Money, Money, Money — Swedish pop group Abba were dreaming about it when they released their hit song in 1976.
Fast forward to October 2021 and the fantastic foursome had reportedly rung in a fortune of more than $1 billion.
If that is not the definition of securing your financial future, I am not sure what is.
Unfortunately, we can't all be billionaires. Of the approximately eight billion people walking the planet, only 3,331 have achieved this feat, according to Statista.
China leads the world with 1,133 billionaires and the most recent reports suggest that only 13 people in the UAE can stake such a claim.
With that said, Dubai also houses 200-plus centimillionaires (people with a net worth of more than $100 million) and around 68,000 millionaires, according to the Henley Global Citizens Report.
In Abba’s words: “... and still there never seems to be a single penny left for me — that’s too bad.”
But there is still plenty of money to go around; RankRed data shows that about $40 trillion is currently in circulation.
I think it is safe to say that you cannot secure all of it, but with a little bit of strategy and inspiration from the "Abba effect", you can get enough to solidify your family’s financial future.
Long-term horizon
Financial savviness is similar to a healthy diet. If you are trying to get in shape, it might be tempting to chow down on a burger and fries before washing it down with a milkshake, but it is not going to help you reach your long-term fitness goals.
You should opt for salads, water and tea while still enjoying a tasty treat from time to time — when you can afford to.
So, rather than thinking primarily about what’s best right now, your family will be better served if you think about what is best for them five, 10 or 15 years ahead.
For instance, if you are a new parent, or about to be one, you can open a high-yield savings account for your children and deposit increments of money that will compound over time.
With an initial deposit of $100, and then an additional $100 every month for 18 years at a 10 per cent annual percentage yield, your child will be able to start their adult life with a cushion of more than $55,000.
It will also set an example for them to do the same as they continue in life, and if they do this until they are 46, they will have more than $1 million in savings, according to consumer financial services company Bankrate.
Secure your life, secure their future
Last October, Zurich International Life polled 500 UAE-based respondents to understand how they would cope financially should they be diagnosed with a severe illness.
About eight in 10 were worried that becoming seriously ill would deplete their savings.
These concerns explain why more people have been opting for insurance coverage since the Covid-19 pandemic to protect themselves and their families from unseen risks.
Life insurance is an often overlooked component of financial security but two strong options are term life insurance and permanent life insurance.
The former offers coverage for a set amount of time, while the latter covers you for your entire life.
Depending on your situation and budget for premiums, select the best plan for you to add another layer of financial security if you pass away
Bas Kooijman,
chief executive of DHF Capital
Depending on your situation and budget for premiums, select the best plan for you to add another layer of financial security if you pass away.
Seek financial assistance
Setting clear goals, budgeting to save, paying off debts and investing when possible are all strongly encouraged means of securing your family’s financial future.
However, if you choose to take on the responsibility of ensuring that the money you make and save is for the betterment of your family, it is important to view your finances objectively.
With 20 per cent of UAE residents saying they have less disposable income than a year ago, according to a recent YouGov survey, it could be helpful to seek guidance from a trusted financial adviser.
Since money is often an emotional subject, it is easy for your choices to become skewed based on what is most exciting, opportunistic or enjoyable at the moment.
These short-term decisions have long-term ripple effects that tend to produce less-than-ideal results.
Financial advisers can help you avoid these pitfalls by outlining a clear strategy that places you and your family on the right path.
By looking at your financial situation holistically, an adviser will take into account your goals and risk profile to devise a plan that is achievable for you.
The question is, do you want to be Abba in 1976 or 2021?
Bas Kooijman is the chief executive of DHF Capital, a securitisation company for financial services
UAE currency: the story behind the money in your pockets
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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UAE currency: the story behind the money in your pockets
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
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Rating: 4/5
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Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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
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The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
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Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
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