Tag Archives: save for the future

The Rewards of R.E.S.T.

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AS the month of November winds down, many people are preparing themselves for the hectic activities which December brings. While the whirlwind of office socials, gift shopping and family dinners that accompanies the upcoming season is enjoyable, it can at times be exhausting.

As the year-end approaches, you may find that you have little time, energy or inclination to keep pursuing your important financial goals. You may get swept away with the holiday festivities and think that it’s okay to relax, enjoy life and just take a break from being financially responsible.

On the contrary, it’s critical for you to work even harder to achieve the targets you set for this year. What you do during the next 30 days will set the tone for the beginning of 2016, so you want to finish off the year by making a resolute effort to advance or complete those unfinished tasks.

If you begin the New Year reflecting on all the things you wished you had accomplished, you may get depressed and demotivated instead of feeling energised and enthused to achieve more. Let’s look at another way to revitalise yourself during December with this four-step R.E.S.T. plan. Continue reading The Rewards of R.E.S.T. →

Money Lessons From Mom

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On Sunday May 11, millions of people around the world celebrate Mother’s Day, when they pay homage to their maternal parents. The memories of a great mother can last beyond her lifetime; and if you are lucky enough to still have your mom around, ensure that you treat her extra special on this day.

I have been blessed with the inspiring presence of my mother for over 40 years, and she has been very influential in my personal and professional development to this day. As a woman who achieved many accolades in her chosen field, I have always aspired to emulate her success.

In hindsight, I realise that my mother has always been an excellent financial role model, demonstrating many of the smart money practices that bring financial security. Unfortunately, as a young person, I ignored her examples and advice, which caused me to make many poor choices with money. Continue reading Money Lessons From Mom →

Money Musings: The Sanctity of Savings

Money Reflections, Saving, , , , ,

Jamaican Finance Minister Dr. Peter Phillips recently announced new taxation measures that would affect all persons who utilise our banking sector. Dr. Phillips revealed that withdrawals from deposit-taking institutions would be subject to a graduated tax system.

All forms of withdrawals, including those done inside branch offices, point-of-sale transactions using debit cards, issuing cheques, and getting cash from ATMs would be affected. Electronic transactions would also be taxed, except transfers made by persons between accounts at the same institution.

The finance minister indicated that withdrawals of less than J$1m would be taxed at 0.1 per cent of the value, which would mean that persons would pay $1 for every $1,000 taken from their accounts. The percentage tax would decrease on a tiered system for larger sums of money withdrawn.

Although the tax is to be applied to the financial institutions, it stands to reason that the final effect of this withdrawal levy would be felt by the account holders themselves. Predictably, the pronouncement has sparked much negative feedback from various sources across the nation. Continue reading Money Musings: The Sanctity of Savings →

A Long and Lasting Financial Love

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Love is in the air, as many people become preoccupied with romantic thoughts when Valentine’s Day approaches. While love connections may be foremost on our minds at this time, we can also consider another important relationship that we all should enjoy – the one with our money.

A personal relationship requires understanding, respect and dedication to survive the test of time. Similarly, you need to develop a healthy rapport with your money if you wish to be financially successful. Let’s look at some tips that will help you to have a long and lasting money relationship. Continue reading A Long and Lasting Financial Love →

Money Mission: Make A Realistic Retirement Plan

Retirement & Estate Planning, , , , , , , ,

I vividly remember dealing with a client many years ago at the financial institution where I worked. He was in his late-50s and wanted to put aside some funds for his retirement. Preparing to discuss investment options and strategies for this objective, I asked him how much money he had to start his plan.

He presented me with a cheque for just over J$150,000 (at that time, the equivalent of about US$2,400), and after I asked some pertinent questions, it became clear that this was the sum total of my client’s net worth. He explained that he had worked in the music industry for his entire life and had seen a lot of money pass through his hands, but had never thought about putting aside some of his earnings for the future.

As he continued to relate his sad story of business setbacks and personal challenges with a chronic illness, I realised that he had become despondent and was not really receptive to my ideas to improve his situation. Just before he left, he said, “I wish someone had taught me these things 20 years ago when it could have made a difference.” Continue reading Money Mission: Make A Realistic Retirement Plan →