There is no miraculous solution to eliminate debt, it comes with hard work and determination. Just like an athlete you have to practice good habits continuously. Here are a couple tips to get you started.

This is an amazing video that explains the benefits of critical illness coverage. Critical illness policies pay the entire coverage in a lump sum payment, and only pay for the first illness. It is important to acquire adequate coverage .

1)     You decide how your estate will be distributed. 2) You decide who will take care of your minor children. 3) To avoid a lengthy probate process. 4) You decide who will wind up the affairs of your estate. 5) You can disinherit individuals who would otherwise stand to inherit. 6) Make gifts and donations 7) Because you can change your mind if your life circumstances change. 8) Because tomorrow is not promised.

Guys, I thought i should share the history of life insurance since people often have misconceptions about its purpose. Hope you can take the time to enjoy this short clip.

This was certainly a blast from the past. Little did I know that this would have had such immense impacted my life . Enjoy and sing along.

Most persons want to own their own home. To some its just a dream that starts to fade away as they grow older. To others it means finding a way to increase their monthly income or finding the right partner so that their dream can become a reality. As property prices increase steadily the qualifying income also increases sometimes to unattainable limits for  single income earner. Let me just share a couple things I've come across over time. Buy a fixer upper I know it sounds strange but consider the cost of a livable fixer up in a good neighbourhood vs the cost of a completed property. Purchasing a fixer upper allows you to own your home, move in and do renovations over time. Please keep in mind that you should compare your monthly payment that is,  (paying a landlord vs owning your own property). Rental Income I know you first house is your home but its also a major asset in your portfolio. How comfortable are you paying the bank $3000,$5000, or $10000 monthly and because

So you want to vacation in a special place. I know planning could be really tricky. Here's a few tricks I used to save on travel cost.     1) Consider searching for your hotel accommodations months in advance. Using sites like Bookings.com and Priceline allows you to book a hotel and pay for it on arrival. Even if you change your mind there's the option of free cancellation. Booking your hotel months in advance guarantees you the absolute lowest price. 2)  Consider using the miles on your MasterCard to pay for your airline travel. It could save you a bundle especially when your destination is Europe or  North America. Your total cost will include taxes only. 3) Foreign currency is difficult to obtain now, but a little goes a long way. Why not buy small amounts monthly and accumulate your foreign currency over time. It works!! 4) Finally, here's a trick that works for me all the time. Identify a short term savings account in the financial institution of your choi

Everyone gets sick but sometimes are worse than others . Health insurance actually covers a whole lot more than vision and dental. Consider the time when either you or your children had to visit the emergency room. The mounting cost can be overwhelming and frustrating. Having a good health insurance plan can actually reduce the total cost by 50- 80% depending on the provider you select. Once you are between the age of 18-64 you are eligible to start your own health plan. I have attached a list of features from an excellent cost efficient Health Plan I recently discovered. - choice of major medical benefits - Preventative Care Immunizations/Vaccinations - Maternity and Postnatal Care -Doctors and specialist visits -Emergency Treatment - Laboratory Services - Prescription Drugs - Dental and Vision Care - Emergency overseas Benefits - Chemo/Radiation and Dialysis Therapy      

Many people in Trinidad and Tobago are not prepared financially when faced with a serious illness, despite having good medical coverage. When faced with a critical illness usually your income reduces but your expenses increase significantly. Expenses in this case not only includes the cost of health care, surgery, medication and medical consultants but those expenses you had before becoming ill. Critical illness insurance can help lessen the burden of increased out-of-pocket expenses so that you can focus on recovery instead of these expenses. What is critical illness insurance? Evolution in modern medicine has increased the survival rate for conditions such as cancer, stroke and other major diseases. Unfortunately, this has not reduced the growing rate of persons affected by these critical diseases who are usually unprepared financially for the cost associated with recovery. The purpose of critical illness insurance is to help supplement the benefits of traditional medical

Usually when I'm approached by individuals they usually first ask about a health plan. While having your first health plan is a big step toward protecting you and your family, many people don't qualify for various reasons. I decided to list a couple things you should know before you purchase a Health Plan. Coverage & Premium Health policies offer different coverage . Insurance companies not only make it affordable for most employed persons but they also cater for estimated annual claims. with that being said buying the cheapest Health Plan may not always be what's best for you. Full Disclosure is always best Insurance companies must assess the risk of insuring all individuals on a Health Plan. its always best to disclose all medical conditions and previous illness so that the case can be assesses fairly. Insurance companies use the term pre-existing condition and is usually defined as any condition, ailment or injury for which you had signs or symptoms, or we

A large percentage of people working in Trinidad and Tobago are self-employed, according to the Central Statistical Office, and for them, retirement planning brings unique challenges. Unlike employees in more traditional jobs, many self-employed workers cannot rely on a steady monthly pay cheque. Being self-employed also means that you are on your own when it comes to retirement savings. Whereas employees are automatically enrolled in the National Insurance Scheme (NIS), and some benefit from employer-provided pension plans, there are no similar provisions for the self-employed. The good news is that there are still savings options open to self-employed workers who want to retire comfortably, especially for those who start early. Annuities Provided by insurance companies and other financial institutions, an annuity lets you pay premiums and receive a lump sum or regular payments in the future. Mutual funds A mutual fund is a managed portfolio of stocks and

Given the current economic climate, the Government of Trinidad and Tobago has placed even more emphasis on the collection of taxes. There are a few important things I should highlight. 1) All taxpayers are entitled to a Personal Allowance of TT$72,000.00 per year. This means that you do not pay income tax on your first TT$72,000.00 of income, so you pay no income tax at all if you earn less than this amount. 2) Tertiary Education expenses is limited to $60000 3) First time homeowners are limited to $18000 4) Contributions or premiums paid to deferred annuities/tax savings/pension fund plans and 70% NIS contributions is now limited to $50000 annually. I have attached the link below for further details. https://www.finance.gov.tt/services/income-tax/paying-your-taxes/

                  So you’ve made the decision to purchase life insurance. Then you ask your agent how much you need. Unfortunately, there’s no one size meets all when calculating coverage amount. You can start by taking a look at the following tips. Consider Your Annual Salary If your family depends on you for financial support, consider life insurance to replace your income. It is usually recommended to have coverage to cover the expenses until your youngest child reaches 18 years. Many experts recommend you have coverage that’s at least five to seven times your annual gross salary. It really depends on your family's situation and your individual needs. It’s important to take into consideration how much your family will need to get by … and for how long. Look at Your “Hidden” Benefits Consider additional life insurance which you love ones may inherit from company plans. Usually group plans have life insurance coverage which pays beneficiaries various amounts upon t

Lets talk about affordability. I will never forget the look on my clients face when I tell them that $1,000,000 term life will cost them as little as $250 monthly. Unbelievable isn't it? Lets compare that cost shall we. That's less than - a full tank of gas that will probably last 8 days. - approximately two café latte per week at Starbucks - cable bill - internet bill - tickets and popcorn for two at IMAX    I guess you get the picture. When we look back at the small amounts we spend on trivial items why not consider how  $1,000,000  would benefit your spouse, children or elderly parent if you were taken too soon.

As you all know its mandatory to have motor insurance once you own a vehicle, yet people still shy away from owning life insurance. Lets say an accident does occur and both the car and life is lost. Will a family find comfort in a replacement car while they mourn the passing of their loved one.                             What's your thoughts on this?       I'll love to know ,place your comments below.

      . Budgeting is about control          . Understand what's your true monthly income     . Think emergency fund     . List all monthly expenses

R esist the herd mentality Some people make financial decisions not because it's a good investment but rather because of emotion. Consider basing those decisions on need rather than want. Just because everyone's doing it doesn't mean it makes sense. Be content with less Small lifestyle changes can lead to massive savings. Consider eating in and being efficient when spending your  money. Stay the course Educating yourself financially and putting your plans to paper will help you track spending and cut cost. Even if your income stays constant more funds can be directed toward investing. Put your money to work While an increase in salary or back pay may trigger a shopping spree for most of us why not invest surplus  income as this could eliminate any spending temptations. Cut back on large expenses The average Trinidadian spends the bulk of their money on three things: housing ,transportation and food. As controversial as it may be consider cutting back on

I remembered sitting in school as a young child visualizing what I wanted to be when I grew up. Little did I know that life doesn't always go according to your plan. there are bills, rent, mortgage, school fees, car payments and grocery bills that keep increasing month after month. After giving it some thought I've come to realize that everyone basically want the same thing: 1) to protect their children and love ones from poverty 2) to maintain good health and ensure money is available if they do become ill. 3) to have adequate savings "although saving might be an issue" 4) most  people want to retire early with a comfortable pension With over twenty five years experience in the financial industry , I have decided to share basis financial advice that can be used to take you through this difficult economic climate.

In these tough times I know it may seem difficult to save. There is a distinct difference between saving and investing. Even though they both involve putting aside money they each have  different roles in your financial portfolio. There is an old saying "cash is king" this can often prove to be true as savings can allow an individual to have funds available when its needed most. Savings can even fund investment at times. What exactly is savings?   Savings is the process of putting away hard cash in a liquid safe account that can be accessible within a short space of time. Its best to have both medium term and short term savings. Short term would usually be within 1-12 months with distinct goals such as house and car insurance premium payment, school fees or even playing mas. These accounts usually carry low interest rates and no monthly charges. Medium term savings offer higher returns but most companies attach withdrawal fees and charges to deter withdrawals before

For many, retirement may seem a long way off. I have included a good example to show the true reality of your retirement income. Let us suppose you earn an income of $10000 monthly ,at age 35 and hope to retire at age 60. Try looking at your retirement from a monetary perspective. Put quite simply you would only have 300 months within which you will be paid $3000000. An individual who is not actively pursuing a retirement plan will be faced with even greater financial shortcomings when retirement hits. Registered annuities will pay a monthly income for the remainder of the annuitants life. It is usually a great solution for an individual to put aside small values monthly  and annuities even offer annual benefits via tax refunds. Lets take a look back at the above example. A great place to start is to consider investing 10% of that $3000000 toward your golden years . Therefore that $1000 per month guarantees you an income every month from the day you retire until the day you di