Since the beginning of the year, we have been expanding on the elements of our 2012 Money Manifesto. It is possible to create the financial life that you desire by understanding and following the basic principles of money success.
In today’s column, we will take a look at the sixth component which speaks about dealing with debt. Let’s examine some key do’s and don’ts that can help you to manage debt wisely: Continue reading How to Manage Debt Wisely
If you have made a determined resolution to improve your finances this year, then our 2012 Money Manifesto will help you to chart the course.
Last week we looked at the fundamental principle of budgeting, indicating that it was crucial for you to be aware of all your expenses, plan for your spending needs for an entire year, and make the right choices with your money.
Another essential practice required for money success is saving. Saving is the act of putting aside some of your money instead of spending it to buy products and services. When you save you should not be intending to go back for the money a few days later to pay bills; this money should be left to accumulate over time. Continue reading Saving Is Still In Style
Last week we expanded on the concepts in our 2012 Money Manifesto and explained why focusing on your financial education is the most important investment you could make for your future.
If you’re searching to find answers to your money problems, I can assure you that you will find the solutions in books, magazines, CDs, DVDs and Internet sites that deal with financial matters.
The first money success principle that you need to learn and apply is budgeting. Our Money Manifesto states: that “I will no longer be clueless about what I spend money on, as I will take the time to document all the expenses that I expect to come during the year. I will write down all my income sources and then calculate if my earnings can cover my expenses.”
There are two main reasons why budgeting is an indispensable money management tool. Continue reading Budgeting Is A Must
At the beginning of a new year most people choose to reflect on the past and make resolutions for things they would like to accomplish going forward. However, despite their grand ideas and hopeful wishes, all too often, the days, weeks and months slip by without any progress being made towards actualising their goals.
Although they may have a good picture of the end result that they want to attain, many people fail to prosper because they really don’t know how to create and carry out an action plan that works.
Success is not achieved by a swift arrival at a desired destination; it’s the cumulative result of taking consistent, tiny steps that are headed in the right direction.
As many Jamaicans go to the polls today to select the party, people and policies of their choice, I thought that I would create a ‘Money Manifesto’ containing all the financially smart steps that can help you to shape a prosperous future for 2012 and beyond.
The 12 points shared below represent the essential areas that you should follow if you wish to become financially successful.
1. I will make financial education my priority.
I will invest in my own personal development by seeking to learn more about money. I will endeavour to read or listen to good financial advice every single day, as I recognise that most of the solutions to my money problems can be found in other people’s experiences in books and CDs. Continue reading Money Manifesto for 2012
A good book can weave a storyline that arouses all of your senses and emotions. Finely crafted phrases can paint a picture as vivid as a Michelangelo masterpiece; create a dish as appealing as the finest gourmet meal; produce a sound as stirring as a Bob Marley classic; and stimulate an aroma as comforting as the smell of a mother’s perfume.
Apart from the sheer pleasure it can bring, reading is also a great medium for learning. I have discovered that all of the important concepts of financial success are laid out in books, readily available for anyone who wishes to grasp them. I frequently recommend persons to search for the answers to their money problems in books.
While some people may think that financial titles might be a little boring, and devoid of intriguing plots that would stimulate their interest, that isn’t always the case. There are several books that present essential principles in very entertaining ways, which can excite your imagination and educate you at the same time.
The Greatest Salesman in the World
Last week’s column which looked at several ways in which we sabotage our financial future by delaying important activities seems to have hit home with many readers. The quote ‘procrastination is opportunity’s natural assassin’ certainly rings true when it comes to our finances. Recently, I had yet another occasion to reflect on the dynamic relationship between time and money.
It was late Saturday afternoon when I received information that a family friend was coming to visit for a few days and would be arriving in less than three hours. In full-fledged panic mode, I thought about all the things that needed to be accomplished before I would be comfortable with having a guest stay in my house.
As I have acknowledged many times, procrastination has unfortunately been one of my more challenging vices. True to form, I had put off many little household tasks that could easily be ignored by my family alone; but with a visitor almost on my doorstep, these now became critical to my desire to be a successful and sociable host. Continue reading Financial success may be easier than you think
Money is an essential part of our existence, as we need it to acquire the basic necessities and comforts of life. I always encourage persons to be more purposeful in their financial dealings and to constantly look out for opportunities to earn more income. Becoming more focused and productive is a key ingredient to attaining our goals.
While money is very critical for our well-being, it seems that in today’s society many of us place too much importance on money itself. Our thoughts, beliefs and fears about money can lead us to make unwise financial decisions, and very often our money attitudes can bring out the worst in us.
It seems that many of us have become enslaved by our desire for and dependence on money.
Whenever I examine the topic of investing, I often receive responses from readers who want to learn more about how they can make their money work for them in some type of investment. It seems that while they have a desire to invest, many persons are unable to proceed because they just don’t know where to start.
When I first learnt about the concept of investing many years ago, I was initially hesitant about putting money into anything that couldn’t guarantee a positive return. While I understood about saving and receiving interest on my money, it seemed like a risky idea to commit my hard-earned funds into an endeavour, hoping that it would generate a profit.
I remember doing a training course that required the students to create a portfolio which included stock investments. At the time, I didn’t know anything about the stock market, and I was annoyed that I was being forced to invest in something that could lose money.
Very reluctantly, I placed 20 per cent of my ‘pretend’ funds on a few stock picks, and prepared for a disastrous result. Continue reading Getting Started with Investing
Becoming financially successful involves more than just doing the right things with the money you currently earn. For many persons, the salary they receive from their regular jobs can just barely cover their basic necessities. The reality is that if you want to achieve a healthy financial status, you need to focus on earning extra income.
This realisation came home to me several years ago as I struggled to turn around my finances from a negative position to a positive one. After recognising the importance of budgeting, saving, managing debt and setting goals, it became quite obvious that I needed to make more money in order to accomplish these basic money management strategies.
It would be impossible for me to meet all my bills, save for an emergency fund, pay off my debts, and put aside money for future goals without another source of income.
However, figuring out how to create more money was a challenge. I had a full-time job and family responsibilities, so my free time was limited. I also had no idea of what else I could do to increase my income. Continue reading Earning Extra Money is Essential
