Pocketful of Dirhams

Personal finance expert and author Andrew Hallam has inspired expatriates around the world to invest more effectively through his international bestselling books Millionaire Teacher and Millionaire Expat, which detail his journey about how he built a million-dollar portfolio of low-cost exchange-traded funds on a teacher’s salary. Hallam, who started investing as a teenager and became a millionair...

With so much talk about stagflation, inflation, stock market bubbles, the Covid-19 pandemic and the supply chain crunch, investors have every right to feel jittery these days. And as central banks start preparing to withdraw their pandemic stimulus measures, now is the time to put your investment portfolio through a stress test to help protect your financial future. Taking steps to shield your por...

Almost everybody has dreamt of one day winning a life-changing amount of money. For most, however, it remains nothing more than that: just a dream. But for Junaid Rana, a 36-year-old Pakistani driver who grew up in Dubai, that dream became reality when he won Dh50 million ($13.6 million) after entering a Mahzooz weekly draw last month. He’s gone from earning Dh6,000 a month as a company driver to...

“Money doesn’t grow on trees” is an expression we have all heard at some point in our lives. It might be something our parents told us or we tell our own children when they demand things that are too expensive. The transformational coach and yoga teacher Esra Ogut, author of Money Does Grow on Trees: The Myths We Create and Live By, says the reverse is true.   Ms Ogut, a former shoe salesgirl from...

If there’s one lesson that the Covid-19 pandemic has taught us, it’s that being financially secure during times of uncertainty is crucial. This includes having a financial safety net to protect against job loss or other unforeseen events, as well as saving and investing for the future. But money skills continue to lag, according to a 2019 financial literacy survey by Visa, which found that 43 per...

Video game players have discovered a lucrative side hustle – earning cryptocurrency by signing up for play-to-earn games.   One of the most popular play-to-earn games is Axie Infinity , which allows players to accumulate tradable cryptocurrency coins. In fact, it’s become a financial lifeline for many gamers who have lost their jobs in countries such as the Philippines, Brazil and Venezuela.   Bui...

Building up an emergency fund to ensure you are protected against any financial surprises is one of the golden rules of personal finance. But once that emergency fund has hit its target of about three to six months’ of your monthly expenses, what should you do with the rest?   While many choose to invest their money to grow their net worth over time, others prefer to sit on their savings – storing...

Over the past 18 months, the world has changed more than anyone could have predicted. The Covid-19 pandemic brought the world to a standstill, shutting businesses, schools, offices and shopping malls, and confining millions to their homes for long periods of time. While many saw their incomes dwindle or lost their jobs altogether, others boosted their savings as movement restrictions prevented the...

Numerous studies around the world are indicating that a four-day working week can be successful, leading to an increase in productivity and happier, healthier employees as the work-life balance improves. Governments and private companies in countries such as Spain, New Zealand and Iceland have been experimenting with a reduced working week without cutting employees’ salaries.   Here in the UAE, a...

The UK’s property market experienced a mini-boom during the pandemic with house prices rising 8.5 per cent last year. This was in sharp contrast to Britain’s wider economy, which was hammered by the fallout from the Covid-19 crisis as the country endured a series of lockdowns.   While a stamp duty holiday helped to propel the market upwards, easier access to mortgage finance and a lockdown-induced...

Trust is key in any relationship, but when it comes to your money you need to be sure the person offering you advice is 100 per cent reliable. The relationship between the UAE financial advisory sector and resident investors has been dented in recent years due to the mis-selling of expensive savings, investment and life insurance products.   A number of regulatory changes rolled out last year aim...

Interest in trading has surged during the Covid-19 pandemic, with retail investors flocking to platforms such as Robinhood and Etoro to buy and sell stocks.   With time on their hands during movement restrictions and extra money to invest after a series of government stimulus packages, retail traders around the world have embraced the "gamification" of trading, which has been driven by US meme sto...

If there is one lesson the Covid-19 pandemic has taught us, it is to be financially prepared for once-in-a-lifetime events.   In a world where living beyond our means and being in debt has become the norm, setting up a financial safety net to protect our personal finances during economic downturns, such as the Covid-19 pandemic, can be difficult for many.   While the debt-free journey can be hard...

As the popular saying goes: money does not grow on trees. But wealth can grow through careful money management. While getting on top of your finances may seem like an insurmountable task for some, taking control and being consistent will help you turn a time-consuming chore into a habit you actually enjoy.   From tracking your expenses to following a simple budget and cutting down on unnecessary e...

It’s hard to pick up a newspaper these days without some reference to  cryptocurrencies on the pages. But for some, the world of crypto assets and Blockchain technology seems like another language. Since Bitcoin was first created after the 2008 financial crash, cryptocurrencies have multiplied, along with their value. While the rise and fall of crypto assets has been well documented with some inve...

While the start of 2021 was bleak, with the world still in the grip of a pandemic that had already ravaged major economies, the outlook now is more positive. There is a sense of hope, thanks to rapid progress on the vaccination drive and coronavirus restrictions easing once again. The global recovery is backed by huge levels of monetary and fiscal support, as well as improving growth and earnings...

The topic of salaries can be a sensitive subject between couples, but what should spouses do if their partner earns more or less than they do? There are a number of issues for couples to be aware of in this situation, such as some partners believing they deserve a bigger say in shared finances because they earn more, which could lead to resentment. Financial experts say this should never be the ca...

Consider this: You’ve just received a promotion and a pay rise at work. But what plans do you have for that extra money? Will you save it – or will you spend it? For some, saving is the obvious way forward because they are happy to live within their means on their old salary and anything extra is a bonus to secure their financial future. But for many others, the temptation is too great and they se...

While the Covid-19 pandemic has changed the way we live and work, it has also accelerated our switch to using contactless cards and e-wallets to pay for goods and services. Millions of people have opted for cashless payments since global lockdowns came into force in March last year amid concerns about the spread of infection through bank notes and coins. In March, a survey by moneytransfers.com, w...

It’s been more than a year since our 2020 travel plans were disrupted because of the Covid-19 pandemic – and many of us are keen to get back in the air, visit family or take a well-deserved holiday. With vaccination programmes now in place in many countries around the world and travel corridors opening up, it's time to start planning our summer vacations. There are a number of financial factors to...

The UAE property market is buoyant once again after changes to mortgage rules and new visa programmes for expatriate retirees and foreign investors boosted sentiment in the sector. Dubai property transactions hit their highest level since 2010 in the first quarter of this year, according to ValuStrat. The positivity in the market is encouraging many first-time buyers to snap up a home at a time wh...

It’s all very well to keep your personal finances to yourself when you are single. But what happens if you continue this habit when you are married? Financial infidelity can have a devastating effect on a marriage and create huge trust issues between couples if one of them is not honest about money. From hiding purchases to having a secret bank and credit card account or taking out a loan without...

When a group of debt experts sat around a conference table at The National’s office in Abu Dhabi five years ago, they never imagined the discussion would help to ease the debt problems of hundreds of UAE residents. At the time, banks were inundated with borrowers unable to repay their liabilities because they could no longer take on fresh credit following the launch of the Al Etihad Credit Bureau....

Becoming a millionaire is a dream for many – to have the financial freedom to never worry again about paying bills or living from pay cheque to pay cheque. But reaching that $1 million mark is easier said than done. It takes patience, discipline and a "millionaire mindset" to reach your financial goals. It’s also about having a long-term investment strategy, living below your means and sticking to...

While saving and budgeting are important habits to teach children when they are young, financial experts say generosity and gratitude are also essential components of financial literacy programmes. Understanding the importance of giving back can lead to positive affirmations for children, making them feel as though they can make a difference in the world and help others less fortunate. According t...