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
Click on image to get to their website
Click on image to get to their website
Page 4
JAMAICAN AMERICAN CLUB NEWSLETTER
Continued from page 1 This could be true. But is it not also true that since so many people are buying properties to sell, that some of the sellers are really buyers? Therefore, prices can be artificially higher, and that lead to fewer people being able to afford home prices. Do not follow the trend; lead the trend! 4. Having a true emergency fund available In order to have an emergency fund you must have a budget. This is true. Many people like to think they have an “emergency fund”; only to have an emergency and find “Mr. Visa and MasterCard” are just waiting to bury them in debt. If you do not have a budget you will spend your emergency fund on nonemergency things. Unnecessary debt is bad! A prepared individual does not need a credit card in an emergency and has less stress than an unprepared person. 5. Trying to guess how long (or short) you will live When making financial decisions, try not to go too far with your assumption. Many people put off starting to save money in an organized way until later in their adult lives. It is common for younger people to say that they have a long time. Then there is a crisis, an accident happens and there is no money to sustain the hard times. An older person may be spending money at a fast and unsustainable rate, assuming that he or she will be gone by 75, only to be still living
at 80 years old. Create a budget and a plan for a stable and financially independent lifestyle and live according to it. 6. Not knowing your benefit plan at work More than 30% percent of people who have a retirement plan at work do not make use of it. If that number were 10% it would still be too many people. Many people do not know what benefits their employer plans have available. Is there a disability plan? What percentage of your income will it pay and for how long? This is a time issue. Spend the time to read that enrollment package sent to you, or take it to your financial advisor for clarification. 7. Not knowledgeable enough about financial matters This may be the most important of the seven biggest mistakes people make. How is it possible to make a good decision about what insurance or investment strategy is good for you, if you have not read up on these issues yourself? Do you know what the Dow Jones Industrial Average is and what it is telling you? What is a Universal Life Insurance policy? Do you have a go-to source or person to get information as you need it? Just like a pianist practices her craft, so too you must grow and become a more informed and experienced decision maker. Start reading those statements sent to your home. If all else fails, have a good relationship with a finan-
cial advisor that you trust. If you are or are willing to work on avoiding these pitfalls in your finances, you are well on your way to being considered a “sophisticated investor” in my opinion. Best of wishes to you! Visit www.HowardRamsamugh.com for more financial information and share with others.
VOLUME 1, ISSUE 1
Page 5
The Jamaican Diaspora and the Brain Drain
Written By George W Graham An examination of the effect American immigration policies have on Third World countries. My brother, Bill, who lives in London, Ontario, remarked recently that whenever an athlete from Britain or Canada wins anything, he or she turns out to be Jamaican born or the child of Jamaicans. He was exaggerating, of course. But there's a lot of truth in his observation. Jamaicans have emigrated in droves and many achieve remarkable success in their adopted countries. General Colin Powell is perhaps the most famous example. I'm sure you know his parents were from Jamaica, although he was born in the United States. But the most publicized successes are in sports. In track and field, for example, Jamaicans have excelled as long as I can remember. "Little Jamaica Beats the World" the headline proclaimed when a Jamaican relay team won the men's 4-by-400-meter event at the Helsinki Olympics in 1952. And "little Jamaica's" athletes have been beating the world ever since - even if they often wear some other country's colors. The island has produced too many cricket stars for me to count. And if you're a boxing fan, you know Jamaica has given many champions to that sport. Former world heavyweight champion Lenox Lewis had Jamaican parents. But did you know that Patrick Ewing, acclaimed as one of America's 50 best basketball players of all time, was born in Kingston? Even in baseball, which is rarely played in Jamaica, we can claim at least one star - Devon White, who was selected for three All Star teams. I could go on and on.
Hundreds of thousands of Jamaicans now live in the United States, Canada and the United Kingdom. The largest expatriate communities are in London, Miami-Dade, Atlanta, Philadelphia, New York, Los Angeles and Toronto. This "Jamaican Diaspora" - as it has come to be called - has enriched the destination countries. And it has impoverished Jamaica. You can see the effects reflected in our recent performances at cricket. And even in track, it's the Jamaican women who are left to carry the torch. But while sports may grab the headlines, the talent drain's impact may be more hurtful in other fields. Just think of the nurses the island has given to the world - for free. Jamaican taxpayers helped train them, yet many of them have taken their skills to other countries. In almost every walk of life, you will find the same kind of talent drain. There's little that Jamaica can do to stop the drain. Jamaicans leave home because the grass is greener elsewhere. Even so, the island needs to do what little it can. Support for youth sports could be increased, for example. And attractive tax breaks could be provided for professions deemed vital to the island's prosperity. Other nations are not as generous as Jamaica. When the Boston Red Sox wanted to sign Japanese pitcher, Daisuke Matsuzaka, they had to pay about $50 million just to talk to him. The total cost of acquiring the base-
ball player topped $90 million. Now, Major League teams are recruiting talent in China. And it is costing them plenty. Perhaps some form of compensation could be worked out for exploitation of Jamaican talent. How about asking the United States, Canada and Britain to pay us what it cost Jamaican taxpayers to train a nurse who goes to live in those countries? Having said that, my complaint is not so much against Jamaica as against the developed nations. These countries assume they are entitled to the riches of the world without argument. When the Statue of Liberty was erected, the proclamation inscribed on it called for other countries to send America their "poor, their huddled masses yearning to breathe free." Now, a more accurate inscription would be: "Send us your computer engineers, your rocket scientists, your doctors and nurses..." A furious debate rages in the United States over the influx of undocumented immigrants from Mexico. Employers in several industries benefit from these people who are willing to work for substandard wages, and their representatives in government are eager to keep the flow of cheap labor coming. But many Americans resent the Mexican "invasion" and protest that American jobs are threatened. Continue on page 6
Continue from page 6
In all of the thousands (millions?) of words produced in this debate, no one has challenged America's right to accept only the cream of the world's crop. Official U.S. policy bars prospective immigrants who lack skills that the country wants. The same is true in Canada, where immigration officials use a scorecard to weed out less qualified applicants. This attitude seems to prevail throughout the developed world. But is this fair? What right does a rich country have to plunder the talent of a poor country while refusing to of-
fer opportunity to that country's needy? The answer should be obvious. It is not fair. Indeed, it is downright immoral.
Some Tourist Spots in Jamaica - Written by Alice Jerusha Since time immemorial, Jamaica has been the best travel destination for many tourists all around the world. This country is blessed with
numerous great physical features as well as great entertainment and culture ever witnessed anywhere before. Apart from that, the natives here are also very kind and polite to all visitors from every corners of the earth. Apart from her great physical features, the country of Jamaica is also blessed with just the perfect climate that is favorable for every human being. The daily weather conditions are also awesome as this country lies within the tropical region. It is true to say that the perfect climate has made Jamaica to be among the best tourist destination places worldwide; Therefore, the following are just but a few top places you should never fail to visit as a tourist in Jamaica; Dunn's River Falls If you visit Dunn's River Falls, you will be amazed to see the spectacular 600ft water fall which is very popular. This magnificent water fall is characterized by cold and clear white
froth that splashes over a series of stone steps while trickling towards the sea at the same time. Continue on last page
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A New Jamaica written by Hansen Von Shnier
Now comes a new era for Jamaica, under the stewardship of the Peoples’ National Party. Transformation in Jamaica is about leadership, but can we expect anything new under the sun if
we continue choosing leadership from the same old stock of career politicians? Only the next generation can contribute towards this renaissance we so badly desire. It’s time to commit to educating our young people in critical thinking and ethical service, values that will be crucial for the nation-building that lies
ahead. Jamaican Diaspora, will we continue to sit isolated and insulated in our little think-tanks and talk-shops, engaged in endless, idle chatter, trying to piece together the jigsaw images of the Jamaica of yesterday, relishing the past but having no real hope for the future of our homeland? Where will we go when we feel the need to return home? Nevertheless, We who are not yet willing to give up on Jamaica must find the courage to
mobilize around our elected leaders, and in support of any approach that may empower our people; including greater synergy and partnerships with the Jamaica Diaspora. In her role at the Ministry of Foreign Affairs and Foreign Trade, Minister Marlene Malahoo-Forte showed great prospects in re-engaging the Diaspora community. We are hopeful that her replacement will be someone with similar qualities and inherent characteristics. Stay up-to-date on: JAMLINK.COM
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Click on image to get to their website
Organization
This not for profit club's sole purpose is to create unity among positive people who have passion; therefore,
Jamaican American Club
the Jamaican American Club will not align itself with any religious, political or social classes that are unwilling to respect an individual's choice for their interpre-
www.JamaicanAmericanClub.org Jamaican American Club PO Box 62 Elk Grove, IL 60009 USA
tation of the world.
Goal: Help the community remain viable.
JamaicanAmericanClub@yahoo.com Intended audience: Any individual who would like to help is welcome.
Continued from page 6 Ocho Rios If you love reggae music then Ocho Rios may be the best place for you to visit especially if you have been a great fan of legend reggae artists like Bob Marley and etc. Ocho Rios hosts the popular Bob Marley mausoleum for the sake of the late Bob Marley's fans where one may even luckily
bump into the late Bob Marley's family members. Apart from that, there is also the great Chukka Cove's Zion Bus tour for tourists who love road trips. Negril It is true to say that Negril Beach is among the finest lengthy white sand beaches and top spots in Jamaica. This place is characterized by beautiful open air cafes as well as beach bars for tourists who love drinking wine and dinning. Any tourist who loves the above activities as well as enjoying the evening sun set can have the best time of his/her life at Negril Beach.
