Tag Archives: Money Coach

Five Things You Need to Know About Borrowing

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It’s important for you to be well informed about various issues that can affect your money. When it comes to your finances, ignorance can be very expensive. Borrowing money comes with a cost, and there are many considerations that you need to think about before you take on debt.

Why do you want to borrow?

Prior to making any borrowing decisions, you need to be honest about the reasons why you think you need a loan in the first place. Do you choose to buy consumer items on credit just because you want to get them right away, or are you using loans to help you meet your monthly bills?

It’s best to avoid borrowing to satisfy immediate gratification desires or support budget shortfalls. In the first case, you will make unnecessary interest payments because you lacked the discipline to save for what you want, while the second reason will throw you into a never-ending cycle of debt. Continue reading Five Things You Need to Know About Borrowing →

A Long and Lasting Financial Love

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Love is in the air, as many people become preoccupied with romantic thoughts when Valentine’s Day approaches. While love connections may be foremost on our minds at this time, we can also consider another important relationship that we all should enjoy – the one with our money.

A personal relationship requires understanding, respect and dedication to survive the test of time. Similarly, you need to develop a healthy rapport with your money if you wish to be financially successful. Let’s look at some tips that will help you to have a long and lasting money relationship. Continue reading A Long and Lasting Financial Love →

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 →

Continuous Improvement is Key to Money Success

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It’s incredible that an entire month in 2014 is almost finished! The swift passing of time reinforces how important it is to stop procrastinating and get focused on your goals. Before you know it, this year will be over and you might be no closer to accomplishing all your optimistic resolutions.

If you want 2014 to be different from other unfulfilled years, you need to stop writing long wish lists and start working on realising your dreams. As we have been discussing over the past weeks, your aim must be to become efficient in actualising your personal, professional and financial objectives.

We have recently shared a lot of information about how lean production, a manufacturing system developed by Toyota, can help you to improve your finances. With its focus on eliminating wasteful practices, the lean way of life can be very instrumental in helping you achieve your goals. Continue reading Continuous Improvement is Key to Money Success →

Getting The Most Out Of Your Money

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We have been discussing the concept of lean production and how its principles of efficient use of resources can be applied to your finances. Lean refers to a system of manufacturing which was pioneered by auto makers Toyota, which has helped to make the company very profitable.

One of the components of lean production is the elimination of wasteful practices in the process of creating a product or service for sale. There’s a lot to be gained from adopting the lean philosophy in your personal, professional and financial life, if you want to be successful with your own goals.

Last week we looked at getting lean with your most precious resource — your time — by becoming more productive at work, getting the most out of your commuting time, using technology to improve your output, and making the right choices when spending your time to generate an income. Continue reading Getting The Most Out Of Your Money →

How to Get Lean With Your Time

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We have kicked off 2014 with a mission to improve financial efficiency, by declaring it as the “Year to Get Lean.” Lean refers to the production system pioneered by Japanese automobile makers, Toyota, which focuses on eliminating wasteful processes to improve profitability.

This concept of reducing waste can also be applied to your personal and professional life. If you want to be a peak performer in all your activities and be successful with your goals, then lean is the way to go. This week, we will look at strategies to incorporate lean techniques in time utilisation.

There are three Japanese words that explain the types of inefficiencies that can hamper your results. Muda means idleness or wastage of resources when carrying out your tasks, mura is the unbalanced or irregular usage of resources, while muri means excessive or impossible activities. Continue reading How to Get Lean With Your Time →

Money Musings: It’s Hard to Be Lean in Jamaica

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Efficiency is a success strategy that should be used to guide all your activities, whether you are seeking to accomplish personal, work, business or financial goals. In everyday terms, efficiency is the ability to effectively complete a task with the minimum amount of effort or time.

In business, efficiency is critical to the bottom-line; as you should aim to use the lowest amount of inputs, such as money, raw material, labour or machine time, to produce the maximum level of output possible. Efficiency helps you to reduce wastage and realise more profit from your efforts.

Last week, we looked at the concept of ‘lean’ production which was pioneered by Japanese auto maker, Toyota. This process of manufacturing focuses on eliminating wasteful and redundant procedures and ensuring the optimal use of resources to maximise output and profitability. Continue reading Money Musings: It’s Hard to Be Lean in Jamaica →

Get Financially Lean in 2014

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Once again, we begin a brand-new year, when we can reflect on the past and resolve to improve the future. For some, this is usually a time of remorse, as they regret all the wasted opportunities that passed their way. Others use this period to make optimistic plans for an even better year to come.

If you’re already in the process of recording your New Year’s Resolutions for 2014, try not to repeat the mistakes you may have made last year. It is pointless to put together a wish list of dreams and goals you would like to accomplish, without equipping yourself with the means to get them done.

This week, I would like to introduce a concept of planning and execution that may change the way you think about and approach goal setting and achievement. This methodology will help you to become more efficient and effective in many aspects of your personal, financial and work lives. Continue reading Get Financially Lean in 2014 →

‘Twas The Day After Christmas

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‘Twas the day after Christmas, when all through the house,
Not a person was stirring, not even my spouse;
Scattered all ‘round the tree were torn paper and bows;
Discarded wrapping for the gifts, from toys to clothes.

My loved ones were nestled all snugly in their beds,
While visions of nice presents danced in their heads;
For me, sweet sleep was elusive throughout the night,
And day’s break only brought my fears into the light.

I had spared no expense in giving my family the best;
But now, reality hit like piercing steel to my chest;
With all the bills and debts set to meet me next week,
My financial future was looking desperate and bleak.

My twist on Clement Clarke Moore’s classic Christmas poem, A Visit from St. Nicholas, reflects the situation that many people may face after the excesses of the holiday season. Once the frenzied pre-Christmas splurging is over, they soon begin to regret some of the financial choices they made. Continue reading ‘Twas The Day After Christmas →

Christmas Saving Plan

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Christmastime is traditionally the season for spending, so it would be unusual for us to think about saving during this period. Even the most disciplined consumers may get a little consumption-crazy over the holidays, putting aside their reservations and really getting into the swing of shopping.

Despite the heavy emphasis on seasonal splurging, it may actually be an opportune time to turn your thoughts to saving and securing your financial future. With so much money in circulation during the holidays, why should you only be thinking of depleting your reserves at this time?

Let’s face it — despite the cash that seems to be awash everywhere, how many of us really have anything enduring to show after our frenzied spending? Let’s look at some of the ways in which we can focus our minds on saving so we can have a little more financially rewarding season this year. Continue reading Christmas Saving Plan →