Category Archives: Money & Finance

Ladies Guide: A Bold Step Towards Financial Independence

My sisters, do you want to step boldly on to a new path towards your financial independence?


Karen made the most mouth-watering pastries and had dreams of opening her own business, but sat on the idea for years instead, meanwhile, her friend Joan’s dream of becoming a lawyer dulled with each passing year. After another one of their heart-to-heart conversations they admitted that if they did not “step boldly” now, they probably would never achieve the financial independence they desired. The big question however was how would they ever afford their dreams?

Stepping into your dreams may just be easier than you think. To achieve your dreams, you may need to invest and/or borrow towards your financial independence, using JMMB Her Wealth, a suite of financial solutions geared towards women. Please ask yourself these questions, and be assured that JMMB will help you to make the necessary calculations and find the right solution.

  • How much does my goal/s currently cost?
  • How long would it take me to save the required funds?
  • What is the projected rate of inflation for that period?
  • When inflation is factored into the cost of my goal, how much will it cost me in the future?
  • Can I afford to put my dreams on hold for that period of time?
  • Can I afford the monthly repayments if I took a loan?
  • Will my enhanced income (from new qualifications/ skills or business) compensate me for interest I would have paid on the loan?

Take the Bold Step

After a FREE JMMB Goal Planning Session, these are the life transforming steps made by Joan and Karen.

Although Joan did not like loans, JMMB showed her that postponing her law degree for several years, while she saved towards the tuition, delayed her opportunities for increased income for several years too. She did the “math” and it was cheaper to pay interest on an education loan than to forego several years of enhanced income. She therefore, opted for a loan from the JMMB Bank. Now she is financially ready to step boldly into her first law class.

Karen was concerned about the strain a loan could put on her new business and personal savings. Her JMMB advisor therefore suggested that she save towards a portion of the start-up capital in the JMMB Her Wealth investment, which is projected to earn between 7.3% and 11.6% over the next 3 -5 years. She could then borrow the rest of funds needed from the JMMB Her Wealth suite of business loans. Now, she is several steps closer to bringing “Pastry Palace” to life and having her financial independence, while living her dream.

What do you want to achieve? The JMMB Her Wealth complete financial package maybe the perfect solution for you to step boldly towards your financial independence.

To get started towards your financial independence, give a JMMB representative a call at 1-876-998-5662.


Money Lessons For Your Kids

BY Michelle Sinclair-Doyley, JMMB

Are your children learning good money habits from you? “Save up to buy shares in Nike before buying another pair of Nike shoes,” was the life-changing advice that Damon Williams, a teenage entrepreneur got from his mom, April Williams. The result, at 14 years old, her son, Damon, grew his net worth to more than US$50,000. Damon’s story is a hallmark of how parents can teach their children, the invaluable lesson of investing and saving at a young age.

Financial experts agree that stories like Damon’s demonstrate one of the best ways to begin teaching children about money management and saving techniques. Start teaching your children practical money lessons and even create some new ones with the tips below:

Budgeting Lessons:
Bill payment time is a great time to help your children get a realistic idea of the cost of items and make the connection between using water, light etc. and the corresponding expenditure/cost.

Every Mickle Makes a Muckle:

Involve your children in your monthly budgeting. Make it a game for them to determine the daily expenditure, by dividing the monthly bills by 30 to find an average daily cost, and then the yearly expenditure by multiplying the daily cost by 365. It is amazing how little costs can add up! Appoint your child/ren as “Minister of Conservation,” with the responsibility to suggest and implement conservation ideas and track expenditure before and after their conservation “policies”.


Cash Purchase vs Loans Lesson:
Loans are not bad, but many children do not grasp that loans cost more and consume future cash that could be used for other purchases or investments. If you are purchasing a big ticket item, for example, furniture or car, ask them to calculate how much more a loan will cost vs. buying it cash, recognizing they may need your help with these calculations. Similarly, ask your child which “big ticket” items he/she wants and then let him/her choose between borrowing from you and repaying interest vs. earning interest as he/she saves towards this purchase.

Be an Owner Not Just a Consumer Lesson:
When walking the supermarket aisle ask your children, to identify products they like and tell you how they can be shareholders of this company by buying shares on the Jamaican Stock Exchange (JSE). For example, if they like Vienna sausage or Frosted Flakes they could save to buy Grace Kennedy shares or Lasco shares.

Appoint your children “Ministers of Investment” and offer them the opportunity to invest the money they have saved in becoming an owner of these companies. The money saved can be used to buy and sell stocks using JMMB’s Moneyline or invested in one of JMMB’s unit trusts such as JMMB Income and Growth Unit Trust, which returned over 13% between March 31, 2017 and March 31, 2018.* Based, on the current price, you can start with less than J$4000.

Do you want your children to be financially successful? Allow your children to see you apply the money lessons to your own life.

*This return is based on no withdrawals being made. Past performance is not a guarantee of future performance.