Artistes urged to plan for retirement
CARLINGTON Morrison, music producer and former performer, is planning for his retirement.
The 35-year-old father of one, has been consistently investing a part of his income with the JN Individual Retirement Scheme (JNIRS) established by the Jamaica National Building Society a year ago.
"I recognised that although you may enjoy success in the industry, music is not necessarily stable," he said.
Morrison has worked with artistes including George Nooks, Turbulence, Gyptian, Busy Signal and has performed with Richie Stephens.
"You may have a hit song and everyone thinks you are making millions; but that is not always case," he said. "I looked at it and, said I am still young, therefore, I should focus and work toward having some stability when I am old."
Morrison said not many entertainers understand the value of pension planning.
"There are a lot of people around me now who have left the business and don't have anything to fall back on; and that was one of the main reasons why I decided to join the JNIRS," he said.
Teddy Laidley, industry advocate, said that this is a challenge for many persons in the entertainment industry.
"There are many artistes and producers who are making crazy money and have no one to guide them," Laidley said. "They are using money to replace money and are not using money to create money," he said, emphasising the need for financial institutions, such as JNBS, to become more intimately involved with the industry.
"Some of the entertainers entering the business don't even have savings accounts," said Laidley.
"Many of them don't have the knowledge and understanding of how to manage their money. Therefore, they merely consume their wealth," he said.
Clyde McKenzie, entertainment industry insider, said the financial sector generally has not been facilitating of entertainers' activities; and the practice is for them to invest in tangible assets that they believe they have control over. He said while some enter businesses such as salons, clothing stores and restaurants, there is a tendency is to invest in infrastructure.