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1. Creative Risk Reduction Measures
The 3 Principles to Build Personal Wealth Are:
1. Make Money
2. Save Money
- Emergency Savings - to handle everyday, relatively minor non-budgeted expenses (replacing tech devices, buying meds, replace a car part, etc.).
#FinanceTwitterJa
The 3 Principles to Build Personal Wealth Are:
1. Make Money
2. Save Money
- Emergency Savings - to handle everyday, relatively minor non-budgeted expenses (replacing tech devices, buying meds, replace a car part, etc.).
#FinanceTwitterJa
2. Save Money continued
- Insurance - protect your savings and investments from major non-budgeted expenses (car accidents, hospital visits, natural disasters, etc.)
3. Invest Money
- Insurance - protect your savings and investments from major non-budgeted expenses (car accidents, hospital visits, natural disasters, etc.)
3. Invest Money
For a country it's similar. They make money from tax revenue. Savings have to be intentionally set aside (see the $90B GOJ used last year), and insurance needs to be acquired to handle shocks (e.g. weather or commodity shocks).
2. Growth via Infrastructure Investment
There is wide economic research that suggests that infrastructure investments are one of the most high-impact fiscal policy decisions that can boost economic growth. See one such paper below.
epi.org/publication/thโฆ
There is wide economic research that suggests that infrastructure investments are one of the most high-impact fiscal policy decisions that can boost economic growth. See one such paper below.
epi.org/publication/thโฆ
The general idea is two fold:
- Humans are needed to build infrastructure (e.g. roads). As humans build these roads, they earn money and they spend it in the rest of the economy. They buy lunch every day, they save some of it, they buy groceries, etc.
- Humans are needed to build infrastructure (e.g. roads). As humans build these roads, they earn money and they spend it in the rest of the economy. They buy lunch every day, they save some of it, they buy groceries, etc.
As they spend throughout the economy, others benefit (all of the stores/restaurants etc that they spend in). So not only are direct jobs created on the infrastructure project, but jobs are created/sustained throughout the economy as spending increases.
3. Growth via Technology Investment
Central Bank Digital Currency (CBDC)
- CBDC is NOT cryptocurrency (which is decentralized in nature). CBDC is backed and issued by BOJ.
- It will be legal tender, similar to the existing paper bills & coins we use, but all digital.
Central Bank Digital Currency (CBDC)
- CBDC is NOT cryptocurrency (which is decentralized in nature). CBDC is backed and issued by BOJ.
- It will be legal tender, similar to the existing paper bills & coins we use, but all digital.
- BOJ will issue CBDC to deposit-taking institutions (DTIs..i.e. banks, etc.) and authorized payment service providers (i.e. Billpay, BillExpress, etc.) similar to how they currently do it with paper currency.
- The most prominent way of transacting will be via mobile devices.
- The most prominent way of transacting will be via mobile devices.
- Customers can top-up their account through authorised agents or smart ABMs.
- Customers can do business using CBDC phone-to-phone with merchants.
- CBDC, if it achieves widespread adoption, will drive financial inclusion. Many unbanked, will now have access to...
- Customers can do business using CBDC phone-to-phone with merchants.
- CBDC, if it achieves widespread adoption, will drive financial inclusion. Many unbanked, will now have access to...
4. Employment Growth via MSME Growth
These initiative are close to my heart, because I run a SME and advise a number of entrepreneurs that do the same.
DBJ has a recently launched programme for qualifying MSMEs to get a $200,000 grant to be invested in a digital transition..
These initiative are close to my heart, because I run a SME and advise a number of entrepreneurs that do the same.
DBJ has a recently launched programme for qualifying MSMEs to get a $200,000 grant to be invested in a digital transition..
(which includes building out e-commerce functionality and digitizing internal processes and more), called the 'Go Digital' grant.
Under the SERVE Jamaica programme, GOJ is allocating $1B to the DBJ so that MSME's that qualify for the 'Go Digital' grant...
Under the SERVE Jamaica programme, GOJ is allocating $1B to the DBJ so that MSME's that qualify for the 'Go Digital' grant...
to also be eligible for up to $800,000 in 2% interest loans to be used to support the digital transition.
Under the SERVE Jamaica programme, $2B is allocated to seed two equity funds exclusively focused on providing equity financing to MSMEs.
Under the SERVE Jamaica programme, $2B is allocated to seed two equity funds exclusively focused on providing equity financing to MSMEs.
๐จ*๐๐๐๐๐ ๐๐ฎ๐๐ ๐๐ญ ๐๐๐๐ ๐๐ก๐๐ซ๐ญ๐ฉ๐๐๐ค* ๐จ
All you need to know ahead of next week's #Budget in one... THREAD ๐
1/19
#CovidEconomics
#BudgetSpeech2021
#EconTwitter
All you need to know ahead of next week's #Budget in one... THREAD ๐
1/19
#CovidEconomics
#BudgetSpeech2021
#EconTwitter
The #Budget2021 comes at a critical time when the UK is in the middle of battling the #pandemic and the economy is substantially weakened with uneven effects at industry, household & region level.
Read the economic context to #Budget2021 here ๐
2/19
niesr.ac.uk/publications/uโฆ
Read the economic context to #Budget2021 here ๐
2/19
niesr.ac.uk/publications/uโฆ
