April is observed as Financial Literacy Month.
I didn’t get any good feedback from my last open call for guest writers. A bunch of spam emails and a whole lot of nonsense but nothing from anyone local or from the Caribbean that can expertly speak about personal finances and investments so you will have to do with me.
Monday Advice on the Internet
Don’t take your money advice from folks on the internet. I write this as I am about to give my two cents on why you should give investment. Or my JMD $50 worth of advice.
I started off my financial growth journey in my mid-20s trying to follow the principles of Dave Ramsey’s Baby Steps and for while it worked. I slowly made my way to what was the Jamaican dollar equivalent to saving $1000 for an emergency fund.
Then I moved beyond that to focusing on saving a year’s worth of living expenses which I basically tied to my annual salary.
Then I decided to shift focus on go that to giving every dollar a job and that lasted a while and then I decided that I shouldn’t just let the money sit in a regular savings account, I should make money on my money so I started investing. And I think you should too.
Maybe You Should Start Investing
I am writing from a place where I assume you have something saved in an emergency fund that can help buffer any external hits including illness, a job loss, a death in your family, car issues etc. Something that will keep you afloat if the unexpected or unplanned happens.
If this is in place and you have extra cash beyond what you need for your expenses and commitments then maybe you should start investing.
You don’t have to deep dive into stocks and trading but you can take the slow approach for starting a mutual fund or unit trust. This is isn’t professional personal finance or money advice so please speak with a professional at your preferred banking or investment company and do an assessment of your risks and your income and what you actual responsibilities are before you commit to starting any new money plan.
Women and Money
Ladies, I want to remove from your thoughts and vocabulary and life the idea that you aren’t good with money. Financial literacy is something you decide to learn and grow and build. You can. You don’t need your parents, partner or a family member being in control of the money you earn.
Take the time to know your numbers. Look at your banking statements for the last three to six months, track your spending honestly and completely for the next three months. Know what you owe and who you owe and decide what you want your money that you work hard for to do for your life.
Consider you dreams, hopes and plans for your future and decide how your money will fund that life you wish to live.
I hope this inspired someone to think about what they want to do with their money. I hope this helps and that you will reach out for actual advice from a financial planner.
Thanks for reading and we will chat again real soon.
