Tag - financial planning

Leaving A Legacy of Independence

I am so happy to see my country Barbados arrive at a major milestone, celebrating Fifty Years of Independence! Though I have only lived to see thirty-three years of Barbados’ development, I have learnt and understood that in order to move this nation forward, you must have vision. This means the same for your personal development, that of your family and those who you lead. Early in my twenties I lacked vision. In 2005, I signed my first employment contract which guaranteed me a [...]

50 Practical Money Tips for 2016

It’s the new year and we thought it fit to share with you some practical money tips to see you through 2016: Use the envelope system to budget your money. Simply place money into labelled envelopes and stick to using the amount allocated to each envelope. Give yourself a goal to accomplish within a year. Make sure your money goals are SMART. Specific, measurable, attainable, realistic and time-bound. Pay more than the minimum balance due on your credit card. It will reduce your balance [...]

Mind Your Budget

Let’s monitor our budgets very closely this holiday season. Whilst being in the midst of the Christmas hustle and bustle, let’s be mindful of this: Financial leadership You have been paid earlier than your normal pay date. What do you do? Do you spend like there’s no tomorrow? Or do you make a plan? Might I humbly recommend you make a plan? This is not meant to stop you from having your fun this period. After all, it is the season to be [...]

Financial Independence

Financial independence: the act of creating and maintaining a sustainable living Entrepreneurship I remember when I decided to dive into entrepreneurship. I left a full time job for no guarantee of a pay cheque. What was I thinking? After sharing with a couple of people of my move, I heard the following: Make sure you have contingencies in place (didn’t have any) Are you sure about doing this in this current economy? (no time like the present I thought to myself) From a little girl growing [...]

Financial Independence

Financial independence: the act of creating and maintaining a sustainable living Entrepreneurship I remember when I decided to dive into entrepreneurship. I left a full time job for no guarantee of a pay cheque. What was I thinking? After sharing with a couple of people of my move, I heard the following: Make sure you have contingencies in place (didn’t have any) Are you sure about doing this in this current economy? (no time like the present I thought to myself) From a little girl growing [...]

The Importance of Planning Ahead

Is it always easy to make a plan? And to stick to it? Are we so easily daunted by the amount of tasks that comes with planning, especially when it comes to our finances? Do we wait until we have to rush to get our affairs in order? The answer is simple. Yes. To prevent the frustration and at times the anguish that comes with planning, we have a solution. Plan ahead. Planning ahead makes us better prepared. The better prepared we are, the less [...]

The Role of the Financial Planner

Many have been scarred by unfortunate experiences with financial planners.   Some have had run ins with financial planners who only sought to get a cut from their financial gain. Some have been on the receiving end of bad financial advice. But, there are financial planners who keep their clients’ best interests in mind. They seek to provide the most excellent service to those who come through their doors. They tend to possess a strong work ethic. To correct the erred view of financial [...]

How To Take Personal Responsibility For Your Finances

When we were children, we had not a care in the world. All of our needs were well taken care of. Daddy and mummy worked, put us through school, fed and clothed us.  Now that we are grown up, we have to look after ourselves. We have to do the cooking. We got to make sure we are on time for work. And the responsibilities add up. As stated earlier, our parents took care of everything, including the money. [...]

Steps to Financial Soundness

According to dictionary.com, the word “financial” means anything pertaining or relating to money matters. Also, “soundness” means a state or condition free from damage or decay. Hence, financial soundness brings to mind the following: Peace of mind Stability Freedom Here’s a question we always like to ask – Would you like to become financially sound? Wait. Before you answer, read these following steps and see if you’ll be willing to get there: Step 1 Make A Plan –  Know your destination. Create a route to get there. Step 2  Be [...]

Five Steps to Creating a Personal Net Worth Statement

What is a Net Worth Statement? A net worth statement is a financial statement used to list an individual’s or family’s assets and liabilities. Assets are valuables owned by a person, while liabilities are monies owed by a person. The Net Worth Equation Net worth is calculated by subtracting total liabilities from total assets. Net Worth = Assets – Liabilities If you liabilities are greater than your assets, you are considered to have a Deficit Net Worth. Deficit Net Worth: Liabilities > Assets Why are net worth [...]

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