Janelle Malone is the Dubai-based publisher of a website and blog called Women, Money and Style (www.womenmoneyandstyle.com). The Australian, who arrived in the UAE nearly five years ago to work on the Yas Mall development, says the next decade will be fuelled by the 'She-conomy' - but it is important for women to protect their financial futures and become money wise.
How would you describe your financial journey so far?
For many years, I considered myself financially savvy. I bought a property at 21, which in many respects set me up. I then moved to the UAE and started to develop a taste for the nicer things in life. That was perfectly fine as I had a career, which fuelled these tastes. Then I met my husband and together we had a son - an experience that gave me a new appreciation for the true cost of life.
Are you a spender or a saver?
I have learnt that limited thinking leads to having less, while reckless spending can cause major problems in your life. I pay myself first, meaning that our saving takes priority each month. After that, we calculate the amount that can be spent on luxuries. It may mean that I have to wait until the following month to get my perfect pair of shoes or something for my son. But in the end, I would rather have peace of mind over a purchase.
What's your philosophy regarding money?
In my 20s, one of my first boyfriends taught me a lot about property and the importance of regular savings. Then in my 30s, I enjoyed the freedom and independence that comes with a decent wage and a career that can show you the world. Now as a mother and wife, managing money is about teamwork. Emotionally and financially, there's no point in me walking around in Dior shoes if my son can't enjoy his childhood. So today, I am learning how to balance my money and family life, wealth creation and the biggie - self-protection.
What concerns you about women and money?
This next financial decade will be fuelled by women, which many experts now refer to as the "She-conomy". While this news is flattering, the reality is that we have to be smart and money-wise. There will be someone around every turn targeting us for a piece of our money pie. Many career women are so busy making money for their employers that they fail to look after themselves and their own financial plans.
Is this what prompted you to launch Women, Money and Style?
Yes. For some reason, the life changes I experienced brought about a real desire to put them into words. Perhaps it was the hormones after the birth of my son, but it led me to a whole new way of thinking and the launch of Women, Money and Style.
Did you make any financial mistakes along the way?
Mistakes, no. But lessons, yes. I have learnt many financial lessons, mainly in the business side of finance. I think that anyone considering going into business needs to know their market and craft. But that alone is not enough. All the elements need to be in place to get paid. Otherwise, you'll be out of business very quickly.
Do you believe in planning for the future?
Absolutely. Planning for the future has opened up a world of choice for me - the choice not to take a job that I didn't want; the choice to take time out and create my own new business, learn some lessons and have a go again. I believe that anyone who plans for the future achieves his or her goals so much quicker.
Is money important to you?
Money is money. Having money is not as important as the experiences in life that it has enabled me to experience or the places that I have been able to visit. Money is a currency for exchange and when you view it as that, it becomes a lot easier to give and receive.
What is your idea of financial freedom?
The day I truly felt financially free was when I realised that if anything happened to my husband, I would be OK financially. But it's more than just that. If I had to narrow it down, financial freedom to me is about working at a job that I enjoy. It's about having time to spend with my family and it's about feeling safe and secure. Most of all, it's about enjoying and celebrating what I choose to spend my money on, rather than feeling guilty about what I buy.
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Company%C2%A0profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
