SOMERSET, New Jersey – Jamaica’s former Ambassador to the United States, Audrey Marks has challenged Jamaicans in the Diaspora to get out of debt and stop living beyond their means.
Ambassador marks made her comments as she addressed the 3rd Annual Debt-Free Financial Freedom Seminar held at the First Baptist Church of Lincoln Gardens, New Jersey last Friday.
A successful entrepreneur and founder of Paymaster Financial Services, Ambassador Marks drew upon her personal experience as well as those of other successful ethnic groups.
She noted the success of immigrant Asians and Middle Easterners, many from very poor origins, who travel thousands of miles with nothing but the clothes on their backs to make a living in a far-away, unfamiliar, economically challenged, foreign language speaking land.
Despite these challenges, they quickly brought together their families, working painstakingly hard to build a business, living together in the most humble homes, many times directly above their business establishments, driving second hand cars while over time slowly building tremendous savings.
A United States 2012 Pew Research Report identified Asian Americans as the highest income, best educated and fastest growing racial group in the United States. In general it is believed that the success of this ethnic group is based on three values – pursuing an excellent education, saving for a better life and caring for family and friends. They also believe in delaying short-term gratification in favor of investment for their family’s future.
In answering the question posed by Pastor of the First Baptist Church of Lincoln Gardens, Dr. Soaries, “Why is Debt-Free important for people in developing countries?” the former Ambassador said, “It addresses the fundamental issues of dysfunctional behavior which leads individuals to accumulate an overwhelming amount of debt.”
She said that the culture of ‘Bling’, where individuals and entire groups live beyond their means, is ruining families as well as entire communities and countries around the world. This mindset has led to stringent belt-tightening and imposed financial restructuring by organizations like the International Monetary Fund IMF).
According to US Economist, Paul Krugman, the debt American families have run up, is the root of our current financial troubles, moving from 83 percent of income in 1987 to about 130 percent of income in 2007.
Ambassador Marks pointed to the fact that African Americans are over-represented in the lowest earning categories while being under-represented in the highest earning categories with just 3.3 percent earning $100,000/ year or more. A census report notes that the shortfall may be traced to lower levels of educational achievement and lack of family wealth which restrict opportunities and access to better schools and higher paying jobs.
Ms. Marks encouraged her audience to take it to the next level to ensure a better future for the generations to come by understanding who we are as a people. She said that this starts with our thoughts, what we think about and give attention to. She said if we focus on our lack and what we don’t have, we will only attract more lack. Instead, we should focus on what we have, what we want our future to be and use our creative minds to build upon that.
The next critical step to take it to the next level is our words. The former Jamaican Envoy said because we are creative beings, we create with our words, speaking things into being. She said we should be careful what we say about ourselves, using positive instead of negative self-talk.
The final step to take it to the next level is action. This means doing, living one’s passion and one’s purpose, getting up and doing the hard work of getting things done. According to the Ambassador, anyone can take it to the next level if they know who they are, manage their thoughts and words and live their passion and purpose.
The Ambassador believes that debt in and of itself is not a bad thing if it used wisely on things like starting or expanding a business.
According to Forbes Magazine contributor, Matthew Garrett, the three simple principles to financial freedom is make more money that you spend, invest the difference and understand where you are and where your money is going. While the Ambassador endorsed these principles she cautioned her audience about racking up debt while emphasizing self-control in spending and self-discipline in saving for the future.
The seven thousand-member First Baptist Church of Lincoln Gardens, New Jersey is pastored by Dr. DeForest Soaries who is of Jamaican descent.
