Tag Archives: profit

New Year’s Resolution #4: Earn More

Income Creation, , , , , , ,

Over the past weeks we have been examining some of the key money goals that you should have on your 2015 resolution list. If you really want to avoid the disappointing results of past years, then you must understand exactly what is required to put you on a positive financial path.

One problem that can be very frustrating for persons who want to achieve their financial objectives is that they just don’t have enough income to do everything they would like to. As the saying goes, “It takes cash to care;” and to attain many of your goals, you need to have excess funds on hand.

More money is essential

The reality is that many people do not have enough money left over after paying their regular bills to comfortably attain many of the objectives and acquisitions that they desire. It may be almost impossible for you to live out your lofty dreams, solely on the proceeds of a regular pay cheque.

Therefore, a critical part of your game plan to have a better financial year is to look at options to increase your earning ability. Without additional sources of income, you will be challenged in your quest to manage your budget, avoid burdensome debt, and save towards building your wealth. Continue reading New Year’s Resolution #4: Earn More →

More Money: Finding Earning Opportunities

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Most people will agree that having more money is essential, but many will admit that they don’t know where to find opportunities to earn from their own efforts. Our education system does not really put much emphasis on self-employment and entrepreneurship; so many graduates leave school with a dependence on external sources to generate an income.

Our columns for this month have been dedicated to helping you understand what you need to do to increase your earning potential by creating your own sources of income. If you are going to survive and succeed in these challenging economic times, you will need to focus a lot of your attention on making extra money in your spare time.

This week, let’s look at some simple strategies that can help you to identify and take advantage of various opportunities to create your own income. Continue reading More Money: Finding Earning Opportunities →

Money Mission: Earn Your Own Income

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The goal-achievement race is more like a marathon than a quick sprint; unless you continually focus on the finish line, you might get discouraged by the long journey and give up along the way. Our Money Mission columns are aimed at challenging you to accomplish a specific task each month that will help you persevere with your dreams.

Previously, we addressed two of the stumbling blocks that can prevent persons from making progress on their plans – procrastination and the inefficient use of time. Another major drawback that many people face in their quest to attain their goals is that they don’t earn enough money to save for important financial objectives such as buying a home or retirement.

Independent earning is important

The reality is that with the rising cost of living and the inability of most employers to pay increased salaries, you will have to change your outlook on earning if you want to have more money. You can no longer expect a job to supply you with all the income you need to create your desired lifestyle; you have to learn how to generate other sources of earning from your own efforts. Continue reading Money Mission: Earn Your Own Income →

The Art and Science of Making Money

Income Creation, Investing, , , , , , , , , , , ,

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 →

Investing by Lending Money – Returns and Risks

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To be a truly successful investor, it’s important to understand the nature of any investment that you wish to undertake; by knowing how it can increase in value or supply an income, recognising the level of risks that the investment may bring, and ensuring that the investment type is ideally matched with your financial objectives.

Last week we discussed ways to invest by lending money in the financial markets. As we explained, large corporations, financial institutions and governments can create investments that allow them to borrow money from the investing public for their short-term financing needs or long-term capital requirements. Continue reading Investing by Lending Money – Returns and Risks →

Is it worth the risk to invest?

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Many people dream of enjoying a carefree lifestyle without the stresses of a regular job, and wish that they could find the perfect investment that would allow them to become wealthy. Their desire to be free from the routine of working for a living is often a compelling reason that motivates them to invest their money.

While most persons invest with an expectation of getting a positive result from their efforts, the reality is that investments don’t come with iron-clad guarantees of success. Last week we introduced the concept that investing activities carry some amount of risk, which is the possibility of getting a negative outcome or a different result than what was anticipated.

The risks that may accompany your investments have a lot to do with the reasons you may have invested in the first place. What are some of your basic expectations when you invest your money? Continue reading Is it worth the risk to invest? →

The Hidden Costs of Investing

Investing, Risk Protection, , , , , , ,

When many people think about investing, they have one major question in mind, “How much money am I going to make?”, and they usually don’t consider what they may have to give up in order to get their desired profit. However, natural law dictates that in order to receive, you must be willing to sacrifice something in return.

If you want to create wealth from investing, you will have to make some compromises in order to achieve your objectives. You’re not going to be blessed with wealth from this source without paying a price for it.

While it may be relatively simple to determine the direct expenses that can accompany an investment transaction, there are some hidden costs which may not be that obvious. Let’s look at some of the areas in which you must be willing to give and take in order to get the best from investing. Continue reading The Hidden Costs of Investing →

What type of investor are you?

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Too many people live out their lives without setting financial goals or thinking of ways to get ahead in life. Like the ancient Arabic saying, “He who knows not, and knows not he knows not, is a fool,” they are dangerously unconscious about the importance of creating and carrying out a plan of action to become financially secure and successful.

One of the strategies that can help you to finance your dreams and achieve your objectives is investing. Investing is simply the act of putting your money to work in some type of endeavour with the expectation of making profit. The idea is that you are actively trying to increase the value of your initial investment and/or earn an income from your efforts.

While investing can be a key component in creating wealth, persons who decide to invest may receive vastly different results than they had expected. Although it may be relatively easy to put your money into some type of investment, it is not a given that you will make a profit.

The level of success you obtain will be largely dependent on your investing expertise.

Continue reading What type of investor are you? →

Let’s All Take Action for Business Growth

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The development of successful local businesses should be of concern to all well-thinking Jamaicans, whether or not they have an interest in operating their own ventures. A profitable business community is needed to increase employment levels, provide the government with more tax revenues and spur overall economic progress.

It was recently reported that 10,000 government workers would be laid off over the next five years. When you add these numbers to the thousands who have already faced job cuts, and the hundreds of graduates who leave school every year without finding work, it is easy to see that our country is in a productivity crisis.

To overcome our personal and national financial woes, we should all participate in developing sustainable businesses. The authorities must provide a business-friendly environment; financial institutions need to offer lower-cost funds; business owners must learn how to be efficient; and consumers should support local enterprises.

Employees can build businesses, too

If you’re an employee, there are several things that you can do to help your employer to remain viable. Firstly, don’t give 70 per cent work effort and expect to be paid the full 100 per cent of your income on payday. Understand that your committed input is essential for the entire team to succeed.

If you are very distressed about the rising cost of utility bills, be mindful that your employer is facing similar challenges. Make a concerted effort to conserve on electricity and water usage at work. Don’t use office supplies such as paper and printer ink for your personal affairs, and keep personal telephone calls to a minimum.

Even if you think that you are working with a ‘boss from hell’, be thankful for your job, and realise that your employer might actually be doing the best that he or she knows how to do. Many business owners are inadequately trained in entrepreneurship skills and lack the knowledge to efficiently run a viable enterprise.

Sometimes employers are so focused on paying bills, boosting sales, reducing production costs and worrying about security issues that they have little time to focus on the strategic thinking that’s vital for business growth. Unfortunately, too many of them neglect to put enough time and money into the education they need to succeed.

Business owners must seek solutions

I believe that business owners have a big responsibility that transcends just running an enterprise. Entrepreneurs have the potential to positively impact the lives of their families, employees, communities and the country; therefore they are obligated to put their best efforts into making their businesses successful.

Over the past few weeks we have been looking at different resources that persons can use to learn more about building profitable businesses. These include getting formal business training, attending seminars, obtaining information from the Internet, and reading books and business magazines.

It is said that experience is the greatest teacher; in the business world, this adage is very applicable. In the classroom, most people are able to learn from their mistakes and get better with practice.

However, in business, one impulsive decision or ill-advised plan of action can unfortunately lead to the organisation’s demise.

Knowing the right steps to take in business would be easier if more owners had the benefit of expert guidance from coaches and mentors. Star athletes realise that having the right coach is instrumental to their success. Similarly, a knowledgeable business advisor could help to turn a fledging enterprise into a winner.

Business coaches can provide answers

Marcia Woon Choy, Jamaican franchisor with ActionCOACH, the world’s largest business coaching firm, confirmed that coaching is essential. “Coaches help people to achieve their desired results,” she explained. “A business coach guides owners by using tested, proven and systemised ways to build and improve their organisations.”

The first phase in the coaching process is to help existing business owners clarify their personal and business goals and their expected results, Woon Choy revealed. “Many persons struggle because they’re not clear about what they want their businesses to accomplish.”

Once these goals are clarified, the coach works to get alignment on these objectives from partners and team members. Getting consensus from all parties is essential, Woon Choy indicated, as to succeed in their businesses, the owners must develop commercial, profitable enterprises that can work without them in it.

Business owners are trained how to implement effective systems with the use of workshops, DVDs, CDs and books. Some of the critical lessons taught include the six steps to get massive results, five ways to increase business profits, and four ways to make businesses work more effectively and efficiently.

The next stage is to develop a phased action plan that lays out exactly how the business is going to achieve its desired results, Woon Choy continued. The coach has to continually keep persons accountable for carrying out the steps, as without their commitment to learn and apply each element, the process will not be successful.

By getting the education and working with a business coach, Woon Choy maintained that entrepreneurs would learn how to generate more cash flow, become more profitable, achieve more teamwork and obtain more personal free time. “It’s all about putting the systems in place that can allow your business to go on auto-pilot.”

If you want to achieve financial freedom by building a profitable enterprise, then taking action by hiring a business coach might be beneficial.

Copyright © 2011 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, May 19, 2011

Read other articles about Money Advice:

What Do The Rich Know About Money? Help for Young Jamaican Entrepreneurs

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Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Contact Cherryl