Tag Archives: personal finance

Money-Making Ideas for the Holidays

Income Creation, , , , ,

As the holiday season approaches, many persons will abandon the cautious spending habits they had diligently adhered to throughout the year. Engaging media advertisements, exciting party invitations and enticing Christmas fare are enough temptations to drive even the most frugal consumer into shopping overdrive.

Inevitably, after the spending sprees are over, post-season depression sets in. As January draws nearer, many people frantically wonder how they are going to pay for their holiday excesses and cover their upcoming bills. Year after year, they are filled with remorse about the one month of frenzied shopping which leaves behind eleven months of financial stress.

Is it possible to fully enjoy the holiday season without having any money regrets? Can we actually have our Christmas cake and eat it too? Continue reading Money-Making Ideas for the Holidays →

Are you an Employee or Entrepreneur?

Business Success, , , , ,

In this challenging economy, the terms ‘downsizing’ and ‘outsourcing’ have become a regular part of the workplace vocabulary, and many employees are obliged to look for entrepreneurial ventures to replace their job income. As more students leave the classroom to join the workforce, they find that there are few ready-made jobs awaiting them, so creating a self-generated income source might be their only option.

I believe that practically everyone has the ability to improve their finances by utilising their talents and taking advantage of opportunities, and I always encourage persons to use their creativity to earn part-time income.

However, becoming a full-time entrepreneur involves much more than just acting on an idea and sourcing funds to start a business.

It can be debated whether entrepreneurs are born with a natural business instinct, or if persons can be taught to become entrepreneurial. While I believe that there is a little bit of both nature and nurture in each successful business person, there are certain personalities and mindsets that are non-negotiable in order for an entrepreneur to succeed. Continue reading Are you an Employee or Entrepreneur? →

Making Money With Renewable Resources

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The ability to flick a switch and receive electric light, or to turn a tap and get potable water are everyday processes that many of us take for granted. However, advancements which allow us to live more comfortably can sometimes prove to be double-edged swords as they can bring both positive and negative effects.

Our increasing demand for modern-day amenities is putting tremendous stress on the environment. We rely on non-renewable fuels such as oil, coal and natural gas to produce more energy; these sources have been tied to air pollution and global warming. While water is largely a renewable resource, activities such as deforestation and ground water contamination affect its suitability for human consumption.

As scientists and environmentalists struggle to find ways to protect the earth’s natural resources, we must remember that every problem contains the seeds for potential profit. Continue reading Making Money With Renewable Resources →

Can Social Networking help your business?

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Unless you’ve been living as a recluse for the last few years, or you’ve chosen to ignore the technological advancement of the Internet, chances are that you have heard of the concept of social networking. The way that the world communicates in the 21st century has been completely transformed by this phenomenon.

Social networking is a web-based structure that allows persons who have common interests to interact freely online; sharing comments, ideas and stories. Some of the more popular networks include Facebook, Twitter, YouTube, LinkedIn and MySpace. Research indicates that avid social networkers will spend several hours per day communicating with their online friends.

While these online networks are largely used for entertainment and social interaction, the model offers tremendous potential for businesses as well. Recently, AMK Communications hosted the Caribbean SME Business Technology Exposition (CARIBIZTECH) which showcased several experts and presentations about the importance of social networking in the work environment. Continue reading Can Social Networking help your business? →

How to break free from financial bondage

Money & Your Mind, , , , ,

Last week as we celebrated Heritage Week in Jamaica, I reflected on the lives of our heroes and the tremendous challenges they had to conquer. Today, we are able to live better lives because of their bravery and determination in overcoming various forms of bondage: physical slavery, racial discrimination, and sovereignty to foreign rule.

I wondered aloud to a friend, “Will Jamaica ever attain any other heroes?” “Probably not,” she responded, “there’s nothing left for us to be liberated from.”

But are we really free? The harsh reality is the large majority of Jamaicans are living lives of quiet desperation, bound by the shackles of financial bondage. Unlike some of the chains that kept us down in the past, these impediments to our personal and national success are largely self-inflicted, and are strengthened by our inability to attack the roots of our oppression. Continue reading How to break free from financial bondage →

Making Money from Trading

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It could be easily argued that Jamaica is a nation of traders. Whether it’s a classy uptown establishment or itinerant downtown vendor, in virtually every nook and cranny you can find persons buying and selling all types of merchandise.

When faced with job loss or the need to supplement their income, many people immediately think of retail trading. If you’re looking for some ideas to make extra money, think first of consumer needs that are currently unmet in your area — what goods do people want to buy which are not in adequate supply?

Expand your horizon and examine new marketplaces for innovative commodities and methods of selling products. Here are some options for earning additional income from trading: Continue reading Making Money from Trading →

Making Money from Repairs/Recycling

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One of the reasons that consumers have to spend more money in today’s economy is that too many products are easily disposable and require frequent replenishing. Years ago, when you bought a piece of equipment such as an iron, it lasted for a generation; today it seems that the usable lifetime of many small appliances is designed to expire after a year.

While manufacturers can make more money by creating less durable items that have to be replaced repeatedly, many consumers have also adopted a ‘throw-away’ mentality, where they choose to discard products in favour of new and improved models. Just think of the disposability factor of mobile phones!

The challenge with this lifestyle is that it creates a massive amount of waste material that is difficult to put away safely. Plastic bags and bottles can take dozens or hundreds of years to decompose in landfills, while items made of styrofoam and other food and drink containers are reportedly not biodegradable at all.

One of the ways to create an income is by providing profitable solutions to people’s problems. Waste removal issues can therefore be viewed as opportunities for creative entrepreneurs to earn more money. The key is to think of ways to turn somebody’s trash into your treasure by repairing, reusing or recycling it. Let’s look at some possible options: Continue reading Making Money from Repairs/Recycling →

Are You Living on the Edge?

Goals, Risk Protection, , , , , , ,

As the recent devastating downpours lashed the island of Jamaica, many people who lived close to rivers and gullies were terrified as the torrents tore away at the land beside their dwelling places. Unfortunately, several ill-fated persons watched helplessly as their homes eventually broke apart and tumbled into the raging flood waters.

Tropical Storm Nicole highlighted the fact that even the most placid streams can become destructive floods when weather conditions deteriorate. However, while those who resided near to these out-of-control waterways were living in danger, other persons whose residences were built on more solid ground were relatively unscathed by the natural disaster.

As I reflected on these tragic occurrences, I realised that many people, just like those who lived beside potentially dangerous water courses, are living on the edge when it comes to their finances.

While circumstances are favourable, they exist with a false sense of security about their money situation; but in reality, their financial foundation is weak and unable to withstand even the smallest of challenges. Continue reading Are You Living on the Edge? →

Making Money with a Telephone

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The telephone is an indispensable tool in today’s fast-paced society. With the rapid development of telephone technology over the past 15 years, this instrument has moved from being an under-utilised home device to an essential communication hub for many people. The booming telecommunications industry in Jamaica suggests that we have an almost insatiable need to talk!

While some persons may spend entirely too much money paying for idle chatter, the telephone can actually be turned into a profit-making machine. If you are searching for opportunities to earn extra income, you may find these suggestions useful: Continue reading Making Money with a Telephone →

Making Money with a Computer/Internet

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A computer is an important tool not only to prepare and store documents or stay connected online, but it can be a valuable resource for persons searching for ways to earn extra income. Let’s look at some of the ways in which your computer, especially when used along with the Internet, can be turned into an income-generating device.

Document preparation

There are many persons who do not have the ability to prepare common documents that they need to carry out their businesses. Armed with a computer and basic knowledge of software such as Microsoft Word, Excel and Power Point, you could provide a service to help persons to type letters and projects, create spreadsheets, and design presentations. With Internet service you could also prepare online documents for embassy applications and other web submission forms.

Graphic design

If you have a flair for design and some training in graphic software, you can use your computer to create a range of products for individuals and small businesses. Brochures, flyers, wedding or funeral programmes, business cards and advertisements are just some of the types of products that can be produced in your spare time. Look for customers at churches, schools and by targeting business owners.

Social media services

The growth of social networking sites such as Facebook, where persons share stories and opinions with online friends, has revolutionised the world of marketing. More businesses now realise the value of reaching out to prospective customers using the power of these sites. Continue reading Making Money with a Computer/Internet →