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The Dawn of a New Decade

On January 28, the ECCB Governor, Sir K. Dwight Venner engaged the ECCU public in an interactive discussion on the regional economy in 2009 and prospects for 2010. He noted that in spite of an approximate 7.4% contraction in economic activity in 2009 and the projection of a 2.4% contraction for 2010, the region and people must take charge of the situation and turn things around rather that allowing the projection to become a self-fulfilling prophesy.

2010 Action Plan #1: Control Your Spending

In recent times, while speaking to several persons about their money problems, I have detected a growing sense of desperation in their voices. Although many have not yet reached a stage of full-fledged panic, it is obvious that they are very worried about the current financial situation facing Jamaica.

“If I can’t make ends meet now,” a client asked perplexedly, “what’s going to happen to me when the full impact of the tax increases hits?”

I believe that good results can come out of every bad situation. The prevailing economic crisis has forced many of us to recognise that we can no longer be nonchalant or clueless about our financial condition. We have received a monetary wake-up call - it’s now time to take control of our finances!

Personal Financial Tips

Pay your bills on time.
Eat more at home and less out.
Take your food to work.
Forgo the ice cream store and pop popcorn at home.

More Financial Tips

Personal Financial Tools

More Financial Tools

Stocks

Stocks are generally liquid investments. Prices of stocks fluctuate up and down and the returns of stocks are not fixed.

Bonds

“Buying bonds” means lending money to government, municipality, corporation, federal agency or other entity known as the issuer.

Mutual Funds

Mutual fund pools money from hundreds and thousands of investors to buy a portfolio of stocks, bonds, real estate, or other securities, according to the investment goals of the mutual fund.