Entertainers, secure your future first
Throughout their careers, some dancehall artistes purchase flashy cars and name-brand clothes as they enjoy the lavish lifestyle that many of them sing about. But one financial expert is encouraging them to think about securing their future before they even make any substantial purchase.
Yaneek Page, managing director of 'The Innovators' TV show, says once an entertainer's career becomes financially viable, they should put plans in place so they will be able to generate an income even when their careers decline.
"The best advice I can give anybody is to plan now when you are actually in your heyday in terms of how they actually invest the money that they earn, because I think a lot of people tend to lifestyle out the money," she told The Sunday Gleaner.
Even before purchasing a high-end vehicle, she noted that as early as possible, entertainers should look at having a pension plan.
"Stop! Take a look at what you are earning now, and look at what your lifestyle is, and really ask yourself, with the help of a financial expert, how you can stretch this money for as long as you can, and at the same time, reinvest so that you kind of create a really good estate for yourself in the future," Page encourages.
Although she acknowledge that image is important for any entertainer, she urges them to look at safer investments that doesn't require their constant attention.
Rather than investing heavily in motor vehicles and designer clothes that are liabilities, she says putting cash into assets that will bring in cash flow in the future is what entertainers should be doing.
"We see a lot of entertainers try to do the same thing. Part of it is that they have clothing stores and retail outlets, and some of which typically don't do that well," Page said. "If you are not there full-time to drive a business, it is very difficult for the business to grow," she warns, as without their leadership, it could be a recipe for failure.
Instead of starting a business, she says buying stocks or purchasing real estate could be more rewarding investments.
"Buying property, and not just any property, but property that can generate cash flow for you so you are not going to buy a piece of land that is going to sit down. You're going to buy a property that is good rental income, that will appreciate in value. They can look at purchasing some stocks. There are people that are getting wealthy off the stock market and they don't have a quarter of the money that some of these entertainers earn," she added.