Our Place Newsletter: Vol 3 Issue 4

Nineteen students were awarded over $2.7M in scholarships and grants by the FHC Credit Union and FHC Foundation at an awards ceremony held on October 13 at ROK Hotel in downtown Kingston.

The cohort consisted of Primary Exit Profile (PEP) and tertiary level scholarship and grant recipients, as well as young entrepreneurs who were awarded start-up capital for their businesses. Concurrently, 12 other students, who are at various stages in their five-year PEP scholarship award, had their scholarships renewed for the school year.

FHC Credit Union through its Foundation has been and continues to contribute towards

OUR MISSION

To offer superior value to our members by providing innovative products and services, through effective and efficient service delivery, while creating opportunities that will motivate team members, and enhance the communities in which we operate.

the development of the next generation. During the event, CEO Roxann Linton shared that, “we pride ourselves in being a financial institution who supports our members through each phase of life, and providing these awards affirms our commitment to fulfilling this mission.”

Awardee Jean-Paul Thompson who received the prestigious Oswald Thorbourne Scholarship shared that the Credit Union saw his need and provided him with the glimmer of hope to complete his tertiary studies.

For her part, Chairman of FHC Foundation, Leodis Douglas reinforced that the Foundation is driven by its passion to make a

difference in the lives of our nation’s youth. She stated that, “these scholarships, bursaries and grants go way beyond the surface of financing education or providing entrepreneurship grants. It is a true opportunity for selfdevelopment, growth to secure one’s wellbeing and ultimately to take you one step closer to your dreams and aspirations.”

The attendees of the event were engaged by keynote speaker Javin Williams, CEO of Herboo Corporation Limited who is a former recipient

of the FHC Entrepreneur Award. He shared with the students his entrepreneurial journey and how they can advance their dreams by believing in themselves.

FHC Credit Union through its Foundation offers three types of scholarships. These are the PEP Scholarship for students at the primary level transitioning to secondary institutions as well as the Oswald Thorbourne and Renald Mason scholarships, which are available to tertiary level students.

Lennox Wallace is delighted while holding the plaque and cheque that were presented to him courtesy of FHC Credit Union. Wallace was selected as the recipient of the FHC Civil Servant of the Year Award for 2022/2023 in the Management Category.

First Heritage Co-operative Credit Union (FHC) CEO Roxann Linton (left); FHC Board Chairman Leodis Douglas (right); Ministry of Finance and the Public Service Minister of State the Honourable Marsha Smith (second left) and Jamaica Civil Service Association President O’Neil Grant (back) celebrate the 2022 FHC Civil Servants of the Year Awardees (from left): Oliver Morris, Middle Management Category, Simone Turton, Technical Support Category represented by Shacquilia Locke and Lennox Wallace, Management Category on Friday, November 18, 2022 at the Terra Nova All-Suite Hotel.

Oliver Morris is overjoyed while holding the plaque and cheque that were presented to him courtesy of FHC Credit Union. Morris was selected as the recipient of the FHC Civil Servant of the Year Award for 2022/2023 in the Middle Management Category.

First Heritage Co-operative Credit Union (FHC) CEO Roxann Linton (back) stands proudly alongside the 2022 FHC Civil Servants of the Year Awardees: Oliver Morris (left), Middle Management Category, People’s Choice Awardee Sophia Moulton and Lennox Wallace, Management Category during the awards ceremony on Friday, November 18, 2022 at the Terra Nova All-Suite Hotel.

Three outstanding civil servants were declared FHC Civil Servants of the Year on Friday, November 18, 2022. In their annual recognition of the immense work of Jamaica’s civil servants, First Heritage Co-Operative Credit Union Limited (FHC) in partnership with the Ministry of Finance and the Public Service declared their Civil Servants of the Year in a moving ceremony at the Terra Nova All-Suite Hotel.

Simone Turton, Acting Customer Care Officer at the University Hospital of the West Indies; Oliver Morris, Customer Service Officer at the Ministry of Justice and Lennox Wallace, Parish Manager at St. James Public Health Services were honoured in the Technical Support, Middle Management, and Management categories respectively. The three trailblazers each received a cash award of $200,000, plaque and citation to immortalize their contributions. An elated Sophia Moulton walked away with the inaugural People’s Choice Award. Ms. Moulton is the Director of Ceremonies, Operations and Staff Administration in the Office of the Prime Minister, Chancery & Protocol Unit.

In solidifying its commitment to building community relationships, First Heritage Cooperative Credit Union donated an additional $150,000 towards a community project of choice which will be executed by the three awardees.

“Our civil servants have been serving with courage and doing so from a place of authenticity which has afforded them the capacity to do so with love, and consequently create the legacy they would like to leave. They answered the C.A.L.L. — Courage, Authenticity and Love while leaving a Legacy — to serve,” stated FHC CEO Roxann Linton.

She continued, “The entire FHC family takes

great pleasure in celebrating our outstanding civil servants today; and we are highly appreciative of the ongoing partnership which allows us to continue to recognize our civil servants in this special way”.

While congratulating the nominees, the Honourable Marsha Smith, Minister of State in the Ministry of Finance and the Public Service stated, “I believe it is one of the greatest accomplishments of any individual to serve one’s country with integrity, loyalty and dedication. A true patriot is what I see when I look at the hard work, dedication and passion with which you [civil servants] have executed your various duties as public servants and in fact I count it personally as one of the greatest achievements for your own life to have served in public service”.

In his response on behalf of fellow winners, Lennox Wallace noted, “It is indeed a pleasure to respond on behalf of my colleagues who today are being recognized as champions of the public service. We have worked hard having none of this [the awards] in mind, what we did is just work. I stand here feeling proud of myself and my own achievements and that of my colleagues. We serve as a testament to those coming behind us to continue doing more good, hard work”.

This year marks the 18th year since the implementation of the Award. The Award serves as a significant, tangible recognition of the employees work and worth, not just within the Public Service but also as corporate citizens who lend to social development through charitable engagements.

Buying a home? No worries, here’s a checklist to get you started on your journey to home ownership.

Step

1: Know your budget

Ask yourself, how much am I able to spend on my purchase? Your decision will be influenced by how much money you have saved up and any ongoing or future expenses.

It is important to determine your budget so that you do not waste time viewing properties that far exceed your budget. It is also important to note that the cost of purchasing real estate includes not only the price of the property, commonly referred to as the purchase price, but also closing cost and other fees associated with the purchase.

Step 2: Get pre-qualified

If you are serious about purchasing and you will be taking out a mortgage, get pre-qualified.

At this time you’ll know exactly how much you can afford to spend. The bank will take into consideration your income and expenditure among other things in determining just how much cash they are willing to lend you. When you have found a property to purchase, being pre-qualified makes a huge difference to a seller who is considering multiple offers.

Additionally, you should have your deposit saved because many financial institutions may not be able to lend you money for your down payment.

Step 3: Shortlist some ideal areas in which you would like to live

Now that you have established your budget and the amount of money that you are able to spend, start researching areas. Some factors you may take into consideration are: proximity to your place of employment, schools, hospitals and services which you consider essential. Be sure to do your research, you’re embarking on a major life decision.

Step 4: Start your property search

Now it’s time to search for your new home; an easy place to start is online. Real estate agents and brokers have listings available at your fingertips just one google search away.

In addition to your online search, feel free to call an agent and drive around your shortlisted neighborhoods and look for those ‘For Sale’ signs. The search may be short for some and longer for others. Think carefully about the amenities you will need. Do you want a house, townhouse or apartment?

Step 5: Inspect the property

So you’ve reached the stage where you have selected your property, awesome! Ensure that before moving forward you do a proper inspection to ensure that you are satisfied with its condition. Be observant. Are there any squatters or tenants? Is there any disrepair whether significant or insignificant?

If you are buying into a development, do they have the proper permits? Do you know exactly where the development will be located? Take a drive pass the prospective site. At the stage when you contact your attorney, they will also assist you with the necessary checks.

Step 6: Contact an attorney

Working with an attorney is an important step in your journey. This professional will ensure that your purchase runs as smoothly as possible.

You may encounter difficulties if a proper investigation is not done or if proper research or enquires are not made. For example:

a. You may pay over money to the wrong person.

b. You may enter into an agreement with someone who does not in fact own the property or who owns the property but is only one of many owners and does not have the others’ permission to sell.

c. You may purchase a property burdened with expenses that “run with the land” which you may now be liable for.

d. You may pay for a property and years later have no title to prove your ownership.

These are just a few difficulties that you may run into without proper assistance. Therefore, it is highly advisable that the services of an attorney be retained.

Tip 7: Get your deposit ready and sign your sale agreement

After you have consulted with your attorney and he/she has reviewed your sale agreement and advises you to press ahead, get your deposit ready and sign the agreement for sale which your attorney would have advised you on. This document outlines what is to be done by the seller and purchaser, as well as details specific timelines which are legally binding.

Step 8: Finalize your mortgage

With your sale agreement in hand, you will now finalize your mortgage. Your attorney will provide you with the documents needed. After you are approved, the seller’s attorney as well as the purchaser’s will ensure that the stipulations in the sale agreement are met within the specified timeline. The total transaction time frame typically varies from 90 days to 180 days depending on the complexity of the transfer. After the technicalities are formalized, you will have a title bearing your name which is proof of your ownership.

Step 9: Move into your new home

Once the sale has been concluded, you can take possession of the property-congratulations!

Now that you’re wiser about the process, share these tips with others.

INVEST IN STOCKS WITH FHC INVESTMENTS

You might have heard that FHC Investments Ltd (FHCIL) recently became a member of the Jamaica Stock Exchange (JSE). This means that they are now one of the 15 stockbrokers authorized to trade on the Jamaica Stock Exchange. As an approved Member Dealer, FHCIL can now buy and sell shares directly on the JSE on your behalf.

Perhaps you wish to explore investing in stocks as you get more intentional about achieving your financial goals. If you are interested, but do not know how to get started, this article explores how you can start purchasing stocks today!

What are stocks?

Stocks are fractional ownership in a company. When you buy a company’s stock you become a shareholder and one of the owners of the company. Stocks are also often called equity or shares.

Why invest in stocks?

You may want to buy stocks so you receive dividends in the form of cash or stocks, as your portion of any profits that the company makes. Another benefit is that you can also make a profit when you sell your shares at a price higher than what you had paid for them.

HOW DO I GET STARTED?

Do a personal assessment

Investments are supposed to help us achieve our financial goals. As such, based on your individual financial goals, investment time frame and your attitude toward risk, investing in stocks may or may not be a suitable option for achieving your goal. We therefore recommend that you begin by doing a personal assessment to determine if stocks are a suitable investment option for you. A licensed financial advisor, such as the dedicated team at FHCIL can assist you in determining which investments are suitable, and the amount you can put in each type of investment to achieve your personal goals.

Open a stockbrokerage account

In Jamaica, the Jamaica Stock Exchange (JSE), is the marketplace where shares are bought and sold. To do this, you need to open a brokerage account with one of the JSE’s approved stockbrokers such as FHC Investments. Once you have your brokerage account set up, you are now ready to place your order to begin buying and selling shares.

Now that you know the basics, what are you waiting for? Get started today with an FHC Investments Financial Advisor to open a stockbrokerage account at a special offer minimum of $5000 and access personalized stock recommendations for your portfolio. Offer ends January 31, 2023.

Keleen Osborne

Investment & Pension Advisor, FHCIL

WhatsApp ‘Invest’ to 876564-9485 to connect with a representative and get started today!

Fayann Hutchinson LONG STANDING MEMBER TESTIMONIAL

FHC Credit Union is here to help advance the welfare of its members and our children; I’m a living testimony of this. I’m happy to be a part of the FHC family and have been a member since its inception, and prior to that a member of the Churches Co-operative Credit Union with a combined membership of over 30 years.

My experience with the Credit Union captured in one word is breathtaking, because it continues to be a profound and positive experience. FHC has been supporting me through all my major life milestones and most noteworthy are the financing of my two daughters’ education. They are both brilliant students, one with aspirations of becoming a Forensic Pathologist and currently

completing her studies in Jamaica, which began in China, and the other an aspiring Cardiothoracic Surgeon, who is currently completing her studies in the United States, which began in Ukraine.

The Credit Union has not only played a significant role in my children’s education, but has also journeyed with me through each phase of life and financed the purchasing of my motor vehicles over the years as well as my home. Personally, I’ve always dreamt of becoming a Human Resource Consultant and this dream is finally coming to reality with assistance from the Credit Union. I recently completed studies at the University of Leicester in England with financing by

FHC and will be graduating with a Masters in Human Resource Management and Training in December 2022.

FHC has provided me with more than financial solutions, but also emotional support and sound financial advice. The team in Montego Bay offers an unmatched personal experience, something that is not typically offered by financial institutions and their efforts are truly commendable. I use this opportunity to congratulate FHC on their 10th anniversary and also to encourage the team to continue being of exceptional service to those who they serve. Happy Anniversary!

Cecil Coulbourne TESTIMONIAL YOUNG MEMBER

I am very happy with my experience at First Heritage. Everyone is helpful, friendly and I receive great customer service and timely communication, which is very important to me when doing business with financial institutions. I heard about the Credit Union from a friend who knew about my interest in wanting to consolidate my debts so I found out more information about how FHC could assist me and decided to move forward with the application. Accessing the loan allowed me the opportunity to not only clear the debts, but also to save while borrowing which is an exceptional feature I believe. I look forward to doing more business with the Credit Union and ultimately applying for my Motor Vehicle Loan next. Happy Anniversary FHC!

As part of International Credit Union Week celebrations, FHC Credit Union joined the Credit Unions of Jamaica in hosting a movie night at Carib Cinema on Thursday, October 20, 2022. The Credit Union Members were able to watch the newly released film, ‘The Beast’, featuring actor, Idris Elba and surprised with tokens during intermission.

FHC INVESTMENTS ENCOURAGES EARLY FINANCIAL PLANNING

FHC Investments Limited, a wholly-owned subsidiary of First Heritage Co-operative Credit Union Limited (FHC), through Dr. Sara Lawrence Lewis, newly appointed Brand Ambassador for the firm, encourages young Jamaicans to break free of fearbased approaches to investing and instead harness the powerful tool of investment to assist with wealth generation.

While hosting the first of the three-part FHC “A Fireside Chat With…” webinar series held on Tuesday, December 6, 2022 Dr Lawrence Lewis shared,

“There are so many ways to make your money work for you! I want Jamaicans, myself included, to break out of some of the narrow-minded ways of thinking when thinking about money and investments. You can make the most of the money you earn in order to take care of yourself, put your children or yourself through school and pursue other dreams. You may also be thinking about ensuring that when you get to retirement, there is enough to sustain you with a comfortable lifestyle. Or maybe you haven’t thought about it, but you should.”

Stressing that efforts to deepen financial capacity will have a far better chance of succeeding if they go hand-in-hand with efforts to raise financial literacy FHC CEO Roxann Linton stated, “Seeking out knowledge is the first important step needed to grow. Next is partnering with a qualified financial expert. What we do at FHC to make it holistic, is to focus on the individual. Any plan that is developed is tailored to your needs. Each goal a person may have is considered in financial planning.”

In her discussion on bridging the investment divide; FHC Investments General Manager Karlene Mullings acknowledged the hesitancy among some individuals to start investing citing a common misconception that investing requires hefty sums of money. Mullings encouraged viewers to be wise about their money and not be intimidated by the useful option.

She shared, “I always tell people, it [investing] starts with the right mindset. Investing requires

commitment and discipline. Irrespective of what stage you are at –-a new saver, advancing in your career or a pensioner - it is important to have a good balance of financial products to support you. Saving is important, but investing is what will allow your money to increase in value. The compounding effect in investing is important. The benefits of the returns, such as fighting inflation are useful.”

Noting the concerns of young professionals, especially in relation to affordability, Mullings went further by providing key tips on determining a budget, exploring various financial products requiring different capital investments such as the nuances of stocks, collective investment schemes, bonds and pensions.

FHC is unique in being the only individual Credit Union with a standalone investment company.

“A Fireside Chat With…” turned the discussion up a notch during the pension segment led by Guest Panelist Sanya Goffe, president of the Pension Industry Association of Jamaica (PIAJ).

With questions ranging from the legality of contributing to multiple pension funds to the various investment options that can supplement a pension, part two of the hour-long segment was a topic of much interest for viewers across FHC’s YouTube and social channels.

According to Goffe, “One of the things the PIAJ has recongized is that financial literacy is important, programmes like these [A Fireside Chat With…] are vital, but the reality is that we don’t see financial literacy in Jamaica moving the needle in a sufficiently powerful way. So we need to think about changing the choice architecture and choice landscape to put people in a pension plan. Pension coverage is low and has been low for a very long time.”

In closing, Mullings appealed to viewers to adopt more open, healthier approaches to money matters and start investing at the earliest age possible, age 18.

“A Fireside Chat With…” the FHCIL webinar series features three strategic panel-style discussions held once per quarter and will be aired virtually through Zoom and FHC’s social media platforms to include, Instagram @fhcinvestments, Facebook @fhccreditunion and YouTube channel @fhccu. The remaining two discussion sessions will be aired later this year.

Your debit/ MasterCard is as good as cash and must be protected in order to prevent fraudulent transactions on the account.

These card safety tips, while not exhaustive, offer simple ways you can work to help keep your card account secured.

Practice card protection from day one

For your Personal Identification Number (PIN), do not choose a number that can be easily guessed, is used for other purposes or that is personal to you, such as your birthday.

Keep your card information private

Protect your card information. This includes the card number (PIN), card expiry date and CVC number at the back of the card.

Keep your information current

Notify the Credit Union of any changes in your mailing address, telephone number and e-mail address. That way your alerts and other information will be sent to the correct address or number and won’t end up in anyone else’s hands.

Secure your devices and networks

If you allow your browser to store your card number, you could be vulnerable. To prevent this, consider turning off the autofill function in each browser that you use.

Protect yourself online

Watch out for public Wi-Fi. Don’t shop or conduct financial transactions including checking your accounts, using public Wi-Fi, because it’s a public network, your information can easily be viewed by anyone.

1. Emergency Fund - refers to money you have set aside for emergency expenses. These cash reserves can help to cover the cost of unplanned expenses, such as vehicle repairs. Your emergency fund can also be used to replace your income if you lose your job. Financial experts generally recommend an emergency fund of at least 3-6 months of expenses or more.

2. Maturity Date - is the date the principal amount on your investment instrument, for example a Certificate of Deposit, is due. At this point when the term length is over, savers can withdraw their funds penalty-free. The money they get back includes their initial deposit, plus the interest earned over time.

3. Diversification- the process of spreading the funds in your investment portfolio across many different assets. Diversification is considered an essential step in building an investment portfolio, as it reduces your overall risk. You can diversify both across different asset classes and within specific asset classes.

4. Long-Term Investment Strategy - is one that’s focused on sustained growth over many years rather than quick wins and immediate profits. A long-term investment strategy is consistent with a buy-and-hold strategy, where you put your money into certain investments and allow them to grow for many years.

5. Closing Cost - refers to fees associated with the purchase of a home. Some of these fees may include; stamp duty, registration fee and attorney’s fees.