If many of us got a preview of what 10 years in the future looked like we would surely approach our present very different.
I try not to live with regrets but whenever I am sitting in any form of public transportation I usually get a bit melancholy about some of the silly financial mistakes I made & great advice I did not take in my 20’s. But instead of wallowing in said sorrow I decided to share the lessons I wish I heeded in hopes that it will help a 20 something year old or even thirty something year old get on the path to financial stability.
1. Save 10% of everything you earn not matter how small the income.
As we like to say here in Jamaica every “mickle mek a muckle” or “one one coco full basket.” No matter how small your income…save some of it (10% is a good start). In my 20’s, I did not save the way I should have. I constantly justified this malpractice by stressing how “small” my salary was at the time. I now know that saving involves a lot of patience but one day it does pay off.
2. Partners are not so bad & can help you achieve long term goals
In doing my research for this post, I discovered that partners exist outside Jamaica but have different names. The concept involves putting aside a said amount weekly or monthly and each period a partner receives a lump sum called a draw.
“A popular form of savings system in Jamaica is the “Partner”, which is called by many different names elsewhere in the Caribbean and is also found in many other parts of the world… A Partner is basically a partnership among people to save collectively. Usually an established member of a community manages the partnership and is referred to as “the banker”. The partners contribute a regular sum daily, weekly, fortnightly or monthly basis. Every day, week, fortnight or month, one member of the partner receives the total amount contributed by the partners over that period., less the equivalent of one contribution, which is given to the banker as payment for the banker’s services.
The drawback with the partner is the trust factor (many a scary stories). So I would advise that one enters such agreement with someone who has been proven trustworthy. If the traditional partner structure is not for you, most credit unions actually offer partners which are monitored & regulated by the financial monitoring authorities.
3. Pay your bills in full (or over if you can afford to) & on time
You rob yourself every time you pay a late fee…Enough said!
4. Invest! Invest! Invest!
You are not too young to invest. Speak to a trusted financial adviser and make your money work for you in your 20’s.
5. Credit Responsibly
Most of us shop online or have a Netflix account which may require us to have a credit cards. Credit cards, in my opinion, are luxury items so as with all luxury items it ain’t cheap & should be handled with care. Luckily here is Jamaica there are two banks I know that offer Visa debit cards (something I wish was offered in my early 20s) which will help you to spend responsibly.
I hope you found this helpful & look out for future posts in the 5 Lessons I learned series.
Share with me in the comments some financial lessons you have learned so far.
Continue reading “5 Financial Lessons… I wish I heeded in my 20’s”
Ever scroll through Instagram and see some breath-taking shots of The Pitons in St. Lucia or Store Bay in Tobago & thought when am I going to be able to experience that?
Well here are five ways to help you travel the Caribbean on a budget!
Continue reading “#DryLandTouristChronicles: Travelling the Caribbean on a Budget”
The past is our definition. We may strive, with good reason, to escape it, or to escape what is bad in it, but we will escape it only by adding something better to it. -Wendell Berry
Jamaica has so many hidden gems in plain sight. Some of the most mundane looking buildings have some of the most fascinating stories to tell. Recently, I had the opportunity to explore two hidden gems in plain sight, the infamous Duppy Church in Mile Gully, Manchester & Colbeck Castle outside Old Harbour, St. Catherine.
Continue reading “#DryLandTouristChronicles: Duppy Church & Colbeck Castle”
I grew up hearing people say the best things in life are free or close to free…LOL… & the older I have become is the more I believe this to be true. Visiting the Hope Botanical Gardens also known as the Royal Botanical Gardens is something I have been doing for years and as one of Jamaica’s oldest attractions I am happy to see the maintenance of this gem which is actually a Jamaica National Heritage Trust site. The Garden is currently ran by the Nature Preservation Foundation.
A Little History Lesson…
The Royal Botanical Gardens, commonly called “Hope Gardens”, occupies 200 acres of land in the Ligunaea Plains of urban St Andrew. The gardens were established in 1873 on a section of land from the estate of Major Richard Hope, one of the original English colonisers who arrived with the invading force of Penn and Venables. Today the gardens are the largest public green space in the Kingston metropolitan region, and are home to Jamaica’s most popular collection of endemic and exotic botanical collections. Of particular interest is the Cassia siamea grove by the main entrance, which was planted in 1907, and the other mini-gardens within the park – notably the cacti garden, with its rare varietals; the bougainvillea walk with its magnificent explosions of tropical colours; the annual gardens, with numerous species of exotic flowers; the sunken gardens and the lily pond.
Continue reading “#DryLandTouristChronicles: Sunday Chill at Hope Botanical Gardens, St. Andrew”
If you have internet access or live in the Commonwealth & didn’t know that a Royal Wedding took place on Saturday, May 19…I want to know your secret!
The world was a buzz over the nuptials of Prince Harry and American Actress Meghan Markle (now officially the Duke & Duchess of Sussex). Some celebrated the fact that Meghan is a mixed woman, some celebrated the fact that she was American, and some celebrated her activism & humanitarian work and the impact all these attributes will have on her new role as a Royal.
As for me, I celebrated that this beautiful successful woman was walking down the aisle at 36 years old! Yes…I…went…there!
Continue reading “Love after 30?”
mas (noun) WEST INDIAN – carnival celebrations. 1. “mas bands”
más (adjective) SPANISH – more
All my skinny days I would have never been caught dead on the streets of Kingston in a bedazzled bikini! Fast forward to today …at 200 + LBS I proudly bear it all for Jamaica and the world to see!
Continue reading “Mas is for Every BODY-Type”
I am the go-to girl for information on excursions for a few of my friends; so when my BFF Alicia called me for some suggestions of spots to go for her birthday I was super elated! Her original choices were Dolphin Cove, Mystic Mountain or Yaaman Adventure Park, however, based on the date we wanted to go none of them would have been feasible. So of course my adventure radar zoomed in on my fave parish other than Portland…St. Elizabeth. The first option was definitely YS Falls.
Continue reading “Falling for YS”
Happy International Women’s Day!
A few days ago I had an encounter with a co-worker that really annoyed me especially on the eve of such a significant day for women worldwide.
Co-Worker: You look mighty fine today. Do you have a date?
Me: *Rolls Eyes*…Can’t I dress up for me?
Continue reading “Surviving the Patriarchy”
It’s officially Carnival time in Jamaica & I am so excited!
Continue reading “My Top 9 Favourite Jamaica Carnival Costumes”