The Grenadian Dream: A Road Map to a Better Economic and Financial Future

By Mike Sylvester

If you are struggling financially or just need some strategies to help you achieve your financial goals, The Grenadian Dream: A Road Map to a Better Economic and Financial Future will  help you to: (i) grow and diversify your income; (ii) get out of debt and avoid borrowing mistakes, (iii) put your money to work for you while you are busy doing other things; (iv) prepare you to deal with financial emergencies; and (v) prepare you financially for when you are either too old or too sick to continue working.

Just imagine the peace of mind you will get from having an emergency fund to deal with some unforeseen circumstance, or from just having more of your paycheck in your bank at the end of the month. How about the satisfaction of being able to make a down payment on a major investment or to earn some extra income? These are just a few of the goals and objectives of this life-changing book.

Another key aim of The Grenadian Dream is to excite the imagination about working hand-in-hand to  make Grenada a paragon of economic and financial prosperity. The lessons in this book are not only applicable to Grenada and Grenadians, but have wider regional and international applicability.. 

• Language: English
• Publisher: MIKE SYLVESTER
• Release date: Apr 11, 2019
• ISBN: 9789769618428

Mike Sylvester

Mike J. Sylvester is a Grenadian Citizen and a Macroeconomist by profession. He has a passoion for writing unconventional romance novels. He is currently residing in the United States of America with his family.

Book preview

../../../Users/sylvester/Documents/handover_25758942/d

ABOUT THE AUTHOR

MIKE SYLVESTER IS AN economist, a residential real estate developer and strategist, and an author. He is currently employed as an Advisor to the Executive Director for Canada, Ireland, and the Caribbean at the International Monetary Fund (IMF).  He is also the founder and host of Better Future Conversations, a financial education program, hosted via his website: http://www.betterfutureconversations.com/

A.  TITLE

THE GRENADIAN DREAM

A Road Map to a Better Economic and Financial Future

BY

MIKE SYLVESTER

B.  PRAISE FOR THE GRENADIAN DREAM

THIS BOOK IS A MUST-read for Grenadians of all walks of life. Here is a book that shows you the ropes to building a brighter future. Nicole, Financial Expert.

I have known Mike for many years as an economist at the Ministry of Finance, Grenada. I have nothing but praise for this excellent piece of work. Richard, CPA.

This is the financial success bible. These strategies should be taught to all and sundry. Thanks, Mike, for changing my life. Betty, Tax Advisor.

C.  OTHER BOOKS BY MIKE SYLVESTER

A Champion’s Tale

In Matters of Love and Hate

Between a Rock and a Very Hard Place

D.  COPYRIGHT PAGE

THE GREANDIAN DREAM

A Road Map to a Better Economic and Financial Future

THIS PUBLICATION IS designed to provide accurate and authoritative information on financial literacy topics based on my personal and professional experience. It is distributed with the understanding that neither the author nor the publisher is engaged in rendering legal, investment, tax, accounting, or other professional services.

© Mike Sylvester, 2019

All rights reserved

Written, published, and copyrighted by:

Mike Sylvester

Tel. [phone]

Tel. [phone]

Email: [e-mail]

Website: www.betterfutureconversations.com

This book must not be resold, and no part may be reprinted, reproduced, recorded, or retrieved in any form without the prior permission and conditions in writing from the author.

ISBN: 978-976-96184-2-8 (ebk)

E.  ACKNOWLEDGEMENT AND DEDICATION

THIS BOOK IS DEDICATED to my wife, Natasha, and children, Michael and Nathaniel.

Also, I wish to express my sincere gratitude to all those who have contributed to the successful production of this book.

I salute you all.

Mike Sylvester

TABLE OF CONTENTS

ABOUT THE AUTHOR

A. TITLE

B. PRAISE FOR THE GRENADIAN DREAM

C. OTHER BOOKS BY MIKE SYLVESTER

D. COPYRIGHT PAGE

E. ACKNOWLEDGEMENT AND DEDICATION

II. PROLOGUE

III. DREAMS OF BRIGHTER DAYS

IV. A FALSE SENSE OF SECURITY

V. THE GRENADIAN DREAM DEFINED

VI. A WINDOW OF OPPORTUNITY

VII. ADDRESSING A ROOT CAUSE

VIII. OUR JOURNEY TOWARDS FINANCIAL INDEPENDENCE

IX. PARTNERSHIP FOR SUCCESS

X. LIVING THE GRENADIAN DREAM

XI. FINAL THOUGHTS

II.  PROLOGUE

IT IS SAID THAT THOSE who dare to dream move the world forward. The famous British writer James Allen eloquently captured this profound philosophical thought in one of his inspirational books "As a Man Thinketh. In this bestseller, James is quoted as saying, The dreamers are the saviors of the world."

I have always been a big dreamer and, even to this day, I continue to pursue my dreams with great determination and perseverance. My current dream is to become financially independent. The pursuit of this dream has led me to ponder the concept of a Grenadian Dream, much like the notion of The American Dream invented by historian James Truslow Adams in reference to the United States, back in the 1930s. The United States has always been seen as the epitome of economic and financial prosperity, where success is within reach regardless of one’s initial station in life. Over many decades, images and tales of the so-called American Dream have bombarded us. From the many rags to riches stories, we saw on the little black and white televisions what some families were fortunate to own. From the returning nationals who came back home every year with expensive clothing, jewelry, and stories of all the good they were enjoying in America. Even today, and despite increasing odds, including President Trump’s highly controversial border wall, the American Dream continues to lure tens of thousands of people to the shores of the United States.

I run the risk of being described as foolishly idealistic to talk of such a dream in the Grenadian context. Grenada, on many levels, cannot be compared with the great United States. Unlike the United States, with its huge production base and by far the largest economy in the world estimated at around US$21 trillion presently, Grenada has an economy size of just over US$1 billion with very little natural resources and significant development challenges. There is no way Grenada can offer the plethora of opportunities for its people that the United States can. However, while this may be the case, I strongly believe that Grenada can surmount its challenges and become a paragon of economic and financial prosperity.

In this context, I believe that the dream of a prosperous Grenadian society is possible. I believe that the dream of an economic success story that other countries can emulate is possible. I believe that the dream of a thriving democracy wherein ordinary Grenadians can reach the heights of financial success is possible.

By financial success, I refer to being able to lead healthy and personally fulfilling lives, to be able to adequately meet one’s current financial needs, to be able to retire in comfort in a peaceful and productive society, among other esteemed goals.

However, achieving this dream will require a paradigm shift in our thinking and our actions. This dream has to be embraced wholeheartedly by every Grenadian and the course charted with the tenacity of a bulldog.  This calls for collective wisdom, consensus across the political spectrum, and partnership at every level to implement the credible policies and reforms that are needed. If we own this dream, we can achieve it.

As you may have already guessed, the Grenadian Dream will be explored from a purely economic and financial context. This book will examine in greater detail my concept of the Grenadian Dream. I will also attempt to assess our distance to this frontier. I will provide some big picture recommendations on how we can narrow the gap towards a truly authentic Grenadian Dream. The rest of the book explores the core hypothesis that lack of financial education is a major constraint affecting social and economic progress in Grenada and that, if addressed using a strategic approach, financial education can help transform the current economic and social landscape and improve the living standards of the vast majority of Grenadians.

What this book is not:

This book is not a get-rich-quick scheme;

It is not a political party manifesto; nor

It is meant to constitute public policy advice for any government.

The purpose of this book is three-fold:

1.  To build consensus on the need for a strategic approach to financial education reform in Grenada;

2.  To inspire people, particularly Grenadians, irrespective of their current financial situation,