Several years ago, an American admiral gave an inspiring speech in which he recounted crucial lessons he had learnt during his time in the US Navy.
Admiral William McRaven highlighted one particular lesson that he believed to be of utmost significance: how to make his bed.
“Every morning, we were required to make our bed to perfection,” he said.
“It seemed a little ridiculous the time. But the wisdom of this simple act has been proven to me many times over. If you make your bed every morning, you will have accomplished the first task of the day.”
His audience was a team of Navy Seals, who were preparing and learning to become warriors - and they were baffled by the need to make their beds.
Only later did they realise that it gave them a sense of pride and motivation to accomplish another task. And another.
His message spread like wildfire and it’s something that still resonates with me today.
But how does this relate to wealth? Everyone wants to get their financial house in order and be able to balance spending and saving, while prioritising between needs, wants and savings.
But, like life in general, it’s the small, seemingly insignificant things we do, the things that become almost mundane in routine, that make the world of difference – like making your bed every morning.
While many investors are saving as consistently and systematically as they can, sometimes you can help your journey to a flourishing future by scrutinising your spending.
It’s questioning whether you really need to eat out three times a week, whether you need that new car or that new iPhone.
It’s not a glamorous task at all, but staying on top of your finances is something your future self will thank you for.
Elizabeth Warren, a distinguished bankruptcy expert from Harvard, concurs with this perspective. Additionally, she holds the position of a US Senator representing Massachusetts and has been recognised as one of the Top 100 Most Influential People in the World by Time magazine.
She coined the 50:30:20 rule for spending and saving, which is about allocating your income according to needs (50 per cent), wants (30 per cent) and savings and investments (20 per cent).
So, let’s say your take-home pay is Dh100,000 ($27,230) a month. Using the 50:30:20 rule, you should spend no more than Dh50,000 on your rent or mortgage, car payments, insurance premiums, groceries, and other life necessities; Dh30,000 on “wants” like clothing, eating out, socialising, gym membership and Dh20,000 on savings and investments.
What’s interesting about this practice is that you’ll be able to see where you’re overspending or how you’re prioritising certain financial obligations.
You can use it whether you’re young or old, a high- or middle-income earner, and anywhere in the world.
Of course, life can never be so cut and dry, and rules are flexible. Many of us may need to adjust according to our own lifestyles.
However, when people look to reduce costs, it’s interesting to see many would cut back on the 30 per cent category (wants) or even the 20 per cent (savings and investments), instead of the bigger percentage of “needs”, which goes towards our house and often, car.
Of course, if you’re already putting enough away and have a good amount of disposable income, there’s no reason for you change where you live.
Where we choose to live also has a lot to do with where we work and where our children go to school.
Life is a series of trade-offs. I’ve said this many times before; some of the world’s millionaires are known to live below their means.
Let’s look at cars. The three most popular car brands among American millionaires are Toyota, Honda and Ford.
As for billionaires? As Andrew Hallam explains in his book Balance, nine of the 17 richest people in the world drive cars worth less than $50,000. Amazon's billionaire founder Jeff Bezos drives a Honda Accord.
If they’ve managed to avoid the temptation to overspend, you certainly can, too.
It just takes focus, self-control and support from the right people. It’s about behaving yourself to wealth.
Sam Instone is co-chief executive of wealth management company AES
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More from Rashmee Roshan Lall
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
