their income on an equitable basis to ensure that the household needs are met, and they should make plans to accomplish long-term objectives for the future.

While you hope that you and your spouse will share the same goals and work together to achieve the best for your family, there are times when the financial union may be rocky. Let’s look at some of the negative money issues that may arise between spouses, and suggest practical strategies to overcome them. Continue reading Managing Money Challenges With Your Spouse →

Financial Help for Elderly Parents

Retirement & Estate Planning, , , , , , ,

Last week we examined some of the considerations that adult children may have to face when dealing with parents who have financial difficulties. Assisting your parents with their money needs when they are unable to cope requires a lot of patience and diplomacy, as well as financial astuteness.

Even if your parents have been excellent stewards of money throughout their lifetime, as they get older, you may need to become more involved in helping them with their finances. Let’s look at some of the areas in which your elderly parents may require your support in their retirement years.

Budgeting for spending

At every stage of your financial life cycle, it’s important to know exactly how much money is required to pay all your bills. Budgeting helps you to be aware of your expected expenses and earnings; and this habit becomes even more critical for persons who are retired or have to live on fixed income sources. Continue reading Financial Help for Elderly Parents →

Managing Your Parents’ Finances

Budgeting, Spending, , , , , ,

Most parents will make selfless sacrifices for their children. Whether they work long hours to earn enough to defray current expenses or forgo their own pleasures to put aside for their future education, responsible parents will always find ways to provide for their children’s financial needs.

It is expected that parents will function as caretakers for their dependent children until they are able to fend for themselves in the adult world. However, sometimes the roles are reversed when adult children are obliged to take on the responsibility of managing their parents’ finances.

Parental money problems

One reason why younger family members may be forced to take control is if their parents are facing money problems which compromise their ability to pay their bills. This could happen if the parents have unmanageable debt, lose their sources of income, or if they encounter business setbacks. Continue reading Managing Your Parents’ Finances →

Creating Equity With Your Work

Business Success, Income Creation, , , , , ,

Marcus was elated when he opened the email from his client. His proposal to create the new brand images for the company had been accepted, and he was looking forward to working on the contract. This job, his most lucrative assignment to date, would help him to overcome some financial difficulties.

Marcus was consumed with designing various elements of his client’s marketing material; spending long hours conceiving the corporate images that would give the company an updated, modern image. He devoted all of his time and work effort into the creative process as he wanted to excel at the task.

Although he had bargained that the project would have been completed in six weeks, the adjustments requested by the company extended the time to three months. While Marcus was happy with the cash inflow from this big client, he realised that the amount of work he did was not reflected in his final bill. Continue reading Creating Equity With Your Work →

Profiting from Solving Problems

Income Creation, , , , , , ,

As a money coach, I frequently get asked the question, “What can I do to make some extra cash?” Currently, a lot of Jamaicans are admitting that they are suffering from the effects of the economic crunch, and that they are looking for simple and practical ideas to help them increase their earnings.

Some persons can effortlessly think of money-making ventures, and they are always seen selling some type of product or service to their peers. Most people, however, often find it difficult to envision themselves doing anything outside of their regular jobs to earn extra income.

The good news is that creating independent income is a money skill that you can acquire, just like budgeting or investing. Once you are determined to learn the steps required, you can eventually become quite efficient at the process of generating extra money whenever you need to. Continue reading Profiting from Solving Problems →

Honesty Is The Best Money Policy

Money Reflections, , , , , ,

“Speak the truth and speak it ever, cost it what it will.
He who hides the wrong he did does the wrong thing still.”
— Children’s memory gem

Many of us adults may have vivid memories of being taught the importance of speaking the truth and being honest at all times, back when we were children. Parents and teachers alike drummed it into us that we should never tell lies, even if we thought that we would be punished for some wrongdoing.

Despite the reinforcement that we received about this critical life lesson, I’m sure that some of us will also remember those times when we ignored the warnings about honesty. The fear of getting into trouble was often too strong to allow us to freely admit to our sins and shortcomings.

There were probably occasions when we thought we had gotten away with telling lies. Perhaps no one saw us break the plate or take the last dumpling off the stove, so we believed that our secret would remain hidden forever. No doubt our shrewd caregivers would have corrected that idea in due course! Continue reading Honesty Is The Best Money Policy →

Earning With Your Creativity

Income Creation, , , , , , , ,

As we start the second half of 2014, I would like to encourage all of you to look at ways in which you can create your own income, instead of just depending on what a job income can provide. While you don’t have to run a full-time business, you can definitely try to earn extra cash in your spare time.

One way to start a profitable part-time enterprise is to use your creativity and natural abilities to provide a product or service for sale. Let’s look at some of the steps that are involved in tapping into your talents in order to generate more money.

Assess your skills

The first thing you need to do is take a comprehensive look at some of your talents that may currently be underutilised. Your God-given gifts are not limited to artistic leanings such as singing, dancing or painting. Very often, your natural tendencies or traits contain clues to very marketable skills. Continue reading Earning With Your Creativity →