Tag Archives: personal finance

Your Money and Your Time

Money & Your Mind, , , ,

The old saying ‘Time is money’ came to mind recently as I sat in a recording session that had to be paid for by the hour. As the taping extended beyond the planned schedule, I began to watch the steady progress of the clock’s minute hand, and mentally calculated the cost of each tick of time.

Time is really the only resource that’s in limited supply, as we only get 24 hours, or 1440 minutes, or 86,400 seconds in a day. Oftentimes, we forget the important connection between time and money, as there are many ways that we squander time that will negatively impact our money.

Here are some considerations about time and money: Continue reading Your Money and Your Time →

Steps To Closing Your Business

Business Success, , ,

Last week we considered some of the challenges that can cause a small business to be unsuccessful. Despite your best efforts at preserving your enterprise, sometimes terminating it may be the only viable option.

However, it’s not enough to have a closing-down sale and take down your sign; there are several legal steps that are also required.

Here are the organisations in Jamaica that must be informed about your business closure:

1. Companies Office of Jamaica

The first step in officially cancelling your enterprise is to inform the Companies Office of Jamaica (COJ). If your business was being operated under a name other than your given name, you should have initially registered that name with the COJ. Similarly, you need to submit documentation with the COJ to complete the closure of your business. Continue reading Steps To Closing Your Business →

When Your Small Business Fails

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“Despite my best efforts in running my own business, I have to admit that my venture is just not going to work out. Over the years, my business has cost me a lot of money and hurt my relationships with my family. Now, I feel like a failure because I really believed that I would have been successful at being my own boss.”

The entrepreneurial journey can oftentimes be treacherous, as there are many pitfalls and challenges en route to business success. Whether you are new to business or a seasoned entrepreneur, you have to be prepared to take on the risks which are inherent in any enterprise.

There are very few successful businessmen today who at some point didn’t face a disappointing result from their ventures. Like any other career, being an entrepreneur requires you to advance through a learning curve, where time and experience will help you to become better at your job.

Instead of only focusing on the negative aspects of the collapse of your business, consider your experience as your initiation rites into entrepreneurship. Don’t think that your inability to succeed after your first attempt only signals the end of the road for your business goals. In fact, a ‘failure’ can actually help you to become a better entrepreneur. Continue reading When Your Small Business Fails →

Managing Money After Divorce

Budgeting, , , , , , , ,

After separating from her husband last year, Marilyn has been struggling to pay her bills on time and to keep track of her expenses. During the 21 years she was married, her accountant husband had taken care of all their financial transactions. “I didn’t understand the basics of managing our money,” Marilyn reveals, “I had never even read our bank statement.”

Four years ago, 46-year-old businessman Steven decided to let his ex-wife keep the family home, since she would have custody of their two young children. “I left everything with her and walked out with just my personal possessions.” Today he wonders if he made the right decision as he is finding it difficult to afford to buy another house of his own.

The dissolution of a marriage usually brings upheaval for the former partners, their family members and friends. While attention is given to the emotional and mental effects of divorce, the monetary challenges cannot be ignored as they can leave the family finances in serious disarray.

If you are dealing with divorce, here are some important considerations: Continue reading Managing Money After Divorce →

How to Earn More Money

Income Creation, , , , , ,

Very often, readers request advice on how to conquer their financial challenges. Most times their major issue is that they are not earning enough to pay their basic bills. As the cost of living increases, this problem only gets worse.

The reality is that it’s almost impossible in these times to expect that one job will be able to cover all our spending requirements. Many people try to borrow to make ends meet; but the only sustainable solution is to look around for other ways to earn more income.

Earning more is absolutely vital for financial success. Apart from the fact that many people do not earn enough to cover their basic expenses, they need to generate more money in order to achieve their financial goals. It’s also true that most persons don’t make full use of their abilities and time to make money. Continue reading How to Earn More Money →

Inflation and Your Money

Investing, , , , ,

Imagine going to a restaurant to buy a cup of coffee and being told that the price was $5,000. After ordering a second cup, you request a bill and see that the total cost for two cups of coffee was $14,000.

Upon enquiring about the obvious error you were told, “If you want to save money and you want two cups of coffee, you should order them both at the same time.”

You may think that this is just an amusing story. In fact, this was a real-life example of life in Germany after World War I recounted in Adam Smith’s Paper Money, which described the extreme effects of inflation on that country’s economy. Continue reading Inflation and Your Money →

Six Smart Sayings to Help You Manage Debt

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One of the most challenging aspects of managing your personal finances is knowing how to control debt. It’s very tempting to start borrowing – how else can you survive if your salary remains stagnant but the cost of living continues to skyrocket? It’s also hard to maintain a frugal lifestyle when today’s society places a high value on material things.

Many people think that the quickest solution to having insufficient funds to buy what they need or want is to get a loan. While short-term borrowing might temporarily ease the immediate situation, it usually starts a long-term problem that is hard to resolve.

Wouldn’t it be great if there was a simple manual to guide you on the appropriate strategies to manage debt?

This week, I compiled six valuable sayings to help you to remember some important principles about borrowing money. There is a lot of wisdom in these clever adages, and reciting them can be an effective way of memorising the underlying messages about debt. Continue reading Six Smart Sayings to Help You Manage Debt →

Back to the Basics of Bartering

Spending, , , , ,

Our current economic system has socialised us to exchange a form of money – whether cash or credit – to receive goods and services. Unfortunately, whenever we run short of this precious monetary commodity, we’re unable to obtain the things that we need or want.

In these times when finding extra cash is definitely challenging, we have to become creative if we want to maintain our standard of living. There really is no shortage of the items that we need in the marketplace; the problem lies with our inadequate supply of money to pay for them.

What if there was another way to get products and services without having to spend money?

In olden times before a system of monetary exchange evolved, people were able to acquire the things they needed to survive, by exchanging an item they already had with other people’s goods. Continue reading Back to the Basics of Bartering →

Money Lessons from Usain Bolt

Goals, , , , , , , , ,

As 100m sprinter Usain Bolt propelled his way through the finish line in an astonishing world-record time of 9.58 seconds, Jamaica and the rest of the world celebrated his magnificent race. At the 2009 Berlin World Athletics Championships, Bolt definitely cemented his place in history as a legendary sports hero.

As I reflected on his amazing career, I realised that Bolt is more than an inspiration to aspiring athletes; he is also an example of what it takes to be successful with money. Here are some of the lessons that Bolt can teach us about our finances:

Examine What You’re Doing Wrong

My earliest memory of Bolt’s running was of a youngster who seemed to be struggling as he raced. Biting on his chain with a pained grimace on his face, he was a far cry from the smooth sprinting machine that he is today. Many of us find the financial race similarly difficult – despite our best efforts, it seems that we don’t have what it takes to win. Continue reading Money Lessons from Usain Bolt →

Can Your Past Influence Your Present Money Habits?

Money & Your Mind, , , , ,

“Your article about coping with parents’ money problems made me think about the bad money habits that I picked up from my father. My parents had different attitudes about money – my mother was a saver but my father spent all he had.

“I adored Dad and I wanted to be just like him; so I never saved and gave money away just like he did. I now see where this has hurt me because I have no money. I think people need to be aware of how their parents can influence their attitudes about money.”

Your finances are in serious disarray. You live from one pay cheque to the next. You give thanks for your credit card, as without it you wouldn’t even be able to buy petrol. You know that something is very wrong – you earn enough to save and live comfortably, but somehow financial success seems like an impossible dream.

You decide to get help to fix your money problems. Books, newspaper articles, television shows and Internet websites about money become your obsession. You even get professional financial advice.

Gradually you learn the steps you need to take to turn around your life. You start with a strong intention to do the right things, yet eventually, you go right back to your bad money behaviours. Continue reading Can Your Past Influence Your Present Money Habits? →