Tag Archives: Money Coach

Reflections on Retirement

Retirement & Estate Planning, , , , , , , , , ,

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

Retirement & Estate Planning, , , , , , , ,

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 →

Money Mission: Get Real About Retirement

Retirement & Estate Planning, , , , , ,

There’s an epidemic poised to take over Jamaica that has the potential to devastate the lives of hundreds of thousands of people, and yet there is very little discussion about it in our country. Our airwaves and newspapers are chock-full of opinions on the latest scandal, yet no time or space is being devoted to this looming disaster.

This tragedy will not present itself in the form of a weather calamity that wreaks havoc on our physical infrastructure, nor will it be a medical emergency involving an infectious disease. However, this coming catastrophe will have the potential to bring financial adversity and deprivation on a scale hitherto unseen in our nation.

My apologies on sounding like an angel of doom, but this impending crisis prompts me to be a little melodramatic in my pronouncements. Continue reading Money Mission: Get Real About Retirement →

More Money: Hair is Big Business

Income Creation, , , , , ,

1 pack premium hair – J$1,400.00
1 bottle hair glue – J$105.00
1 pack stocking wave cap – J$80.00
1 lesson on how to make money with hair – priceless!

Based on my observation of the variety of hairstyles displayed by many of our stylish women, I had always believed that Jamaica’s hair industry was almost immune to the effects of the general recession.

However, it wasn’t until I decided to learn more about the world of hair design that I discovered exactly how lucrative this opportunity could be. Continue reading More Money: Hair is Big Business →

Avoiding the Rat Trap in your Finances

Goals, Income Creation, Investing, , , , , ,

“Rats close down Kingston high school.” This shocking headline continued into a revealing report of how rodents were running rampant at the 100-year-old institution. Despite their best efforts at pest control, the situation had deteriorated to the point where school officials were forced to temporarily suspend classes to effectively eradicate the problem.

As I read the unfortunate story of rats gone wild, my first thoughts were “How are these boys ever going to live this one down?” Knowing the fierce rivalry that exists among secondary schools in Jamaica, I had painful images of the merciless teasing and cruel rat references that were about to be unleashed upon the hapless students.

I thought no more about this incident until recently when I saw a television programme highlighting what the students had done to overcome their situation. Instead of being embarrassed by their rodent visitors, they had embraced them and practically turned them into school mascots. They had even created buttons with cute rat cartoon figures and were proudly wearing them. Continue reading Avoiding the Rat Trap in your Finances →

More Money: Hitting Pay Dirt

Income Creation, , , , , ,

The question on everyone’s lips nowadays is: “How can I make more money?” Employees who run out of cash right after payday; school leavers or laid-off workers who can’t find a job; retirees who buckle under the pressures of inflation, everyone is looking for extra funds in these tough economic times.

A couple of years ago I wrote a series of articles looking at dozens of different methods of earning money part time. I believe that innovative thinkers and motivated go-getters will always find the ways and means of making money whether times are good or bad.

In fact, periods of severe financial crisis will often produce many thriving new enterprises and wealthy business owners.

I have always been fascinated by the interesting things that people do to make money in their spare time. Starting this week, I will take a deeper look at various entrepreneurial exploits, and give you the inside scoop on what it takes to be successful in these endeavours.

I hope that our ‘more money’ adventures will encourage you to search for your own ways to create extra income. Continue reading More Money: Hitting Pay Dirt →

What’s Your Net Worth Really Worth?

Wealth, , , , , , , , , ,

As we strive to move up the ladder of success, one of the benchmarks that we can use to gauge our progress is our net worth. Your net worth is a measure of your financial value which is calculated by subtracting your total liabilities from the total value of your assets. In essence, it is the net value of all the things you own, less all the things you owe.

According to T Harv Eker, best-selling author of the Secrets of the Millionaire Mind, net worth is a fundamental measure of wealth. Eker reveals that persons who are determined to be rich will focus their efforts on increasing their net worth.

So if one of your money goals for this year is to build your wealth, you should be paying close attention to your net worth. Continue reading What’s Your Net Worth Really Worth? →

What’s the State of your Estate?

Retirement & Estate Planning, Wealth, , , , , , , , ,

Many people are so focused on trying to make ends meet that they can find little time to think about the requirements of the future. “What’s the use of putting aside money for tomorrow if I can’t even pay my bills today?” they may say. Even further from consideration is making plans for what should be done with their money when they die.

Maintaining the money that you have worked hard for is a vital element of financial planning. You should not only concentrate on managing the funds you currently have or on earning more money; it’s also crucial to work on protecting your assets throughout your lifetime and beyond. Financially successful people always make preparations to preserve their wealth for future generations.

Since the beginning of the year, we have been discussing our 2012 Money Manifesto, which shows you how to create a comprehensive action plan to improve your finances. One of the manifesto’s pledges is that you should create an estate plan and leave a financial legacy of wealth for your beneficiaries to enjoy. Continue reading What’s the State of your Estate? →

The Art and Science of Making Money

Income Creation, Investing, , , , , , , , , , , ,

Despite the developments in technology and differences in trends that emerge over time, there is one financial certainty that will probably remain constant. Most persons – regardless of age, gender, education, nationality, status or creed – will express the desire to have more money.

The ability to increase income levels far in excess of spending needs is desired by many, but discovered by very few. Could it be that some people are blessed with an inherent flair for making money that escapes the less talented majority? Or is there a scientific approach to money multiplication which can only be exploited after years of dedicated study?

The 2012 Money Manifesto, our 12-step guide to creating financial success, provides a recipe for increasing your income and putting your money to work for you. It is virtually impossible to budget successfully, save towards a nest egg, avoid debilitating debt, and plan for future goals, without having the means to boost your earning power. Continue reading The Art and Science of Making Money →