Never stop learning

We probably have all heard the saying, time is money, which is a quote attributed to Benjamin Franklin.  Therefore, if two persons earn different salaries, the cost of their time is also different. To illustrate this, let us calculate how much “time” or days of your labour an item priced at J$28,000 will cost you and other persons whose salaries may be dissimilar to yours. Follow the example in the table so that you can determine how much is your time worth as well. 

COVID-19 has had a widespread impact on our lives and exposed our vulnerabilities. It has left persons who had underlying conditions particularly susceptible to becoming ill.   It has also highlighted that many persons who thought they are financially secure truly are not. How financially healthy are you?  Do you need any ‘boosters’ to get you to your optimal financial health? First, let us start with you indicating your financial goals and how soon you would like to achieve these, by filling out the table below:

“Based on your age, the mortgage for that J$20 million property you really want would be approximately J$118,000 and it would be less if you are sharing that mortgage payment with someone else, since you could get a combined mortgage of J$13 million from the National Housing Trust (NHT), at a lower interest rate,” I said to Michael.  “Really, I thought it would have been more than that, now I can look to close on that deal!”  he exclaimed. 

Thanks to the novel coronavirus aka ‘Ms. Rona’, summer 2020 will not look like any summer we’ve seen before. Even if you have cancelled overseas travel plans this year, now might be a great time to change things up, especially with stay at home orders lifted, the economy reopening and places of amusement, including beaches and movie theatres now open, though protocols are still in place. The added benefit is that the need to be ‘socially distant’ could help us to stick to our budget, as we have to maintain ‘social distance’ from some ‘money magnets.’