Howard Podolsky, a qualified doctor and health care attorney, is the chief executive of Cambridge Medical & Rehabilitation Center, which offers long-term rehabilitative care. Dr Podolsky, 51, took on the role two-and-a-half years ago. The American graduated from medical school in 1991, completed a law degree in 2004 and an MBA in 2010. He has lived in Abu Dhabi with his wife and five-year-old son for five years.
How did your upbringing shape your attitude towards money?
Growing up in a conservative family that struggled and, as a result, were generally rather frugal with their financial resources, I learnt that money was meant to be spent wisely for a good reason. This has been a rule of thumb since I was a child.
How much did you get paid for your first job?
It was cutting lawns as a child in New York. I got US$10 for each lawn. However, I was lucky enough to get a five-dollar increase amid inflation and a gasoline shortage. This was the silver lining of that economic situation.
Are you a spender or saver?
Generally, I am a saver. However, there are certain times and circumstances when you need to “treat yourself” and spend money on your interests. I truly enjoy exotic holidays, the latest technology and fine dining, so I do not mind spending money reasonably on them.
What is your most cherished purchase?
It was not a materialistic purchase per se, but rather an experience. It was my incredible honeymoon to Fiji more than 14 years ago. We crossed our budget limit but it was honestly worth every penny.
Have you ever had a month where you feared you could you not pay the bills?
I have been working since I was about 10, so I always had the self-confidence to know that I could find some way by which to make money. I have also always believed that through education and hard work, additional opportunities would present and that was one of the things that inspired me to obtain three graduate degrees.
How do you save your money?
Given my business and finance background, I manage my own investments. These include equities, bonds and real estate. My goal is to develop a diversified portfolio and hedge against a downturn in a particular segment of the market. As to daily expenses, I keep in the bank for ease of access and security.
Do you prefer paying by credit card or in cash?
Cash, because it helps to always remain aware of your spending habits.
What has been your best investment?
Our 12-year-old son, Apple stock and my education. I consider myself lucky for having had the privilege and opportunity to be trained as both a physician and an attorney with formal business and finance training, which has opened doors and opportunities for me.
What do you most regret spending money on?
Purchasing a GMC Hummer in 2007 – three months later, the gasoline prices shot through the roof and I was in trouble. I sold it in 2010.
What financial advice would you offer your younger self?
Two words: compound interest. Start saving as early as possible.
Do you have a plan for the future?
To invest wisely and enjoy life.
If you won Dh1 million, what would you do with it?
I would take my family on an extended holiday of their choice, buy the Bentley my wife has always wanted and invest the remaining cash in a variety of low, medium and high-risk investments. And finally, buy myself a movie-style popcorn maker.
What would you raid your savings account for?
To assist a family member during a financial crisis or to buy stock, if I had access, from an Uber IPO.
mkassem@thenational.ae
Follow us on Twitter @TheNationalPF
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
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The burning issue
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
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
