Wendel Abel

Your financial prosperity

There are many persons who aspire to live a more prosperous and comfortable life. It is not beyond them. 'It is not how much you earn but how you use what you earn.'

Borrow without sorrows

Reserve credit to acquire things of long-lasting value and that will appreciate in value over time such as a home, education, business investments and possibly a car, if it is important for your function. Items such as clothing, entertainment, furniture and vacation should be paid for in cash. Limit your borrowing in 2007. Go on a 'debt diet'.

"The borrower becomes the servant to the lender."

Save more, spend less

The first thing you should do with your salary is to set your savings aside. Many young persons spend too much on items such as entertainment, car and clothes.

I encourage our readers to join a credit union, open an account with a building society and a commercial bank today. Start saving today, regardless of how small it may be.

"Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." - Will Rogers.

Health is wealth

It costs to be sick. While you are young invest in your health, eat right, exercise, do not smoke, get regular check-ups, treat any illness early. Your state of health is a critical factor as you get older. Sickness can wipe out your savings. Ensure that you have a good health insurance plan.

Real estate, a wise investment!

"Buy a piece of land, an apartment or a house," that was the advice from my aunt Joyce Gordon. I took her advice and I have never regretted it. Real estate is one of the time tested and safest forms of investment in Jamaica. Work with what you have but make a start as early as possible. If you can't afford a house, then purchase a studio as a first investment. Later you will be able to sell and afford something closer to what you desire. Sometimes you may have to delay buying that fancy car! Consult with older persons and successful persons.

"I am wary of taking advice about making money from people who have not made any for themselves." - Wendel Abel.

Live simply today for a better day

This is especially for young people and those who are just 'starting life'. Sometimes you may have to live a simpler life in order to save and plan for a brighter and better day. Do not compare yourself with others or try to compete with others; 'all that glitters is not gold'. Many persons moving in the fast lane may be surviving on credit or fraudulent or dishonest means. Their world will crash one day! Resist all temptations to live beyond your means. Adjust your lifestyle and be realistic.

"You have succeeded in life when what you really want is only what you really need." - Vernon Howard.

Plan and prepare to retire

Most persons are living longer and enjoying more active lives. We all need to prepare for retirement as it will occur one day. Explore alternative income sources to support you during retirement. Explore retirement plans and consult your financial institutions.

Explore investment opportunities. The investment climate in Jamaica may be challenging at times but there are still many excellent opportunities. Start actively seeking out opportunities. Stick to your core business and the area of your expertise. Remember to start low (start modest) and go slow.

Peace and prosperity to all in 2007.

If you are interested in attending a prosperity workshop call 922-3216.

Dr. Wendel Abel is a consultant psychiatrist and senior lecturer, University of the West Indies; email: yourhealth@gleanerjm.com.