Financial Road Trip Guide
Suppose you want to Negril or even to Mobay, how is that journey similar to your financial journey? Among many other similarities: clear directions and pressing the gas will help you arrive faster whereas, never starting the engine, or frequently pressing the brakes will slow you down.
Are you ready for the road? Here are some tips to help you get on your way.
1. Before you start your engine...determine a destination: If you do not have a destination/goal, why drive? No financial destination will have you wandering aimlessly. Driving around in circles wastes your money but cash gets you nowhere.
Determine your ‘financial destination’ with JMMB’s FREE goal planning session (GPS). This will also help you to determine the journey’s full cost. Your “financial trip advisors” will share financial solutions to make it affordable or provide you with alternate “financial routes” to get you to your destination. Now you can start your engine!
2. Automate your savings: Driving a stick shift vehicle on a long journey can be tiring; an automatic is much easier. This principle is also true with your finances. Creating a standing order or salary deduction makes it easier for you to save/invest automatically. To ensure you cannot withdraw, do not get a debit card for this account.
Creating a standing order to your JMMB Wealth Builder portfolio is like hitting the cruise control button.
3. Do not let sightseeing cost you: Along your journey, you may be tempted to stop and sightsee to indulge in a ‘guilty pleasure’ or some other temptations. If they seem to seductively whisper, “Press the brake, delay your destination, buy me, buy me”; please resist and flee if needs be.
If you earn J$100k per month, and you work for 5 days per week and 8 hours a day, then you earn J$5000 per day or J$625 per hour. So, ask yourself “is this item worth x day(s) of work?” Each “little stop” will delay your goal achievement and increase the journey’s cost. If it is not worth it, maintain your laser focus and keep on driving.
4. Needed diversions – no problem: Life happens. Therefore along life’s highway you may experience emergencies or other occurrences that cause you to divert whether onto ‘Medical Bills Boulevard’ for a medical emergency or turn onto ‘Pregnancy Path’ for your bundle of joy; do not be disheartened by these delays.
Your ‘JMMB GPS’ can recalibrate how to get back on the highway based on our new “location” and how to minimize the diversion’s financial impact. Additionally, your financial tool kit should include: a JMMB SMART Life Insurance to help to make medical bills more
affordable; a JMMB unsecured loan to assist with emergency expenses, and/or a JMMB Graduate to help prepare for your child’s education. You may not drive as fast but you can “drive easy” with JMMB.
Do you want help to navigate your financial journey? ‘JMMB’s GPS’ can l help you every step of the way. Please call JMMB on 998-5662 to get started on your financial journey.
Written by: Michelle Sinclair-Doyley, Corporate Manager, Group Financial Partnership Support & Financial Education