Tag Archives: personal finance

Money Lessons from Spring Cleaning

March 23, 2012Money & Your Mindbank account, budget, control your money, Jamaica, Money Coach, money psychology, personal finance, simple life, spring cleaningCHS

Recently I found myself compelled to carry out a major re-organising project in my home. I finally admitted that I had run out of space to keep some important items, so I decided that it was time to take control of my chronic storage issues. With spring in the air, it presented the right opportunity to take on a comprehensive clean-up challenge.

At first, I thought that the simple answer to my dilemma was to purchase a few more containers or another cabinet to house all the stuff that I needed to put away. However, a quick audit of my closets revealed that I already had more than enough storage bins; the real problem was that I was keeping too many things in them that I no longer needed.

I realised that there was only one solution — some of my stuff had to go. As I went through the slightly traumatic process of unpacking, sorting and deciding what to keep or dump, I thought that most of us could probably benefit from a clean-up campaign on our finances. Upon further reflection, I began to see some lessons that spring cleaning can teach us about money success. Continue reading Money Lessons from Spring Cleaning →

A Cure For Your Money Sickness

March 16, 2012Book Review, Money & Your MindHill Harper, Jamaica, personal finance, real meaning of money, Wealth CureCHS

Sometime last year, I received an email from a public relations firm in California asking me if I would like to review a book on money that was about to be published. An interesting fact immediately caught my attention — the author, Hill Harper, was one of the stars on the popular television show, CSI:NY.

“Why on earth,” I thought to myself, “would this actor guy be writing a book about money?” Intrigued with the concept, I eagerly awaited my advance copy of Harper’s book, The Wealth Cure: Putting Money in Its Place to find out what new information and insights he could contribute to the arena of personal finance.

When I received the package, a release from the publisher revealed that Harper’s story was produced during a challenging period in his life. After being diagnosed with thyroid cancer, he went on a cross-country train ride to come to terms with his illness. During the trip, he got a deeper understanding about the true meaning of life, and these revelations birthed The Wealth Cure.

Reading the author blurb on the jacket, I was quite impressed to discover that Harper was an established New York Times best-selling author, had acted in major films such as Spike Lee’s He Got Game, and attained two graduate degrees including one from Harvard Law School. But what could this perennial overachiever teach the world about money? Continue reading A Cure For Your Money Sickness →

Money Mission: Raise Money-Smart Kids

March 9, 2012Kids & Moneyallowance, budgeting for kids, Financial Education, Jamaica, learn to earn, mentorship, money skills, personal finance, piggy bankCHS

Many people, upon reaching their twilight years, will look back with regret at some of the choices they made in life. Remorseful memories of ‘youthful exuberance’ are often money-related; as the poor financial decisions that we made long ago have consequences that can negatively impact our fortunes forever.

Sometimes, I wish I could take a trip on a time machine so that I could change my past. One of the first things I would seek to rectify would be my imprudent actions regarding money. I would erase the careless spending and non-existent saving habits that characterised my early years, and replace them with sensible money practices.

If you’re like me, and you have a less-than-impressive history with money, don’t hold your breath waiting for that time machine to be invented! While we can still make smart decisions today that may eventually turn around our finances, life would have been definitely easier if we had learned and applied the right principles when we were young. Continue reading Money Mission: Raise Money-Smart Kids →

What’s Your Net Worth Really Worth?

February 24, 2012WealthAssets, cash flow, income statement, Jamaica, Liabilities, Money Coach, net worth, personal finance, rich, Rich Dad, wealth creationCHS

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?

February 17, 2012Retirement & Estate Planning, Wealthbeneficiary, estate plan, executor, Jamaica, life insurance, Money Coach, personal finance, power of attorney, trust fund, willCHS

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

February 10, 2012Income Creation, Investingbudget, earn more, entrepreneur, financial literacy, income target, investment option, Jamaica, make money, Money Coach, personal finance, profit, risk, talentsCHS

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 →

How to Manage Debt Wisely

January 27, 2012Debtborrow, budget, credit card, debt reduction, debt snowball, Jamaica, loan consolidation, Money Coach, mortgage, payday loan, penalities, personal finance, student loanCHS

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 →

Saving Is Still In Style

January 20, 2012Savingbank account, budget, emergency fund, expenses, Income, Jamaica, Law of Attraction, Money Coach, nest egg, personal finance, resolutionsCHS

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 →

Budgeting Is A Must

January 13, 2012Budgetingbudget deficit, cost of living, emergency needs, expenses, financial literacy, Income, Jamaica, Money Coach, personal finance, surplusCHS

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 →

Make 2012 Your Best Year Ever

January 6, 2012Goalsbudget, Financial Education, Jamaica, Money Coach, money success, persistence, personal development, personal finance, resolutions, saveCHS

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.

Continue reading Make 2012 Your Best Year Ever →

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