Unleashing Side Hustles and Passive Income in the Caribbean

I live in the beautiful Caribbean region, where the sun shines, the leaves blow gently and the waves beckon. Many dream of finding ways to earn some extra cash without breaking a sweat. But Caribbean people have been conditioned to have a 9 to 5 job. If you are not going somewhere consistently 5 or 6 days a week, eyebrows are raised. However, the explosion of the digital economy has perhaps made traditional jobs a thing of the past. Those who stick with that work model, may soon come to realize the world of side hustles and passive income. So let’s explore this concept, about which I was clueless, that can help Caribbean people ride the waves of financial independence.

Caribbean beach
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Getting my finances in order: It’s not too late!

Emergency fund, passive income, active income, side hustle, stocks, dividends……these were financial terms that I didn’t become acquainted with until I was over 40. That age is significant because you see, my money habits were shaped by what I thought would have been happening around that age.

Let’s go back to when I was around 17 years old. I was speaking with a male friend (not a boyfriend) who was about 22 years old at the time. I can’t recall what we were talking about, but it eventually led to me ask him if he was getting married. His response stuck with me. He said he was not planning to get married because he didn’t think he would live past 40. And so I said to myself, ok, perhaps I won’t live past 40 either. I know. It’s weird, but that thought followed me around for the next 23 years. Every pain, in my mind, was a terminal illness. Imagine my “disappointment” when the test results always came back negative. I know. I know. It’s weird.

Fast forward to my 40th birthday and I started to plan a big fete to celebrate, half thinking “will I be around for it?” In the week leading up to the fete, a friend of mine who had been invited to the fete, passed away. She was younger than me. When the year ended, I thought to myself “maybe it [death] will come a year later.” Writing this now, I am thinking how silly that thought pattern was. But it was my truth, at the time.

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Are You Ready For The Big R

For many people, the events of the past 10 months have understandably brought certain financial questions to the fore, chief among them being: Is my emergency saving fund in good shape? Am I carrying too much bad debt? Does my budget realistically reflect my current reality? Is my financial portfolio adequately diversified? Do I have enough of a safety net by way of insurance?
— Read on www.jamaicaobserver.com/style/are-you-ready_212630

Budgeting

There are different schools of thought on budgeting. Some argue that it is pointless to write down everything you spend and that you should strive to earn more money so you don’t have to give up lattes, if that makes you really happy.

Then there are others who feel it is absolutely necessary to know where you money is going. Here is an article which focusses on the latter. In this year of living frugally, I do have to take note of my expenses.

A few years ago, I used the budget template on the Financially Smart website. I was pleased to see that I didn’t have much debt, relative to the other side of the equation.

 

 

Borrowing 101: My Rude Awakening

Just catching up on my reading today and went back to an article entitled Five Things You Need to Know About Borrowing by Cherryl Hanson Simpson. This paragraph caught my attention.

The method of calculating interest can make a big difference to the total amount you end up paying. Reducing balance loans calculate interest on your principal balance after each payment is made. Other loans work out the total interest over the term, and divide this cost into equal payments.

I chuckled as I remembered the rude awakening I had in the Bank Manager’s office.  Continue reading