Never stop learning

If you lost your major source of income today, how long could you finance all of your expenses before being forced into debt?  The potential financial impact of COVID-19 makes this one of the most important questions for everyone to answer. 

If you lost your job tomorrow for how long could you live without an income?  Kevin and Bradly were both laid off from their jobs.  Kevin is immediately financially destitute.   While, Bradly is concerned, he knows that at least he can survive for the next 6 months’ even if he does not regain employment within that time.   What made a difference?  Bradly has an emergency fund; do you?

If your salary, and/ or your spouse’s salary has been reduced or cut completely, how will you continue to service your loans while paying your bills, and putting food on the table?  These are real concerns for many persons and can leave you nervous about having loans, thereby tempting you to pay out these loans and just be debt-free.  However, in times of prolonged uncertainty, cash is king, and so the key is to preserve as much of it, for as long as you can.  

Jamaica’s pension coverage is significantly lower than its Caribbean neighbours, which boast between 50-60% of its labour force being covered by a pension scheme or retirement plan. Based on 2017 findings, approximately 16% of Jamaica’s labour force are covered by private retirement schemes and the government’s pension arrangements. This underscores the need for individuals to begin planning for their retirement, so as to avoid the pitfalls of having no preparations in place.