There are predictions of a recession looming as many people still try to recover from the financial effects of the Covid-19 pandemic.
And, unbelievable as it may seem, others are also still dealing with the aftermath of the 2008 global financial crisis, be it emotionally and/or financially.
Studies show that the emotionally negative effect of financial loss is far greater and lasts longer than the emotionally positive feelings generated by financial success.
Our brains are wired to remember bad experiences and suffering much more vividly and readily than positive experiences.
Many of my clients are reporting how they feel stressed and fearful about what’s going to happen. But, ever the optimist, I believe there is always a glimmer of hope or positivity if you look hard enough.
As individuals, we have little control over what happens to the global economy. But we do have control over our money choices, behaviours and mindsets.
As the old adage goes “charity begins at home”. Apply this to our finances and it rings true, as well.
We can play our part by using our money consciously and with intention. And not letting our fear-driven emotions run the show.
I acknowledge that fighting the rising cost of living is a daunting task but cutting costs and spending is one way to prevent debt in times of high inflation.
However, there is another layer we need to add to our financial toolbox - and that is investing.
If you are an investor, you are unlikely to get relief from the negative financial noise by looking at your portfolio right now. We are facing a bear market and share prices are falling.
But this is the glimmer of hope; a silver lining.
A bear market means stocks are on sale. All the best investors will tell you that now is the time to buy shares.
This is a significant opportunity for investors in the accumulation stage of their lives.
If you have extra cash sitting in a zero or low-interest bank account, it’s effectively losing its value. Now is the time to consider putting your cash to work so you not only retain its value and beat inflation, but also take advantage of the bear market.
If you are already investing, be mindful of your emotions. It can be a stomach-churning experience to see the value of your investments decrease, but it is vital that you don’t panic sell.
If you have done your homework and have a well-diversified portfolio, you will likely have planned for this.
Do your research and speak to experienced investors. It’s not the time to be speculative - in fact, there is never a good time to be speculative.
Make it as easy as possible for yourself and research low-cost exchange-traded funds (ETFs) and index funds with built-in diversification.
Remember billionaire investor Warrens Buffett’s advice: “Be greedy when others are fearful and fearful when others are greedy.”
Take advantage of current investment opportunities, but do your due diligence. Find someone experienced, level-headed and who isn’t receiving commissions to discuss your investment ideas.
Investing is a marathon, not a sprint. Invest now and reap the rewards in more than 10 years
Carol Glynn,
Conscious Finance Coaching
Also think long term. Impatience is one of the biggest killers of your money and investments.
As Mr Buffett has said: “The stock market is a device for transferring money from the impatient to the patient.”
Investing is a marathon, not a sprint. Invest now and reap the rewards in more than 10 years. Your future self will thank you for your calmness and patience during these difficult times.
Carol Glynn is the founder of Conscious Finance Coaching
Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
Stage results
1. Julian Alaphilippe (FRA) Deceuninck-QuickStep 4:39:05
2. Michael Matthews (AUS) Team BikeExchange 0:00:08
3. Primoz Roglic (SLV) Jumbo-Visma same time
4. Jack Haig (AUS) Bahrain Victorious s.t
5. Wilco Kelderman (NED) Bora-Hansgrohe s.t
6. Tadej Pogacar (SLV) UAE Team Emirates s.t
7. David Gaudu (FRA) Groupama-FDJ s.t
8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t
9. Bauke Mollema (NED) Trek-Segafredo s.t
10. Geraint Thomas (GBR) Ineos Grenadiers s.t
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
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
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
SPECS
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The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
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%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
