new_bewise_logo

House or car? Which should I buy first?

Many a young person have undoubtedly asked themselves at some point whether they should buy a house first, or a car.
And it’s a question which usually elicits strong and passionate discussions in the financial empowerment seminars she hosts across the country, says Rose Miller, grants manager at JN Foundation.

“This is a common concern and a question I receive all the time. There are many schools of thought and opinions on the matter but there are really no right or wrong answers. Need, ability and opportunity would be some key motivators,” she tells the Jamaica Observer.

Miller notes that many people choose to buy the car first because it’s more affordable, which means saving for the down payment is easier.

“[But] as young people focus on their goals, their decisions shouldn’t be based on what is easiest. The watchwords must be ‘priority’ and ‘necessity’; not what is ‘cheaper’ or ‘more fashionable’,” she advises.

In fact, Miller says there are two key priorities which should precede the house or car — educational and/or career advancement, and settling debt.

“Are there any educational goals you would like to attain? Did you leave school with proper certification, or with the grades you really wanted? Those are questions to consider,” she advises. “If you didn’t graduate with requisite, competitive or marketable qualifications, then continuing your education should be a key focus.”

“Now, if you left school with proper qualifications then your priority at this point would be to ensure you settle any outstanding debt used to acquire this training. This will help you to build a good credit rating, which will come in handy when it’s time to secure the loan for a car or a mortgage for a home.”

As it pertains to purchasing a car, Miller points out that young people should make their decision based on whether or not it will be a financial asset, rather than solely on the challenges of public transportation.

“For example, do you need it for your job? There are some jobs, such as sales representatives, that require a reliable motor vehicle to effectively carry out work functions. In other words, is the car necessary to earn your income?”

“Can you use this car to facilitate an entrepreneurial venture utilising a skill or even tap into rental opportunities? The unit will then be more of an asset [that is]: fuelling your journey to financial independence rather than a liability — which is in effect a hindrance to that journey.”

In respect to homeownership, Miller says that while it should always be on their radar, it doesn’t have to be at the top of the list for young graduates during the first few years of their financial development.

“Homeownership is of great economic and social value, and a house, and real estate, in general, has over time proven to be a solid investment…[but] at this point your goal should be to create a solid financial platform on which you can build everything else. This should include an emergency fund consisting of at least six months’ living expenses,” she advises.

As they build that platform, Miller says it is advisable that, if possible, young graduates consider living at home with their parents for a few years.

“If you have saved enough for the down payment on a house and are in a position to comfortably make the monthly payments, then a house could also be seen as a means to gain additional income.

“However, if you are renting, then assess how much you are paying for rent and whether that money could be better put towards a mortgage. Also, you could reduce your cost for rent by sharing an apartment with room-mates and save the deposit to purchase a house.”

See the orginal article here!

Read more
hazard_primary

JN Foundation Implements X-Marks the Spot Crosswalk Road Safety Campaign in Clarendon

In 2017, 317 persons died due to crashes on Jamaican roads. Recent data from the Jamaica Constabulary Force Road Traffic Division indicates that on average, three children are killed on Jamaica’s roads, monthly. Overall, close to two per cent of total deaths in the country is a result of road traffic crash.

According to a recent Road Safety Report, commissioned by the JN Foundation, some 85 percent of these accidents are largely caused by speeding and careless driving. Given that school enrollment is high, with pre-primary enrolment at 99.7 per cent ; primary at 92.1 per cent  and secondary at 94.5 per cent, child pedestrians represent the most vulnerable group of road users.

To address this, the JN Foundation in collaboration with the United Nations Children Fund (UNICEF) and the FIA Foundation have implemented the “X Marks the Spot,” a Crosswalk Road Safety Campaign, in which schools will benefit from the erection of signage for bus lay-bys, pedestrian gates, and the widening and paving of sidewalks.

Hazard Primary School in Clarendon will be the first beneficiary of this campaign. Onyka Barrett Scott, acting general manager of the JN Foundation, said that the work at Hazard Primary School will benefit the community including JN members who reside in this parish.

“We are happy to be implementing the X Marks the Spot Crosswalk Campaign, as we see major benefits, not only for our nation’s children, but also the communities in which our members reside,” she added.
Winsome Atkinson, acting principal at Hazard Primary, said she was elated that her school was the first to be selected by the campaign and welcomed the planned work to improve the safety of students and adults.
“We appreciate that JN Foundation thought about Hazard, because we are actually midway between Mineral Heights and May Pen Town, hence, we are located in a busy thoroughfare. I’m happy that it will improve the safety of our students,” she said.
Mrs. Atkinson informed that the school had experienced several accidents at its gate; and, thankfully, to date, none were fatal. “I know that the proposed improvements will enhance safety for our children and the members of our community,” she maintained.

Contact:  Dionne Rose l JN Corporate Communications

Read more
sebi

SEBI’S social enterprises get knowledge exchange in Silicon Valley

Four social enterprises, which are part of the Social Enterprise Boost Initiative’s (SEBI) Accelerator Programme, recently participated in a knowledge exchange during a Social Innovation Summit and study tour in the US.
The SEBI Accelerator is a business development programme that is tailored to support the growth of 15 existing social enterprises through leadership effectiveness training; introduction to growth strategies; mentorship and networking opportunities.
The accelerator is a key deliverable of this phase of the project and is supported by JN Foundation and the United States Agency for International Development (USAID).
The four participants in the summit were: Seretse Small of Avant Academy of Music; Kristofferson Nunes of UCA Marketing, Laci-Ann Bartley of Bartley’s All In Wood; and Lashawndla Bailey of Inzzpire 365.
“I learned a lot during the visit, particularly that collaboration is important across industries and fields to ignite innovation; to focus on the user,” said Kristofferson Nunes, chief executive officer of UCA Marketing, a start-up social enterprise, which seeks job opportunities for tertiary students, while simultaneously offering corporate brands access to a fluid labour force and millennial consumers.
For Seretse Small, chief executive officer of Avant Academy of Music, the exposure was excellent. “What was transformational was being able to meet diverse persons, from investors to not for profit innovators to social entrepreneurs; and to learn how they interacted with each other,” he stated.
“It was interesting to hear investors speak about their experience working with founders, the challenges of getting funding and creating enterprises which also have social impact,” he added.
Avant Academy of Music is a music school, which was established in 2013,to change the paradigm of music education in Jamaica.
The Social Innovation Summit is one of the most renowned summits, which support the development of business, as a force for doing good. It was held under the theme “Social Innovation,” and took place in the Silicon Valley, California.
Onyka Barrett Scott, acting general manager of the JN Foundation, outlined that the social entrepreneurs also participated in a study tour of the Silicon Valley as part of experience.
“This was a critical component of the knowledge exchange, as it allowed the participants to interact with other social change agents in the Silicon Valley eco-system, understand their business models, their entrepreneurial journey and methods of resourcing – all important ingredients for generating strong and successful businesses,” she posited.
She further added, “for us at the JN Foundation, enabling such an exchange is a part of our ongoing commitment to the development of the social enterprise space, and a demonstration of the use of businesses as a force for good and betterment of Jamaica.”
The social entrepreneurs visited: Impact Hub San Francisco, a member based organisation catering to the needs of the sector in San Francisco; BayCat, led by a successful Wall Street broker turned social innovator, who uses the creative arts to change the pejorative narrative that pigeonholes many minority communities, to an authentic one told through the voices of the community.
They also visited Benetech, a social enterprise that produces “software for good.”The business leverages technology to deliver information to persons in the blind, deaf and mentally challenged communities.
The Social Enterprise Boost Initiative, a project of the JN Foundation and the USAID is in its final phase. Through the Accelerator Programme, entrepreneurs are being targeted to further enhance their social businesses.

See the original story here!

Read more
35628411_2033234166722855_7443966712459821056_o

Wards of the State Benefit from JNSBL Barber and Beauty Seminar

Five wards from the Homestead Place of Safety in Spanish Town, St Catherine, received insight about different careers in the beauty sector; and benefitted from financial empowerment training, when they attended the JN Small Business Loans (JNSBL) Barber and Beauty Seminar, at the JN Conference Centre, on June 19.

The wards, who were between the ages of 13 and 16, are being informed about sundry career options, as part of an initiative by the Child Protection and Family Services Agency (CPFSA), formerly the Child Development Agency, to introduce wards in their care to various professions.

“We brought them here to gain an understanding about various careers; and the opportunities for funding, for those who want to venture into entrepreneurship, when they leave our care,” explained Venice Campbell, health and social care assistant supervisor, Homestead Place of Safety.

“For those who want to become entrepreneurs, we did not simply want them to say, ‘I am going to open a business.’ We wanted them to understand how to manage their operations, the different areas they can explore; and what they needed to do, to enable them to receive funding,” she explained

Miss Campbell added that they were introduced to the seminar through the JN Foundation, who informed them about the benefits that members in the beauty industry received when they entered the JNSBL Barber and Beauty Battle.

“We normally do counselling sessions with wards to determine their interests; and, based on their response, we selected the ones who are present today, to join us. We also know that when they return to the facility, they will inform the other girls about what they learned,” she explained.
The young ladies also had the opportunity to observe barbers, hairdressers, nail technicians and make-up artists, working together to formulate a business plan and then pitching for funding.

One of the wards of the state explained that she had learned a lot from the seminar.

“Before I came here, I was unaware that there were so many different careers in the beauty industry, or that it was such a lucrative field. Now that I have learned how profitable it can be; and wide the field is, I will consider it as a possible career path,” she said.

OcKino Petrie, marketing manager, JNSBL, and chairman of the JNSBL Barber and Beauty Planning Committee, stated that the young women were invited as part of the competition’s thrust to expose as many persons as possible to: the different careers, the skills needed, and the opportunities which exist in the beauty sector.

“It’s a vibrant sector, which facilitates entrepreneurship; and has flexibility. Therefore, persons can set their own working hours,” he explained. “We thought that by introducing younger persons to the sector, they would appreciate that the industry offers vibrant successful careers and they would be their own bosses. “
The JNSBL Barber and Beauty seminar was mounted to update the 24 finalists in this year’s competition about: salon management practices, financial planning, opportunities for funding, and educational trends in the sector.

An added component to this year’s seminar was the division of the contestants into groups. Each group was required to come up with a business plan and pitch for funding. At the end, the winning group, “In the Streets Mobile Beauty Salon,” with a team of six persons, received $50,000, for their mobile salon business plan, designed to serve patrons in hospitals, golden age homes and the disabled.  

                                                              
Contact: Leighton Williams l JN Corporate Communications

Read more
img_7991

JN Members to Benefit from Water Project Jamaica

A typical single family home in Jamaica uses approximately 3,000 to 5,000 gallons of water per month with approximately 10 per cent being wasted, according to data from the National Water Commission (NWC).

However, the public company with responsibility for the distribution of potable water across the country notes that water consumption at home can be reduced by as much as 30 per cent, by using proper water saving devices and good conservation practices.
Onyka Barrett Scott, acting general manager of the JN Foundation said that, “The Jamaica National Group recognises the importance of water conservation, especially in an environment where climate change is a real threat to Small Island Developing States (SIDS),such as Jamaica and for many, water lock offs and dry taps are a frequent reality.”As such, the JN Group has partnered with the Inter- American Development Bank (IDB) and the Pilot Program for Climate Resilience (PPCR) to seek meaningful solutions through the four-year Water Project Jamaica.
“The Water Project Jamaica focuses on the important role that householders and real estate developers can and should play, through the adaptation of water efficiency technologies,” she said. “It aims to introduce householders and developers to technologies, which can help us to better manage our water supply.”

Some of these water adaptation measures include: the use of rain water harvesting systems; water efficient taps and showers; low-flush toilets; efficient irrigation systems; grey water recycling facilitiesand other appropriate efficiency measures.

Mrs. Barrett Scott noted that in addition to the benefits to the wider householder network,Jamaica National members stand to benefit from the Water Project of Jamaica.

“The JN Foundation, part implementer of the Water Project, has began awareness efforts and will further roll out several activities to foster greater awareness about the many water-efficiency technologies which can be incorporated into the home-building and home improvement process. In turn, several sections of the society, JN members included, stand to experience direct and indirect cost savings and gain economic and environmental benefits,” she explained.
Mrs. Barrett Scott said that the four-year project will not only raise awareness about the threats of climate change; but, will also build local capacity, to design and install water adaptation measuresand provide loans to implement the technologies.
“The loan component of the project will cover the on-lending of funds for the Integration of Water Adaptation Measures in new and existing Jamaican housing and will be administered by the JN Bank,” she said.

Persons can access this loan, through JN Bank, to facilitate the installation of water saving measures and technologies, which would not otherwise have been purchased.The loan component of the project is scheduled to come on stream in September 2018.

In the interim, JN Members can start to take action within their household to be more responsive to changing climatic conditions.  For steps you can take to be Water efficient at home, please read the Water Project’s Homeowner’s Guide to Water Use efficiency at http://www.waterprojectja.com/resources/

Contact:  Dionne Rose l JN Corporate Communications

Read more
hazard_primary_school

Hazard Primary School To Benefit From JN Foundation’s X Marks The Spot Campaign

Hazard Primary School in Clarendon will benefit from improvements to its road infrastructure, with enhanced safety for students commuting to the educational institution.
The upgrading will be implemented by the JN Foundation, in collaboration with the United Nations Children Fund (UNICEF)and the FIA Foundation.Under the project, “X Marksthe Spot,”a Crosswalk Road Safety Campaign, the school will benefit from the erection of signage for bus lay-bys, pedestrian gates, as well as, the widening and paving of sidewalks.
Winsome Atkinson, acting principal at Hazard Primary,said she was elated that her school was the first to be selected by the campaign and welcomed the planned work to improve the safety of students and adults.
“We appreciate that JN Foundation thought about Hazard, because we are actually midway between Mineral Heights and May Pen Town, therefore, we are located along a busy thoroughfare. I’m happy, because it will improve the safety of our students,” she said.
Mrs. Atkinson informed that the school had experienced several accidents at its gate, though to date none were fatal. “I know that the proposed improvements will enhance safety for our children and the members of our community,” she pointed out.
Onyka Barrett Scott, acting general manager of the JN Foundation, said that the work at Hazard Primary School was being facilitated under a broader initiative, the Child Road Traffic Injuries Prevention (CRTIP) project, to address the road safety crisis in Jamaica; and that, the X Marks the Spot Road Safety Campaign falls under CRTIP.

“The CRTIP intervention seeks to improve the safety of children travelling on roads, particularly near to, or on their way to schools, through research, advocacy and evidence-based interventions,” she explained.
Elements of the X Marks the Spot Crosswalk Campaign include: conducting a baseline assessment to determine the state of road safety within chosen school zones, infrastructure assessment, upgrading of a number of features aimed at improving safety around the school and advocacy.

The projected school improvement should be completed for school resumption in September. “We are indeed happy to be implementing the X Marks the Spot Crosswalk Campaign as we see clear benefit not only for our nation’s children but also the communities in which our members reside,” she added.

During the past two years, more than 40 children have lost their lives due to road traffic crashes in Jamaica. In 2017, 320 people died from road traffic crashes on our roads, of which six per cent were children. 

“The project successfully brings together several government and non-governmental stakeholders, including: the Ministry of Education, Youth and Information, the National Works Agency, the Ministry of Transport and Mining, the Road Safety Unit, and the Jamaica Constabulary Force, among others,”Mrs. Barrett Scott informed.
Established in 1962, Hazard Primary School has a population of approximately 600 students, inclusive of the Special Education Unit and a complement of some 27 teachers and nine ancillary members of staff.

Academically, the school holds its own in the Grade Six Achievement Test (GSAT), and this yearstudents were particularly successful,as most of them passed for entry to traditional high schools.
Mrs. Atkinson stated that the studentsalso excelled in sports; and, it’s Special Education Unit competes annually in the Special Olympics. Students at Hazard Primary also actively participate invibrant 4- H and Environmental Clubs.

Authur:  Dionne Rose l JN Corporate Communications l 

Read more
img_7966

JN Water Project Urges Jamaicans to Safeguard the Environment

As Jamaica and the world celebrate World Oceans Day, Dr. Kwame Emmanuel, project manager of the Jamaica National’s Water Project is encouraging Jamaicans to safeguard the environment and the country’s water resources.
“The damage we do to the environment will impact us negatively, in the medium to long term.  Whether it is the pollution of our oceans or fuelling climate change through greenhouse gas emissions,” he stated.
Dr. Emmanuel was speaking against the background of World Oceans Day, that is being observed on June 8th under the theme, “Preventing Plastic Pollution and Encouraging a Healthy Ocean.”
He posited that Jamaicans need to reconsider their environmental ethics and how they view and treat our natural resources, and noted that, “The Water Project Jamaica is enabling Jamaican householders to be more actively involved in water adaptation practices, including conservation habits and installing water efficient devices within their households,” he noted.
Dr. Emmanuel explained that untreated wastewater from the housing sector, with contaminants, such as microplastics, is sometimes disposed in coastal areas and negatively impacts water quality and marine resources, including coral reefs. 

He said that The Water Project will assist in reducing this impact by facilitating efficient water use and wastewater recycling.

The Water Project is being implemented by the JN Foundation. Onyka Barrett-Scott, acting general manager of the JN Foundation, underscored the importance of preserving the environment, noting that this is one of the key areas in which the JN Foundation works.
“The JN Foundation implements projects to improve environmental sustainability; and, through The Water Project, we address water management issues related to climate change, which in real terms will affect our already limited water supplies.  Under the Water Project, the JN Foundation is therefore educating householders about individual actions they can take to preserve their environment and water supply,” she said.
The Ocean Project, coordinator of World Ocean Day, has encouraged everyone to help to protect the ocean for future generations by changing their perspective.
“Individual persons should think about what the ocean means to them; and what it has to offer all of us, with hopes of conserving it for present and future generations,” said information on the Ocean Project’s website.
The international body also urges persons to change their ways, as they are all linked to, and through, the ocean.
“By taking care of your backyard and helping in your community, you are acting as a caretaker of our ocean. Making small modifications to your everyday habits will create a difference; and, if you involve your family, friends, and community members, their efforts will benefit our blue planet even more,” said the Ocean Project’s website.
JN’s Water Project is the result of  two Cooperative Agreements signed by the Inter-American Development Bank (IDB) and The Jamaica National Group in March 2017. These provide the JN Bank and the JN Foundation with funding to execute the four-year project.

 Dionne Rose l JN Corporate Communications l JN Bank l 

Read more
jn

Pension saving isn’t only for ‘old people’

Current data indicates that most Jamaicans who are currently employed may have no income but the meagre payments from the State-run National Insurance Scheme (NIS) when they retire.
That, according to Rose Miller, grants manager at the JN Foundation, it’s a recipe for poverty in one’s golden years, given that the average pensioner receives approximately $2,480 fortnightly under the NIS — hardly enough to pay a regular utility bill. To make matters worse, only some 46 per cent of the Jamaican workforce contributes to the NIS.

“This is a dire situation,”she said. “NIS benefits should be seen as a supplement to one’s overall retirement plan, and not the sole means of sustaining oneself after you have stopped earning a salary.”

Miller, who leads the Foundation’s BeWise financial empowerment initiative, explained that data from the Financial Services Commission (FSC) indicates that as at July 2017 there were some 399 active private pension plans with assets of $520.6 billion, covering 9.4 per cent of the employed labour force, or about 115,000 individuals. Jamaicans with government pensions account for roughly seven per cent of the employed population.

“Based on the FSC data, only about 16 per cent of the employed labour force contribute to a formal pension plan, which is significantly low, particularly when you take into consideration that the profile of our population is growing older and life expectancy is increasing,” Miller outlined.

She said people who invest in pension plans now will avoid the stress of increased living and health expenses, coupled with high tax burdens after they retire.

“Retirement planning isn’t only for ‘old people’, which is a misconception that many young people have,” she said. “Hence, the real obstacle to saving for retirement is that some people prioritise their immediate needs and view retirement as a far-flung goal.”

She advised that, “Ideally, one should start saving towards a pension from their very first pay cheque; therefore, their retirement fund should be a regular line item in their monthly budget.”

Miller added: “Retirement is not an age. More important than age is one’s financial security. Now more than ever young people can look forward to retiring long before their parents were able to, because of the numerous opportunities available to young people.

The JN Foundation BeWise team lead also maintained that a retirement account should be considered a “need” rather than a “want,” “Therefore, you should take this as seriously as you take any other bills, such as your utilities, rent or mortgage” she explained.

If your current employer does not provide a pension scheme you should approach an approved financial institution with a pension scheme, such as the JN Individual Retirement Scheme, and start an individual pension plan.

“You can begin with a minimum of five per cent of your monthly income; and, over time, steadily increase the sum to approximately 20 per cent of your income, which is the maximum allowable,” Miller recommended.

A smart move is to also assess how much you will need to save to live comfortably after your retirement.

“Currently, the average life expectancy in Jamaica is 75 years. Therefore, if you retire at age 65, you have approximately 10 years for which you will need a reliable income. On that basis, you should calculate how much you will need to save and invest for your retirement, based on the lifestyle you want to live,” Miller advised.

She also recommended that, in addition to a formal pension plan, there are other investments that should be included in one’s pre-retirement portfolio.

“The ideal pre-retirement portfolio consists of at least five instruments. There is the formal pension plan which you have through your employer or, if you are self-employed, that you set up with an approved financial institution.

In addition, your portfolio could also include: investment in real estate, stocks, bonds and mutual funds; health and life insurance; and finally, your NIS benefits,” Miller outlined.

“All these together can help to generate a suitable income to assist you to live comfortably during your retirement years, which may well be beyond the average life expectancy.”

Miller emphasised, too, that that keen financial education is important to one’s retirement plan.

“The key to securing your financial future is adequate financial knowledge and how best to utilise the tried and tested tools such as successful budgeting; saving, which will ensure that you are able to take advantage of investment opportunities; using credit towards wealth creation; and understanding that insurance is also a critical tool in not only helping to create wealth but to preserve it,” she said.

 

See the original article here!

Read more
jn_2

Don’t Plan to be Poor

Rose Miller, grants manager at the JN Foundation says that Jamaicans who fail to plan for their retirement could easily find themselves in poverty in their golden years.
Her comments were based on current data, which indicates that most Jamaicans who are currently employed may have nothing, but payments from the state-run National Insurance Scheme (NIS) to live off when they retire.
“This is a dire situation, as NIS benefits should be seen as a supplement to one’s overall retirement plan, and not the sole means of sustaining one’s self, after you have stopped earning a salary,” she said.
Mrs Miller, who leads the Foundation’s BeWise financial empowerment initiative, explained that the average pensioner receives approximately $2,480 fortnightly under the NIS, which is hardly enough to pay a regular utility bill.
In addition, only some 46 per cent of the Jamaican workforce contributes to the NIS operated by the government.
Data from the Financial Services Commission (FSC) indicates that, as at July 2017 there were some 399 active private pension plans with assets of $520.6 billion, covering 9.4 per cent of the employed labour force, or about 115,000 persons. And, Jamaicans with government pensions accounting for roughly seven per cent of the employed population.
“Based on the FSC data, only about 16 per cent of the employed labour force contribute to a formal pension plan, which is significantly low, particularly when you take into consideration that the profile of our population, is growing older and life expectancy is increasing,” Mrs Miller outlined.
She said persons who invest in pension plans now will avoid the stress of increased living and health expenses, coupled with high tax burdens after they retire.
“Retirement planning isn’t only for ‘old people,’ which is a misconception that many young persons have,” she informed, “Hence, the real obstacle to saving for retirement is that some persons prioritise their immediate needs and view retirement as a far-flung goal.”
She advised that, “Ideally one should start saving towards a pension from their very first pay cheque; therefore, their retirement fund should be a regular line item in their monthly budget,” she said.
She reminded the public that: “Retirement is not an age. More important than age is one’s financial security. Now more than ever young people can look forward to retiring long before their parents were able to, because of the numerous opportunities available to young people.
The JN Foundation BeWise team lead also maintained that a retirement account should be considered a “need” rather than a “want.” “Therefore, you should take this as seriously as you take any other bill, such as your utilities, rent or mortgage” she explained.
If your current employer does not provide a pension scheme, you should approach an approved financial institution with a pension scheme, such as the JN Individual Retirement Scheme, and start an individual pension plan.
“You can begin with a minimum of five per cent of your monthly income; and, over time, steadily increasing the sum to approximately 20 per cent of your income, which is the maximum allowable,” Mrs Miller recommended.
A smart move is to also assess how much you will need to save to live comfortably after your retirement.
“Currently, the average life expectancy in Jamaica is 75 years. Therefore, if you retire at age 65, you have approximately ten years for which you will need a reliable income. On that basis, you should calculate how much you will need to save and invest for your retirement, based on the lifestyle you want to live,” Mrs Miller advised. 
She also recommended that, in addition to a formal pension plan, there are other investments that should be included in one’s pre-retirement portfolio.
“The ideal pre-retirement portfolio consists of at least five instruments. There is the formal pension plan, which you have through your employer; or, if you are self-employed, that you set up with an approved financial institution.
In addition, your portfolio could also include: investment in: real estate, stocks, bonds and mutual funds; health and life insurance; and finally, your NIS benefits,” Mrs Miller informed. “All these together can help to generate a suitable income to assist you to live comfortably during your retirement years, which may well be beyond the average life expectancy.”
Finally, Mrs Miller emphasised that keen financial education is also important to one’s retirement plan.
“Key to securing your financial future is adequate financial knowledge and how best to utilise the tried and tested tools, such as successful budgeting; saving, which will ensure that you are able to take advantage of investment opportunities; using credit towards wealth creation and understanding that insurance is also a critical tool in not only helping to create wealth but to preserve it,” she said.

 

See the original article here!

Read more
s6i_3411

Louise Bennett-Coverley All-Age gets well-needed facelift

THE Louise Bennett-Coverley All-Age School in Gordon Town, St Andrew benefited from a well-needed facelift with the repainting of its buildings, de-bushing, landscaping and paving from Labour Day activities organised by the JN Foundation.

Onyka Barrett Scott, acting general manager of the JN Foundation, said the school was selected based on the national focus on the areas of health and education, under the theme, “Ramp It Up, Fix It Up”.

“Today, we wanted to take on schools and health institutions off the ‘beaten track’, hence we identified projects in the Corporate Area and rural parishes, where our participation, with the help of volunteers, would make a difference,” she said.

“We are out in Gordon Town and it is a pleasure working alongside the teachers, community and past students to improve the school environment, “ she stated. “The educators were delighted for us to be here,” she added.

Wayne Mullings, principal of the school, said that he was grateful to have the JN Foundation and its volunteers on board, to undertake the needed refurbishing at the school, which is named after one of the country’s cultural icons, Dr Louise Bennett-Coverley.

“We have been trying to improve the environment of the school to make it more conducive to teaching and learning. However, the bathrooms are currently in a deplorable condition and require painting and fixing up. We are, therefore grateful to have the JN Foundation on board,” he said.

He explained that the school, which started in the 1930s, has evolved over the years from being the Gordon Town All -Age School, and was renamed The Louise Bennett-Coverley All-Age School in 2009, in her honour.

“One of our first board chairmen was Eric Coverley, husband of the late Louise Bennett-Coverley; therefore, we were proud to have the Coverley family being an established part of the institution,” he explained.

Mullings also revealed that in 2016 the school was reclassified as a primary school; and is now focused on improving its enrolment numbers and reposition it as a school of choice in the community.

He said that the students were outstanding in sports and cultural activities, won several competitions and performed well in academics.

“We were in the top 10, in terms of performance in the Grade Nine Achievement Test (GNAT) for many years. Most students who came to us from the Grade Six Achievement Test (GSAT) were students performing in the mid-20s and 30s; and we were able to transform those students to high 80s and 90s as they prepared to sit the GNAT exams,” he related.

He also said students made significant improvements in the Grade Four Literacy and Numeracy Exams; as well as the GSAT exams, with a significant number of students from the last cohort achieving passes for traditional high schools.

Philishea Garnett, JN act!on volunteer, said the Labour Day experience at the school was amazing for her, and that a project of this nature was dear to her heart.

“Students need to be in a comfortable environment, where they can play and feel safe. Therefore, what we are doing today will mean a lot to them,” she said, pointing out that, “Citizens should try to embark on projects, especially on Labour Day, as it is ‘a give back’ to other persons in the widersociety.”

Barrett Scott said JN Group staff members joined with volunteers from the JN Foundation’s Act! on Jamaica and implemented Labour Day projects in the Corporate Area and rural parishes.

The Percy Junior Hospital in Manchester was repainted and the bathroom facility upgraded by the JN Manchester Branch. The Type 5 Health Centre in Montego Bay and the Falmouth Health Centre were also painted and ramps installed, by employees and volunteers in Montego Bay and Falmouth.

See the original article here!

Read more