One year earlier in December 2004, I had been asked by the investment company where I worked to submit an article for another newspaper. I had thoroughly enjoyed working on the advice piece, and became enamoured with the idea of writing my own column to present practical money tips.

The dream is born

At that time, there were few local resources educating people about important personal finance principles. I was motivated to share the lessons I had been learning about improving my finances with a wider audience, as I realised that many people were struggling with similar money problems.

After preparing a concept document for my desired column, I started researching various money topics online and in financial books. Over the ensuing months, I had compiled information on saving, budgeting, debt, investments, retirement and other financial matters into several folders.

I really had no idea how my column-writing goal would have been achieved, but I continued to equip myself with the required knowledge. After sharing my dream with a colleague at work, she revealed that she knew an editor at the Jamaica Observer, and that I should email her my details.

Preparation meets opportunity

Then one fateful day, the editor came into my office. I introduced myself, explained what I wanted to accomplish with the column, and enquired if there would be space for my idea. She revealed that a new Thursday Life feature was being developed and that my column would fit in perfectly.

Since I had been preparing for this opportunity for a year, it was easy to write a sample column, which was immediately accepted. My many months of preparation had paid off; now I had an outlet to share my money lessons with numerous readers in Jamaica and all over the world.

Ten years and over 500 articles later, I can declare that my writing has not only allowed me to educate people about key financial principles, but it has helped me to develop personally in many ways. Here are a few of the valuable lessons that I have gleaned over the years.

Time budgeting is essential

One of the realities of writing a weekly column is that there is a strict time frame for submission. My busy schedule gave me precious little time to prepare the week’s money lessons, so my commitment to my column meant that I often had to sacrifice sleep time to get the job done.

I also had to learn how to get better with my writing skills so that I could produce an article within the limited hours that I carved out my day. Implementing the time budgeting strategies that I learned through writing has helped to me to complete many other assignments and objectives.

Procrastination is counter-productive

As a serial procrastinator, I have been disadvantaged in the past because I delayed taking action on a timely basis. On several occasions, procrastination has forced me to have to write in uncomfortable situations, such as in an airport waiting lounge trying to beat the boarding call.

Over time, the stress of putting off my writing got the better of me, and I began to resist the urge to procrastinate. I can definitely give credit to my weekly column responsibilities for releasing me from a very negative habit, which has allowed me to become much more productive with my tasks.

Criticism is not your enemy

It is necessary to develop thick skin when writing for the public, as you open yourself up to all kinds of responses to your efforts. At first, I was intimidated by the notion of receiving negative feedback, but I was cured of that fear many years ago by a reader who gave me pause for thought.

After criticising my article as being ‘trite’, my reader suggested that I look to nature for ideas. I took his advice, researched the habits of certain animals, and wrote ‘Money Lessons from the Animal Kingdom.’ This ushered in a new era of creativity in my writing that has benefited me ever since.

Change is necessary

Following my dream to share money lessons through my column also emboldened me to take bigger steps. Recognising that there was more that I could do to help persons, I quit my job in 2007. After exploring the opportunities in this niche, I formed Financially S.M.A.R.T. Services to produce and market financial education resources.

In December 2015, I published my eBook, The 3 M’s of Money, which reveals all the money lessons I learned. Everything I now know about solving money problems and planning for your financial future can be found in the pages of this book.  Now that my book is complete, my dream is finally realised. MISSION ACCOMPLISHED!!

New horizons beckon

It’s time to explore new territories. I will now be focusing on helping people to make more money and promoting the entrepreneurial efforts of my fellow Jamaicans. Future posts will be done on my other blog, EntrepreneursInJamaica.com, so please subscribe so that you don’t miss anything new.

In addition, look out for more innovative financial education resources that will soon be available on FinanciallySmart.org. You can also download free budget worksheets and calculators there.

The world is your oyster

While I have been blessed with the advantage of writing for a popular newspaper, the Internet has leveled the playing field, as it gives everyone the ability to reach an audience of millions. Social media, blogs and websites are online tools that anyone can utilise to make a mark on the world.

As I close this chapter on my money talks, I encourage you to listen to what your own heart is yearning to achieve. Release the fear and take courage to follow your wildest dreams. As I have experienced, you might be pleasantly surprised where the journey will take you!

When you take a look at the way the world runs, you could be forgiven for thinking that it pays to follow a less than honorable path in life. There’s lots of money to be made in the pursuit of nefarious activities, and they often provide a tempting lure for those who seek to get rich.

On the other hand, you will see decent, law-abiding citizens who have made positive contributions to society, struggling to make ends meet. In some cases, taking the righteous route can actually work to your detriment. When it comes to money, is there any value in being virtuous?

Last week, we looked at how the seven deadly sins – lust, gluttony, greed, envy, sloth, wrath and pride – can negatively impact your finances. In the age-old battle of good vs. evil, let’s see how the seven cardinal virtues of money may counteract the destructive effects of the seven financial vices.

Chastity

Like an avenging angel, the virtue of chastity seeks to liquidate the lustful longings for the luxurious life. While we normally associate chastity with sexual abstinence, it can be defined as purity in any type of conduct and intention, and also means personal integrity and honesty.

Being chaste with your finances infers that you avoid situations that could tempt you to lust for expensive trinkets that you can’t afford, such as window shopping by the jewelry store. Financial chastity could also be attained by being honest about your financial situation by creating a budget.

Temperance

In this consumer age that glorifies gluttony and cripples contentment, we’re constantly bombarded with advertisements that urge us to want more and to get it all now. Opposing overconsumption, the virtue of temperance promotes restraint, self-control and deferred gratification.

Financial temperance is an important attribute to develop as it teaches you to be disciplined with your money, and it encourages you to put a higher value on saving over spending. Temperance also develops wisdom which can help you to make the right financial decisions all the time.

Charity

In the movie Wall Street, corporate raider Gordon Gekko uttered the memorable words, “Greed… is good.” His idea was that an insatiable desire to attain wealth helps development. Charity, or self-sacrificing love, combats evil greed which can lead you to discount others in your quest for wealth.

If you have charity in your heart, you won’t be tempted to step on others as you rise up the ladder at work, or pursue activities in which you win at the expense of other persons’ wellbeing. You will truly put people first, even if it temporarily slows down your wealth acquisition process.

 Diligence

People will find myriad excuses for their lack of wealth, but their own laziness is rarely counted as a factor. Financial sloth, or an unwillingness to fully utilise your talents to earn, is put to rest by the championing virtue of diligence which promotes a strong work ethic and persistent effort.

When you apply diligence to your earning endeavours, you will take the time to learn new ways to create income, adjust your strategies after undesirable results, and be bold when selling your offering to the public. You will not let the negative responses deter you in your search for wealth.

 Patience

It’s been quipped that ‘patience is a virtue, but too much of it can hurt you’. While patience in the form of inaction can sometimes lead to financial loss, patient forgiveness is essential to combat the vice of wrath which often leads people to make rash, emotional decisions spurred by anger.

Patience prevents you from taking actions that you may regret. Patience can diffuse hateful words which may be spoken in the heat of money arguments. Patience can save a relationship which may be destroyed because one party is annoyed with the lack of financial progress of another.

 Kindness

This virtue is closely linked with charity, as it only when you have true love for others that the spirit of kindness will be shown. Kindness in your financial dealings is the counterpart to envy, which causes you to resent other people’s progress and try to derail them or even destroy them.

Kindness permits you to congratulate someone who got promoted instead of you; makes you genuinely happy when your neighbour buys a new car and you can’t afford one; and allows you to put aside some of your money for the less fortunate even though you have your own problems.

 Humility

If pride is the most dangerous of the deadly sins, then humility is the strongest virtue of them all. All other virtues depend on your possessing a humble spirit; when you are humble, you don’t let pride cloud your thinking. It’s been said that humility doesn’t make you think less of yourself, it lets you think of yourself less.

Humility allows you to seek and implement personal financial or business advice that can steer you in the right direction. It also helps you to recognise that your eventual success is not self-made, and to acknowledge all the other people who may have contributed to your achievement.

You can learn about other positive attitudes that can help you to be successful with money in my eBook, The 3 M’s of Money: How To Manage, Multiply and Maintain Your Money.

Get The 3 M’s of Money on Smashwords

Copyright © 2016 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, February 18, 2016.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl

The passage is used in the context that an unhealthy aspiration for wealth can entrap people into harmful desires that may lead to their eventual ruin. It’s not often that love – perhaps the most unselfish and wholesome feeling known to humanity – is used to explain something that is evil.

Instead of referring to the love of money, I think that a more appropriate word to describe an excessive craving for riches would be greed. This negative behaviour is counted among the seven deadly sins, a religious classification of vices which dates back to the 4th century A.D.

The other six sins in the modern version of the list are lust, gluttony, envy, sloth, wrath and pride. In many respects, these serious transgressions are associated with undesirable attitudes and actions that affect your finances. Here’s my take on the seven deadly sins of money.

You can get more detailed advice on ways to improve your finances in my eBook, The 3 M’s of Money: How To Manage, Multiply and Maintain Your Money.

Get The 3 M’s of Money on Amazon
Get The 3 M’s of Money on Smashwords

Copyright © 2016 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, February 11, 2016.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl

Saving is essential to help you develop discipline with money, and it also allows you to focus more attention on accumulating money instead of just spending it. In addition, your savings can give you a head start to pursue more lucrative financial options to create long-lasting wealth.

What Does It Take to Build Wealth?

If you have been saving diligently and you are a little disappointed with the slow growth of your bank balance, you need to start employing strategies that will enable you to boost your results. Unlike the relatively passive act of saving, however, building wealth takes a lot more expertise.

I like to utilise clever Jamaican sayings to help clarify money concepts. Our snippet of wisdom for this week declares, “Wise monkey know which tree fi climb.” An experienced monkey searches for the trees with the best food sources and avoids those which hide potential danger.

Similarly, if you are desirous of obtaining financial security and freedom, you need to educate yourself about various ways to increase your net worth and understand how to evade the pitfalls that may impede your progress. Learning how to multiply your money must be your primary goal.

Multiply Money Through Investing

Two options that can help you to build wealth are investing and owning a business system. Investing is when you put your money into a venture or product with the expectation that it will turn a profit and/or provide an income. Owning a business system can be seen as a type of investment.

Ironically, although investing or owning a business can bring tremendous wealth, they can also lead to a reversal of fortune for inexperienced persons who don’t understand or apply the proper methodologies. It is vital for you to become informed before proceeding blindly down either route.

The first step to implement in your money-multiplication plan is that you need to be realistic about the effort that is required to generate long-term wealth. Many people want to enjoy the trappings of wealth without really wanting to work hard for it; this is why the lottery is so successful!

Achieve an ‘A’ in Investing

Most persons will willingly undertake years of study to succeed in their chosen profession. You must also be prepared to put in the time and effort to obtain an ‘A’ grade in money-multiplication studies, as you will need a combination of preparation, practice and perseverance to succeed.

There are formal and informal ways to learn about the rudiments of investing and business. You can read books and trade magazines, research online, take short courses, obtain professional certification, and get mentored or trained by successful practitioners in your field of interest.

After graduating from the University of Nebraska, Warren Buffett read The Intelligent Investor, a book by investing guru, Benjamin Graham. Buffett was so impressed with Graham’s work that he decided to pursue a graduate degree at Columbia University so that he could learn more from him.

Buffett maintained a close relationship with Graham, and got a job in his mentor’s investment company. After two years learning from the expert, Buffett started his own family partnership at age 25. After 13 years, Buffett and his partners saw a thirty-fold increase in the value of their shares.

Develop Investing Discipline 

Another key element of your money-multiplication plan is to exercise the discipline to stick to the rules that govern investing and business. After achieving initial success, some people stray from the principles that guarantee success, and end up suffering the dire consequences of failure.

In 1965, when Buffett acquired an unprofitable business, Berkshire Hathaway, he applied the same investing and business techniques that had worked for him and for his mentor. Not swayed by contrary reports or market hype, he stuck to his established theories of long-term investing.

Since then, Buffett has transformed Berkshire Hathaway into a multi-billion-dollar company and is one of the most successful investors in the world. It was reported that shareholders who invested US$10,000 in his company in 1965 saw this value increase to over US$50 million, forty years later.

Persist with Investing Principles 

While you may not aspire to, or achieve the wealth that Buffett has amassed, you can still apply his techniques of learning about investing, gaining experience through mentors, employing proven strategies, persevering through the fluctuations, and adhering to the cardinal rules of investing.

Another pivotal part of your money-multiplication plan is the application of strategies to protect and preserve your wealth. Like the wise monkey in our proverb, you must know how to avoid the trees that are treacherous, or else you will jeopardise everything you have worked hard to obtain.

Next week, we will look at some of the steps you need to employ to ensure that you can maintain your wealth for the long term.

You can get more detailed advice on ways to improve your finances in my new eBook, The 3 M’s of Money: How To Manage, Multiply and Maintain Your Money.

Get The 3 M’s of Money on Amazon
Get The 3 M’s of Money on Smashwords

Copyright © 2016 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, February 4, 2016.

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When your income is stretched to the limit taking care of bills and other obligations, it may seem impossible to find an extra dollar to put aside for the future. Recognise that if all your money is spent paying other people, then you really have nothing to show for all of your hard work.

Slow savings – a waste of time?
It may require you to make a big sacrifice to save consistently, and to be disciplined not to deplete your funds unless you have a true emergency situation. However, when you look at the slow progress on your savings growth, you may be tempted to wonder if your sacrifice is pointless.

Many people give up on saving because they are frustrated with their inability to quickly attain a large lump sum in their account. It’s important to understand the factors that help to increase your savings, so that you can be assured that your efforts to pay yourself first are not in vain.

Our Jamaican adage, “Every mickle mek a muckle,” assures us that even a small amount of savings will eventually grow to something substantial. This is not just wishful thinking; there are rational explanations for savings growth. Let’s look at how your ‘mickle’ can become a ‘muckle’.

Interest gives you more
When you put your funds in a deposit account at a financial institution, you’re actually lending money to the institution. Like other money lenders, you should earn an interest for the use of your capital, so you need to ensure that the account you choose to save in offers interest payments.

Some financial institutions seem to think that they are doing you a favour by accepting your money. They charge fees for making deposits, or penalize you for not having a minimum amount in your account. So instead of earning from lending them your funds, you are actually losing money!

Your money will grow if you save in interest-bearing accounts. Today’s financial landscape is very competitive, and it is your responsibility to seek out institutions to save which respect your deposits, supply regular interest and provide options to reduce or eliminate service fees.

Compounding gives a boost
To maximise savings growth, you also need to be aware of the different ways that interest is computed. Simple interest is calculated only on your principal or the money that you put into your account, while compound interest is paid on your principal plus the interest your money earned.

Let’s say that you put J$10,000 in your account three years ago. If you earned five per cent simple interest over that time, your savings balance would be J$11,500. However, if your interest had been compounded annually, your account balance would be boosted to J$11,576.25.

Your money will grow steadily if you ensure that your account earns compound interest, preferably paid every month. Check with your financial institution for the requirements to allow your funds to earn compound interest, and maintain your savings in these types of accounts.

A higher rate gives better returns
The reality is that today’s interest rates are paltry, so don’t expect to see phenomenal returns only from your savings efforts. However, it is essential to do your homework to ensure that when you deposit your funds, you earn the best possible interest rate that is available in the market.

In the above example, if your J$10,000 savings had received six per cent interest compounded annually, your account balance after three years would be J$11,910.16, while a seven per cent rate would yield J$12,250.43. If the account compounded monthly, the returns would be even greater.

Your money will grow dramatically if you seek out accounts with higher interest rates that compound monthly. You may need to put your funds into a fixed deposit instead of a regular account or choose a savings institution which offers more attractive interest rates to its depositors.

Time gives you the edge
Some people believe that they should wait until their financial situation improves to start saving something substantial. Very often, the years go by and their situation has only worsened while their accounts remain empty. It’s vital to start saving whatever you can afford right now – don’t delay!

When you put off saving, you lose the benefit of years of accrued interest. If you added J$500 each month to your J$10,000 deposit and got five per cent interest compounded monthly, after 25 years your nest egg would be over J$332,000. Your actual savings would be only J$160,000 – the rest is interest earned.

Your money will grow exponentially by combining the factors of compound interest, higher interest rates and time. No matter how much you start with, once you apply these factors to a consistent savings plan, you will experience the magic of money multiplying in your account.

You can get more detailed advice on ways to improve your finances in my new eBook, The 3 M’s of Money: How To Manage, Multiply and Maintain Your Money.

Get The 3 M’s of Money on Amazon
Get The 3 M’s of Money on Smashwords

Copyright © 2016 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, January 28, 2016.

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Some people fail to realise their objectives because they don’t establish a strong motivation that will force them to persevere until their goal is met. If you have a compelling vision for your future or a credo that directs all your actions, then you are more likely to succeed.

In this tough economy, more people are complaining that they are surviving from pay cheque to pay cheque. They feel like they are only working to pay their bills; all of their income is consumed by the rising cost of living and there is nothing left behind for saving or investing.

Although inflation keeps moving prices upwards while income remains stagnant, if you are going to achieve your money objectives this year, you have to find a way to overcome this challenge. What will you use to inspire you to grow in spite of these negative economic forces?

TAKING CARE OF YOUR OWN BUSINESS

Our Jamaican proverbs often bring the right messages to cement important life lessons. The adage “Parson christen ‘im pickney fus” refers to the reality that a parson will christen his child first, or that he will take care of his own personal business before attending to the needs of others.

When applied to your financial situation, this proverb can also express the essential money management principle of ‘pay yourself first’. The idea is that some of your income should be put aside for the purpose of saving, even before you take care of your bills and other obligations.

Some people feel that they are being financially responsible by ensuring that all the expenses are paid first, and whatever is left behind can go towards savings. For others, this money principle may seem to be impractical, as their income is not even enough to cover their basic necessities.

WHO BENEFITS FROM YOUR MONEY?

Years ago when I was searching to find solutions to my various money problems, I remember being frustrated by the fact that despite working for over 10 years, I had no savings for myself. It seemed like I had wasted all my time, as I had nothing tangible to show for my work efforts.

After reading The Richest Man in Babylon by George S. Clason, I finally understood why it was imperative to apply the ‘pay yourself first’ rule. Clason explained that if I spent all I earned, I was actually making other people rich, while I remained poor. This sounded like slavery to me!

Although my income was not covering my overburdened budget or meeting my debt requirements, I resolved that first of all, I was going to put aside some of what I earned, and ensure that I found a way to deal with my obligations. Saving was now going to be a non-negotiable expense.

TAKING A LEAP OF FAITH TO SAVE

Making the decision to put 10 per cent of my salary into a savings account that could not be used for expenses was intimidating at first. How was I going to pay my bills? Was I just digging myself further into debt? I wondered if I was making another costly money mistake.

However, I decided that if Clason, a financial expert, said that it was important, I would trust the savings process. I examined my budget and tried to reduce or eliminate some bills. I calculated my shortfall and determined that I had to find a way to make more so that I could continue to save.

Once I pledged to focus on saving, I experienced remarkable changes in my finances. As I got more organised with my money, I found that many of the issues that caused me to overspend were resolved. Every month, I looked forward to saving and enjoyed seeing the balance grow.

HOW CAN YOU SAVE WITH LIMITED INCOME?

It is possible to reorganise the way you spend your income to ensure that you pay yourself first, once your earnings are reasonably stable. If you have finished paying off a loan, then you can also redirect the monthly payments into your savings account, instead of spending the money.

However, can you still save if your income is woefully insufficient, or if you have no earnings at all? The key to saving is to build up a store of money just for you. It is the focus on accumulation that will help to improve your financial situation, not so much the actual sum that you can save.

If you only have the change received from the supermarket or coins found on the ground, then start saving with that. Resolve to find a way to add to your savings every day, and celebrate as your mini nest egg grows. If you pay yourself first by saving, it will pay off in the long run!

You can get more detailed advice on ways to improve your finances in my new eBook, The 3 M’s of Money: How To Manage, Multiply and Maintain Your Money.

Get The 3 M’s of Money on Amazon
Get The 3 M’s of Money on Smashwords

Copyright © 2016 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, January 21, 2016.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl

1. A S.M.A.R.T. goal

It’s been said that ‘a promise is a comfort to a fool’; and some people believe that resolutions are foolish wishes that bring cold comfort. Your dreams may seem impossible to achieve if you don’t convert your ideas into specific, measurable, actionable, relevant and time-based goals.

Select one dream that would make the biggest difference in your life. Write it down precisely, expressing how you would measure it, take action on it and know when it was complete. Consider all the steps you need to take every day to realise your goal and persevere until you accomplish it.

2. A working budget

To become more organised with your finances this year, you need to utilise a proper budget. Without a detailed spending plan outlining all the costs you expect to incur during a year, you won’t know how best to allocate your money, or whether your income will be sufficient for your needs.

Download a budget spreadsheet at financiallysmart.org and fill out the expense checklist. Convert all your figures in average monthly expenses and calculate how much you need to earn to pay for your lifestyle. Make adjustments to your spending plan to balance your budget.

3. A savings habit

Despite the challenges you may be facing in meeting current bills, you still need to put aside some of your income if you want to have a better future. If you don’t focus on accumulating money, you will continue to spend everything you earn and have nothing left to create wealth for yourself.

Make a firm commitment to save something, even if it’s just J$500 per month, and stick to your pledge throughout the year. If you have no income, gather loose coins whenever you find them and put them in a clear container every day. Your aim is to develop the habit of building a nest egg.

4. An extra income target

In these tough economic times, it can be difficult to accomplish all your objectives with a single income source. To counter the constantly rising prices, you can try to cut back on expenses; but to maintain or improve your standard of living, you have to look for ways to boost your earnings.

Your budget will help you to see how much more money you need to meet your bills and save for goals. This extra income figure can be broken down into weekly or daily earning targets. Use your talents to create value for others and look around your surroundings for earning opportunities.

5. A critical insurance policy

We live in a time when lifestyle ailments such as diabetes and hypertension are prevalent, so you must be practical about how illness can derail your financial wellbeing. The cost of treating a serious or chronic malady can wipe out all your savings and put you in debilitating debt.

You can reduce your financial exposure to these health challenges by buying critical illness policies. These plans will provide a lump sum if you are diagnosed with stroke, heart disease, cancer and other ailments, which can help you to afford the expensive treatment process.

6. A realistic retirement plan

Most of us dream of a time when we can put a halt to the daily grind of work and comfortably retire. However, few people actually prepare for this desired retirement bliss by making a plan while they are still working, to produce the income they will need when they want to stop working.

If you aren’t contributing to a workplace superannuation fund, then you can join an approved retirement scheme which allows Jamaican residents to save up to 20 percent of their pre-tax income. Some retirement funds have flexible terms where you can save whatever you can afford.

7. A valid will

Whether you like to think about it or not, the time will come when you must pass from this earth. If you haven’t made any provisions to distribute your money and possessions, then you will be setting up your loved ones for financial distress and disaster if you die unexpectedly.

It may be sufficient to prepare a written will which outlines your intentions for how your assets should be transferred. For a valid will, you must appoint an executor to carry out your wishes and have it signed by two witnesses. It your estate affairs are complex, then it’s best to seek legal help.

You can get more detailed explanations on the steps required to fulfill these objectives right here on this blog and in my new eBook, The 3 M’s of Money: How To Manage, Multiply and Maintain Your Money. If you include these money must-haves on your bucket list to accomplish this year, you’ll be on the road to having a more financially successful 2016!

Get The 3 M’s of Money on Amazon
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Copyright © 2016 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, January 7, 2016.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl

As we say adieu to the year 2015, it is an opportune time to reflect on some of the achievements that we may have made over the last 364 days. I hope that your review will reveal encouraging steps in your journey to improving your financial wellbeing and accomplishing your goals!

The year end is also an appropriate time for us to honestly look at our problems and determine stategies to have a better New Year. Let’s review some of the issues that have concerned many Jamaicans in 2015, and make some resolutions that can lead to a more prosperous nation in 2016.

Ring out election strife

Ring out a slowly dying cause,
And ancient forms of party strife;
Ring in the nobler modes of life,
With sweeter manners, purer laws.*

2016 will be a significant year in which Jamaicans exercise their democratic rights to elect the government of their choice. Historically, our nation has experienced considerable civil turmoil arising from misguided persons who try to use violence and dishonesty to influence the outcome.

The contentious nature of electioneering has turned off many persons from getting involved in the practice of choosing our leaders. We feel excluded from the process; our voices are neither heard nor respected. With cynical shrugs we resign our fate to the machinations of a flawed system.

It is my wish that we will eschew the divisive dialogue representative of an ugly period of our past elections, and pursue a nobler form of discourse where we can intelligently discuss practical strategies for Jamaica’s development. Ring out the old, ring in the new for a mature democracy!

Ring out crime and violence

Ring out false pride in place and blood,
The civic slander and the spite;
Ring in the love of truth and right,
Ring in the common love of good.*

While many of us are honest, some Jamaicans believe that it is acceptable to break the law if the activity hurts no one. So what if we avoid paying our rightful taxes or bribe police officers to ignore our traffic offences? Sometimes, our consciences are silent when it comes to victimless crimes.

However, ignoring the rule of law with the ‘little’ things opens the door for serious criminal activities to flourish. In some communities, scamming innocent seniors is a respectable job and killing to ‘eat a food’ is the norm for survival. In 2015, all Jamaica suffered from the scourge of violent crime.

It is my wish that each person will take an introspective look at how their own lawlessness may contribute to the general anarchy in the society. Develop a zero tolerance approach to crime in all its forms. Ring out the old, ring in the new for a safe, crime-free Jamaica!

Ring out poor health

Ring out old shapes of foul disease,
Ring out the narrowing lust of gold;
Ring out the thousand wars of old,
Ring in the thousand years of peace.

2015 will be remembered as a year of health crises which brought tremendous suffering and dislocation for many Jamaicans. From the remnants of the Chik-V epidemic to the death of infants; news about the deplorable state of Jamaica’s health care occupied the headlines this year.

While we recognise that there are economic constraints that affect how our money is spent, why can funds be quickly sourced to accommodate visiting heads of state or create short-term work projects, while our health care system continues to be starved of desperately-needed upgrades?

It is my wish that the government will look at the long-term benefits to be derived from investing in quality health care for those who cannot afford expensive facilities, instead of concentrating on ventures that are politically expedient. Ring out the old, ring in the new for a healthy Jamaica!

Ring in goodwill to all

Ring in the valiant man and free,
The larger heart the kindlier hand;
Ring out the darkness of the land,
Ring in the Christ that is to be.*

Jamaicans are renowned for being amiable people, ready to welcome all who visit our shores. Yet there are many whose unsociable behaviours give the rest of us a bad reputation. Boorish driving, vexatious disputes and the ever-present ‘bad mind’ are features of our society we could do without.

It is my wish to see us return to a kindlier, gentler Jamaica, where principles of truth, honour, and justice are desirable, and the entire society opposes and rejects those elements that stand for disorder and discord. Ring out the old, ring in the new for a peaceful, harmonious Jamaica!

*Ring Out, Wild Bells by Lord, Alfred Tennyson

Copyright © 2015 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, December 31, 2015.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl

Like most children, I really anticipated the gifts that Santa should bring once I had been good all year round. It was hard to sit through Christmas morning church service wondering what was enclosed in those brightly wrapped parcels at the foot of my bed and under the Christmas tree.

As adults, while we may have lost the childlike awe of this season, many of us still yearn for the happiness of the holidays when we can enjoy family, food and fellowship. Although we may not admit it, some of us also secretly long for the presents and surprises that the holidays may bring.

Gift selection can be stressful

Successful gift giving can be a complex process; if you would like the recipient to appreciate your efforts, you need to think carefully about the person’s tastes and interests. It can be even more difficult to choose gifts in December when expectations are high, but your pocket may be low.

Some people opt to avoid the seasonal stress by declaring that they will not be buying presents or expecting any gifts. This strategy may not be realistic if you have kids with eager, excited eyes, or if there are friends and colleagues to whom you want to show your appreciation in tangible ways.

If your funds are limited or your time is stretched, don’t commit the cardinal crime of buying a token gift, just to say that you gave something. It can be very deflating for the recipient to unwrap a present which you obviously put little thought into buying, and your good intentions may backfire.

If you have loved ones who equate the extent of your emotion with the price tag of your present, then your gift search can be even more nerve-racking. However, don’t fall into the trap of getting into debt or depleting your life savings just to show people that you really care for them.

Gifts that bring money appreciation

Is it possible to find a happy medium where you can satisfy people’s expectations without wrecking your budget or your peace of mind? One way to be successful in your gift-giving quest is to find or create souvenirs that can actually make a meaningful difference in the lives of your recipients.

Let’s say that you have a teenage relative who has asked for a new video game for Christmas. Perhaps the cost of the item is prohibitive, or perhaps you think that the child spends too much time engrossed in games. How can you give a gift that demonstrates your thoughtfulness?

One of the best things that you can bestow on a child is the gift of an education about money. You could look online for games or apps that can help young people to understand the principles of money in a fun way. One option is the CASHFLOW investing game found at www.richdad.com

Adults often give children money to add to their accounts, but in most children’s eyes, a savings certificate is a really boring gift. How about making it more exciting by designing a cool graph to show how your little gift could grow into a million-dollar bounty with consistent savings over time?

Gifts that bring money success

Gift cards can remove the hassle of choosing the right present, as most people will appreciate a certificate from their favourite store, restaurant or movie theatre. However, the redemption of these gift cards does not usually bring anything that makes a lasting difference in the recipients’ lives.

I believe that adults can also benefit from receiving gifts that will help them to become financially successful. Books about money don’t have to be uninteresting; there are many titles that share entertaining and easy-to-read financial tips. I recommend Dave Ramsey’s Total Money Makeover.

For those people on your list who don’t like to read, you can look for DVDs or CDs that will inspire them financially. An audio book of T. Harv Eker’s Secrets of the Millionaire Mind or Robert Kiyosaki’s Rich Dad, Poor Dad can bring positive changes to anyone’s outlook about money.

If you know people who are trying to make money in a part-time venture or who are working in their own business, this season can be a good time to show your support. How about giving a pledge to buy their products or services every month, or buying gift cards from their offerings?

If your gift-giving can help friends and family to progress along the road to wealth creation, then you will have provided them with gifts that continue to give, even after the holidays are over!

Copyright © 2015 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, December 17, 2015.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl

“Ping!” The familiar notification sound roused David from his reverie. Absent-mindedly, he glanced over at the phone message, his finger poised above the delete button. He expected it to be another annoying advertisement from the mobile provider which constantly interrupted his train of thought.

Seeing the words ‘Free business workshop’, David snapped to full attention and put down the receivables report which he had been reviewing. The holidays were coming and he had to get some of this outstanding money into the bank if he were to pay Christmas bonuses this year.

The seminar looked intriguing, as it promised to reveal steps that a business could take to improve its results. Looking in his calendar, David noted that he had an important meeting with a potential client on the same date. “I can’t afford to lose money sitting down in a training session,” he thought.

Willing, but weak to change

Sighing, he remembered the night when he sat alone in his office reading the E-Myth Revisited by Michael E Gerber. After his breakthrough, David was determined to start practising some of the strategies in the book, but the realities of his business challenges quickly captured all of his focus.

David felt like he was spending all his time outing one fire after another. Whether it was a truck that needed a major overhaul, an employee that messed up a client’s request, or a supplier that wanted faster payment on a bill, he was consumed with the daily grind of keeping the business afloat.

The painful knot between his shoulder blades returned and David twisted his neck to relieve the pressure. “I think this business is going to kill me,” he muttered. Turning wearily to the email on the screen, he saw the words, “Learn how to make your business work so you won’t have to.”

Straightening his back, David grabbed the phone and spoke tersely to his assistant. “Call Mr Chen and reschedule the meeting to next week.” He was tired of constantly going around in circles like a hamster on a wheel. “Either I find a way to get this business to work or I’m getting out!” he thought.

Organising for growth

As he sat in the seminar room, David realised that the firm hosting the training was the same one that had organised the event he had prematurely left years before. Ruefully, he noted how humble he now was, willing to accept advice to save his business, and perhaps even his life.

The presenter, a representative of the business coaching franchise ActionCOACH, explained that the main reason most enterprises fail is that the owners get burnt out. David could identify with this, as he felt weary and worried about his business, instead of enjoying the process of making money.

Defining a successful business as “a commercial, profitable enterprise that works without you,” the presenter outlined the six steps required to give a business massive results. First, the owner had to obtain mastery over the business in terms of its vision, financials, productivity, and service delivery.

It was also critical to implement strategies to improve the profitability of the organisation by creating a niche business. David learnt several ways in which he could boost his prospects and convert them into customers, as well as increase their number of transactions and average spend with him.

Systemise or die

The presenter asked the participants if they could start afresh, would they hire the same staff they currently had. As he shook his head with the rest of the attendants, David knew that he had to get the right employees in the right positions if the business was going to work without him being there.

David experienced an ‘Aha!’ moment when he learnt about using systems to improve efficiencies. Every procedure in his business needed to be properly designed, accurately documented and rigorously tested to ensure that his clients received the same level of service every time.

Now David understood that the only way to remove his stress was to create a system that worked. The problems of running a business in Jamaica would still be there, but with the right systems in place, he was sure he could overcome them. “I’m up for the challenge,” David pledged to himself.

When David reached back to the workplace, his assistant greeted him with good news. A dormant client had called and asked them to resume delivering their goods. “Wow, this seminar has started paying off already!”

David eagerly shared with her some of the business insights he had gained. Humming the Pharrell Williams tune Happy, David opened his office door. As he rifled through the mail on the desk, an envelope from Tax Administration Jamaica caught his eye. Tearing it open, David stifled a curse. “Can’t a businessman get a break in this country?” he whispered.

Copyright © 2015 Cherryl Hanson Simpson. No reproduction without written consent.
Originally published in The Daily Observer, December 10, 2015.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl