When life changes, money changes. And when money changes, life changes. Transitions in life are not only inevitable, they are constant. In fact, life is not linear but a set of many transitions. And with these transitions, come setbacks.
I am currently moving house. I was away with my son during the key moving weekend and, perhaps naively, imagined I would come back to my new home, with my wife and movers having seamlessly taken care of everything while I was away.
But a series of setbacks prevented this. In my frustration and amid a sea of boxes and bubble wrap, I glanced over to see my son playing Super Mario on his Switch. He was celebrating moving up a level.
This helped me to remember that challenges exist at every stage or transition. Finishing one change means you advance to another.
As a professional planner, I commonly guide clients through more than 30 familiar life transitions such as moving countries, marital issues, retirement and estate planning. Like Super Mario, life without setbacks, challenges, opportunities or struggles would be a boring existence. Not only would we be bored but we would never be able to learn and better ourselves.
Financial setbacks should not only be expected but also welcomed.
If you ask people what a perfect world looks like, you might get a world where life is effortless, with no stress and no worries.
Even though it seems like paradise on the surface, this mythical world falls apart with a little bit of thought. Humans adapt to their surroundings very quickly, something known as hedonic adaptation, so being happy all the time would become our new normal.
And if that is normal, then we would need to feel extra happy to feel a little bit of joy. And what we consider normal today would be sad in this new world.
There will be challenges and setbacks in your financial life. Benjamin Franklin once said that the only guarantees in life are death and taxes. However, Franklin missed one other guarantee: setbacks.
Setbacks will happen and pretending that they will not is futile. If you assume there will be no setbacks, then you, almost by definition, will feel bad when the next setback comes (which it inevitably will).
But since you should have known setbacks will happen, feeling bad is effectively your choice. This does not mean we can predict the future.
If we are talking about investments, we know from data there will be a severe downmarket in the future. After all, an economic cycle goes around and comes around.
What we do not know is when it will happen, why it happened or how long it will last. Those are the unknowns.
Similarly, you will face unexpected expenses. You do not know how big that expense will be, when it is going to happen or why it will happen, but it is a guarantee there will be unexpected expenses in your future.
Other setbacks are not guaranteed, but possible. For example, my son might have failed that exam I took him away to do. I might get gazumped on the house I wanted to buy.
The promotion you wanted might go to an outside hire. Your company could go out of business. You can argue with your partner about money. Your children might run into financial struggles and need money from you. Your parents might need financial help.
These are all possible. Some of them are not very likely but others are more likely than you think. Again, we do not know when they will happen, why or how long they will last. Only that they are possible.
Changing our mindset to expect setbacks will make us more resilient in the future.
Instead of being upset when the next setback happens, we can reframe it as a learning opportunity or invitations to solve interesting problems
Sam Instone,
co-chief executive of AES
It is important to understand adversity is necessary for growth. If you have never had to solve a problem, then you have no skills to solve problems. Setbacks and adversity give us the tools that we need.
Instead of being upset when the next setback happens, we can reframe it as a learning opportunity or invitation to solve interesting problems. We can view setbacks in such a way that we look forward to coming out on the other side with our new skill set, knowledge and ability.
As with the case with my moving day misery, setbacks will happen to you. Pretending they will not happen is not going to help you. Instead, reframe setbacks as opportunities for growth. Train yourself to reframe a setback as soon as you are aware of it as it may prevent you from feeling angry about it. Not being angry is necessary to come up with the best solution we can for the setbacks that life throws our way.
Life is not linear and your plan for it should not be either. Setbacks are not our enemy; they should be welcomed. It simply takes a little bit of a mindset change.
Sam Instone is co-chief executive of wealth management company AES
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
TOÂ ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring:Â Lana Condor and Noah Centineo
Two stars
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Company%20profile
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
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INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
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THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
