The best personal finance advice is tailored to your individual situation. That said, a few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation.
The following guidelines will help you to save, borrow, spend and protect your money.
Prioritise saving for retirement
In an ideal world, you’d start saving with your first pay cheque and keep going until you’re ready to retire. You also wouldn’t touch that money until retirement.
Even if you can’t save 15 per cent of your income for retirement, as recommended by a number of financial services companies, anything you put aside can help give you a more comfortable future. Borrow against or cash out retirement funds only as a last resort.
Save for a rainy day
You may have read that you need an emergency fund equal to three to six months of expenses, but it can take years to save that much. That’s too long to put off other priorities, such as saving for retirement.
A starter emergency fund of $500 can be your first goal and then you can build it up. While you’re saving, try to create other sources of emergency cash, such as space on your credit cards or an unused home equity line of credit.
Save for college
Got kids? Retirement savings come first, but anything you can save will reduce how much your child may need to borrow.
Also, research shows the simple act of saving for college increases the chances that a child from a low to moderate-income family will go to college.
Borrow smart for college
A college degree can pay off in higher earnings, but lenders may allow you to borrow far more than you can comfortably repay.
If you’re borrowing for your own education, consider limiting your total debt to what you expect to earn in your first year out of school.
If you’re a parent borrowing for a child’s education, aim for payments that are no more than 10 per cent of your income and that still allow you to save for retirement. If your payments are higher than 10 per cent of your income, investigate income-driven repayment plans that could bring down your costs.
Use credit cards as a convenience
Credit cards offer convenience and can protect you from fraud and disputes with merchants. But credit card interest tends to be high, so don’t carry credit card balances if you can avoid it.
If you routinely pay your balances in full, look for a rewards card with a sign-up bonus that returns at least 1.5 per cent of what you spend.
Finance your home smartly
If you want to be a homeowner, the best time to buy your first home is when you’re financially ready and in a position to stay put for a few years.
Opt for a mortgage rate that’s fixed for as long as you plan to remain in the home and don’t make extra payments against the principal until you’ve paid off all other debt and are on track for retirement.
Buy used vehicles and drive them for years
Buying a car right now isn’t a great idea; supply chain kinks and other pandemic-related issues have inflated the cost of both new and used cars.
In general, though, buying a used car can save you money over your driving lifetime, as can driving your car for many years before replacing it.
These days, a well-maintained car can last 321,868 kilometres without major issues, according to JD Power. This means you can get roughly 13 years of service out of your car if you drive it for 24,140km a year.
Ideally, you would pay cash for cars. If you need to borrow, try to limit the term of your loan to a maximum of five years.
Insure against catastrophic expenses
Use insurance to protect yourself against catastrophic expenses rather than smaller costs that you can easily pay out of pocket.
If you have sufficient savings, consider raising the deductibles on your policies to save money on premiums.
Be careful about high-deductible health insurance policies, though. Having a high deductible could cause you to put off medical care and it’s better to err on the side of safety when it comes to health.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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Available: Now
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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The five pillars of Islam
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
