Tag Archives: personal finance

More Money: Nature’s Wealth

Income Creation, , , , , ,

The debate on our 2012 national budget has left many of us with more questions than answers. We are being advised to prepare for austerity measures, yet the only way for Jamaica to overcome the deprivation that faces us is to focus on growth.

If our economic strategies do not promote and support productive activities, then the country’s financial future will be compromised.

Despite the general feeling of uncertainty that currently exists, let’s make a special effort to think positively about the prospects and possibilities for better. For me, while I may not be able to control or change our leaders’ economic decisions, I will continue to play my part by encouraging each and every person in Jamaica to focus on earning more.

It is getting more challenging for the traditional manufacturer to produce competitively, thanks to increases in the cost of living. Electricity, wages, transportation, and security are just some of the rising overhead expenses that make it harder for businesses to remain profitable.

However, in difficult situations, those who use innovation can definitely find new opportunities to exploit. Continue reading More Money: Nature’s Wealth →

Money Mission: Build a Money Machine

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Wouldn’t it be wonderful if you could design a machine that can generate cash every hour of the day? Whether you were eating, playing or sleeping, this device would ensure that you were consistently supplied with a steady stream of income. Your money problems would be history and the lifestyle of the financially free would be yours forever.

While many of us would love to possess a magic money machine, this apparatus would probably be impossible to build, and it would definitely be illegal. However, the concept of creating an income source that could eventually produce earnings without your personal effort is something that is entirely in your power to achieve.

Do you have to work to earn?

Most of us have grown up with the idea that the only way to earn money was to physically work for it. We were taught in school to study hard, get good grades and look for a nice job with attractive fringe benefits. For the most part, our education system does not foster entrepreneurial thinking which focuses on teaching people how to create income-generating systems. Continue reading Money Mission: Build a Money Machine →

More Money: Eat, Drink, Earn

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It would definitely be an understatement to say that Jamaican people love to eat. It is a treasured part of our culture to celebrate food; we enjoy not just partaking of a good meal, but preparing it as well. There are tremendous opportunities for persons to create profit from satisfying our never-ending demand for food.

The Jamaica Observer newspaper showcases many established and nascent businesses in our local food industry at its Annual Food Awards [last held May 31, 2012]. All of the participants have devoted considerable time, money and effort to create products that bring pleasure to people who love to eat and drink Jamaican fare.

Although it may take a relatively large investment to make it big in the food business, there is plenty of room for ordinary persons to get involved as well. As we continue to look at different ways to make extra money in these challenging economic times, let’s look at some practical possibilities to generate income in your spare time with food. Continue reading More Money: Eat, Drink, Earn →

Achieving Impossible Dreams

Book Review, Goals, , , , , , ,


In my continuous search for solutions to various kinds of money problems over the past 10 years, I have read dozens of books about money success and goal accomplishment. I thought that I was aware of all the top gurus in these genres and that I had analysed and assimilated all of their expert advice.

It wasn’t until recently that I discovered that one of the foremost writers on personal and professional achievement had somehow escaped my scrutiny. Upon the recommendation of a good friend who praised the work of best-selling author Steven K. Scott, I decided to take a look at his work, Simple Steps to Impossible Dreams.

Any book that promised to reveal secrets known by the world’s most successful people would definitely arouse my interest, so I eagerly delved in to find out what Scott could teach me about achieving the impossible. From the very first chapter I realised that I had unearthed a treasure map that could outline the route to accomplishing my wildest aspirations. Continue reading Achieving Impossible Dreams →

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

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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

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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 →

Money Mission: Become A Money Magnet

Money & Your Mind, Saving, , , , , , , ,

At the beginning of the year, many of us made firm resolutions to make 2012 the best ever. This was going to be the year, we declared, that we finally got our money act together. Reciting our 2012 Money Manifesto pledges, we vowed to make positive changes in 12 areas of our financial life.

If you had made these optimistic declarations to improve your finances, how would you rate your progress three months later? Have you been successful at implementing many of the habits that would allow you to achieve your objectives? Or have you given up on your plans and consoled yourself that next year will be better?

If you’re like most people and have already reneged on your resolutions, don’t despair. Decide to tackle your money problems in the same way you would approach a work or school assignment: assess the issue, research possible solutions, create an action plan and carry out the necessary activities.

Make it your mission to work on a specific money goal each month. Continue reading Money Mission: Become A Money Magnet →

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 →