Managing money is an essential life skill, yet many adults would fail a financial literacy test.
If you find money confusing, you’re far from alone. But the reasons you’re baffled may have more to do with how our brains work than how money does.
Understanding some of the common barriers, along with strategies to cope, could help you to get a handle on your finances.
Money is a new language
You wouldn’t expect to carry on a fluent conversation in Madrid or Mexico City if you only knew a few words of Spanish. Similarly, personal finance is loaded with terms, jargon and concepts that take a while to learn.
“Entering the world of money is like entering a whole new culture and learning a new language,” says Ed Coambs, a certified financial planner in North Carolina.
You shouldn’t feel stupid for not understanding everything instantly and no one should make you feel that way," he says. "However, learning can be more difficult if we encounter judgmental, condescending or dogmatic people — which, unfortunately, describes many people who are fluent in personal finance lingo.
“Many money experts, professional or non-professional, can become varying degrees of authoritarian: ‘Yes, I know what’s best for you. This is what you should do’.”
People with a rigid approach to personal finance may not understand the culture and life experiences that shaped you. They may insist you funnel every possible dollar into paying off debt or saving for retirement, for instance, but you may feel it’s important to give to charity or support your elderly parents.
Rather than dictating how you should spend, helpful advisers meet people where they are, says Rachael DeLeon, interim director of the Association for Financial Counselling and Planning Education, a non-profit foundation.
“It’s figuring out: what are your values? What’s important to you? And how do you make that work within your own financial situation?”
Money is emotional
For many people, money evokes strong and often negative emotions. For example, if you struggle with managing your finances, you may be so embarrassed that you try to avoid talking or even thinking about money.
“That’s what really stops people from making money progress,” Mr Coambs says. “They feel ashamed that they don’t know — and they feel like they should know.”
Painful early experiences often shape our view of money, says Mr Coambs, author of The Healthy Love & Money Way: How the Four Attachment Styles Impact Your Financial Well-Being. Listening to parents fight about money or suffering financial hardship can be traumatic, leaving us convinced that money is dangerous or shameful.
Mr Coambs suggests discussing your feelings about money with supportive and compassionate people. That could include an empathetic financial adviser, a financial therapist or trusted, knowledgeable friends.
“Action is predicated on feeling safe for many of us,” he says. “Until we feel safe and accepted, we’re typically going to feel stuck and stalled.”
Money is collaborative
Fear is another common emotion people experience around money: fear of making a mistake, not having enough, or being scammed or misled.
“There are a lot of predators in this space and knowing who to trust is hard,” Ms DeLeon says.
Entering the world of money is like entering a whole new culture and learning a new language
Ed Coambs,
certified financial planner
Educating yourself is crucial. You can learn about personal finance basics from trusted sources, she adds.
But you also can hire people to help you. Ms DeLeon recommends fee-only advisers, meaning they’re compensated only by the fees paid by their clients rather than by commissions or other financial arrangements that could influence their advice.
Look for advisers who are fiduciaries, which means they are required to put your interests before their own. Fiduciary advisers include certified financial planners and people with the credentials to offer advice, including accredited financial counsellors and financial fitness coaches.
With money, it’s more important to know who to ask than to have all the answers ourselves, Ms DeLeon says.
“Not everybody needs to be a personal finance expert,” she adds.
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs
UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
Results
6.30pm Madjani Stakes Rated Conditions (PA) I Dh160,000 I 1,900m I Winner: Mawahib, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm Maiden Dh150,000 I 1,400m I Winner One Season, Antonio Fresu, Satish Seemar
7.40pm: Maiden Dh150,000 I 2,000m I Winner Street Of Dreams, Pat Dobbs, Doug Watson
8.15pm Dubai Creek Listed I Dh250,000 I 1,600m I Winner Heavy Metal, Royston Ffrench, Salem bin Ghadayer
8.50pm The Entisar Listed I Dh250,000 I 2,000m I Winner Etijaah, Dane O’Neill, Doug Watson
9.25pm The Garhoud Listed I Dh250,000 I 1,200m I Winner Muarrab, Dane O’Neill, Ali Rashid Al Raihe
10pm Handicap I Dh160,000 I 1,600m I Winner Sea Skimmer, Patrick Cosgrave, Helal Al Alawi
More from Rashmee Roshan Lall
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
Six things you need to know about UAE Women’s Special Olympics football team
Several girls started playing football at age four
They describe sport as their passion
The girls don’t dwell on their condition
They just say they may need to work a little harder than others
When not in training, they play football with their brothers and sisters
The girls want to inspire others to join the UAE Special Olympics teams
Coal Black Mornings
Brett Anderson
Little Brown Book Group
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Manchester City (0) v Liverpool (3)
Uefa Champions League, quarter-final, second leg
Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD
Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
Sting & Shaggy
44/876
(Interscope)
Brief scores:
Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)
England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)
Result: Scotland won by six runs
FIXTURES
New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand
South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
