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BUILDING a strong financial foundation in your 20s begins with having the right tools. A budget is one of those tools, especially if you’re focused on building an emergency fund, saving for retirement or paying off debt. Life insurance is another tool you may want to add to your financial toolbox.
Does life insurance for young adults make sense?

“That’s a question I receive from young people all the time,” says financial advisor Rose Miller.

“In fact, most people in their 20s, and even 30s, will tell you that they believe they are much too young to purchase life insurance. However, that’s actually the best time to purchase it,” she advises.

Miller is grants manager at JN Foundation and head of the JN BeWi$e financial empowerment programme.

She says there are many good reasons to buy life insurance in your 20s.

“If you’re in your 20s and just left university, chances are you’re single and child-less. However, like most people, getting married and starting a family are among your life goals.

“You may decide to settle down in your 30s, or later, and at that point, the need for life insurance may become clearer. The downside, however, is that when you wait to buy, the premium will be higher and oftentimes you may have to settle for lower coverage. This is because generally, life insurance for young adults is less expensive and the premium increases as one gets older,” Miller explains.

BENEFITS OF LIFE INSURANCE

Life insurance can cover many financial needs, including replacing lost income for your loved ones, such as a spouse or children who depended on your pay cheque to cover their day-to-day expenses. Proceeds from an insurance policy could bridge the gap for a period of time.

In addition to replacing lost income, life insurance can also be used to pay off any debt owed by your estate.

“Life insurance will reduce the stress of paying for funeral or burial costs, or any other final expenses. The average cost of a funeral in Jamaica is about $500,000. Even a small life insurance policy could be a good investment if you don’t want to saddle your loved ones with those costs,” says Miller.

TIPS FOR BUYING LIFE INSURANCE

Life insurance for young adults isn’t “one-size-fits-all”, and therefore, if you’re ready to buy, it helps to do your homework beforehand.

First, think about how much coverage you’ll need. If you’re unable to afford that level of coverage simply begin with what your budget will allow. As soon as you are able to, increase coverage by taking out new policies, or where applicable, take advantage of annual offers to increase coverage on existing policies.

Next, research your options. There are several types of policies available. For a young adult, finding a policy with an investment portion is a meaningful way to secure coverage, while at the same time, create wealth for later years. Compare the policies being offered and the premiums to find the policy which best suits your needs. Time is on your side, after all. While you may recognise the need for life insurance in your 20s, you don’t want to rush into making a decision without first getting an understanding of the facts and the varying benefits each type offers. Once you have a basic knowledge about the concept, purpose, and value of insurance, speak with an insurance advisor.

“Insurance is a valuable tool in the financial security tool kit. Use it to create, preserve and transfer wealth,” Miller advises.

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Today, Audrey Smith is a happy woman. Nine years ago, she was able to transfer her love of “wicker making” to an acquired skill, which she used to create a full-fledged craft business, which now provides her with a viable source of income.

The 56 year-old, who hails from Dumfries, Trelawny, was introduced to the craft by a group of skilled veteran basket makers, whose mission was to pass on their knowledge  to the next generation, thus enabling them to benefit financially from their skills.

The trainers were members of the Basket and Tings Association in Trelawny, which at the time, partnered with the JN Foundation Members’ Advisory Council (MAC), to finance the workshops that were held in four clusters in the parish: Albert Town, Clarkes Town, Kinloff and Duanvale.

“I was always interested in basketry, therefore, I went ahead and bought a book about it. However, I didn’t know how to start the basket, and I often spoke with persons who made their own baskets, who would promise to show me, but it never happened,” Mrs Smith revealed.

“Then, one day, one of the persons whom I had asked to teach me the craft told me about a wicker training event. I turned up to the class, and, on the first day of training, I learned how to make a basket,” she said, glowing with enthusiasm, as she explained how she would stay late up in the nights, practicing.

Mrs Smith now sells her products to tourists at the Falmouth Pier in Trelawny, when the cruise ships dock at the port. She said that her creations are mostly “Afrocentric,” and depict Jamaican traditions.

Now, she has expanded her products to include items such as, mats and trays. She has also added jewelry making, using wicker in her line of craft products. Her passion for the craft urged her to pass on the skills to her two daughters and close friends, who indicated that they were interested.

“It is beneficial, and you can make a living out of it,” she explained, “I encourage persons who want to learn a skill to consider wicker work. “It is a useful skill to have, because it will help to put bread on your table.”

Mrs Smith commended JN Bank for investing in her so many years ago. “I was very happy that somebody put their trust into a small group to learn wicker; and put money into it. It was to our benefit, and I thank Jamaica National for the funding. Nine years later, I continue to earn from for their craft initiative,” she said.

Saniah Spencer, chief marketing and product development officer at JN Bank, stated that Member Advisory Councils are channels through which JN Bank gives back to its members via community and national based projects; and members are encouraged to nominate projects for consideration by MAC, in their respective parishes.

The first deadline for the nomination of projects is February 28. JN members can visit the JN Bank website at: www.jnbank.com/member-advisory-council to access nomination forms.

Projects to be nominated should be in the following categories: community development, health and well-being, child safety, early childhood education, and the vulnerable population.

Since 2006 approximately J$51.4 million in funding has been spent to implement MAC projects, generating more than 370 projects in communities, located in every parish across the country.    

Every parish has benefited from MAC projects; and, the funds are disbursed through the JN Bank’s branch networks, to reinvest and benefit the communities in which JN Bank serves.

For further information about MAC projects, please visit the JN Foundation’s website at: hwww.www.jnfoundation.com/content/members-advisory-council-projects.

Contact:  Dionne Rose l JN Corporate Communications

   JN Bank in partnership with the JN Foundation is inviting members and other community stakeholders to identify and nominate worthwhile projects that can impact positively on correcting some of the many issues of concerns within their communities for consideration by its Member Advisory Councils (MAC).

Community projects are important to nation building hence JN Bank views this as an important avenue to give back, while empowering its members by supporting development at the community and national levels. It is also a mechanism, which gives JN members the opportunity to be more involved in the implementation of worthwhile projects, based on the allocation of JN Bank’s resources to these projects.

The first deadline for the nomination of projects is February 28. JN members are, therefore, being encouraged to visit the JN Bank website at: www.jnbank.com/member-advisory-council to access nomination forms.

Saniah Spencer, chief marketing and product development officer at JN Bank, said that projects to be nominated should be in the following categories: Community Development; Health and Wellbeing; Child Safety; Early Childhood Education and the Vulnerable Population.

The Councils, which were re-established this year, represents JN Bank’s partnership with communities, in and around its 35 branches and MoneyShops in every parish across the country, to support community and parish level development.

Last month, regional MAC workshops were held in Ocho Rios, St Ann; Mandeville, Manchester; and Catherine Hall, St James, to engage members in discussions about the renewed programme.

At the workshops, members welcomed the re-establishment of the MAC.
“I believe that when we share the information about the work of MACs in our communities, it will be something they will welcome, because assistance is needed in our communities”, said Kevin South, pastor of the Spring Village Gospel Assembly in Spring Village, St. Catherine.  “ I do believe that JN is doing something positive, which is needed in these times.”

Lydia Sherrt-Obinim, a member from Santa Cruz, St. Elizabeth, has already identified road hazards as one of the areas which she would like to be addressed. “The MAC is a great initiative and I look forward to nominating my project,” she said.

The JN Bank MACs operate across all JN Bank branches and MoneyShops in Jamaica, and membership includes bank employees and community representatives. To date, approximately J$51.4 million in funding has been expended on MAC projects, generating more than 370 projects in communities across the country.

To date, communities in every parish have benefited from the programme; and, the funds are disbursed through the branch networks, to reinvest and benefit the communities in which they serve.

For further information about MAC projects, please visit the JN Foundation’s website at: hwww.www.jnfoundation.com/content/members-advisory-council-projects.

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Contact:  Dionne Rose l JN Corporate Communications

Getting out of debt and saving money are two of the most commonly made and broken New Year’s Resolutions. Rose Miller, grants manager, JN Foundation and head of the JN BeWi$e financial empowerment programme says persons fail to follow through on their plans to reduce their debt because they often make unrealistic goals.
“Rather than trying to pay off all your loans in just one year, especially if you have a large amount, focus on a few key steps, putting together a get out of debt plan,” she advised.
Mrs Miller recommended that a ‘get out of debt’ plan should be created no later than February and suggested that persons should aim to pay off 10 to 20 percent of their total debt by the end of the year. “If you are able to clear more, go for it,” she said.
She further recommended several steps persons can take as they journey towards financial freedom.

Set SMART Goals

Instead of setting goals that look good on paper, take time to establish some that are realistic to achieve. Mrs Miller advised persons to set SMART goals – goals that are specific, measurable, achievable, relevant and time-bound.
“This means instead of setting an arbitrary goal to pay off $500,000 in student loans by next year, it would be more feasible to sit down and figure out how much debt you have, how much you can afford to pay each month, based on your income and current liabilities, and how much you could feasibly pay off by a specific date,” she said. 
Mrs Miller noted that the idea behind this strategy is that persons are more likely to stay on track if they budget to pay off a specific amount of money each month. “Without a specific sum to pay each month, you have no way to measure your progress, and you may be setting yourself up to fail.” 

Use a monthly budget or spending plan

The JN BeWi$e Head also suggested that persons use a monthly budget or a spending plan to organise their finances. This means taking stock of your monthly income, from all sources, then determining the wisest way to spend so you can achieve the goals you have established.
“You’ll need to set limits for discretionary spending categories like food and entertainment. A spending plan is a road map that can guide us to becoming debt free,” said Mrs Miller. “Look for ways to reduce or eliminate some expenses, If we can balance that budget without the use of credit cards this will be a big step forward in your debt reduction plan.”
The decision about which debt to tackle first will depend on the amount owed as well as the interest being incurred. Mrs Miller pointed out that it is usually advisable to get rid of the most expensive debt first, that is, the one with the highest rate of interest. “However, some people go after quick wins, so they may first focus on the ones they can get rid of quickly,” she said.

Set yourself up for success

The JN Foundation Grants Manager also noted that many people turn their focus to paying off debt without confronting how they got there in the first place. “For example, they might set a goal to pay off one credit card, but continue using another without changing their spending habits,” she said. 
Mrs Miller said if persons really want to get out of debt, they must employ a high level of discipline and make it as difficult as possible to go into debt. “One of the most effective strategies is to utilise the envelope method of budgeting.” 
With this strategy, Mrs Miller advised persons to stop using credit or debit for discretionary spending categories like food, entertainment and even some necessities like transportation and grooming. Set aside a specific amount of money for those expenses in cash. “You put the money in respective envelopes and spend accordingly until the budgeted sum is gone. This will help you learn to live within spending limits and stop using credit as a crutch,” she said.

Build an emergency fund

Finally, Mrs Miller added that it’s important to build a fund that will help you avoid more debt if a surprise bill or loss in income threatens to disrupt your financial goals.  
“The best way to avoid these disasters is an emergency fund,” she said. “Make it a point to put money away each pay period.” 
Whether you’re able to save $10,000 per month for emergencies or $1,000, having an emergency fund to pull from when times get tough can be all it takes to help you avoid making your debt problems worse. 
“Make your monthly emergency savings automatic and part of your full debt repayment plan, and you will begin building a savings buffer over time. If you are trying to get out of debt then you need to put a buffer between you and debt; that is exactly what an emergency fund does,” Mrs Miller said.

JN Group | Corporate Communications

The engines of JN Bank’s Member Advisory Councils have begun to steam following a series of workshops, now underway, to engage council members and to assist them with identifying projects that will address issues in their communities in a sustainable manner.
The re-establishment of the councils, which is being managed by the JN Foundation, represents JN Bank’s means of partnership with communities, in and around its 34 branches and MoneyShops in every parish across Jamaica, to support their development.
The JN team commenced the regional workshops on January 23, beginning in Ocho Rios, St Ann, and have also held events in Mandeville, Manchester and Catherine Hall, St James.
“As a mutual corporate entity, JN Bank gives back to its members through community and national development projects,” Ms Spencer explained. “Therefore, MAC provides members with the opportunity to be involved in the identification of worthwhile projects and decision-making in the allocation of resources for programmes for community development.”
Addressing members during the series of workshops, JN Foundation’s partnership and development manager, Shauna-Kaye Rowe, emphasised the need for council members to choose projects that will inspire change in general attitudes and behaviour among and towards vulnerable groups in their locale.
“Think about projects which are people centric; geared at providing a solution and that addresses the needs of vulnerable communities,” she noted giving examples, such as the Mustard Seed Communities, which target the dispossessed and disabled. “Think about projects that speak to the greater value of being your brother’s keeper,” she added.
Candice Minott, brand and integrated marketing manager, JN Bank, also urged council members to ensure projects are sustainable and to establish a reporting and evaluation framework to keep the project in check, so that its impact can be consistently measured. She encouraged them to think carefully about the target audience for their projects and to use research and data to inform their decisions.
“A good starting point is a quarterly performance report so that you can assess the projects to see where they are now compared to three months ago,” she advised. 
Members were also counseled about the importance of maintaining public visibility of their projects using various media in order to maintain evidence of initiatives completed under the project; attract partnerships and donors, as well as inspire those impacted by project and those implementing it.
“I am more enlightened about MAC,” said MAC member at the JN Bank Browns Town branch, Franklyn Clarke after participating in the Ocho Rios workshop. He said, a result of the event, he understands how to execute a project. He has also already begun to identify pockets in and around Browns Town for consideration by the council and wants to target a group of unattached youth in Murray Mountain, a remote hamlet in St Ann, to develop their acumen and skill set in information technology.
Similarly, Colin Blair, a MAC member at the Ocho Rios branch, and a firefighter, welcomed the workshop and noted the support it could provide to vulnerable youth. Among the projects he is considering is a first responder programme, given the high number of serious road crashes which occur along the St Ann coast annually, several of them fatal. 
“I do a lot of youth development, so I am happy to know that there is one other entity that has that joy and passion to try and help others,” he said.

Gareth Manning | JN Group Corporate Communications

JN Bank through the JN Foundation will re-establish its JN Bank Member Advisory Council (MAC) in 2019, to provide its members with direct engagement and participate in the identification and selection of projects to positively impact their communities, and ultimately the wider society.
Formerly known as the Branch Advisory Councils (BAC), JN Bank MACs were established in 2006 to involve JN Bank members in the selection of worthy ventures, in their respective communities.
Saniah Spencer, chief marketing and product development officer at JN Bank, said the bank has reviewed the JN Bank MAC initiative to engage members in meaningful partnerships that will be sustainable.
“As a mutual corporate entity, JN Bank gives back to its members through community and national development projects,” Ms Spencer explained. “Therefore, JN Bank MAC projects provides members with the opportunity to be involved in the identification of worthwhile projects and decision-making in the allocation of resources for programmes for community development.”
Ms Spencer stated that the revised JN Bank MAC initiative will kick-off with a workshop, scheduled for January 22, at which members will be updated about the guidelines for the programme, and, a “think tank” session will follow, to assist members to identify meaningful projects for implementation.
The JN Bank executive stated that projects will benefit from a grant scheme, which will provide funding of up to J$400,000, based on the scale of the respective venture.
The JN Bank MACs operate across all JN Bank branches and JN Bank MoneyShops in Jamaica; and, includes community representatives and JN Bank employees. To date, approximately J$51.4 million in funding has been expended, generating more than 370 community projects in parishes across the country.
All parishes have benefited under the programme; and the funds are disbursed through the branch networks, to reinvest and benefit the communities they serve.
Some of the projects and community organisations which have benefited from JN Bank MAC grant funding in the past, included: Alpha Primary School on South Camp Road in Kingston; the Basket and Tings Association of Trelawny; the Lionel Town Community Development Group in in Clarendon; Morant Bay Infirmary in St Thomas; and Prospect Police Station, St Ann.

For further information on the MAC projects, visit the JN Foundation website at https://www.www.jnfoundation.com/content/members-advisory-council-projects.

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Contact: Dionne Rose l JN Corporate Communications

JN members across the country were reminded about the importance of “gifting” through receiving encouragement and tips befitting the Christmas season from the JN Foundation’s five current projects.
Through a series of ‘one-on-one’ engagements about road safety, water conservation measures, passing on our Jamaican heritage, financial security and supporting local brands, by buying social, the Foundation reached hundreds of its members with heartfelt messages and tokens.
Rose Miller, grants manager at the JN Foundation, said that the Christmas initiative entitled “JN Foundation Gift of Christmas…” involved educating members about: road safety, financial literacy, water conservation, social good and parish histories.
“We have been “putting people first,” at these in-branch meetings across the country; and engaging them about the gift of conservation through our Water Project, by providing them with conservation tips about technologies, which can be used to assist them to maximize, and efficiently use water, particularly during the holidays when they may be entertaining visiting friends and family,” she explained.
Mrs Miller informed that members were also alerted to financial tips, through the Foundation’s Be Wise Programme, which advises members about how they can maximize their earnings and make wise financial decisions  during the Christmas Season.
“Be financially wise this Christmas, make a budget, to track your spending and do not get carried away,” Mrs Miller advised; noting that, “for those who receive bonuses, they should consider investing some of the money.”
The JN Foundation grants manager also pointed out that it is important to be safe on the road. “We have been engaging members about the “Gift of life” through road safety tips about ensuring the safety of all road users during the season,” she related.
There was also the Gift of Community, to sensitize members about the Christmas specials being offered by various social enterprise companies.
Nelson Quarry, a JN member who participated in the engagement, appreciated the oral history tip, and  suggested that adults should encourage children to be more attentive to the historic stories being told to them by their elders; this will help them understand our history and be in a position to pass it on to future generations.
“This is a good initiative, which is encouraging,” Mr Quarry said, “I like it and I hope that you will continue these events,” he said. “As it relates to the tip, this is something that I have always thought about and have encouraged.”
Alicia Godfrey, another JN Member, appreciated the conservation tips; and expressed her delight for the information to replace inefficient plumbing fixtures with water saving ones, which are either ‘Water Sense’ labeled, or use 20-25 per cent less water than standard units.
According to the National Water Commission, water consumption at home can be reduced by as much as 30 per cent by using proper water saving devices; and the adoption of good conservation practices.
The “JN Foundation Gift of Christmas…” promotion was successful in reaching hundreds of members at JN Bank branches in Falmouth, Trelawny; Ocho Rios, St. Ann; May Pen, Clarendon; Spanish Town, St. Catherine; Duke Street in Kingston and at Half-Way-Tree, St. Andrew.
 

Contact:  Dionne Rose l JN Corporate Communications

Alexx Antaeus (left), owner, Opa Greek Restaurant and Lounge examines his shell made by  social enterprise, 360 Recycle Manufacturing Limited with Ana Toby, Marketing, Communication & Events Officer at SEBI,  which he successfully bid on at a SEBI Biz Mix Networking Session, recently .

Chairman of the JN Foundation, Parris Lyew-Ayee is encouraging Jamaicans to support the social enterprise sector during the Christmas Season by purchasing authentic Jamaican made gifts.

“I encourage everyone to support our social enterprises by ‘buying social’ this Christmas Season. Without your financial support, these entities cannot grow,” he pointed out as he addressed the ‘Close-out Ceremony’ of the Social Enterprise Boost Initiative (SEBI), at the Terra Nova Hotel and Suite in Kingston, recently.

Mr Lyew-Ayee said in the process of selecting gifts for friends and family, persons should consider social enterprises, such as: JAD Binders, which restores books that can be passed down through generations; Superior Craft and More, offering signature furniture pieces; Bresheh, manufacturers of local produced bags, which will make excellent Christmas gifts; Alpha Wear with its trendy clothing line; and Bartley’s All in Wood, among others.

Opal Whyte, project manager of SEBI, echoed a similar message; and, explained that social enterprises are defined as business directly involved in revenue generating activities to address social or environmental challenges
“Without the support of consumers and broad-based stakeholders, the sector will not thrive,” she informed, noting that, “SEBI created a Buy Social Trademark, which provides authenticity and distinction for practitioners; and, the trademark or seal, indicates that the product or services are produced by a social enterprise.”
She stated that the trademark gives the social enterprises “a face,” and there are several social enterprises across the country. These social enterprises include: Deaf Can! Coffee, 360 Recycle, Alpha Wear, Bartleys’ All in Wood, Bresheh, Bunkers Hill Cultural Xperience, Eco-Farms Jamaica, EducaTours JA, JAD Diners;  Petals ‘n’ Roots and Superior Craft & More, among others.

Ms Whyte also called for more proactive partnerships between the private sector and  social enterprises, which she stated will accelerate the further growth of social enterprises.
“Some private sector organisations are already collaborating with social enterprises, as part of their corporate social responsibility. For example, some of the National Baking Company’s trucks are currently wrapped with the ‘Buy Social’ logo. We need more of that type of collaboration  with the private sector,” she encouraged.
SEBI, a project of the JN Foundation and the United States Agency for International Development (USAID) culminated on December 12, after six years of operation.
The aim of the project was to facilitate and support the growth and development of social enterprises across Jamaica. Under SEBI, some 35 social enterprises were able to generate more than J$186 million in revenues; and employed some 500 persons, on a part time and full time basis.
 

Dionne Rose l JN Corporate Communications

The JN Foundation has announced the launch of a new organisation, Social Enterprise Jamaica, which will facilitate the growth of the social enterprise sector in the country.
Parris Lyew-Ayee, chairman of the JN Foundation, made the announcement about the new enterprise at the close-out ceremony of the Social Enterprise Boost Initiative (SEBI), a project of the JN Foundation and the United States Agency for International Development (USAID), at the Terra Nova All Suite Hotel in Kingston, on Wednesday, December 12.
“With the ending of SEBI, along with the introduction of increased funding opportunities, financial instruments, and business services; as well as, the ever growing demand for social enterprises, there is a new gap in the market, and new windows are opening,” he pointed out.
“Therefore, today, we at the JN Foundation are pleased to announce that there will be a new social enterprise supporting the sector to be known as, Social Enterprise Jamaica, SEJA. This enterprise will be an independent multi-sectorial social one, which will seek to create an environment to facilitate the growth of the social enterprise sector in Jamaica,” he explained. 
Mr Lyew-Ayee said that SEJA will be a member-owned enterprise, designed to be economically sustainable without relying on government, corporate or philanthropic assistance for its survival.
The JN Foundation Chairman further disclosed that consultations have already started with key stakeholders  about SEJA. He said the enterprise will offer services such as: serving as a knowledge hub; establishment of the Buy Social Trade Mark; and, a social enterprise innovation hub.
He further explained that the innovation hub will be a state-of-the art facility, providing a space to host: events, training sessions, meetings, and co-working and incubation.
“Social Enterprise Jamaica will focus on further developing the social enterprise ecosystem in Jamaica; and seek to innovate and incubate, to create scalable impactful businesses in the society,” he explained.
Entities which are interested in becoming a member of Social Enterprise of Jamaica are invited to get in touch with the Foundation via email at: info@socialenterpriseja.com; or, by telephone, at: 876 926-1344, Ext. 5158
Several social enterprises have welcomed the announcement of SEJA.
Randy McClaren, managing director of Bresheh, said he hoped that SEJA will play an advocacy role for social enterprises. “I hope that it will take on as many social enterprises, as possible, to assist to pave the way for us as a sector, to really expand and impact many persons, the planet; and, obviously, profitability,” he said.
Tishauna Mullings, founder of Nexx Stepp Educational Services, said she would like see SEJA position social enterprises linked to social capital; and to GDP, to make an impact in our country, so that everyone can appreciate what social enterprise means.
Turning to the successes achieved by SEBI during the past six years, Opal Whyte, project manager of SEBI, stated that, the project proved that social enterprises can be viable businesses. Through the project, they were able to generate more than J$186 million in revenues and employed 500 persons, on a part time and full time basis.
“The social enterprises  introduced innovative products to the market; and some experienced phenomenal growth during a relatively short period. The impact of SEBI also reached more than 100 additional social organisations, whose members participated in the open network activities,” she affirmed.
 

Dionne Rose| Communication Officer | JN Group Corporate Communications