What we will see in Jamaica is a further decline in personal credit and other retail loans. It is therefore very important to ensure that your lifestyle is not dependent on credit.
I have discussed in a previous article at money management principles, and want to look briefly now at what can be done to diversify your income sources into resilient income types.
Investments – there are some investment types that I think will do well, although riskier than savings. These include currency plays and investments in certain commodities and ETFs. These require expert advice, however, and would not recommend that individuals go alone on this. One can either seek professional advice or discuss these options in a forum type group to get varying perspectives. One of the things that people overseas have done successfully is to have meetings where a group would invite different experts to give their advice. This is cheaper than one person going it alone.
Agriculture / food – irrespective how bad things get people will have to eat and certainly in the case of Jamaica we have seen where agriculture was the only sector growing in the last quarter (10%), and will continue to be so.
Cost effective services – one should think about cost effective ways of providing services, which will bring market share to your own venture.
These are just a few ideas, and there are many more that we could think of but space does not permit. Mindyuhbusiness.com has a new feature, where registered users can list their business ideas and get it rated to see how others feel about it. Of course you would not put the full details but just enough to get some free feedback.
You can access expert advice and coaching on this by contacting us at www.mindyuhbusiness.com through the Contact Us menu.
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