The 3 Ms of Money

“In a recent column you said that it was possible for persons to learn how to be financially literate. I am tired of always being low on funds and big in debt. What are some of the things that I should be doing in order to be successful with money?”

Being smart with money is not hard once you learn and start practising some basic financial principles. After many years of being financially clueless, I was able to completely turn around my money situation once I discovered the secrets of financially successful people.
These revelations came after years of reading books about money, searching the Internet, watching financial television shows and interviewing wealthy persons. Based on my research and personal experience, there are three things you need to focus on: managing the money you already have, multiplying money for growth, and maintaining your money to last throughout your life and beyond.

Managing Your Money
The foundation of money success lies in learning about budgeting, which teaches you how to control your spending and make prudent choices with your money. A proper budget will indicate how much money you need to earn every month to pay for your needs without borrowing.
While you may have already heard about the need to save for a rainy day, you may not know an even more important success principle of saving. Putting aside a regular amount on a consistent basis helps to trigger the law of attraction -focus on money and it will multiply in your life.
If saving is the cornerstone of your financial ‘house’, then planning for future goals is the steel that gives it shape and strength. When you apply vision, strategy, and persistent action to your dreams, then it becomes easy to forgo careless consumerism and achieve financial success.
Your financial house cannot be built on shaky ground or else it will crumble. Proper debt management will prevent you from taking unnecessary loans to finance consumer spending, and allow you to actually benefit from smart loans that can grow your net worth over time.

Multiplying Your Money
Once you have mastered money management, you then have to focus on earning more money. For most people, a regular nine-to-five job will never supply enough funds to make needs meet, much less achieve goals. If you learn how to take advantage of money-making opportunities, then there are lots of practical things that you can do to make up budget shortfalls.
The amount that you will earn from savings will usually not be enough to achieve your medium- and long-term goals. To really kick-start the wealth-building process, you need to learn how to invest to make your money work for you. Investing is when you actively commit money to any endeavour with the expectation of making a profit.
Jamaica is a very entrepreneurial society, and many people yearn to be their own bosses. The problem is that most never stop to learn and follow the success principles of running a business. Done the right way, your own business can be your ticket to a financial jackpot.
Wouldn’t it be great if you could make money even while you’re sleeping? Passive income opportunities can give you an earning capacity without limits. For those who desire to be wealthy, it’s vital to learn how to create cash cows and leverage the work of others.

Maintaining Your Money
Making and managing money is one thing, preserving what you have is even more important. The reality is that sometimes your financial plans don’t always turn out the way you would want. You have to learn how to manage investing and personal risks to ensure that your money is protected and your goals are achieved.
Many persons have enjoyed their youth without giving a thought to what will happen when they can’t, or don’t want to work anymore. The great news is that it doesn’t take much savings to achieve a stress-free retirement if you start planning for it early. Even if you didn’t, there are many things you can learn to do to maintain your lifestyle.
It’s not financially smart to leave your loved ones in confusion about your finances after you’ve died. It’s important to make plans while you’re alive, to transfer your property according to your wishes, and to preserve the value of your assets as much as possible.
I have seen many people who despite having enough money, can’t seem to enjoy it. What’s the point of having money if you’re miserable, uptight and stingy with it?
Achieving true financial freedom comes from understanding that money is merely a means to an end, and that it is in abundant supply for us all to partake.
Once you learn and follow these money principles consistently, they can guide you to a financially successful future.

Copyright © 2009 Cherryl Hanson Simpson.

Cherryl is a financial consultant and coach, and founder of Financially S.M.A.R.T. Services. See more of her work at and