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1
Money Guide
LASCO FINANCIAL SERVICES LIMITED
January 2015 || lascojamaica.com
Feliz Año Nuevo
Bonne Année
新年快乐
Happy New Year!
2015
In This Issue:
The 3 best new year’s resolutions
you’ll ever make!
(Page 3)
Did you know?
(Page 5)
What is debt consolidation?
(Page 5)
In Next Issue:
Personality Feature -
Maria Campbell: her journey to
Branch Network Supervisor
2
All the best for 2015 from the management and staff
of
LASCO Financial Services Limited Money Guide
“Here’s to the bright New Year, and a fond
farewell to the old; here’s to the things that
are yet to come, and to the memories that we hold”.
- Unknown Author
3
It’s a new year! Yes, it’s
that time once again when
we make our list of per-
sonal goals and life chang-
es we hope to achieve over
the next 12 months. Many
of us list things such as
‘exercise more’, ‘read
more’ or ‘eat healthier’. These are great
resolutions to make. The challenge with
making resolutions however is that we of-
ten set ambitious targets with no timeline
for achieving them and no plan for staying
on track after the ‘new year hype’ fades
away.
This is perhaps why 25% of resolution
makers toss their list aside after the first
week and only 46% keep at it for longer
than six (6) months. To avoid this, let’s
make some specific resolutions with a
clear plan for achieving them.
1. Set aside 10% of your income for
savings and investments
For those who do not have a saving and
investment plan in place, 10% may be a
lot to start with. Instead, begin with just
1% of your monthly net income. In other
words, if your monthly net income is
$50,000, you should save $500 at the end
of this month. If you set aside an addition-
al 1% per month, you will be setting aside
the targeted 10% for savings and invest-
ments by October! If you are already sav-
ing and investing 10% of your income,
challenge yourself to increase this allot-
ment by 1% per month for 5 months. To
achieve this goal, you may need to sacri-
fice a monthly recreational activity but this
sacrifice will allow you to better afford
more meaningful activities in the future.
Be sure however, to give yourself an af-
fordable but enjoyable reward for each
quarter (not month) that you stay on
track. Ensure that you have adequate
safeguards in place to prevent yourself
from dipping into the cookie jar before
your goal is achieved. You should also
consider finding a saving partner or club
(such as a company thrift club) to help
keep you motivated.
LASCO Financial Services Limited Money Guide
The 3 Best New Year’s
Resolutions You’ll Ever Make
All the best for 2015 from the management and staff
of
“Here’s to the bright New Year, and a fond
farewell to the old; here’s to the things that
are yet to come, and to the memories that we hold”.
- Unknown Author
4
The international delivery company UPS was founded in 1907
by two (2) teenagers with just one (1) bicycle and US$100.
There are no words in the English language which rhyme with
the words orange, bulb, silver, month or purple.
The fast food giant McDonald’s serves 75 hamburgers per sec-
ond.
Snails breathe through their feet.
Apple co-founder Ronald Wayne sold his 10% stake in the
technology company for US$800 in 1976. Today it is worth
over US$58 billion.
2. Establish a ‘rainy day fund’ equiva-
lent to your monthly expenses for 3
months or more
We all know what the ‘rainy day fund’ is;
it’s that little ‘mattress money’ used to
mitigate against emergencies and other
unforeseeable financial challenges such as
loss of income or property damage. So,
how do we establish our ‘rainy day fund’ if
we are already setting aside money for
savings and investments? First, calculate
what you typically spend on rent/
mortgage, utilities/bills, debt repayments,
dependents and food over a 3 month peri-
od. Upon receipt of your annual salary in-
crease, begin setting aside the entire addi-
tional income (yes, 100% of it) each
month until you have reached your goal.
You’ll never know when a need may arise.
Once your ’rainy day fund’ is established
you can reallocate your increased earnings
based on your needs. It is important to
note that this emergency fund should be
kept separate from your savings and in-
vestments, and again, ‘anti-cookie jar
theft safeguards’ are necessary!
3. Learn more about personal finance
This resolution may be the least specific of
the 3 but it is perhaps the most important.
The old adage; ‘knowledge is power’ still
rings true today. Arming yourself with fi-
nancial knowledge will make you better
equipped to properly manage your financ-
es to meet your needs. There are many
great sources of personal finance tips and
strategies that you can take advantage of
(such as this monthly magazine). Here is a
list of publications that you can subscribe
to and/or purchase from your nearest
bookstore: The Economist, Wealth Maga-
zine, Kiplinger Magazine, Forbes Magazine,
The Wall Street Journal, INC Magazine,
etc. Subscribe to as many as you can. You
can also read articles in your spare time
on websites such as investopedia.com,
money.com, finance.yahoo.com, and
marketwatch.com.
Keeping up with your new year reso-
lutions can be challenging. However if
you set realistic targets and follow a
plan best suited to your needs you
will be well on your way to achieving
your goals for 2015!
LASCO Financial Services Limited Money Guide
5
The international delivery company UPS was founded in 1907
by two (2) teenagers with just one (1) bicycle and US$100.
There are no words in the English language which rhyme with
the words orange, bulb, silver, month or purple.
The fast food giant McDonald’s serves 75 hamburgers per sec-
ond.
Snails breathe through their feet.
Apple co-founder Ronald Wayne sold his 10% stake in the
technology company for US$800 in 1976. Today it is worth
over US$58 billion.
LASCO Financial Services Limited Money Guide
Did You
Know?
Personal Finance Term of the Month
What is debt consolidation?
This is the process of combining a number of debts (typically unsecured loans) into
a single debt. This is usually done through a debt consolidation loan from a finan-
cial institution. The loan is used to pay off the borrower’s existing debts, leaving
the borrower with one repayment; i.e. the debt consolidation loan. By consolidat-
ing numerous debts, the borrower can benefit from a lower monthly repayment
and an ease in their cashflow. If you have several debts carrying (particularly if
they were obtained from different financial institutions) you should consult a finan-
cial advisor or loans specialist to see how you might benefit from a debt consolida-
tion.
6 LASCO Financial Services Limited Money Guide
Editor’s Note
The start of each new year always brings into sharp focus how fleet-
ing time really is. “The year finish already?!”, is what we usually ask
ourselves as we reflect on what we have achieved and the value we
have created for others in the past year. 2014 was an immensely
successful year for LASCO Financial Services Limited.
We achieved growth in all our core business lines; namely remit-
tance services, loans and foreign exchange. We also received awards
from our remittance partner MoneyGram International as well as the
Jamaica Stock Exchange.
These achievements are in no small part due to the support from our
loyal customers and partners as well as the hard work from our ded-
icated staff. This monthly publication is one of the avenues through
which we continue to express our unending gratitude and create for
all who will read it, ’everyday financial value’!
We welcome your feedback and suggestions for future issues.
Thanks for choosing LASCO Financial Services Limited!
Sincerely,
Jéan-Pierre A. Robinson
7 LASCO Financial Services Limited Money Guide
8
29 Red Hills Road
Kingston 10,
Jamaica W.I.
Tel: 906-7473
Fax: 960-4595
Website: lascojamaica.com