5 Financial Lessons… I wish I heeded in my 20’s

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.

Source: https://www.gdrc.org/icm/partner-sys.html

 

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.

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Love after 30?

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!

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Mas is for Every BODY-Type

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!
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Don’t be your own vision blocker

It has been awhile since my last post. I have been feeling a bit uninspired lately & it is extremely hard for me to write when I get in that rut. Awhile back though something small occurred which inspired me to write today’s post. So I grabbed my Iphone & started to write.

As I stood at the end of my road waiting for a route taxi (not sure if that is unique to Jamaica) to work a few of my curls fell in my face & blocked my vision for a few minutes; I proceeded to exclaim “Curls you look too good to be a vision blocker.” 

 

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I am Dancing Abroad before I Dance a Yard Thanks to GT Network

The blog title is my own play on a Jamaican proverb I grew up hearing.

Learn fi dance a yaad before yuh dance abraad.
TRANSLATION:Learn to dance at home before you dance abroad.
MEANINGS AND EXPLANATIONS: Try perfecting a skill in private before displaying it in public.

Well being my unruly self (like my hair) I had to dance abroad before I danced at home & I have to thank GT Network based in Trinidad & Tobago for that one dance.

 

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No Sir…I love me WAY more than I love you.

I was sitting innocently at my desk listening to a song I have listened to many times but for some reason today I actually listened to it.

The song is very melodic & captivating so I attribute that to me not really noticing what the hell she was singing about. In the song, her man is obviously in love with someone else even though he is in a relationship with her. What is her solution to this little situation?…drink herself numb.

Continue reading “No Sir…I love me WAY more than I love you.”