Jamaican American Club Newsletter
Summer 2020 7 Biggest Mistakes People make about their money styles, they do not need to save as much for the future. Current income is never a good reason to not save and help preserve your current and future lifestyle. Many people thought their homes were the perfect asset. You should know by now, it is just another asset with some “fancy curtains”.
1. Being too complacent with your income This is a very common mistake. I am always very happy to assist someone in planning his/her future. But, there are far too many people who think that because their incomes are good enough to finance their current life-
2. Over investing! There are many people who are over investing in the stock market. You should not invest based on your personality. For example, you may like and enjoy gambling at a casino. This is okay, but you should not invest your entire 401k account balance into aggressive stocks or company stock, simply because you are willing to take
Trivia
on the risk of gambling. If you do, you are labeling yourself as an aggressive investor unnecessarily. Being aggressive does not necessarily mean having a better rate of return on your investments. What you do in your leisure time is for recreation. Your future is your real life. Your investment strategy should match your goals and not your personality. 3. Making false assumptions based on others This mistake has seriously hurt so many people. I know that your co-worker and brother may have bought two homes each, and flipped them for a nice profit. Real estate “must” be a great investment as so many people are making money flipping property. Continue on page 4
In 1988, Jamaica was the first tropical country to send a bobsledding team to the Winter Olympics
Inside this issue: 7 Mistakes People make
1
Trivia
1
The Jamaican Diaspora
5
Tourist Spots
6
A New Jamaica
9