Tag Archives: personal finance

Giving Thanks for 2011

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“It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; … it was the spring of hope, it was the winter of despair; we had everything before us, we had nothing before us.”

This quote from the Charles Dickens novel, A Tale of Two Cities eloquently expresses some of the conflicting realities of Jamaica in 2011.

As we approach the end of another year, it might be tempting for us to become cynical about our nation’s growth in the past and potential for the future. Politicians, psychologists, financial analysts, civil society groups and ordinary citizens all have varying opinions about the economic challenges that hinder our progress.

With ‘Brand Jamaica’ continuing to ride high, why is it that we couldn’t take advantage of our tremendous popularity and goodwill to reap financial benefits in 2011? Continue reading Giving Thanks for 2011 →

The Secret of the Greatest Salesman in the World

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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, an international bestseller by motivational writer Og Mandino, will captivate you from the first paragraph until you regretfully reach the last page. Mandino creates a fascinating tale that takes a mundane topic for many people – sales success – and makes it come alive for anyone to enjoy. Continue reading The Secret of the Greatest Salesman in the World →

Financial success may be easier than you think

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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 →

A Stitch In Time

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It ‘s amazing how a few minutes’ time delay can make a major difference to an entire day. This realisation struck me on a recent bus trip to the country. The driver of the vehicle turned up about 15 minutes late for work, and in his attempt to make up for lost time, he exceeded the speed limit and was stopped by the highway police.

The driver ended up delaying his journey by several more minutes and received a traffic ticket to add to his troubles. When we finally reached our destination he admitted to his team member that every time he was a little late he got caught by the police! As I left the bus, I reflected on the fact that lost time can also multiply problems in our financial lives.

One of the biggest financial misconceptions that many of us entertain is the belief that we have all the time in the world to do the right things with our money. When we spend our money frivolously or procrastinate on taking action on our goals, we usually think that we will be just fine if we save later or start working on our plans at another time. Continue reading A Stitch In Time →

Four Strategies To Achieve Your Goals

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“If a man wants his dream to come true, he must first wake up.” — Author unknown

Last week we looked at five universal laws that govern the process of goal achievement. The path to achieving your financial goals can become a little easier if you know exactly what is required to move from dream to reality. Let’s look at four things that you need to know in order to attain your objectives:

Know what you want

When you get up in the morning, do you have a vivid picture of what you want to accomplish for the day? When you rest your head at night, do you think about the things you want to do tomorrow that will take you one step further in your life’s journey? Or do you merely live each day without a conscious thought about what you are working to achieve?

One of the main reasons many persons never attain any major goals is that they don’t know what they want out of life. Personal achievement guru Brian Tracy confirms that the three keys to accomplishment are ‘clarity, clarity, clarity’. Having a specific intention about what is important to you is the first step in the goal-setting process. Continue reading Four Strategies To Achieve Your Goals →

Six questions to ask before you spend

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I recently had a heart-warming conversation with a reader who lives in the inner-city community of Trench Town, in Kingston Jamaica. I met Nicolini Williams two years ago when he participated in a financial literacy training I was offering to members of the Miracle Club, the youth mentorship arm of the Agency for Inner-city Renewal based in that area.

Now a first-year law student, this brilliant young man shared with me how much he had gained from learning the principles of money success. Williams explained that he had not grown up in a home where financial management was taught or even mentioned, and consequently, he often squandered money on unnecessary items.

After being exposed to new concepts about smart financial habits, Williams was able to identify his negative attitudes and actions regarding money. He realised that if he continued to seek more information about success principles and applied what he had learned, he could eventually break free from his financial problems. Continue reading Six questions to ask before you spend →

Investing By Owning Shares – Returns and Risks

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Last week we looked at stock investments, explaining that this option provides persons with the opportunity of buying ownership into a company. Let’s now outline the ways in which you can make money by investing in shares, while highlighting some of the possible risks.

When you invest in stocks, there are two main strategies that you can employ to make a profit. You can choose to hold the stocks over time and reap the benefits that come with share ownership, or decide to buy and sell the stocks to receive trading gains. To be successful in either method, it’s best to learn more about stocks with the help of professional advisors.

Sharing the profit Continue reading Investing By Owning Shares – Returns and Risks →

Investing by owning shares

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As things get tighter economically, more people are eager to find out how they can invest their money to create wealth. They realise that their dreams and goals will be difficult to attain if they depend solely on their job income. Investing can be a ticket to financial freedom for those who are willing to learn and abide by the correct principles.

There are several different ways to invest, and it can be easy to get confused about the various options. One investment type that may seem a little mysterious to the average person is the stock market. I often get questions from readers who want to understand more about stocks and how they can use them to make money.

Let’s examine how stocks operate and clarify how this method of investing may be able to help you to achieve your financial objectives. Continue reading Investing by owning shares →

Investing By Lending Money

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When you work, you are supplying something of value which could be your time, talent or products. In exchange for your efforts, your employer or customers are willing to pay you money.

When you invest, you are actually making your money work for you; it’s as if you found a job for your money. The person or entity with which you place your investment pays for the use of your money.

There are myriad ways to invest money, but many persons fail to take advantage of them because they are intimidated by the complexities of investing. When it comes to investments, there are terminologies and procedures that you must learn just like any subject that is taught in school. Continue reading Investing By Lending Money →