Wed | Aug 16, 2017

Port workers learn the benefits of stock trading

Published:Tuesday | August 16, 2016 | 8:00 AM
SAJ Stevedores (from left) Milton Trowers, Aseem Allwood and Andre Hamilton in animated discussion with Chartered Accountant John Jackson, following his presentation to the Joint Industrial Council on 'Personal and Business Enrichment'.
SAJ Stevedores attend a recent meeting of the Joint Industrial Council.
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Stevedores employed to the Shipping Association of Jamaica (SAJ) recently benefited from expert insights into the value of trading stocks as a means of alternative their income. The young port workers were special invitees at a meeting of the Joint Industrial Council (JIC) where chartered accountant John Jackson delivered a presentation on 'Personal and Business Enrichment'.

Jackson shared his professional views on why every young Jamaican worker should be involved in trading stocks.

"This is something that makes me both excited and sad," he explained to the stevedores. "I am excited because there is so much money that can be made on the stock market. But I am sad that so few take advantage of it when the path to the future of this country could be paved with gold."

He explained that the Jamaica Stock Market (JSE) provides a viable avenue for investment, capital growth and dividends. He noted that the JSE was the top performing index in 2015, according to Bloomberg, topping 92 markets tracked by the global financial research company.

 

SWITCH PRIORITIES

 

Jackson also shared his belief that Jamaicans need to switch priorities in order to attain wealth at an early age. He suggested that instead of prioritising the purchase of their first house, young working Jamaicans should instead be looking at buying their first stock. He noted that stocks grow in value faster and are more liquid than real estate. He advised that one can use stock gains to buy a house, and stock investing creates a meaningful second income source.

Jackson was the JIC's most recent guest presenter at its monthly meeting, held at the SAJ. The JIC was established in 1952 as a forum for the management of shipping interests and unions representing port workers to meet and decide on labour matters. It has an enduring reputation of being responsible for the stability of labour at Port Bustamante.