Your Life’s Philosophy & Your Money
What is your life’s philosophy? How has it shaped your financial decisions? COVID-19 has caused many of us to be more introspective and to pay keener attention to our finances, seeking to determine what truly is most important to us. This week’s feature gets a close-up view of money matters from a powerful woman in finance – Donna Duncan-Scott, group executive director, culture and human development, JMMB. Donna has amassed several accolades within her over 2 decades journey in finance, including earning the Jamaica Chamber of Commerce Entrepreneurial Award and the Jamaica Employers' Federation Award for Innovative Workplace Practices, in 2001; copping the Business Leader of the Year by Florida International University's MBA cohort in 2001 and again in 2003, just to name a few. Yet, believe it or not, Donna, was not born in wealth. In fact, she had her first job at age sixteen (16) years to help support her family and could only afford to go to university by way of a scholarship.
Donna’s philosophy is, “We are here to love God and love others as ourselves.” This has shaped her financial decisions and her life choices, here is how:
1. Loving you is investing and spending wisely: “I have never been into “brand name” items because I buy based on the intrinsic value of an item not the perceived value.
• Financial Lesson: Be frugal, save regularly, invest wisely and seek to get excellent quality for less.
2. Loving yourself means creating a financial plan, rather than worrying: “I had taken a loan to make an investment (some time ago). However when that investment failed, I became anxious because of the huge debt I now had. I therefore created a clear financial plan, which helped me to let go of my anxiety. I also developed better criteria for investing, so now, before deciding on any new business venture or investment, it must meet that standard. “
• Financial Lesson: Create a financial plan, and learn from financial mistakes, do not allow your mistakes to also cripple you. This will help to safeguard you from future mishaps.
3. Loving your children is providing for their future: Although, Donna’s mom, Joan Duncan, did not have the funds for her university education, she was resourceful and encouraged her to apply for scholarships. So, according to Donna, “my children’s education is number one for me. I want my children to be able to create the life they want for themselves.”
• Financial Lesson: In creating your financial plan also include your loved ones, like your children, so that you can have peace of mind knowing you are helping to create a better future for them.
4. Loving is having financial plans in place to care for your loved ones in times of need: She shared that, “It was a bad time when mommy got sick with cancer and we did not have overseas health insurance to help cover her bills.” In response, “I now have health coverage for my family and it gives me greater peace of mind knowing that in the event of illness we are covered.”
• Financial Lesson: Prepare for the unexpected with insurance and an emergency fund.
Excerpt from the JMMB Group Vision of Love:
“Love motivates the JMMB team to serve our clients who are a very special part of our family.”
The Vision of Love is JMMB Group’s philosophy. Therefore, JMMB understands that caring for our clients’ finances is an important part of loving our neighbour as ourselves, and allows our clients to unearth their greatness. This is why:
• We want to help you create a free financial plan, customised just for you, so you can enjoy the peace of mind and direction that Donna has, with a clear written plan.
• The JMMB Graduate gives you the chance to offer your children the educational opportunities that Donna offers her children, by allowing you to invest in your child’s education or to take a loan to get them on the path towards success.
• Insurance solutions to protect what matters to you most and to give you peace of mind, after all live is too short to worry about what could happen.
JMMB is guided by the vision of love with your best interest at heart, so if you need financial partnership with you in mind, give us a call at (876) 998-5662.
Written by Michelle Sinclair-Doyley
Manager, Group Financial Partnership Support & Financial Education, JMMB Group