Tag Archives: Money Coach

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 →

Instant Money Motivation

Money & Your Mind, , , , , ,

Years ago when I worked in an investment firm, I often wondered why even though all my clients received detailed advice to help them accomplish their goals, less than 50 per cent actually carried out the recommended steps. In addition, only a very small percentage of those who started the process continued until they had achieved their objectives.

Could I have done more to assist those who fell by the financial wayside? Could I have done a better job in finding workable solutions for my clients? My determination to help people achieve evoked my desire to learn about the factors required to bring about lasting change in their beliefs and behaviours.

With more experience in money coaching, I now recognise that there are various underlying reasons that can block persons from actualising their dreams. Although counsellors can make suggestions and show them practical ways to fix their financial problems, the reality is that the decision to take corrective action can only come from within. Continue reading Instant Money Motivation →

Get Mad and Get Going!

Goals, , , , ,

“When will this ever end?” Martha groaned in frustration. “If I have to face one more tirade from Mr Johnson for a mistake I didn’t commit, I’m going to scream!” Martha reflected on the practice of her dishonest supervisor to blame his junior staff for his own errors of judgement. Since Mr Johnson got promoted six months ago, he had made her job a daily nightmare.

For the third time that day, Martha daydreamed about what her life would have been like if she had followed her heart. Doing administrative work was not her real desire; in school she had excelled in home economics and had wanted to pursue a career in catering. However, she doubted that she could have earned a living at it, and had studied business at the community college instead.

Twenty years later, Martha was amazed at the developments in Jamaica’s food industry and a little envious of all the persons who had risen to stardom in the field. She still treasured baking as a hobby and enjoyed the praises of her friends who encouraged her to go into business using her talent. “What’s the point?” she sighed. “I’m too old now to make a change.” Continue reading Get Mad and Get Going! →

How To Motivate Yourself to Sell

Book Review, Income Creation, , , , , , ,

“You wrote recently about the importance of creating your own income. I agree, yet I find it almost impossible to proceed as I just don’t know how to sell anything. I have no motivation to make the effort to make the extra money I need, because I feel like I would be a total failure at it. How can I overcome this problem?”

Earning an independent income is vital for goal achievement; and selling is an integral part of this process. For some persons, the thought of selling is as welcome as going to the dentist with a cavity. However, you must conquer your anxieties to fix an ailing tooth; and if you really want to realise your financial dreams, you have to overcome your resistance to doing sales.

One reason that may demotivate many persons from trying something new, like selling, is that they lack confidence. The good news is that sales, like any other life or business skill, can be learned. There are simple, repeatable steps that novices can take, which will help them to improve their techniques and eventually excel at the task of selling. Continue reading How To Motivate Yourself to Sell →

Money Mission: Discover Your Motivating Force

Goals, , , , , ,

Recently I spoke to students in the Young Entrepreneurs Society at my former high school, showing them simple strategies to earn income even before they graduated. I encouraged them to learn how to establish viable enterprises in the future, reminding them that small business is the engine for growth that can turn around our country’s ailing economy.

After my talk, we had a brief question and answer session, and one of the students had a very interesting question for me. “What drives you to be successful?” he asked. Usually I am quite speedy in providing responses, but this question made me pause. To be able to give an honest answer, I had to really get introspective and consider my true motives.

I have always said that when you are establishing a goal, you need to be certain about what you want out of life and focus on why it is important to you. Don’t worry too much about the how it will happen. You only need to formulate the initial strategies that will get you started on the journey to your dreams; the rest of the pathway will reveal itself over time. Continue reading Money Mission: Discover Your Motivating Force →

More Money: Finding Earning Opportunities

Income Creation, , , , , , , ,

Most people will agree that having more money is essential, but many will admit that they don’t know where to find opportunities to earn from their own efforts. Our education system does not really put much emphasis on self-employment and entrepreneurship; so many graduates leave school with a dependence on external sources to generate an income.

Our columns for this month have been dedicated to helping you understand what you need to do to increase your earning potential by creating your own sources of income. If you are going to survive and succeed in these challenging economic times, you will need to focus a lot of your attention on making extra money in your spare time.

This week, let’s look at some simple strategies that can help you to identify and take advantage of various opportunities to create your own income. Continue reading More Money: Finding Earning Opportunities →

What does it take to earn more?

Income Creation, , , , , , ,

Last week we looked at the importance of placing a value on your work effort. Most employees are constrained by the amount of money that their jobs will pay them, as their work value is dictated by someone else. To earn enough money to fulfil your goals, you need to create your own avenue of earning where you can determine the true worth of your work time.

Over the years, I have recognised that many persons only wish to have the end result of having more money, but are not really prepared to put in the necessary work to get it done. Before you can enjoy the fruits of success, you have to be willing to do whatever it takes to generate a consistent and worthwhile income source.

You must understand that positive changes will not occur in your life if you simply continue along the same pathway that you are on today. If you wish to generate additional funds to build your financial future instead of just living from pay cheque to pay cheque, you have to be willing to make some big sacrifices and do things differently. Continue reading What does it take to earn more? →

What is Your Work Really Worth?

Income Creation, , , , , ,

Our focus for this month is all about finding extra income sources that will give you the ability to save towards your financial goals. It’s not enough to just have a clear and specific dream that you are passionate about; you also need to identify exactly where and how you are going to create additional income to invest in your plans.

Last week we set a challenge that was especially directed at employees and anyone who believes that a job is the only way that they can earn. Your mission is to find a product or service that creates values for customers, and offer it to your friends, family and colleagues for profit. The objective is for you to get accustomed to making money from your own efforts.

With the current economic challenges, most people have few opportunities to increase their on-the-job income. Those who are fortunate to get a raise or bonus will find that inflation eventually eats away at the extra earnings they make. If you are determined to have enough money to improve your standard of living and attain your dreams, then you need to look within. Continue reading What is Your Work Really Worth? →