By: Roshawn Watson
Greetings from Jamaica! If you have never been to a 3rd world country, the experience can be quite enlightening. My most recent experience is going to Jamaica. I went because I was a groomsman in a friend’s wedding; however, I did have some down time. For example, I actually climbed the Dunn River Falls, a 600-foot waterfall. To say this experience was an adventure would be a gross understatement; indeed, had I known how rigorous it was, I might not have done it. It was a lot of fun though. I also got a chance to read a few books that you may be interested in. Not all of the books were personal finance or business related either. One book that I enjoyed was “I, Alex Cross” by James Patterson. Although this is definitely a murder mystery, it did cause me to ponder two issues related to personal finance. First, if a close relative was sick in the hospital, I would want to be in a financial position so that I could simply stay with them to care for them well without worry of the financial implications of such a decision. Second, I wondered if I had to “disappear” within 3 days, how much could I take with me and where would I go? Both questions speak to financial security and liquidity; don’t discount them merely because they arise from a fictional murder mystery 🙂 I will discuss the other books in subsequent posts. Lastly, I’m always on the look out for personal finance nuggets, and what I found out about the Jamaican economy was quite interesting.
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Interest rates on mortgages are REALLY high (19-31%), which is why almost no one gets a mortgage.
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Beach front properties can range between $100K to $450K range; of course some are way more expensive.
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Average income is approximately $30 USD a week (unverified)
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I also used a Jamaican ATM to get $2300 Jamaican dollars, which equates to about to about $27 USD since the exchange rate was $85 Jamaican dollars to $1 USD.
Recently, I participated in two carnivals: Carnival of Financial Planning – Edition #146 hosted by the Money Smart Blog and the Yakezie Challenge Carnival hosted by Young and Thrifty.
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I've climbed those falls and enjoyed it as well.Interesting facts about Jamaica. I was only there for a one-day cruise ship stop which insulates you from experiencing the economy, etc.
Bucksome, I have the say that the exception of the wedding, the falls were definitely a highlight from the trip. We had awesome tour guides. They took pride in knowing their country's history, present events, and even had thoughts on moving forward. They gladly offered their perspectives to us. Our whole group was impressed. A cruise through the carribeans sounds mighty nice as well :)Thanks so much for stopping by! Regards,Shawn
Thanks for the compliment. If only is right. Perhaps the legacy of the "Great Recession" is generational imprinting, meaning future generations will be discouraged from repeating the same mistakes, as we have tasted the collective pain of overleveraging and dishonesty. Even though there is already "some" evidence to the contrary; however, we perhapse have at least changed the ethos of the non-mentally "thick-headed!"Regards,Shawn
I've climbed those falls and enjoyed it as well. Interesting facts about Jamaica. I was only there for a one-day cruise ship stop which insulates you from experiencing the economy, etc.
Bucksome, I have the say that the exception of the wedding, the falls were definitely a highlight from the trip. We had awesome tour guides. They took pride in knowing their country's history, present events, and even had thoughts on moving forward. They gladly offered their perspectives to us. Our whole group was impressed. A cruise through the Caribbeans sounds mighty nice as well 🙂 Thanks so much for stopping by! Regards, Shawn –
Thanks for the mention. You've got a great site. A lot of people ring their hands and complain about financial illiteracy but do nothing about it. I wish we could get high school students reading your posts!
Thanks for the mention. You've got a great site. A lot of people ring their hands and complain about financial illiteracy but do nothing about it. I wish we could get high school students reading your posts!
Thanks for the compliment. If only is right. Perhaps the legacy of the "Great Recession" is generational imprinting, meaning future generations will be discouraged from repeating the same mistakes, as we have tasted the collective pain of overleveraging and dishonesty. Even though there is already "some" evidence to the contrary; however, we perhaps have at least changed the ethos of the non-mentally "thick-headed!"
Sounds like you had a blast in Jamaica mon! Great facts, too. I read a few of Patterson's books. Really enjoy his quick, easy to read style. Sadly been a little busy so haven't read a book for leisure in awhile.
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