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with Halcian Pierre: It’s where we EXPLORE EVERYTHING CARIBBEAN that’s related to food, people and places.
It seems only fitting that whenever an issue of finance (or financial constraint) comes around, the first thing to get an adjustment is what we eat. It’s a sad truth, I know. Plus, fluctuating prices at our nation’s groceries pose a never-ending number crunching problem – not only do we have to be amazing cooks, we also have to be financial wizards and calculate (oddly enough) what we can ‘afford to do without’. Personally, I always find my stocks and ingredients at various types of establishments, from corner shops to the giant warehouses, just so I can save a few much needed dollars and cents for the piggy bank! Based on personal experience, there are certain food items that are regular restocks; these are cooking oils, sugar, salt, flour, butter, canned peas/beans/Vienna sausages, tea/coffee, juices, etc. Meats and fish are choices for most, dependent on if they are meat eaters or vegetarians. Pulses (peas, beans, etc) are standard and inexpensive, and many a creative cook can find ways to dress these up for various combinations using fresh seasonings. Despite the possible constraints, healthy yet inexpensive meal choices are always possible, so it’s incumbent on the wise shopper to always be on the lookout for dips in prices when there is an abundance of say, cassava, sweet potato, pumpkin or even tomato. The old adage, ‘buy in bulk’ certainly applies as the law of economics states that when a product is plentiful, the price is level. When out of season, prices skyrocket. Also, buy local – and economically – when you can, and cook with your ingredients wisely. Here are a few inexpensive meal ideas using ingredients that are always available.
Ingredients: • 1 tsp vegetable oil (or canola) • 1 garlic clove, crushed • 1/4 cup minced onion • 2 stalks chive, chopped • 2 sprigs fresh thyme • 15.5 oz can red kidney beans, rinsed and drained • 2 cups uncooked long grain rice • Salt and fresh ground pepper, to taste • 2 1/4 cups water • 13.5 oz can (1 3/4 cups) light coconut milk • 1 whole scotch bonnet or habanero pepper (not chopped) Method: 1. In a medium heavy saucepan, heat oil over medium heat; add garlic, chive, onion and thyme. 2. Sauté for a few minutes, then add the rice and beans. Stir gently. 3. Add the coconut milk, water, salt and fresh pepper and place the whole scotch bonnet pepper in the pot. Stir to combine and bring to a boil. 4. Remove and discard the hot pepper and continue to cook the rice until almost all the liquid is absorbed and just skims the top. 5. Cover and reduce heat to low; simmer for 25 minutes. 6. Remove from heat and keep covered for 10 additional minutes to allow the steam to finish cooking the rice (do not be tempted to lift the lid before that). Serve hot.
Ingredients: • 4 large baking potatoes • 1 teaspoon shortening • 6 tablespoons butter • 3 tablespoons grated onions • 1/2 teaspoon pepper • 2 medium eggs • 1 1/2 cups shredded cheddar cheese, divided • 1 cup diced cooked deli ham, divided • Fresh chopped parsley for sprinkling Method: 1. Preheat oven to 375 degrees. Wash and pat the potatoes dry and then rub each potato with shortening. 2. Prick potatoes several times with fork and bake for 1 hour at 375 degrees F. 3. Cut potatoes in half and scoop out the insides into a large bowl leaving about ¾ inch of potato in the skins. Place the skins on a cookie sheet. 4. Beat the potatoes with a fork for 1 minute, then add butter, onion, eggs and pepper. 5. Continue mixing until smooth and fluffy, then fold in one cup of grated cheese and the 1/2 cup of deli ham. 6. Fill potato shells with mixture and top with remaining 1/2 cup of cheese and 1/2 cup of ham. Sprinkle with the parsley. 7. Bake at 375 degrees for 15-20 minutes or until potatoes are thoroughly heated and cheese is melted.
Ingredients: • 1 1/2cups of boiled pumpkin • 3 cups of vegetable broth (made from bouillon cubes) • 1 medium-large carrot, diced • 1 medium white onion, diced • 1 teaspoon red pepper flakes • 1/4 teaspoon cayenne pepper • 1/4 teaspoon paprika • 1/4 teaspoon ginger • 2 cloves garlic, minced • Olive oil • Salt and pepper, to taste Method: 1. In a large stock pot, sauté onion and garlic in a little olive oil about 3-4 minutes. 2. Add in the carrots and sauté for another 5 minutes or so. Add boiled pumpkin, spices, and vegetable broth; stir to mix. 3. Cover and simmer on medium heat for about 2030 minutes, until carrots are completely cooked through. 4. Use an immersion blender (or transfer to a regular blender) and puree the soup. Season with salt and pepper and serve.
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Roslyn Carrington
What do couples fight about most? Family? Sure. Sex? Certainly. But one of the biggest sources of contention between couples is money, the attainment, allocation, management, and even the lack thereof. This is especially true if one of you is an ant and the other a grasshopper; the attraction of opposites may add spice in the bedroom, but when it comes to balancing the books, it’s vital that both of you be on the same page.
Find out where you stand The first step to getting a grasp on your finances is knowing exactly how much is coming in, how much is going out, and how much you have in the kitty right now. And you don’t need to have your ACCA to do it. If you’re handy with apps and spreadsheets, there are lots of little programmes available to help you tot up your data. Otherwise, good old paper and pencil will do. Obviously, you’ll list the big things, like loans and mortgages, but don’t forget smaller commitments like tithes or donations, hire purchase and credit card payments.
Find the leaks... and plug them If you’re constantly yourself asking “Where did all our money go?” you need to take a closer look at your spending. The money isn’t dribbling out of a hole in your pocket. Get all Sherlock Holmes on your money habits. Save your receipts, EVERY single one, even little chits from the Ten Dollar Store. Keep them well organised and sorted by type: Food, Utilities, Entertainment, etc. And no, a shoebox is not a filing system. Since the nuts man doesn’t give receipts, start a spending log. A little cheap notebook will do. You’ll feel like an idiot writing down “Nuts - $4”, but over the space of a few months, you’ll begin to see patterns. Chances are you’ll find the source of your financial leak, and plug it up before you become too anaemic.
Agree on a goal Sure, sure, we all know you’re supposed to save a little every month, but the question is, what are you saving for? And, more importantly, what are you saving for TOGETHER? If he wants a car and you’re hankering after a vacation, something’s gotta give. Perhaps you can agree on priorities; you’ll get the car this year and post-
pone the vacation for next year. Or a certain percentage of your savings can go to each, so you each feel you’re nearing your goal.
sonal account of your own. You may never need to use your mad money, but you’ll breathe more freely knowing it’s there.
You are not the Joneses
You’re only young once
Why would you want to keep up with someone you aren’t? Childless couples, people with grown kids, home-bodies and world adventurers all have different needs. And if your neighbour’s kids are sweating their A Levels while your ankle-biters are still scooting around on the carpet, your financial needs won’t be the same as theirs. Different couples need different plans. The trick is in finding one that suits you.
No, this isn’t an excuse to throw financial caution to the wind and party like it’s 2099. The older you get, the faster the hands on your clock seem to spin, and retirement is closer than you think. And while you could probably get away with day-to-day financial management with a good app and some common sense, retirement planning isn’t something you should do on your own. Ask your bank or other financial institution if they have advisors on staff, or consult a financial planner. Set up at least two good plans; the market is unpredictable, and knowing you have backup will make you more secure. Your relation-ship will certainly hit rough seas from time to time, and if you have the strength, you can weather it. But don’t let the tidal wave of poor money management sink you. Stand firm on your financial sea legs, and your cargo of love and devotion will land safely on the other side.
Agree on how to pool your money Joint account? Separate accounts? Separate accounts AND a household account? Figuring out what works best for you depends on several variables. Are you comfortable giving someone—even someone you love—full access to your money? Is one of you (or, yikes, are BOTH of you) enough of a spendaholic to put your finances in jeopardy? Is one of you so lax with bill payments that chances are good you’ll come home one day to a darkened house or a dead phone? Either nominate the most responsible (read: nit-picky) partner to be in charge of the bills, especially the more critical ones, like mortgage, utilities, loans and hire purchase, or assign specific payments to each of you. And even if you choose the joint account option, it’s always a good idea to have a small per-
Talk to your loved ones about what your dreams are. This seems like an odd way to save money, but think about it. If you spend time with the people you love the most and come to some consensus about your dreams, it becomes easy for you all to plan for it. If you’re all planning and working together towards this dream, it becomes easier to stay focused on it and reach it. Set a big, audacious goal together and encourage each other to be financially fit – soon, you’ll find you’re doing it naturally and your dreams are coming closer than ever.
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Carol Boon Carol Boon
JasonJason lives quite lives happily quite happily with with his wife hisAlthea wife Althea and their andtwo their two children children in a rented in a rented town-townhouse.house. They comfortably They comfortably meet their meetextheir ex-who, according would you would be?” you be?” who, according to world tobenchworld bench- where where pensespenses and debts, and have debts,healthy have healthy sav- savWhether or not you or not seeyou yourself see yourself marks, marks, outwardly outwardly appearappear to be living to be living Whether ings accounts ings accounts and have andinvested have invested for for or others as ‘financially as ‘financially successful’ successful’ is is happy and happy fulfilling and fulfilling lives. They lives. They or others their children’ their children’ s education s education and their and theirspend their really areally matter a matter of personal of personal opinionopinion spendlives their running lives running on a treadon a treadretirement. retirement. Sarita, Sarita, on the on other the other mill where and appears to incorporate to incorporate a bal- a balmill where all the pressure all the pressure of workof work-and appears hand, transformed hand, transformed her loveher of love cook-of cookance between the acquisition the acquisition of of ing anding striving and striving may reap may worldly reap worldly ance between ing intoing a small into arestaurant small restaurant and 12 and 12 rewards, the achievement the achievement of one’sof one’s rewards, yet at the yet same at thetime, same time, money,money, years later, yearscan later, proudly can proudly claim toclaim be to bethere’s there’ personal goals and goals a feeling and a feeling of con-of cona feeling s a feeling of going ofabsolutely going absolutelypersonal the owner the owner an expanding an expanding chain ofchain of nowhere!” tentment tentment and fulfillment. and fulfillment. Both Both nowhere!” franchises franchises and is aand self-made is a self-made mil- mil- So doesSoour Woodroffe and Hudson and Hudson also conalso condoes tendency our tendency to viewtofi-view fi-Woodroffe lionaire.lionaire. Which Which of these ofindividuals these individuals is is tend becoming that becoming financially financially suc- sucnancial nancial successsuccess solely through solely through sta- sta-tend that the more thefinancially more financially successful? successful? The The is also dependent is also dependent on a on a tus-oriented, tus-oriented, materialistic materialistic eyes eyes cessfulcessful answeranswer could well could bewell both.beItboth. all de-It all de-hinder hinder person’person’ s abilitys to ability understand to understand and and more than morehelp than us? help us? pends how pends you how view youfinancial view financial suc- suc-Woodroffe manage manage their finances, their finances, which takes which takes Woodroffe believesbelieves that our that inclinaour inclinacess. cess. discipline and developing and developing the habit the habit tion to tion do sotomay do so encumber may encumber our our discipline We liveWe in alive society in a society that tends thatto tends toprogress of saving, of saving, spending spending and investing and investing progress by causing by causing us to lose us to sight lose sight define success define success by howby much howmoney much money wisely wisely and diligently. and diligently. of the passion of the passion that initially that initially drove us drove us we have. weGiselle have. Giselle Hudson, Hudson, Chief PosChief Pos-to succeed. Woodroffe Woodroffe ended with endedthis with pruthis pruto succeed. sibilitiessibilities OfficerOfficer of Purple of Purple Marketing Marketing HudsonHudson dent advice: dent advice: “Everyone “Everyone can be can be echoesechoes Woodroffe’ Woodroffe’ s sen- s sen-- a company -- a company which “helps which fed-up “helps fed-up timenttiment if they ifdevelop they develop the mindset. the mindset. saying,saying, “We are“We so much are so much wealthywealthy small business small business ownersowners believebelieve in in more than what your what their yourperception their perception of of moretitles, thanpositions titles, positions and posand pos-Define Define themselves themselves again and again restores and restores hope hope financial successsuccess is, thenis,think, thenlive think, live sessions. sessions. HavingHaving material material things is things isfinancial and profitability and profitability in theirinunder-pertheir under-per-fine. We and breathe success. success. Let it become Let it become fine. were Wemeant were meant to havetoand have and and breathe formingforming businesses” businesses” (http://giselle(http://giselle-live abundant your lifestyle and doand not do allow notyourallow yourlive abundant lives but lives whatever but whatever your lifestyle hudson.com/who-do-i-help/) hudson.com/who-do-i-help/) --- you have selfthreatened to be threatened by the by success the success youmust havenever mustdefine never you.” define you.” self to be thinks that thinks it is that natural it is natural for us to forsay us to say of others. of others. Financially Financially successful successful peo- peoShe then Sheasked thenaasked probing a probing and pertiand pertisomeone someone is successful is successful based on based his on hisnent question, results-oriented are results-oriented risk takers risk takers nent question, “If your“If success your success was wasple are ple or her wealth or her wealth accumulation. accumulation. In her In her vestedvested with solid a rockplan solid forplan transformfor transformin the thing in theorthing position or position and andwith a rock view, “the view, world “theisworld driven is by driven wealth by wealthshould should ingpassion their passion into success.” into success.” any of the any two of the betwo removed, be removed,ing their accumulation” accumulation” and weand tend wetotend lookto look at the outward at the outward or material or material signs ofsigns of how wehow convert we convert that money that money into into symbols symbols of success. of success. Hudson, Hudson, how- however, believes ever, believes there isthere moreistomore finanto financial success cial success than merely than merely money.money. “You experience “You experience financial financial successsuccess when you when understand you understand that money that money itself has itself no has value noand value that and allthat it is, all is it is, is a physical a physical manifestation manifestation of yourof creyour creative energy.” ative energy.” She advocates She advocates that that when we when shift weour shift focus ouroff focus theoff the moneymoney itself toitself howto wehow usewe ouruse cre-our creative energy ative energy to serve, tosolve serve,probsolve problems and lems satisfy and satisfy needs, needs, we willwe will create an create exchange an exchange of energy of energy that that will leadwill tolead money to money flowingflowing in. in. Both Hudson Both Hudson and New andYorkNew Yorkbased life based coach lifeTony coachWoodroffe Tony Woodroffe of of TWLifecoach.com TWLifecoach.com (twlifecoach@facebook.com) (twlifecoach@facebook.com) agree agree that many thatoverlook many overlook a crucial a crucial link be-link between tween financial financial successsuccess and selfand ful-self fulfillment. fillment. Woodroffe Woodroffe explained: explained: “Success “Success is aboutisachieving about achieving one’s caone’s career goals reerand goals fulfilling and fulfilling what you what areyou are passionate passionate about, while about,financial while financial successsuccess is finding is finding a way to a way transto transform your form passion your passion into money into money or col- or collateral. lateral. Many people Many people have worked have worked hard and hard made andmoney made money withoutwithout ful- fulfilling their fillingpassion.” their passion.” In otherInwords, other words, you canyou have canallhave the money all the money in the in the world yet world stillyet notstill be not living behappy, living happy, contented contented lives. lives. “Money“Money is a vehicle is a vehicle of exchange,” of exchange,” HudsonHudson elaborated. elaborated. “The more “Theyou more you have the have more thematerial more material things you things you can own. canBut own. there Butare there many arepeople many people
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If you If want you want to achieve to achieve any tangible any tangible thingthing this year, this year, you'llyou'll probably probably needneed to have to have money money along along the way. the way. Financial Financial planning planning is soisvaluable, so valuable, yet many yet many persons persons deferdefer doing doing so so or even or even controlling controlling whatwhat theythey spend spend and as anda as result a result end up end up in debt. in debt. In this In special this special issue, issue, we talk we talk to planners to planners and experts and experts to to help help us unlock us unlock how how you can you achieve can achieve financial financial success. success. For For starters, starters, we ask we you ask to you consider to consider a fresh a fresh look look at your at your goals. goals. We give We give you an youunderstanding an understanding of your of your home home ownership ownership options, options, consumer consumer credit credit and debt and debt control. control. We also We also havehave worthy worthy features features on women on women who who mean mean business, business, health health insights, insights, beauty, beauty, décor, décor, motivation motivation and reand relationships. lationships. WhoWho knewknew that that money money would would keepkeep us sous so busy? busy? Lisa Jessamy Lisa Jessamy Associate Associate EditorEditor Special Special Publications Publications Unit Unit
Whenever Whenever you’reyou’re considering considering
COVERCOVER STORY:STORY: making making an unnecessary an unnecessary purchase, purchase, 5 Andrea 5 Andrea Taylor-Hanna: Taylor-Hanna: Conquering Conquering wait thirty wait thirty days and daysthen andask thenyourask yourthe Spreadsheets the Spreadsheets self if self you ifstill youwant still that wantitem. that item. MOTIVATION: MOTIVATION: Quite Quite often,often, you’ll you’ll find that findthe that the 6 36 Steps3toSteps manage to manage busyness busyness urge to urge buytohas buypassed has passed and you’ll and you’ll PERSONAL PERSONAL GROWTH: GROWTH: have saved have saved yourself yourself some some moneymoney 10 The 10 Price TheofPrice Untreated of Untreated Depression Depression by simply by simply waiting. waiting. If you Ifwant, you want, you you DÉCOR:DÉCOR: can even cankeep evenakeep “thirty a “thirty day list” day list” 12 Renovation 12 Renovation Devaluations Devaluations wherewhere you write you down write down the item the item ENTREPRENEURSHIP: ENTREPRENEURSHIP: and the and day theyou’ll day you’ll reconsider reconsider it, butit, but 15 A15female A female powerhouse powerhouse for for I prefer I prefer just tojust keep tothis keepone thisinone my in my entrepreneurship entrepreneurship head –head that–way, thatI way, oftenI often just forget just forget BEAUTY: BEAUTY: aboutabout the unimportant the unimportant things.things. 18 •18Value•ofValue Makeup of Makeup • Skin Lighteners • Skin Lighteners Woman Woman Wise: Wise: HEALTH HEALTH INSIGHT: INSIGHT: womanwise@guardian.co.tt womanwise@guardian.co.tt 19 Caribbean 19 Caribbean MedPsych, MedPsych, TrinidadTrinidad & To- & Tobago bago RELATIONSHIPS: RELATIONSHIPS: SPECIALSPECIAL PUBLICATIONS PUBLICATIONS 23 Don’t 23 letDon’t financial let financial tidal waves tidal sink waves sink U NIT (SPU) UNIT (SPU) your relation-ship your relation-ship SPU P RODUCER SPU PRODUCER MONEYMONEY MATTERS: MATTERS: Tracey Alonzo Tracey Alonzo 4 Wealth 4 Wealth Management Management and Financial and Financial HEAD OF DHESIGN EAD OF : MDARKETING ESIGN: M/SPU ARKETING/SPU Planning Planning Denise Baptiste Denise Baptiste 7 Got 7 Goals? Got Goals? Get A Plan. Get A Plan. ASSOCIATEAESSOCIATE DITORS SPU EDITORS SPU Lisa Jessamy, Lisa Jessamy, Halcian Pierre Halcian Pierre 8&9 Eastern 8&9 Eastern Credit Union: Credit Definitely Union: Definitely CONTRIBUTORS CONTRIBUTORS LeadingLeading the Waythe Way Ann Moore-Spencer, Ann Moore-Spencer, Roslyn Carrington, Roslyn Carrington, Bavina Bavina Sookdeo,Sookdeo, Sherry Jeremie, Sherry Jeremie, KaelanneKaelanne Jordan, Akiela Jordan, Akiela 11 311easy ways 3 easytoways get organised to get organised Hope, Christine Dalkan, Aurora Dalkan,Herrera, Aurora Herrera, Lindsay Ebbin, Lindsay Ebbin, 16 Understanding 16 Understanding Consumer Consumer Credit Credit Hope, Christine Dianne John, Dianne Carol John, Boon, Carol Helen Boon, Shair-Singh Helen Shair-Singh 20&21On 20&21On the roadthe toroad hometoownership home ownership LAYOUT/DLESIGN AYOUT/DESIGN Sean Simon, SeanKaren Simon, Orosco-Huggins, Karen Orosco-Huggins, Psyche Mitchell, Psyche Mitchell, 22 Financial 22 Financial SuccessSuccess – What’–sWhat’ Your s Your Raquel Vasquez Raquel Vasquez La RocheLa Roche View? View? TIPS COURTESY TIPS:COURTESY: www.simpledollar.com www.simpledollar.com
SALES &SAALES DVERTISING & ADVERTISING
SALES MANAGER SALES MANAGER George Elias George Elias george.elias@guardian.co.tt george.elias@guardian.co.tt BUSINESS D BUSINESS EVELOPMENT DEVELOPMENT MANAGERM (SPU) ANAGER (SPU) Sonja Romany Sonja Romany sonja.romany@guardian.co.tt sonja.romany@guardian.co.tt ACCOUNT EAXECUTIVE CCOUNT E : XECUTIVE: Patrice Chariandy Patrice Chariandy patrice.chariandy@gmail.com patrice.chariandy@gmail.com
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4 The Trinidad Building and Loan Association (TBLA) has been in existence since 1891, and is one of the longest standing, financial institutions in the country.
The Institute of Banking and Finance of Trinidad and Tobago is a not-for-profit awarding body that was established in 1984 through the collaborated effort of the commercial banks and NIHERST. The Institute is mandated to assist the advancement of banking and finance professionals through its professional education programmes – the Diploma in Banking (DIB) and Certificate for Financial Advisors (Cert.FA) - and corporate training services. The Institute recognises the need for ongoing education, relevant to the Banking and Financial services industry. IBF’s education programmes provide students with the knowledge and skills necessary to compete in the faced paced financial services industry. We offer two programmes: 1. The Certificate for Financial Advisors (Cert.FA). This programme equips participants with the skill set to provide financial advice to clients on products and services which would assist them in achieving their financial goals. Cert.FA is the “benchmark” qualification for financial advisors. It is recognised by the local banking sector as fully satisfying the requirements and standards which are necessary for advisors to “practice” unsupervised. 2. The Diploma in Banking (DIB) programme is geared towards persons who are employed in the Banking profession and wish to expand their knowledge of banking and finance by pursuing a professional level qualification. Successful candidates can gain acceptance to UWI. The following are testimonies from a few of our graduates from both Cert.Fa and Diploma in Banking Programmes: Nicholas Dean, Certificate for Financial Advi-
sors Graduate, 2004 “In 2003 I planned to formalise my knowledge of financial planning and signed up for the Cert.Fa programme. I would say that the information presented in the course was simple and invaluable to my career as a financial coach. When I stack it up next to the material studied in the Canadian Certified Financial Planning programme, I would say that the Cert.Fa is far superior and more applicable to operate an independent financial practice in Trinidad and Tobago. I highly recommend the programme to anyone who either wants to work in the financial services industry locally or simply to gain a greater command of their personal finances. The investment I made in the Cert.Fa course over a decade ago continues to pay great dividends in the quality of decisions made by myself and my clients and I will continue receive tangible financial returns for life.”. Nicholas Dean (Cert.Fa) Financial Coach, Trainer & Author
The programs offered by the Institute of Banking and Finance have allowed me to have a greater appreciation and understanding of Finance in general and Banking in particular and how they impact on tangible and intangible levels. Some more easily identifiable courses were Lending Skills, Information Technology, Financial Advisory/Client Advice and Marketing to name a few. The area of Client Advice was critically important to me and it has strengthened my knowledge base in my current job; ultimately inspiring me to provide leadership in another sector of the financial services industry. I would recommend the programs to anyone who is interested in Banking and Finance as a career as they help to buttress one’s knowledge base and create a platform for future growth and allow one to compete; especially if one is interested in Sales, Financial Management or Marketing. The world of banking hasn’t changed; only the tools and some of them can be found at the Institute. Kevin Sebro (Dip. Bkg) | Customer Sales Office
Kevin Sebro – DIB Graduate 2012
Workshop and Seminar Listing - 2013 Call us for details on our upcoming 2 day Workshop "Wealth Management & Financial Planning" - April 18th & 19th 2013 at the Courtyard by Marriott, presented by Mr. Hayden Blades
Other workshops hosted by IBF include:
• Wealth Management • Credit Analysis Training • Customer Service Training • Enterprise Risk Management • Pre-Retirement Planning Workshops • Financial Planning for the Future • Bond Fundamentals • Compliance Awareness • Anti-Money Laundering • FATCA Awareness
All workshops can be tailored to in-house sessions upon request To Register contact Cheryl at 628-2944/622-0282 ext: 224 or email: admin@ibaf.org.tt OR Camille at ext: 225 or email: marketing@ibaf.org.tt Feature Speaker Professor Patrick Watson, Chairman of the Trinidad and Tobago Securities and Exchange Commission (TTSEC) (IBF Graduation – June 9th 2012
IBF Fellowship Awards Recipients with the IBF President (June 9th 2012). Left to right: Mr. Josef Baptiste, Citibank, Trinidad and Tobago Limited, Mrs. Andrea Taylor Hanna, IBF President and Mr. Shelton Nicholls, Deputy Governor, Central Bank
The Association is a Building Society that provides affordable mortgage and credit financing for people to own, renovate or improve on their property.
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IBF President, Andrea TaylorHanna
Christine Dalkan
Petrina Copeland-James Marketing Administrator
Do you want to purchase your own home? If the answer is yes, then the next question would be; have you positioned yourself financially for homeownership? To position yourself means that you have a clear picture about where you are at the moment and you are keenly aware of where you will like to be in the future. This process all begins with a plan. Most of us plan towards the purchase of a new car; plan out the details of a wedding; or plan out a career path. The path to home ownership is no different. Here are guidelines to help you chart the course:
Become familiar with the mortgage process Visit financial institutions for mortgage brochures and be guided by their requirements for future reference. There are resources available online that seek to make the entire mortgage process more palatable.
Establish good credit habits to ensure a good credit history The term of a mortgage loan can run for a period of 10 to 30 years. Therefore, part of the mortgage assessment may include ac-
cessing the credit history of a potential mortgagor. A good credit rating means that the candidate continues to pay his creditors when payments are due and this will assist in the final evaluation of the actual mortgage application.
Save towards your down payment in a separate savings account Ideally, the funds for the down payment should be deposited in a special savings account separate from your normal savings. Mortgage lending institutions require a down payment of 10% to 20% of the property cost. Potential mortgagors should also consider the cash requirement for processing fees; legal fees; valuation fees and stamp duty.
Get a mortgage pre-assessment evaluation Make an appointment to have a mortgage pre-assessment at a mortgage financing institution. These pre-assessments are free and would inform you of your qualifying
mortgage amount. This places you in a better informed position of knowing how much you realistically need to have as a down payment towards the purchase of a home.
Get more persons involved in the house hunting Once you actively start looking for a home inform friends and family of that intention. They can be an additional source of information on existing properties. When a more affordably priced home enters the market, they can contact you, thereby increasing your chances of securing the property in a quicker time frame. There are many benefits to being a home owner. Remember, that a mortgage is a long term commitment; the required documentation to start an application is necessary so that risks are lessened. Make an appointment to speak with to a TBLA mortgage officer to improve your chances of making purchasing a home a reality.
Andrea Taylor-Hanna attacks the daunting task of Finance each day at one of Trinidad and Tobago’s leading banks and relishes it. She is also the President of the Institute of Banking and Finance, the educational arm of the Bankers’ Association of Trinidad and Tobago. With 35 years of experience under her belt, Taylor-Hanna wants to focus on developing the people or the human resources of the finance industry. At the Institute of Banking and Finance’s Grey Street office, she energetically strides into the conference room and gets right into interview mode. One might even doubt that it’s nearly four in the afternoon, and that she hasn’t just wrapped up a day full of crunching numbers and balancing figures or that she has not just endured the ridiculous rush hour traffic to get from her Park street office to St. Clair for this interview. She wants to develop the people. “All the years I’ve been in Management, the one thing that I’ve seen is that you need to really develop your people. That’s what makes it work and once people see that you have a genuine interest in their development, they do anything.” says Taylor-Hanna. “And that genuine desire to develop people is why when the bank asked me to be its representative on this council that I embraced it.” The Institute of Banking and Finance provides educational training that is aimed at developing the banking and finance professionals in Trinidad and Tobago, as well as members of the wider public. The Institute runs certified programmes and diploma programmes specific to banking and finance as well as any area
that the Institute deems topical, and which they (as bankers) think will add benefit to the industry and to the public. One of their famous ones is the Retirement Planning seminar which is unique in that it does not just look at the financial aspect, it looks at the health aspect for these persons, and it also looks at that psychological retiring process that people don’t cater for. At the end of this month, the Institute will host a two-day Pre Retirement Workshop on February 28th and March 1st. Why all these plans for developing financial professionals locally? It’s her passion, finance is what Taylor-Hanna has done most of her adult life. She has worked within this industry in different areas in Accounting and Finance, ranging from the manufacturing industry to media and then finally to banking which has been her home for the past 19 years. “It’s what I trained for, it’s what I wanted to do,” she says; “I love spreadsheets, I get happy when I see them on my computer. Horrible thing to say but they brings me joy.” Along with her passion for finance, she has also approached her career with a positive mindset, never allowing herself to be daunted by the fact that she is operating in a male-dominated world. “I mean, you have to get the work done, and they will be at you, but I never felt it was because of femaleness. I have found it to be match your brain against their brain, get the work done, no male/female issues, just human issues,” she says. “The only stipulation was that as the female in the room I was not offering to make coffee for anybody. “It was when I realised that I was probably the first female in the finan-
cial sector in Trinidad and Tobago to hold the position of General Manager of Finance, that I recognised maybe I am in a male world.” She stresses that Trinidad and Tobago is way ahead of many parts of the world in breaking the traditional glass-ceiling concept, and she urges women that as we try to carve a niche for ourselves, that we learn our own individual techniques using our skill sets and do not to try to imitate maleness in getting there. This career-driven wife and mother points out the importance of having a supportive family and not biting off more than you can chew. “I have a very supportive husband. I have known my husband to cook Sunday lunch, pack it in a nice kit, and drop it for me while on his way to church with the children while I am at Republic Bank working. I also made sure to get home help. Get somebody else to clean the house, wash the clothes, because you literally can’t do everything. Choose the things that are really important to you, for instance, doing homework with my kids – always a priority. When I come home in the evening, I am coming home to interact with my children and do spelling and dictation. I’m not coming home to try and cook a meal or to clean any room. I can’t do it all, I’m not even attempting to figure out how to do it all.” To relax, she tries to steer clear of anything financial. “I like people so I go find ways to interact with them. Once I leave the office, I don’t want to be anybody’s accountant. You know everybody wants you to do this, do that, I don’t want to do it, but I want to do everything else.” She does a lot of social work and sits on the board of a radio station and a school.
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6
Helen Shair-Singh
Cheryl Wright
Busyness, it seems, has become the catchphrase of home and family responsibilities and climbing the corporate ladder. Even in pursuing our dreams busyness abounds. We are busy making decisions, busy taking action, busy combating challenges and busy keeping the dream alive. However, if we allow busyness to overwhelm us, our quality of life diminishes. Consider the three steps outlined below to help you deal with your busyness.
1. Specify your busyness Don’t just say that you’re busy. Instead, say that you’re busy at home with the children or with a sick child. Say you’re busy with a major home renovation. Say you’re busy planning a birthday party or an anniversary celebration for your parents. Say you’re busy hosting guests for an upcoming family reunion. Say you’re busy at the office with employee reviews, training sessions, back-to-back meetings, client follow-ups, stock-taking, working out the legal fine points of a business partnership. Say you’re busy training for an upcoming sporting event or working on a special project or two for your favourite hobby. Say that you’re busy doing research for a paper you have to submit on deadline. Specifying your particular area(s) of busyness makes it easier to identify the other areas where you can compensate with some free time and relief.
2. Classify your busyness Daily: As burdensome as they can be, daily responsibilities and activities add a certain kind of energy and purpose to your life. You may only notice and appreciate this if you approach them from the perspective of their importance to the overall well-being and the sense of accomplishment they deliver. A further
thought to consider is that some daily responsibilities are temporary, which should ease the tension in handling them. Seasonal: Unless you plan meticulously, seasonal busyness creeps up on you, overwhelms you with its urgency and sends you scurrying in a breathless frenzy. The balancing factor is that it is short-lived. One-off: This class of busyness can bring on a full frontal blast of overwhelm and even fear. Being able to think on your feet and take decisive action can ward off a speedy decent into depression.
3. Control your busyness If you get bogged down with the details of your busyness, overwhelm can set in and cloud your judgement, screw up your perspective, muddle solutions and complicate the process to manage it. In order to control your busyness: Reset your priorities. You might be busy with an unexpected challenge or a normal life issue but that doesn’t necessarily mean that it is a priority item in the scheme of your life plans. By resetting your priorities, you get a clearer perspective of what is keeping you busy, which could reveal a more efficient way to control it to allow time, space and resources to attend to what’s important to you. Say no. A crucial part of controlling busyness is knowing when and how to say “No”. A firm but gracious “No” starves off overwhelm and protects
what matters. Give up perfectionism. Nobody is perfect and often, it is in your imperfections that you discover innovative ways to help you deal with your busyness. Release control. When the stuff on your plate is piled high and overflowing, delegate some tasks to trustworthy and capable people. Managing busyness is not a one-time cure-all. Instead, it is a series of steps you return to when necessary - (1) to control the multitude of tasks on your to-do list and (2) to keep additional responsibilities at bay. Are you living with a mountain of busyness? Are you drowning in overwhelm? Use these steps to help you manage your busyness.
wind oney just to e m d n e p s I’v , . Instead n, I used to Quite ofte tressful day at work etter by going s b a ch m u feel m tch and down fro uite often iet time just to stre ther, q I t a th d e qu foun toge uch more taking som home and te. I end up feeling m g with the kids in a nin then medit ady to face an eve ld by just blowing re u happy, and dset than I ever wo spending to dein f o m t d h a g te ri s . In the es, after work n techniqu some cash me basic meditatio ou feel. o y s stress, try r yoga and see how ,o stretching
Ms. Analisa Wittet, neuropsychologist and daughter of the soil, completed her undergraduate studies at the University of Nottingham and postgraduate studies at University College London. She opened the practice in partnership with Florida-based Dr Geoffrey Kanter, who is double boardcertified in Pediatric and Adult Neuropsychology in the United States. Dr Kanter runs the largest private behavioral medicine group in Florida, with a staff of over 40 psychiatrists, counselors, psychologists, and neuropsychologists. Neuropsychology represents a highly specialised discipline within the field of psychology. It entails comprehensive evaluation of all primary areas of brain functioning as it seeks to identify and evaluate the exact nature and extent of reported concerns or changes in behavior. Brain function is assessed through the use of noninvasive tests, primarily verbal and paper and pencil type tasks. Cognitive areas assessed for potential dysfunction include: attention, memory, visual-spatial functioning, language skills, higher level problem-solving, and visualmotor speed and coordination. The assessment also examines emotional and motivational issues. For example, a patient may seek to determine the extent to which their brain function has been affected following an injury (e.g. a blow to the head, stroke, toxic exposures,
brain disease, substance abuse, etc.), but very often there is no known medical condition that would explain the symptoms or behavioral changes. Analisa & her team, using precise methods of evaluation, can attempt to identify the root cause of the problem and thereby determine what treatment is most appropriate. In another example of the use of neuropsychology, let's say there are 3 children in a classroom, all labeled as "inattentive". The teacher reports this to the parent, who is then concerned as to whether the child may have a true attention deficit disorder or ADHD. However, this behavior could be the result of several things, such as: 1). The child may indeed have genuine attention disabilities which are out of their control, meeting the criteria for ADHD 2). The child may have intact attention capabilities but is simply opposing by refusing to pay attention 3). The child may be experiencing significant depression/anxiety, making it difficult for them to focus on their work. Once the source of the problem is identified, the recommended treatment is more likely to be effective. For example, giving an oppositional child ADHD medication is not going to solve the problem. Wittet believes that there was a definite need for opening her practice in this country as cases of neurocognitive dysfunction is very prevalent here but the facility to evaluate them was extremely limited, and she was always aware of the financial strain imposed when seeking such services abroad. It was actually that fact that made her select neuropsychology as her specialty. She hopes to see an increased awareness and availabil-
ity of specialised services that support the work of our medical professionals. In early 2012, when Dr Kanter agreed to come on board, Wittet wasted no time in setting up her practice in Trinidad. Dr Kanter himself, when asked his reasons for agreeing to partner with Analisa in setting up Caribbean MedPysch, responded: “After receiving excellent neuropsychology training in the UK, Ms. Wittet moved to Florida to work with our group where her talent and proficiency soon became quite evident. We decided to set up a neuropsychology evaluation practice in Trinidad and I was particularly keen knowing the limited availability of such expertise and practice of neuropsychology in Trinidad. We therefore developed a unique collaboration project, Caribbean MedPsych, whereby my group, Comprehensive MedPsych Systems, and I would be immediately available to work with Ms. Wittet. This provides Ms. Wittet's clients the benefit of advanced expertise from a diverse group of practitioners”. Caribbean MedPsych offers evaluation across a wide range of pediatric and adult neurological and psychological services. In Pediatric services, they deal issues such as difficulty in learning, attention, behavior, socialisation, or emotional control; Illness, disease or developmental problems affecting the brain; brain injury from an accident; birth trauma; neurological conditions where brain functioning may be compromised (e.g. epilepsy); ADHD and Autism/Asperger’s Syndrome. In Adult services, they deal with conditions such as traumatic brain injury; concussion; Dementia; Alzheimer's; the cognitive and emotional impact of Multiple Sclerosis and Parkinson’s Disease; Stroke; Epilepsy/Seizures/Pseudoseizures; Differential Psychiatric Diagnosis (Bipolar, Depression, Anxiety); the psychological impact of chronic pain and other neurological and psychiatric conditions. Caribbean MedPsych also offers Forensic/Legal neuropsychological and psychological evaluations such as addressing cognitive and psychiatric impact of injuries or claims, assessing causation & pre-existing conditions, with state-ofthe-art evaluation of effort, exaggeration, motivation and symptom validity. You can find Caribbean MedPsych, at 9-11 Fitt Street, Woodbrook (or call 224 3460 to make an apDr Kanter pointment).
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7
Dianne John
There are a plethora of make-up brands circulating the globe today that sometimes, more often than not, cause women to have a very difficult time sifting through myriad products in their attempt to perfect their own unique signature look. The decision to buy one particular brand instead of having several brands in your makeup bag creates a dilemma of sorts. It is really up to the individual to decide which make up products are critically important for them to splurge on and which are not. You should seek out make up products that are a breeze to apply. For me, foundation and powder are key to achieving a flawless look. I would definitely buy hi-end products here, I also find that I am very particular when
it comes to my lipsticks and lip glosses so again I buy hi-end. If you are an individual that has very dark under eye circles and flawless skin, then by all means seek out a good quality concealer that has superior camouflage abilities and long lasting properties and opt for a lower end foundation with sheer coverage. Women with blemished skin and sun spots should definitely buy hi-end foundations that deliver full coverage with moisturising skin benefits. It all depends on your individual needs and what you deem to be important as opposed to not. If you buy a good eye shadow primer then budget eye shadows would be a breeze to apply with minimum effort. It is not necessary to splurge on lip liners, eye pencils and cheek blushes as there are some really amazing ones on the market that are very cheap
and does the job efficiently. Mascaras come in all sorts of formulations but again there is usually not much of a difference between low and high end products in most cases. So when next you are thinking of purchasing make up, decide on what is critically important to your needs, do your research, take a deep breath and buy the hi-end products that you need and not what you want.
FABULOUS ALTERNATIVES TO A FEW HI-END PRODUCTS 1. 2. 3. 4. 5.
Diorshow Mascara - L’Oreal Voluminous Mascara M.A.C Cosmetics Pro Longwear Lipstick - Maybelline Super Stay 24 hr Lip color Nars Galapagos eye shadow - NYX eyeshadow in Golden Amber Make Up Forever Mat Velvet Mattifying Foundation - Revlon Colorstay Foundation Bobbi Brown Long wear cream shadow - Maybelline Eye Studio Colour Tattoo 24hr eyeshadow 6. Lancome Artliner liquid eyeliner pen – L’Oreal Linear Intense
Carol Boon
Ever wondered why some people seem to always to have enough money to achieve anything they set out to do? The difference between the financially wealthy and those who live one payday to the next lies in the ability to achieve their goals by prudently and diligently managing their money. Some of the world’s wealthiest people came from ordinary or even poor backgrounds but understood the value of setting goals and making a plan to achieve them. That’s what a budget is – a plan of how to save, spend and invest your money on an ongoing basis to achieve the things you seek in life. Mentor, consultant and life coach Tony Woodroffe of TWLifecoach.com shared with us his advice on how to go about making a plan to achieve your goals. “Budgeting for goals isn’t easy,” he warned. “It requires discipline and getting into the habit of controlling how you spend your money and how you invest towards your goals.” Woodroffe believes in the equation: “Plan To Work + Work to Plan = Success.” In other words, one does not accidently achieve goals, it’s a stepby-step process.
Determine Your Available Income & Expenses
Hyperpigmentation has become one of Elure Advanced lightening lotion to name a few. the top skin concerns world-wide. The skin There are an abundant amount of skin lightenlightening trend started more than 25 ing creams in stores, ensure expiration dates years ago in Asia and then India with are checked and discontinue use if you experi"whitening" products, but now are termed ence redness/rash and consult your doctor. “brightening products which are selling like Other Technical lightening services that help crazy in the U.S and around the world. the skin are: Dark spots are caused by a number of factors whether environmental (extrinsic) or inChemical peels ternal (intrinsic). Core causes which create The surface skin layer is taken off with the dark spots are, acne blemishes, pregnancy, help of special chemical preparation. It’s rather hormonal fluctuation in women over 50, diseffective and a painless procedure. LINDSAY EBBIN coloured moles from sun exposure without SPF protection, smoking, some medication, a Laser peeling diet of excessive greasy or spicy foods, lack of vitamins, exYou get rid of the surface skin layer under the impact of cessive oil production causing blogged pores, shaving special laser. It becomes the stimulus for cell enlargement. causing ingrown hairs depending on the type of hair and But after the procedure you have to use anaplerotic cream. daily skincare regiments. It would be better if it takes place in winter or in colder cliPlastic surgeons, dermatologists, aestheticians, doctors, mates, because your skin shouldn’t undergo the direct sun makeup artists, pharmacists, nutritionists, TV shows, and beam impact for several months after laser peeling. makeover shows are constantly promoting how to cover or get rid of skin discolourations. It’s in demand so the sup- Ultrasonic peeling ply has increased. With the help of ultrasound, special bleaching preparaTo lighten dark spots a dermatologist might recommend tions for your skin are placed in the epidermis. To get the a product that contains hydroquinone. However, there's desirable effect ten procedures should be done. been a lot of controversy surrounding this ingredient, Note, all the above treatments can affect further darkwhich has been banned in a number of countries because ness if you do not consult a certified technician and organiof the side effects, such as excessive redness, dryness and sation to perform such procedures. The goal is lighten and a burning sensation when applied. not darken key areas of the skin. It has been found that Some of the best skin lighteners I have recommend to darker skin tones may become even more discoloured. A women and men is Clinique’s Even Spot Corrector, Prevage, great way to see if is the right procedure is for you is to Garnier Clinical Dark Spot Corrector, Obagi Nu Derm. and consult a dermatologist or plastic surgeon who can ad-
“You must know what you are working with, what your bills and expenses are and then, set out to live within your means,” Woodroffe maintained. This means looking at how much money you actually bring home and examining your cheque book, cash receipts, credit card statements, insurance and utility payments and more to find out on what you are actually spending.
Write Down Your Goals and Prioritise Them
dress the dermal layers in the skin and see clients they have done procedures on. Women now associate discolorations as a key thing that shows their age, so why not take a chance and find a solution that works best for you. If you are not as concerned, I would recommend starting your children at an early age using a high SPF 30 plus. Remember SPF works by using a simple formula to reapply. If you use an SPF 30 you multiply by 10 and that means you have 300 minutes before your skin gets affected by the UVA and UVB rays. Another way to cover and treat your skin is using a good foundation and concealer that you feel comfortable wearing in warmer climates. Healthy skincare is a healthy way of maintaining your outer beauty so you feel the inner beauty.
Think about what you want to achieve and write them down. Figure your goals out in terms of whether they are achievable in the short term, medium or long term. Woodroffe then advises, “Learn to prioritise your goals. Your main goal should be to focus on paying your bills. Only when your bills are paid will you have the peace of mind to go out, make something of yourself and achieve your life goals.”
Create Your Budget and Spending Plan When working out your budget, concentrate first on allocating money to meet your needs, and only then, the ‘wants’ you can comfortably afford.
Woodroffe recommends that you scrutinise you think your ‘needs’ versus your ‘wants’. “Everything you buy, look at it as an asset or a liability.” What you think you may ‘need’ may actually result in being an added expense to you.
Plan To Save Towards Your Goals Always include a plan for saving regularly, no matter how small an amount that may be initially. Also, look for ways to save where you thought there were none. “Learn to make money with the money or time you have invested,” Woodroffe advised, citing the example of renting a room rather than an apartment and saving the difference in rental cost. Another was looking for opportunities to create residual income. “I would advise any young person to look for a way to make money while they are asleep.” He suggested having a second job operating an online business but cautioned, “You have to be serious and disciplined about it, setting aside time to operate and manage that business.”
Be Wary Of Reckless Spending and Using Credit “Reckless spending is but the worst distraction and path to failure,” Woodroffe warned. “The temptation of having credit cards can be the most dangerous weapon. They make you make decisions based on wants and impulse rather than on logic. I personally put mine in the freezer. While it was thawing, I had the time to think, ‘Do I actually want this? Do I need it?’”
Be Patient, Realistic and Re-Assess Periodically Attaining your goals does not happen overnight. It takes time, patience, a disciplined approach to managing your money and above all, looking realistically at your finances and spending habits. It may be that you may have to adjust your current lifestyle and cut back in the initial stages but your goals, whatever they are, are achievable once you have a plan, which you should review periodically.
8
Bavina Sookdeo
Have you been having a lot of rainy days recently? Do you hear your grandparents’ voice resounding in your head saying “make sure you save for rainy days”? Well, Eastern Credit Union (ECU) has your back. Leading the way for its members, ECU provides the opportunity to not only save for rainy days but to build an entire life. The credit union, established on April 16th, 1973 understands the stresses of life and knows exactly what it is like to start from scratch.
“How?” you might ask. Kester Regis, Group Executive Manager, Marketing, Research and Business Development, disclosed that “ECU started on just $58.50 after the dissolution of the Bermudez Employees Credit Union.” So why should you become part of the ECU family? The benefits of becoming part of the credit union are many. According to Regis, the benefits include: Free insurance coverage on share savings, dividends paid annually on share savings, shares
are used as collateral for all loans, you become part owner of the credit union, all members can qualify for a free Sprint (ATM) card which can be used at point of sale locations and at any ATM on the LINX network (this Sprint card also serves as a discount card at selected merchants), you can also acquire a Life Savings Plus and Family Indemnity Plan for final expenses, competitive interest rates on loans and deposits and you also have the opportunity to benefit from free educational programmes. Presently, Eastern’s rates are very competitive. For Residential Mortgages the interest rate is 0.75% per month, for Commercial Mortgages, the interest rate is 0.90% per month while for Bridging finance loans (provided to facilitate the construction of residential and commercial property) the interest rate is 1.25% per month. Members can also enjoy a preferential interest rate of 0.56% per month until June 30th, 2013 for the purchase of land, property and house construction. For Consumer Loans outside shares the rate is 1.00% per month; within shares (secured by cash, collateral or units) the rate is 0.90% per month. What makes these rates even more enticing is the fact that they are all applied on the Monthly Reducing Balance. (For more details on loans and mortgages as well as discounts visit www.easterncutt.com or contact the call centre at 800-4ECU). Indeed, ECU keeps its mission and vision in mind at all times when serving its members. When questioned on the credit union’s mission and vision Regis explained
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16
Carol Boon
So, you want to renovate your kitchen and have applied to your bank for a personal loan to pay for the materials and labour. You’re also considering buying a larger refrigerator from the furniture and appliance store on hire purchase. To pay for the groceries you’ll be putting in the fridge, you’ll be using your credit card. The common denominator linking all these purchases is that they are forms of ‘consumer credit’, which is a means of obtaining cash you don’t have to pay for non-investment related goods and services by agreeing to repay in the future. It is referred to as ‘consumer credit’ (or ‘consumer debt’) because is used by consumers -- individuals who buy items that depreciate (or diminish in value) fairly quickly like computers, motor vehicles, furniture and vacations, or persons who use access to credit to pay for regularly incurring expenses like utility bills. The one thing most types of consumer credit have in common is they typically come at a cost. That cost is ‘interest’, a percentage of the total credit amount you’ve obtained added to the original amount, so you pay back more than you initially borrow.
n be ones, ca g n u o y y n end ciall ren, espe aply. Buy them a er and d il h c t s Mo che l pap ed very out our loca entertainwspaper from y d. Make a game ssil o e t n w e f n e, lik y ru roll o hat creativit the hous let their ry stuff around n. Realise that w , e a e v in im e t rd jar, our of o of all is y ies into a ur ing penn ren want most ind money in yo d f il l ’l h c u o r dy you stuff, an art. not your nd joy in your he a t e k poc
With so many types of consumer credit now readily available to us, it’s easy to get confused. Let’s look at the three most common forms:
PERSONAL OR CONSUMER LOANS Personal loans from banks and financial institutions like credit unions are a form of ‘closed-end credit’ in which you apply for cash for personal purposes. The amount you borrow (the principal) is paid off at a fixed interest rate in fixed amounts (installments) over a specified period of time. Personal loans are useful if you require a large amount of money you either don’t have or prefer not to spend. Loan interest rates are usually lower than credit cards and hire purchase so it’s possible to save money over the life of the loan. However, remember that loans are generally inflexible, with a fixed payment due on a specific date each month. It is also wise to shop around for the best interest rate. Credit unions, for example, typically offer lower rates than commercial banks so, in the long run, you repay less.
CREDIT CARDS Credit cards are the most common form of ‘open-ended revolving credit’. You apply to a bank for a line of credit, which simply put, is the total amount you are ‘borrowing’ with the flexibility to use as little or as much as you need, paying interest
on only what you use. The biggest advantages of credit cards are their ease of accessibility to ‘borrowed funds’, repayment flexibility, and they are especially useful for smaller payments. However, credit card interest rates are typically higher than on personal loans so it’s always wise to pay off all or most of your monthly balance to avoid excessive interest. It’s never a good habit to pay only the minimum monthly payment because you may end up in a situation where mounting interest places you out of your depth in credit card debt.
HIRE PURCHASE AGREEMENTS Hire purchase is a form of ‘installment sales credit’ offered by stores for purchasing items. It’s basically a store loan which you pay back in fixed installments with added interest over a specified period. It’s called ‘hire’ purchase because, in essence, you are ‘hiring’ what you buy without actually owning it until the original price plus interest is repaid. The store also has the right to ‘repossess’ the item if you fall behind on payments. While hire purchase is convenient for purchasing items like furniture, appliances and electronics, the interest charges are usually substantially higher than that of bank loans. So before you make a purchase, find out all the fees and charges and work out what the total cost after repayments will be. You might be surprised at how much more you’ve paid over the original price had you paid in cash.
“Eastern zealously guards the philosophy and operating principles of the Global Credit Union System and has fashioned its mission and vision in congruence with these philosophical underpinnings. As a consequence, our MISSION talks about “a dynamic financial co-operative delivering superior quality service to our membership in accordance with sound business practices”. Our VISION speaks to the concept of a premier financial co-operative regionally with an international presence, exceeding members’ economic and social expectations.” With 10 branches nationwide, Eastern provides services and products that aim to exceed its members’ expectations such as a field service for its members at companies and schools. In addition, it is the only credit union with its own ATM network and is part of the LINX network. ATMs are located at all 10 branches and three off site locations the latest being at Piarco International Airport and the Portof-Spain Ferry Terminal. Another great reason to become part of ECU is the ancillary services it provides through its subsidiary EPL Properties Limited where members can have access to conferencing facilities, gym, pool, basketball court and venues that are ideal to host weddings and other events. ECU is definitely leading the way (for its members) towards a better future. You can also visit Eastern’s Facebook page to keep abreast of all their activities and win exciting weekly prizes.
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Sherry Jerimie
For many, the stigma of depression or a mental illness is a deterrent to treatment; and it is disguised as not having the time or money to treat this illness, however, untreated depression can impact more than your mental health. There is a higher likelihood of problem drinking or substance abuse in individuals with untreated depression. According to the University of Pittsburgh, one fifth of heart patients also suffer from depression, and can be a precursor to cardiac illness. Globally, as of 2011, over 121 million people suffer from depression. There is ongoing re-
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search to continually find more effective treatments for this illness. As a society, depression is everyone’s problem! The effects of untreated depression are far reaching. It results in substance and alcohol abuse - and broken families. It perpetuates generations of emotional suffering, and in some cases suicides and loss of the potential of these individuals. Everyone, at some point in their life will be affected by depression, either their own or someone they know; it is projected to be the second largest killer after heart disease according to research done by Murray and Fortinberry.
Couples/Family Therapy Depression does not occur in isolation, it affects the entire family and so it is helpful for all affected to have the support of couples or family therapy. Statistically, a relationship where a partner has depression is more likely to end in separation or divorce. Couples therapy can assist in the restoration of communication and injured feelings, which may have occurred as a result of depression. Psychotherapy can also reassure children that they are not to blame for the depression. Therapy can also give the children a forum in which they can speak about their experiences. Often parents in relationships with mental illness are so preoccupied with managing the illness they forget to pay attention to the smallest most innocent victims of this disease.
Team Work The partner of someone suffering from depression may also be struggling with the havoc depression can have on a relationship. As a partner, you can seek therapy to educate yourself on the illness. You can also monitor medication compliance,
and provide encouragement when your partner is struggling to follow through with treatment, weather it is medication or therapy or both.
Understanding As you educate yourself about depression your interaction with the depressed person will be more reassuring and supportive. Letting them know that you care about them and that you are invested in their mental health wellness and stability.
Priscilla Bahaw is the daughter of an agricultural entrepreneur whose dream has come full-circle as she, too, is an entrepreneur who wants to make her mark in the Agriculture sector. Priscilla’s consultancy services and foray into the agricultural field is the culmination of a desire to “Improve food security by using an innovative approach to re-invigorating the livestock sector of the local agriculture industry.” A graduate of UTT’s Master of Science in Industrial Innovation, Entrepreneurship and Management programme, Priscilla is presently pursuing further postgraduate studies as a Doctor of Philosophy in Entrepreneurship and Commercial Studies student at UTT, the National University. According to Priscilla, “Entrepreneurship is an engine of economic growth which has national significance and importance for Trinidad and Tobago as we seek to decrease our dependence on oil and gas”. To this end, she has made it her mission to empower small and micro business developments as these entrepreneurs make their indelible mark on Trinidad and Tobago’s economy. As a Senior Lecturer in Entrepreneurship and Management Studies, Priscilla has worked assiduously to share her knowledge and training with
Talk about feelings Designate specific times to meet - as a family - to talk about issues and emotions that may be impacting the family unit as a whole. Communication is especially important in families with children, helping them understand - as much as is age appropriate - what they are experiencing; it helps to validate their observations and feelings that something is wrong. Through open honest and empathic communication, the entire family can build on helpful tools and modify those that may not be so helpful. In those cases where psychotherapy is indicated, it is shown to induce and effect structural changes in the brain, which may have been earlier effected by childhood trauma. You don't have to live with depression, there is help and you are not alone. Remember all of us know someone suffering from depression. Stay tuned for upcoming depression educational workshops and support groups in June. Please email Sherry if you would like further information, or to be emailed with depression updates. Sherry Jerimie LCSW-R, MSW, MS Psychoanalyst/Psychotherapist www.sherryjerimie.com www.riesolve.com
THE UNIVERSITY OF TRINIDAD AND TOBAGO
other small entrepreneurs. In fact, among her future goals, is her desire to, “Establish a databank for entrepreneurship so that small and micro business men/women can learn how to do their own business plans and other skills that will enhance their entrepreneurial capabilities.” As a graduate of UTT and a winner of the Ministry of Labour and Small and Micro Enterprise Development’s, ‘Small Business Innovation’ prize in 2010, Priscilla credits UTT with igniting the “dormant entrepreneur” within and for instilling the value of “opportunity recognition” so that the true entrepreneur in her could emerge. She would like to expressly thank her UTT Research Supervisor, Professor Valerie Stoute, who, according to her, “has been instrumental in my growth and evolution as an entrepreneurial postgraduate student.” UTT is proud to salute Ms. Priscilla Bahaw, an esteemed alumni who is a testament to the University’s goal of “Preparing a new generation of scholars to be future global leaders.” Priscilla continues to embody the entrepreneurial principles set out by UTT, the country’s only National University, as she pursues both her professional and academic goals.
UTT Postgraduate Student: Ms. Priscilla Bahaw
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Aurora Herrera
In today’s fast paced society, it is easy to lose track of things we have to get done. Being organised is a great skill to learn and it will help you to lower stress, save time and money, have a more productive and happier outlook on life and consequently also bring you closer to achieving your goals. Sometimes making the decision to get organised can be overwhelming as you start to think of everything that you have to do. It’s ok to take baby steps. The important thing is to just START. Here’s 3 easy ways for you to get started!
Plan/Schedule your time: An efficient and reliable planning system is the number one strategy to better organise, prioritise and manage time. Make a to-do list and stick to it! Technology is your friend and you can utilise your virtual planner or calendar to add tasks as they come up and set reminders for things that need to get done. Benefits of planning or scheduling your time include, never missing appointments, remembering key dates, knowing where you need to be and when and structuring activities to eliminate wasted time.
De-clutter your space: There is no such thing as organizing clutter. Tidying up is not the same as organising. Research has shown that the number one irritant is clutter. Do not hold on to things you think you might need someday. So pick one or two indulgences, such as books, shoes or music, and get rid of the rest. Try this: Get five boxes with the labels: Keep, Toss, Give away, Donate and Trash. You must be ruthless and avoid nostalgia! You must say no to junk. Remember to be patient and don’t get discouraged! De-cluttering takes time.
Take control and Delegate: Taking control means making the choice to be organized, choosing a method and making the most of it. It
also means learning to say “no” and setting boundaries for yourself. You must know your limits. It is better to decline the responsibility of sitting on a committee or picking up extra chores than to become overwhelmed and do a bad job. You must also learn to delegate. Delegating is not a sign of weakness. It is a great strategy. Remember that you can always start
in baby steps. Just be sure to START. Try trusting people with simple tasks and when you are more comfortable, you can work your way up to trusting them with more critical tasks. When you learn to successfully delegate tasks you will find that it is easier to keep the stuff you cannot delegate better prioritised and organised.
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Ann Moore-Spencer
Why would you consider renovating? Most people renovate either to increase the value of the property (with resale in mind) or to make an investment in the functionality and comfort of their home. So in short you renovate to make your home more beneficial to keep it or more beneficial to sell it. Now if you never plan on selling and your major aim is to make an investment in your comfort and enjoyment, you can do practically anything. But if you aim to sell at some point or use the value of your home as co-lateral you need to be aware that your renovations can actually devalue your home. TASTE SPECIFIC UPGRADES. A great decision is to bring the laundry close to
the centre of living. So putting the laundry in the kitchen or just off the kitchen is a popular and well received decision these days. But not everyone will feel comfortable with the laundry integrated into their walk-in closet. Plus, if you have a 3 bedroom home you will be devaluing your property by converting a bedroom to a media room or super outfitted gift wrapping centre! Your buyers will prefer the third bedroom. If you want a gift wrapping centre do so without encoding it into the hardscape. Do not compromise the total functionality of your home. DOING-IT-YOURSELF. Please don’t if you lack the skill or the tools. Your effort will look – like you did it yourself. Shoddy work undermines your home’s value. Select your contractors
after doing your research. Get a recommendation and look at their work. With incompetent contractors you run the risk of compromising quality, unrealistic budgets, inappropriate tools and missed deadlines. NEGLECTING MAINTENANCE. Why add or extend your home and neglect obvious repairs? Potential buyers will notice the termite eaten cabinetry, loose tiles and leak spots on the ceiling. These make an impression and cause deductions on the offer for all they think they will need to fix. TOO TRENDY. Will your renovation look garish or tired in 5 years? If so, consider doing something else. Over-reno. Do not spend more than you can recoup and do not increase the value of your home way over those in the neighbourhood. Think twice and ask yourself if your contemplated upgrade will have universal appeal. Otherwise folks will be deducting the cost to remove it from their offer. Speak to real estate agents who have experience selling in your area. Ask them what features are hot, and what are not. Buy appliances based on reliability, not what’s cheapest at the store. It’s worth the time to do a bit of research when you buy a new appliance. A reliable, energy efficient washer and dryer might cost you quite a bit now, but if it continually saves you energy and lasts for fifteen years, you’ll save significant money in the long run. When you need to buy an appliance, research it. Ann Moore-Spencer Beyond Drapery Limited Phone: 868-678-3414 Email: beyonddrapery@tstt.net.tt Website: www.beyonddrapery.com Blog: www.beyonddrapery.com/blog/ www.facebook.com/BeyondDraperyLimited