Banker outlines three habits to achieve financial stability

Men of the Jamaica Constabulary Force (JCF) were recent recipients of professional advice on how to achieve and maintain financial stability.

Speaking at the JCF Chaplaincy Service Branch Non-Geographic Formations No. 2 Men’s Conference recently, Kashief Thompson, client relationship officer in the Public Sector Engagement Unit at JN Bank, outlined three habits that everyone, including the lawmen, can implement to achieve financial freedom, but he stressed that developing the habits requires discipline.

“Discipline is not something you will achieve overnight,” Thompson acknowledged, though he said it can be achieved by “being intentional [and] being confident in the long-term impact your actions now will have on your life five and 10 years from today”.

The conference, held at ChriStar Villas in St Andrew this year under the theme ‘Man ah M.A.N - Man as Mentor, Advocate and Navigator’, is a biennial event, established in 2013, that supports the development of men serving in Specialised Operations and the Public Safety and Traffic Enforcement Branch of the JCF.

“Every man here is one financial decision away from his outcome, which does not only affect you individually; it affects your family, your household, and even your wider circle of friends and, by extension, your community,” Thompson told the lawmen. Therefore, he said making sound financial decisions is very important to maintaining one’s peace and confidence, highlighting that money-related challenges have far-reaching consequences, particularly for men who are providers.

“Nothing affects a man more than financial insecurity,” he said.

The young banker urged the more than 60 law enforcement personnel in attendance to adopt three key habits to achieve financial stability.

Pay yourself first

“The first habit I want you to nurture is paying yourself first. It’s the best way to save,” Thompson said, emphasising that individuals should save 20 per cent of their income.

“You may set some funds aside for emergencies and allocate some to a medium-to-long-term account or contractual account. Those savings will be handy in the future if there are unexpected big expenses,” he stressed. 

“The remaining 80 per cent of what’s left of your salary should be used for your regular expenses. Apply this approach and I guarantee you will be on your way to financial wellness.”

Borrow meaningfully

Second, he encouraged officers to borrow only for worthwhile purposes.

“If your only reason for borrowing is to supplement your income, then you need to change your strategy right now. It is meaningless and simply not sustainable,” he warned.

He further encouraged participants to, instead, explore alternative ways of increasing their income, noting that many people possess untapped talents which they can monetise.

“Think of what you can do to supplement your income. Some of you have talents you may be sitting on, not earning from it. If you’re good auto mechanics, you can fix cars and trucks; others have IT skills that they can sell as audio-visual services. Some of you are great at cheering and emceeing events. Whatever talent you have, think about ways to monetise it. You won’t get by with one income stream,” he cautioned.

Educate yourself

Turning to the third habit, he emphasised the importance of continuous learning and self-education in financial matters.

“Many of us weren’t taught the principles of money management in school, but through the internet and books, we can learn on our own,” he said. “There are a lot of people and institutions you can follow online, who make money management and investment easy to understand.”

Highlighting his own company’s efforts, he encouraged officers to explore the resources available from the JN Financial Academy by visiting its website, jnfinancialacademy.com, where they can enrol in free courses about understanding credit and access various content that simplify understanding about money management to strengthen their financial decision-making.

Selfcare is a must

Meanwhile, Sandra Jones, manager, Public Sector Engagement Unit at JN Bank, reaffirmed the organisation’s commitment to supporting the welfare and development of JCF members. She commended the officers for their service and acknowledged the pressures associated with their roles.

“You serve our communities with courage, discipline, and commitment, often under very difficult circumstances,” she acknowledged while praising the JCF Chaplaincy Services Branch for organising the conference that provides the opportunity for personal reflection among the male law enforcement.

“Supporting your mental, emotional, physical, and spiritual well-being is not only good for officers; it is good for your families, communities, and the nation.”

“You are not robots. You need rest, care, and the opportunity to recalibrate so you can continue to give your best in service to the nation,” she maintained.