Blog

Dennise Williams (DW) 00:31 : Welcome to Financially Focused, I’m your host Dennise Williams. The number one rule of personal finance is to spend less than you earn, so if you want to get ahead financially it’s important to save where you can. But if you really want to improve your finances, focus at the end of rule number one, which is what you earn- you need to make more money. We have our panel of investment experts to share ways you can learn how to make money to improve your finances. Joining us are Dino Hinds of MFS Group, welcome, Deno. Dino Hinds (DH) 01:03 : Thank you, Dennise. DW 01:04 : Representing the Billionaires of Jamaica. We have Denise Marshall- Miller, Investment Manager, welcome, Denise, and you’re representing the working supermoms. Denise Marshall-Miller (DMM) 01:15 : Oh, yes. Thank you, Dennise. DW 01:19 : And Robert Taylor, Business Consultant and Attorney at Law. Robert, you are the guy that everybody in the business community comes to to solve their problems, yes? Robert Taylor (RT) 01:28 : Not the case, absolutely not the case.  DW 01:32 : Welcome, panel. Do you agree that there are opportunities to make money everywhere? Shouldn’t everybody in Jamaica be laughing all the way to the bank? You do it every day, Dino. DH 01:50 : Yes, there are opportunities to make money, you just have to go out and explore and educate yourself. DW 01:56 : Robert, what do you say about having the mindset to look for opportunities? RT 02:02 : Dennise, the keyword is ‘mindset’. I think the first thing anyone needs who is embarking on an entrepreneurial path is the mindset. Once the mindset is in place, then there needs to be execution, and that, I think, is the bug bearer of most persons in their pursuit of wealth.  DW 02:22 : Denise, do you feel that it is only a certain type of person or is it all levels of experience? Somebody just coming out of high school, or somebody in their 80s, are there limits on looking for opportunity?  DMM 02:37 : Dennise, there are absolutely no limits. There are opportunities abound. Whatever level you are at, there is somebody that is below your level that wants to aspire to your level or to create that experience that you have. It’s just for you to have that eye to seize the opportunity- to see that there is a need and I need to go and seize that opportunity, and as my colleagues said, you just need to have the right mindset.  DW 03:09 : Dino, some of us are very stuck at nine to five and we don’t see the opportunities, what do you say about that? DH 03:16 : It’s a matter of having an appetite for risk. Having a nine to five job does not preclude you from taking on other opportunities to invest your money. DW 03:32 : But I’m afraid. DH 03:32 : So that’s why I started off by saying the appetite for risk is important because to be an entrepreneur you really have to be willing to take risks. That’s the first step, actually having that appetite, and the willingness to develop whatever ideas come by, and to be able to explore and see what are the options out there in order to increase your wealth.  DW 04:00 : Robert, we’ve thrown out the word entrepreneurship, risk, mindest, but I just want a little extra money, what about the idea of passive income because I don’t really want to start a business, what do you say about that, Robert? RT 04:16 : As Dino just said, you can be in your nine to five and have additional income. DW 04:22 : Give me an example. I want to be safe, so what can I do extra?  RT 04:27 : I think the first thing you need to recognize is that risk and return are inversely related, and if you want to make some additional money you must be able to open up and expose yourself to some level of risk. Maybe what some people need first is a period of resocialization. We live in a society where the traditional viewpoint has been, for many, getting that job, getting that nine to five, working in the traditional professions, and we benchmark success on the basis of those legacy professions. Someone thinking that way needs to retrain the process. DW 05:11 : Maybe hang out with different people. RT 05:12 : Hang out with different people, identify a business mentor, maybe read biographies of successful persons, and understand that there is a process, and there is a formula, and a bit of luck. And maybe with all those things combined, a path of success can be achieved. DW 05:36 : Stocks and Bonds. What do you say to someone who wants to diversify their income like that? DH 05:43 : Stocks and Bonds are good asset classes to add to your portfolio, but of course, you have to do research. DW 05:50 : But I want quick money, easy money. Read more at https://financiallyfocusedmedia.com/r…