In a world that seems to be spinning out of control with Covid-19, economic shocks and environmental disasters, stoicism is having a pretty big moment. If you’ve managed to avoid it so far, stoicism is a school of philosophy that goes back to the ancient Greeks and Romans and focused on living virtuously in the moment, and not being caught up in pleasures such as food or spending money. They focused on staying calm in the face of distress, which is something we all could use more of now.
One stoic exercise that has caught on around the world and could help keep us from disaster is called the “premortem” or negative visualisation: thinking about the worst result, then working backwards from there to see the steps to avoid.
Basically, if you figure out what is the worst thing that can happen and think through what would have to happen to end up there, you can avoid the negative outcome by refraining from the steps leading to that result.
Think about the worst result, then work backwards from there to see the steps to avoid
As I’m a personal finance writer, I wanted to focus on a terrible financial outcome that I’ve seen many people face in the UAE: working hard but still ending up broke.
Now, I understand that some things can’t be controlled, such as certain health conditions – not heart disease, diabetes or lifestyle diseases, which can be controlled by better choices – accidents, getting sued, and just plain bad luck. Sometimes, life is a gamble and the universe decides a whole lot of terrible things need to happen all at once.
Covid-19 has taught this to a lot of us. But by going through this premortem process, we can figure out a path that avoids pitfalls and leaves us with a much better chance of success.
So, disregarding things that I can’t control, how would I end up broke?
- Developing a taste for luxury, which can never be satiated because there's always more to buy
- Buying as much property and cars as I can afford, leaving me with no margin for savings
- Not figuring out how much I can spend in a day
- Not tracking my spending
- Unhealthy habits that lead to chronic lifestyle illnesses
- Not buying income-producing assets and investing wisely
- Going with a financial adviser who is only there to sell me things that benefit him
These are not theoretical factors. I’ve seen many friends in Dubai and around the world fall into such traps. These are often people who will always get their financial house in order next year, after they just get through this one thing. But next year never comes, and they stay on the hamster wheel of spending as much as they make or even more than they make, going into chronic debt that leaves them trapped and with no monetary cushion.
Any financial success I’ve had here (and I’m no millionaire, but I’ve increased my net worth seven-fold in the five years I’ve lived in Dubai as a teacher, most of that coming in the past three years after I learned about financial independence) has come from doing the opposite of the seven steps above.
- I've realised that luxury is a trap that just makes you want more, and I avoid it. Every now and again, I'll do something fancy just for the novelty of it, but once you get used to it, it's very hard to stop.
- I've lived in accommodation that costs less than my housing allowance, giving me a raise for doing no extra work. My car was reliable but not flashy, and easy to afford
- I worked out how much I can spend in a day and still hit my savings goals. I've made it a game, so I get a little burst of happiness every day I'm under my spending target
- I track my spending with a Spending Tracker app, so I know exactly where my money is going and only spend about 30 seconds every day doing it
- I've fixed my eating patterns and weight and started some moderate exercise, reversing my pre-diabetes, sleep apnea and other health problems that were caused by terrible eating habits and being obese
- I've invested regularly and intelligently and learned about index fund investing from groups such as SimplyFi in the UAE
- I've avoided financial advisers, so have not been stuck with under-performing financial products that have huge fees, are difficult to get out of and only benefit the person who sold it to me
None of these steps require you to do anything crazy or unobtainable. I’m a pretty average person in a lot of ways. But if you figure out what your financial traps are and focus on financial success instead, you can avoid them.
Dubai schoolteacher Zach Holz (@HappiestTeach) documents his journey towards financial independence on his personal finance blog The Happiest Teacher
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
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
Killing of Qassem Suleimani
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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Scorebox
Dubai Sports City Eagles 7 Bahrain 88
Eagles
Try: Penalty
Bahrain
Tries: Gibson 2, Morete 2, Bishop 2, Bell 2, Behan, Fameitau, Sanson, Roberts, Bennett, Radley
Cons: Radley 4, Whittingham 5
UAE currency: the story behind the money in your pockets
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
