Women today are living through a money revolution. We can earn in whichever way we please and we're not only earning good money, we're also equally empowered to spend it at every turn.
Many have labelled this generation the She-conomy. The industries experiencing the most growth these days are geared primarily towards women - think fashion, beauty and entertainment as just a few. But this financial independence comes at a price and if not handled with care, our money matters can quickly head downwards.
Often it takes a major life event to start taking our money seriously. My "ah ha" moment came when I took a career break to have a baby. Whether it was the influx of hormones or a new-found need to protect, I saw parenthood as the catalyst to focus on our financial future.
And so I launched www.womenmoneyandstyle.com. Initially it was an outlet to blog about the transition in a language women could understand. Much to my surprise, I found I wasn't alone.One recurring theme with my readers is debt - avoiding it, but more importantly, getting out of it. Ending the debt cycle begins with empowering ourselves with our minds; shifting away from victimhood and acknowledging that we are capable of change.
When managing debt, I believe in starting with these eight tips:
1: Your health is your wealth
There are two types of insurance you should focus on - life insurance and critical illness insurance, whether you are married or single. Should an unexpected illness or accident occur, you'll rest easier knowing your money matters are in order.
2: Automate your savings
Wealth creation begins with organising your finances. By opening an offshore saving structure and a locally held e-saver bank account, you can cover all of your fixed quarterly costs with a slightly better interest rate. Most banks offer both a savings as well as a deposit account - this is essentially a way of budgeting your money to improve your cash flow.
3: Do your credit check
Credit card debt can quickly get out of control if misused and misunderstood. Ask your bank about every specific charge you are paying, such as interest rates on late payments. Nearly all those with bad debts are guilty of not reading the small print.
4: Work out your budget
Think of having a budget as doing a monthly stocktake of your financial status - knowing what's going out and what's coming in each month will enable you to live a better balanced life. Budgeting beginners should try iWallet, a free iPhone app that tracks monthly expenses or note your spending in a small diary.
5: Activate DCA
Dollar cost averaging or DCA is a regular investment or saving strategy, which takes the form of investing regular amounts into a particular investment or portfolio. How does it work? When you invest in regular monthly instalments (say US$100 monthly for 10 months), you are purchasing more shares when prices are low and less shares are purchased when prices are high. As the markets go up and down, you benefit from the market changes in the long term. These fixed investments take the worry out of investing as, over time, regular saving could help average out any market volatility.
6: Understand how compound interest works for you
As Albert Einstein said: "Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it." Compound interest refers to interest added to the principal, so that from that moment on, the interest that has been added also earns interest. A bank account, for example, may have its interest compounded every year. So an account with Dh1,000 initial principal and 20 per cent interest per year would have a balance of Dh1,200 at the end of the first year, Dh1,440 at the end of the second year, and so on. For the shopper, this unfortunately works against you if your credit card is not paid off. If you knew that a Dh2,000 top will cost you Dh10,000 by the time you finally paid for it, would you have bought it? Probably not.
7: Educate your kids
Money lessons should start earlier than high school. How early? Well, consider starting the topic as soon as they turn five or realise money buys things.
8: Smart style
Be efficient with your clothing budget. Identify your signature look - clothes that fit your lifestyle and look great. Divide them into categories - evening wear, daywear, around-the-house, casual and smart casual. Next, pick out five outfits under each title and organise your wardrobe accordingly. You'll soon find less need for the latest trends, but rather a mere update of what you already own. At the end of the day if you are in debt, do something. Don't bury your head in the sand; it will only get worse.
Janelle Malone is a wealth commentator, writer and author. You can read her blog at www.womenmoneyandstyle.com.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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Origin
Dan Brown
Doubleday
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
CREW
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Company%20Profile
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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.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
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