Never stop learning
Dollars and Good Sense provides valuable tips and insight on how to better manage your money. We always want to see our clients grow in their knowledge of their own personal finances.
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COVID-19 Financial Calamity or Bright Opportunity
How are you responding to the downturn in the financial markets since it ‘contracted’ COVID-19? Like Dane, your equity and bond portion of your portfolio may have lost tremendous value, since COVID-19 ‘infected’ the local and international financial markets. However, he is excited at the potential to grow his portfolio by leaps and bounds, through the opportunities created by COVID-19. He is looking to invest in ‘value stocks’ – i.e. companies that have been tried and proven, with a long-term timeframe, thereby buying these stocks at a lower price than their true value, which is in keeping with his long-term financial objectives. Here is advice that you too can consider applying:
Your Investment Mate: Stocks or Unit Trusts?
Do you want the satisfaction of seeing your money multiply? The stock market has been booming, in fact, the Jamaica Stock Exchange (JSE) has been ranked as the best performing stock exchange in the world in 2018. Initial Public Offerings (IPOs) have been issued in quick succession, with three (3) IPOs coming to market since the start of the year. Stocks have become the ‘money magnets’. However, should you purchase individual stocks or should you buy into a unit trust fund that is largely invested in several stocks?
Do You Have a Goal or Do You Want to Make Money?
What are your financial goals? Neither Angie nor her friend Brian could answer, but they were sure they wanted to “make money.” “Guys, if you were going to bake, wouldn’t you need to know what you were going to bake, in order to know the ingredients, measurements and method of preparation?” I asked. “Of course! It could be the difference between a cake and toto!” Angie chuckled. Well it’s the same with your money.
What is Your Credit Personality?
Do you embrace debt like a friend or avoid it like a foe? Good financial health is achieved by using credit wisely and sparingly. The truth is that debt is neither good nor bad, however it should be managed carefully so that you can enjoy guilty pleasures while achieving your financial goals.