Updated: Jun 24
Written by Shekinah Ade-Gold for Budget Leaf
Have you ever wondered about when would be the best time to start investing, saving, or buying insurance? Financial advisor Granville Knight can answer all these questions and more!
Granville Knight is a financial advisor with Sagicor and was awarded the “Rookie of the Year” for the Sagicor New Kingston Branch. Through this career, he hopes to not only secure the wealth of his clients and their posterity, but also to bring about balance in their spiritual, physical and emotional well-being. Granville also has experience in local media as a radio personality on Bess 100 FM, having hosted the morning programme The Daily Dose, and is now a part-time co-host for CVM at Sunrise! on CVM television.
Why is it so hard to start investing/saving?
“Most people think you need a lot of money to start. That’s not true; you invest according to your ability. If it’s $1000, start there. If it’s a million, you start there. The next problem is that people don’t see the need for investing until it’s too late, and then want to see a miracle five years from retirement. The math is simple - start now and grow over the next couple of years. We’ve heard it before; it’s not how much you earn, it’s how much you save.”
How can I benefit from getting any kind of insurance (life, health, car, etc)?
“All insurances serve a protective function. They protect money! A car insurance protects against theft or damage; life insurance ensures your family still has your income after death; health insurance protects your savings, etc.
One important thing about life insurance is that it’s used for mortgage assignment, which is simply a type of collateral for the mortgage if the client passes away. First-time home owners should get life insurance equivalent to the value of the property they wish to purchase. The key thing is that anything that has value needs its value secured in the event of loss. I see people insuring things like drones. Yes, that’s right, drones, just in case they damage the property of others while in the filming process. Protect what matters.”
Do I need to earn a certain amount of money before I seek out a financial advisor?
“Not at all. From your first pay cheque, seek one out. As a matter of fact, from your final year of college, start having the conversation. I tell people all the time - the conversation is free. Don’t worry about if you can afford to have the conversation. It will cost you nothing to sit with an advisor. Call me!
As a general rule of thumb, however, I recommend that clients set aside at least 10% of their income towards investing. While this isn’t a hard and fast rule as several other factors will come into play such as total expenses, it has been a fair enough guide.”
If one of our readers wanted to start a new business in Jamaica, which industry/industries would you recommend?
“One that they’re passionate about. Every business is lucrative. But, just because selling car parts is lucrative doesn’t mean I’m going to do it. Quite frankly, I love cars, but I really hate car parts. See - it’s never just about the money. Being in business is hard. Being in business requires patience and ‘stick-to-it-tiveness’, and passion really keeps hope’s flame alive when things are bad or slow.
However, passion alone is not enough. Do a proper marketing survey to ensure there is a need for the product in the market place. Look at all the other aspects of starting a business: expenses, cash flow, capital, time, etc. Many persons just get up and “do a thing” and never really establish themselves because the necessary planning and analysis didn’t go into the business. We fail to plan properly and so we fail properly.”
Are Jamaicans afraid of talking about money in general?
“I laugh all the time at this. Jamaicans love to talk about money. You just stand up at any gathering and I can bet my last dollar that someone will say, ‘Me need fi make some money yah now.’ The problem is putting their money where their mouth is. We all talk about being wealthy, but no one wants to put in the work and discipline it takes to get things done, such as for saving and investing or buying life insurance. When they are presented with the truth of what wealth. building requires, they turn up their noses. People desire to have wealth, but most settle for looking rich.
I am eternally grateful for my clients, though. They are the real MVPs. They do their research and are developing the disciplines needed to get wealthy. With time, they will get there. These are trusted clients - trusted because they can keep commitments to their future selves and families.”
How can our readers contact you for more information?
“Easy! Call or WhatsApp at 876-552-2270