“Let’s talk $ense” consists of (12) local sayings relating to financial education.
Take in front before in front take yuh!
As the New Year is upon us, it is important to stay ahead by planning and budgeting for your financial goals. Do not be caught off guard or unprepared this year.
Doh hang yuh hat where yuh hand cyah reach/ Yuh cyah have champagne taste with mauby money.
We all want to live our best life, but you do not need to live beyond your means. Set SMART goals – Specific. Measurable. Attainable. Realistic. Time bound. – so you can party like a boss; travel the world or retire stress free. Start saving towards your short-term goals at least 3-6 months in advance.
Yuh have to creep before yuh walk
Want to become an investor? Before you start investing, you need to first create a strong savings pool. A little goes a long way, so start saving at least 10% of your salary each month. Save to Invest today!
Don’t put all yuh eggs in one basket
Your granny was right! Never put all your hard-earned money into one financial product, service or institution. Diversification is the key as it protects you and your investment portfolio by spreading the risk should anything go wrong.
There is more in the mortar than the pestle
Looks can be deceiving, before making any investment decision, it is important to do your research. Check with the TTSEC first to ensure that the investment, the individual and the company are registered. Also, look at the company’s past and present performance, profile, articles and any news related material. Always be aware of any changes and stay informed.
All skin teeth eh laugh
If someone smiles at you or is affiliated to a particular group, does that mean they have your best interest at heart? Affinity fraud targets persons who belong to a common group. These fraudsters gain the group’s trust and then persuade the members in the group to buy in to their fraudulent scheme. Always check the TTSEC first to ensure that the person is a registered broker/dealer or investment adviser.
Don’t count yuh chickens before they hatch
All investments have some level of risk therefore, what you gain today can also be lost tomorrow. Be patient and ensure that your portfolio is diverse with products that have both high and low level risky investment products.
Gopaul luck ain’t Seepaul luck
Gopaul decided to invest in the local stock market and within a year made a capital gain of $20,000. Seepaul made a rushed decision to invest without proper research or planning and ended up with a capital loss of $20,000. Everyone has different goals and risk appetites. Choose investment products that are right for YOU! Want to know your risk profile? Visit www.investcatett.com and take the risk profile test.
You can lead a horse to water, but you can’t make it drink
Investor Education is important in these financial times, visit www.investucattett.com to learn more about investing; take our investor education online course and complete the test at the end and become certified in your knowledge about investment basics, or play our investing game at www.investorquest-tt.com to learn more about investing in securities. Remember, we can only tell you about it, the doing is all up to you. Click and visit our learning platforms today!
When yuh neighbour house on fire, wet yours
The economic environment often changes and could result in a reduction or complete loss in earnings. You need to engage in sound financial planning to withstand any unforeseen change in your circumstances. Develop sufficient amounts and access to emergency funds and always ensure your critical documents are safeguarded/water-fire proof. Don’t wait for your neighbour’s house to catch fire, ensure that you are financially resilient to weather the storms of life!
Penny wise but pound-foolish
Grandpa Thomas is an avid saver and counts every single penny however, when it is time to splurge on his favourite hobby or around his favourite time of the year, he always accumulates a large debt. Being financially smart is about maintaining a balanced portfolio. Don’t be penny wise but pound foolish! Create a budget to keep you on track with both your saving and spending.
If it sounds too good to be true, it probably is
If an investment product promises high returns in a short time frame or sounds too good to be true, then it usually is. Always check to ensure that the investment product being offered is registered with the Commission and is not a scam. Visit www.ttsec.org.tt and check our registration listing.