Tag Archives: Money Coach

A Fresh Financial Start

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“Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for; we are the change that we seek.” US President Barack Obama

Many people experience a sense of desperation when they think about their finances; past failures and present frustrations leave them feeling powerless about their financial future. With expenses increasing steadily, salaries depreciating with the dollar, and debt spiralling out of control, it’s no wonder so many persons are in distress.

Even if you are unhappy with your money history, it is very possible to “wheel and come again” as we say in Jamaica. Getting a fresh start with your finances begins with admitting your dissatisfaction with your situation and accepting that you may have made mistakes over the years which cost you dearly.

Once you have examined your past and present concerns, you need to decide that it’s time for a new beginning. As the quote from President Obama declares, change starts within; there is no one else out there who is going to miraculously fix your problems for you. Changing old habits can be challenging, so you have to be committed to continue with the course until complete. Continue reading A Fresh Financial Start →

New Beginnings

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If you have made a lot of mistakes in life, wouldn’t it wonderful to be able to wipe your slate clean and start anew? To be more technologically relevant, wouldn’t it be great to hit the delete button, remove the unwanted lines, and have a blank screen to create a different story?

I’m sure that there are many people who wish that they could change their financial history in this way.

The reality is that you’re stuck with your past whether it harbours good or bad money memories. There is no life eraser that will allow you to remove the errors of judgement that may have caused you to frivolously waste money, borrow too much, make unwise investments or overlook opportunities that could have brought you fulfilment and prosperity. Continue reading New Beginnings →

Money Mission: Get Honest About Your Money

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Debbie shared a quick joke with the postman as she took the bundle of letters from his hands. “I long for the day when I can get some money in the mail instead of just more bills!” she said with a chuckle. The postman laughed heartily as he rode away, “The only way money will come in the mail is if you start buying lottery tickets!” he retorted.

As she closed the gate, Debbie ruffled through the items that had just been delivered. There was correspondence from the furniture store from which she had bought a new Smart TV on hire purchase, a letter from a loan recovery agency, two more from companies she did not recognise, and a green and white slip which indicated that she had received registered mail.

With an irritated sigh, she distractedly pushed the pile of envelopes into her kitchen drawer which was already stuffed with unopened mail. “I wish they would stop sending these stupid payment requests,” she muttered to herself. “I need something to lift my spirits.” Grabbing her smart phone, she started composing a BB message to her best friend Althea. Continue reading Money Mission: Get Honest About Your Money →

More Money: Teach What You Know

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Whenever I meet persons with expert knowledge that could benefit the wider society, I usually encourage them to find ways to earn by sharing their expertise with others. Too many people who are privy to specialised information tend to keep it to themselves, with the mistaken view that giving away their ‘trade secrets’ will prevent them from benefiting financially from their work.

Whether you are a craftsman using a lost art form, a teacher using successful training methods, or a nutritionist using natural remedies, if you only focus on serving your individual clients, there will always be a low ceiling on the income you can derive from your knowledge. In fact, when you die, your talent will pass on with you and will not be available to better the world.

If you have essential information that creates value for others, you should be looking for ways to spread your knowledge in a systematic way that will allow you to earn more money. Your income will increase in direct proportion to the number of people you serve, so you need to consider how to get many more persons to benefit from your expertise. Continue reading More Money: Teach What You Know →

Business Lessons from Ben’ Down Market

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Recently, I travelled west to the parish of Trelawny, to find out more about the income-generating opportunities present in its capital town. A friend had told me of her success in selling some goods in a popular Wednesday sales venue in Falmouth, and I wanted to test the viability of a new product in the famed Ben’ Down Market.

As a resident of Kingston, I am sometimes guilty of thinking that the best economic activities take place in the first city. The reality is that there are many enterprising persons all across Jamaica who are creating wealth in a variety of ways. To learn more about what people were doing to make money in that side of the island, I decided to share market space with my colleague.

My adventure started off very early in the morning, as I was told that to secure a good spot we needed to be at the location by 5:00 am. The sun had not yet made an appearance when we arrived, but already there were dozens of persons working industriously in the bustling environs of the marketplace. Continue reading Business Lessons from Ben’ Down Market →

Money Thoughts Produce Money Results

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“For as he thinketh in his heart, so is he.” Proverbs 23:7

What do you think is your biggest problem with money? Is your income too small to take care of your everyday needs? Are your material desires always in excess of the money in your pocket? Is your bank account continually empty? Do you always have to borrow money to survive? Are you unable to accumulate enough funds to achieve your major financial goals?

Over several years of helping persons to improve their relationships with money, I have come to realise that the root cause of the financial issues they experience has little to do with figures and balances. For most people, the number one problem is not a lack of funds or viable opportunities. Instead, their major obstacle has to do with how they think about money. Continue reading Money Thoughts Produce Money Results →

Money Mission — Decrease Debt Dependency

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Last week, I looked at some of the financial challenges that often develop when persons seek to finance their budgetary needs with loans.

I am still alarmed at the increasing number of borrowers who have reached their credit ceiling, with the majority of their paycheques servicing their debt. Many of them don’t even receive enough take-home pay to buy basic necessities.

One of our Jamaican proverbs declares: “What fall off a head, mus’ drop pon shoulder;” This may be interpreted as – something that was meant for the father is sometimes passed on to his children.

This saying could be applied to our country’s debt problems. In the same way that our Government is highly indebted, so are our citizens suffering from an over-dependence on debt. Continue reading Money Mission — Decrease Debt Dependency →

Jamaicans in Debt Crisis

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Many years ago, I decided to start a little revolving loan scheme for micro entrepreneurs. I had access to some extra funds and thought that it would be a great idea to help a few business owners expand their operations with small disbursements. With my usual enthusiasm, I found a few persons who needed these services and my new venture was underway.

At first, the results were encouraging. A seamstress was able to purchase raw material for a large corporate order; a small wholesale owner was able to obtain another deep freeze for his establishment; a network marketer was able to purchase a large amount of products for sale to her customers. They all paid back their loans on time and I was buoyed by my early success.

However, some of the other loan recipients did not have similar outcomes. Although they had submitted proposals for how the money could help their business growth, it seemed that most of the funds went to either prop up their budget deficits or pay off old loans. Consequently, several persons found it difficult to maintain payments or kept coming back for more loans. Continue reading Jamaicans in Debt Crisis →

Is Borrowing for Education a Good Idea?

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Back-to-school time is here and many consumers are busy sourcing books, supplies, uniforms and other items for their children or for their own schooling. During this period, there is usually an increase in advertisements promoting educational assistance loans.

The reality is that many people have to borrow money to pay for these school expenses. While the ability to access financing for school purposes may seem like a blessing when your budget is tight, is it always a financially smart move? Continue reading Is Borrowing for Education a Good Idea? →

Going For Gold

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Jamaicans all across the world along with numerous friends of our nation are still celebrating the incredible success of our athletes at the recently concluded 2012 London Olympics. The infectious euphoria that was demonstrated by thousands of supporters from Half Way Tree, Jamaica, to Birmingham, England, was heartwarming to observe.

While we bask in the glory of winning 12 Olympic medals, we need to retain more than just a passing sense of pride from the achievements of our sports giants. There’s a lot that we can learn from their journey to the pinnacle of sporting competitions. Let’s look at how we can pattern their progress as we strive to attain our own personal and financial goals. Continue reading Going For Gold →