Learning how to manage our money can be as easy as going to the movies.
Over the decades, the peaks and troughs of the financial world have made for great cinema. But art can also be instructive.
Despite their focus on larger-than-life characters and a propensity to glamourise excess, many Hollywood blockbusters offer invaluable personal finance insights that we can all incorporate into our daily lives.
Here are five money lessons from the movies.
1. Wall Street
Greed is good, Michael Douglas’s Gordon Gekko tells us in Wall Street, because it drives the evolution of mankind. Oliver Stone’s Oscar-winning 1987 tale of a young stockbroker lured into the world of corporate espionage resonates just as loudly 35 years after it was released.
The film offers a primer on how financial markets work and how investors can benefit from calculated risks. It illustrates the role of demand and supply, how news (and insider information) drive up valuations and underscores the role of market regulators.
Through a gold trade in Hong Kong, we learn how money never sleeps in a diversified global market of numerous asset classes.
At a deeper level, the seminal tale of excess in the 1980s forces us to question our approach to money.
Is greed truly good? Even at someone else’s expense? Our uncertainty about whether Gekko should be a hero or a public enemy speaks to an abiding irony at the heart of capitalism, writes John Paul Rollert, a professor of behavioural science at the University of Chicago's Booth School of Business, “a moral ambivalence that sees us not knowing whether we should wipe the grin off Gekko’s face or mirror it”.
Those questions remain relevant at a time when global inequality is higher than ever. The World Inequality Report in December revealed that the richest 10 per cent of the global population currently take home 52 per cent of the world's income while the poorest half, by contrast, earn only 8 per cent of the total pie.
Lesson: how to make money work for you, but not at somebody’s expense.
2. The Money Pit
Rewind to 1986 for a lesson on what happens when you fall for sob stories and fail to do your due diligence.
Sound familiar? Stories of people who can’t pay their debts make headlines regularly, proving the continued relevance of The Money Pit.
Tom Hanks and Shelley Long play a couple who buy a house under pressure and in a hurry. Purchase made, they realise the building is in worse condition than they thought and requires a succession of expensive repairs — which they don’t have the funds for.
They learn not to trust slick salespeople and that buying a house doesn’t end with closing the deal. Ultimately, they are victims of their own lack of financial planning.
Debt remains a major issue in the Middle East region. About 71 per cent of the region’s youths are concerned about personal debt, according to the 2021 Arab Youth Survey. Last November, 4,511 Emirati citizens had financial debt of more than Dh1.1 billion written off as part of a national relief initiative.
Making purchases without a financial plan to pay for them can lead to one building up high volumes of debt over time. Whether it is a home, a car, a holiday or even luxury shoes on your credit card, consider making a list of each potential expense — and any unforeseen extras in advance.
Then identify a source of funds and try to set aside a few extra months’ payments before actually making the purchase.
Lesson: plan your purchases in advance and always have a financial plan.
3. The Wolf of Wall Street
With total box-office earnings of $392 million, the 2013 story of the rise and fall of stockbroker Jordan Belfort, played by Leonardo DiCaprio, resonated with millions of people around the world.
The Wolf of Wall Street can be deconstructed for its lessons about poverty, ambition, ethics and addictive behaviour — not to mention the way it appears to glorify Belfort’s immoral choices.
But perhaps the biggest financial theme rippling through the Martin Scorsese film is the role of unregulated financial advisers. We see right away how Belfort and his team of brokers drive pump-and-dump rallies on penny stocks by cold-calling potential investors.
Not only is it worth checking their credentials — using sites such as whichfinancialadvisor.com and also by asking about commissionable investments — but it also pays to carry out research on investments beforehand and learn how to identify their potential.
A February 2019 study from Insight Discovery found that 37 per cent of UAE residents want stronger action from regulators against unregulated companies and fraudsters.
Those looking to invest their money should either do their own research — another great theme in the film — or put money into passively managed index funds. As the film emphasises, if an investment sounds too good to be true, it probably is.
Lesson: be wary of financial salesmen.
4. Up
In the 2009 animated film Up, Carl and Ellie begin saving for a trip to their dream holiday destination of Paradise Falls, but must constantly use their savings to fund more pressing needs. When Carl is eventually able to arrange the trip as a surprise for his wife, she falls ill and is admitted to hospital, dying soon after.
The 3D fantasy comedy offers a poignant look at the human character, but it holds an important lesson about the motivators of personal financial planning.
Money is the means to obtaining what we want — but only if we have a strategy on how to use it. Carl and Ellie constantly dip into their emergency fund because they don’t identify separate savings buckets.
It is worth considering having separate funds for medical emergencies, expenses over a period of job loss, unexpected trips and family emergencies. Most banks now offer the ability to open additional savings accounts online; setting up regular direct debits is usually a quick process within your banking app.
UAE residents have finally realised the importance of an emergency fund, with 29 per cent of respondents in a December 2021 survey by online financial aggregator Policybazaar.ae saying they now pay more attention to reducing discretionary spending and creating an emergency fund after the onset of the coronavirus pandemic.
The next step is to identify and save for different goals, including a dream holiday — so that an emergency doesn’t cause you to miss out.
The other lesson in Up is that with medical cover and home insurance, you won’t have to dip into emergency funds to quite the same extent. While you will still need to pay the regular premiums, you won’t be paying for 100 per cent of damages.
Lesson: save for the future but don’t dip into your holiday fund.
5. Willy Wonka and the Chocolate Factory
Nobody likes to read the fine print but it is there for a reason. That message is reinforced through a series of events laid out in the 1971 film Willy Wonka and the Chocolate Factory, as well as the 2005 version starring Johnny Depp.
The musical fantasy follows young Charlie Bucket and four other children who win a golden ticket to visit a chocolate factory, teaching us about good and bad along the way. However, before they — and the accompanying adults — can enter the factory, they must sign a liability waiver shrouded in legal terminology.
When the children are injured, factory owner Wonka shrugs off his responsibility. He even tells Charlie he is no longer entitled to his prize, a lifetime supply of chocolate, because he breached the contract he signed at the start.
Whether it is for an app or a credit card, we are all Charlie when we sign legal contracts in real life. The fine print is often the only place where many financial institutions explain what they are liable for, what incentives they receive and what investment and management fees they charge.
On a credit card, for example, 10 per cent cashback on every purchase may sound great, but reading the fine print will reveal any caps to the maximum refund available, writes Carol Glynn, founder of Conscious Finance Coaching, in a column for The National.
A contract may say you receive 10 per cent or Dh25, whichever is lower — which means you receive Dh25 in cashback, not Dh100, on a Dh1,000 transaction.
Sometimes, the fine print makes it difficult to understand what you are actually signing up for. In such cases, it is best to make a list of questions and ask the institution’s representative before signing up to avoid missing out on that lifetime supply of chocolate when it is too late.
Lesson: always read the fine print.
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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.
MATCH INFO
Qalandars 109-3 (10ovs)
Salt 30, Malan 24, Trego 23, Jayasuriya 2-14
Bangla Tigers (9.4ovs)
Fletcher 52, Rossouw 31
Bangla Tigers win by six wickets
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Read more about the coronavirus
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Origin
Dan Brown
Doubleday
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
COMPANY%20PROFILE
%3Cp%3E%0D%3Cbr%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EClara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPatrick%20Rogers%2C%20Lee%20McMahon%2C%20Arthur%20Guest%2C%20Ahmed%20Arif%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ELegalTech%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%244%20million%20of%20seed%20financing%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Shorooq%20Partners%2C%20Techstars%2C%20500%20Global%2C%20OTF%2C%20Venture%20Souq%2C%20Knuru%20Capital%2C%20Plug%20and%20Play%20and%20The%20LegalTech%20Fund%3C%2Fp%3E%0A
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Coal Black Mornings
Brett Anderson
Little Brown Book Group
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Killing of Qassem Suleimani
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
