KENNIESHA BURRELL: Building Generational Wealth in Jamaica: A Legacy That Matters

Introduction

In Jamaica, building generational wealth is more than a financial goal — it's a moral responsibility. It’s the intentional act of creating long-term security for our children, grandchildren, and beyond. From owning property to passing on financial literacy, Jamaicans must recognize the power of planning, investing, and protecting assets through proper legal and financial structures.

What Is Generational Wealth?

Generational wealth includes any financial assets that are passed down from one generation to the next. These may include:

  • Property and land ownership
  • Investments (stocks, bonds, mutual funds)
  • Life insurance
  • Savings and retirement accounts
  • Family-owned businesses

But more than assets, it’s about passing down knowledge — how to manage, protect, and grow what’s been given.

Why It’s Important for Jamaican Families

Generational wealth breaks the cycle of poverty. Many Jamaican families live paycheck to paycheck, and without planning, children inherit nothing but debt or struggle. Creating wealth now ensures future generations can access better education, healthcare, and opportunities.

Practical Ways to Build Generational Wealth

1. Educate Your Family on Money

  • Teach budgeting, saving, and investing early.
  • Encourage open conversations about finances.

2. Invest in Real Estate

  • Owning land or a home provides long-term stability and value.
  • Jamaican real estate continues to appreciate in value.

3. Create Long-Term Investments

  • Use the Jamaica Stock Exchange or unit trusts.
  • Start a retirement plan such as an approved retirement scheme (ARS).

4. Secure Life Insurance

  • Life insurance can ensure your family isn’t left in financial ruin after you’re gone.
  • Consider term or whole life policies.

5. Write a Will

  • Ensure your assets go to the right people without conflict.
  • Include instructions for guardianship of children and management of your estate.

6. Set Up a Trust

  • A trust helps control how and when your children access money, especially if they’re minors or financially inexperienced.

Special Note to Educators

If you're a teacher employed by the Ministry of Education in Jamaica, it is crucial to leave a signed will on file. According to internal policies, in the unfortunate event of your death, your family or listed beneficiary may be entitled to a year’s salary. Without a will, your family could face delays or lose access to this vital benefit.

Helpful Agencies and Contacts in Jamaica

These organizations can help you with financial planning, will creation, and accessing benefits:

1. Ministry of Education and Youth
Website: www.moey.gov.jm
Phone: (876) 612-5700
Email: info@moey.gov.jm

2. Accountant General’s Department
Handles government employee pensions and gratuities
Website: www.treasury.gov.jm
Phone: (876) 922-8320-7
Email: info@treasury.gov.jm

3. National Insurance Scheme (NIS)
Benefits include funeral grants and retirement support
Website: www.mlss.gov.jm
Phone: (876) 922-8000
Email: nis@mlss.gov.jm

4. Jamaica Civil Service Association (JCSA)
Website: www.jacisera.org
Phone: (876) 922-4716
Email: info@jacisera.org

5. Tax Administration Jamaica (TAJ)
For guidance on taxes, business registration, and investment
Website: www.jamaicatax.gov.jm
Customer Care: 888-TAX-HELP (888-829-4357)

6. Jamaica Stock Exchange (JSE)
For stock market investments and educational resources
Website: www.jamstockex.com
Phone: (876) 967-3271
Email: jse@jamstockex.com

Final Thoughts

Building generational wealth requires vision, discipline, and action. Whether you're a teacher, small business owner, or civil servant, you have the power to change your family’s future. Don’t wait until it’s too late. Start with what you have, educate yourself, protect your assets, and leave a legacy worth inheriting.

Disclaimer: This article is for informational purposes only. For legal or financial advice, please consult a licensed attorney or certified financial advisor.


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