Be mindful of your relationship with money

Hello, mi neighbour! Cousin John* was a very hard worker whose efforts earned him a decent weekly salary. His financial slack-handedness caused many to ‘love and cherish’ him. He treated every Tom, Dick and Harry whenever they met at their favourite place after work on Fridays. And, boy, didn’t they take advantage of his generosity!

Unlike those who depended on others for handouts, my cousin believed in his own independence. That’s why he worked. Reasonable. How then did paupery overtake him? He had too much money to spare. His younger brother who earned less than a half of his salary was more well off at the end of the day than John*.

If John had followed his mother’s advice: Save 10 per cent, give 10 per cent and invest 10 per cent and use the remaining 70 per cent of your earnings for general maintenance etc., paupery could have bypassed him. Something fooled John into thinking that his weekly financial intake was ‘everlasting’. And so he’d always “put his money where his mouth was”. Do you know anyone like that? If you know of anyone who has been earning and spending as though there were no tomorrow, warn them quickly! Poverty is in plain view!

Sad are the many stories told about bills piling up and children going to bed hungry because of financially careless breadwinners. Whether the culprit be the rum bar, the shopping mall, the race track or the ‘girls’, the money earned by the spendthrift during the five or six days of labour does not benefit the family. Any wonder some women take the bull by the horn and collect their husband’s salary before it reaches their hand? That’s a topic for another article.

Listen up, whether you are a new or seasoned employee/business owner, a good money-making plan without a good money-management plan makes us into paupers. Be wise and strategise!

Listen to what research has shown:

· Overspending and accumulating debt can lead to financial struggles, making it difficult to meet basic needs.

· Constantly desiring and buying more can create a sense of never having enough, leading to a cycle of poverty.

· Comparing ourselves to others who have more wealth can foster feelings of inadequacy and dissatisfaction.

· Not understanding how to manage money wisely can lead to poor financial decisions.

· Spending money compulsively or using it as a coping mechanism can lead to financial ruin.

· Rising costs of living can erode purchasing power, making it difficult to make ends meet.

· Engaging in fraudulent or unethical financial activities can lead to financial and legal troubles.

· Failing to save for emergencies or the future can leave us vulnerable to financial shocks.

· Chronic stress about money can negatively impact mental and physical health.

Mi neighbour, don’t forget that money is a tool, or like a walking stick for some. It helps us to move from point ‘A’ to point ‘B’ without much distress. If we mistreat it, we are on our own. Need I say more? By being mindful of our relationship with money and making conscious choices, we can break free from the cycle of financial struggles and build a more secure future.

In his book, The Richest Man in Babylon, George Samuel Clason advises everyone to:

· Set aside 10 per cent of your income for short-term savings, emergencies, and long-term goals.

· Donate 10 per cent to charitable causes, helping others, and contributing to your community.

· Invest 10 per cent in assets that grow in value over time, such as stocks, real estate, or education.

This principle encourages financial discipline, generosity, and wealth-building. By allocating 10 per cent to each category, you’ll build an emergency fund and achieve financial stability, support important causes and make a positive impact, grow your wealth and secure your financial future.

Remember, I am not a financial adviser but your neighbour who has your interest, as well as mine, at heart. Therefore, do your own research, plan well, and pray for guidance, lest your hard-earned money leads you into poverty.

*Hint: Fast foods finish your money faster than home-made food.

KINDLY HELP A NEIGHBOUR WITH ONE OF THE FOLLOWING:

Stove, refrigerator, bed, food, help with medication, financial assistance to start a little business live.

To help, please call Silton Townsend @ 876 649-9636 Contact email: helloneighbour@yahoo.com. Visit hellomineighbourja.blogspot.com. Townsend exclusively manages the collections and distributions mentioned in this column and is neither an employee nor agent of The Gleaner.