Lindsay Degouve de Nuncques is the head of ACCA in the UAE, the global body for professional accountants. The Briton, 33, has lived in Dubai for the last seven months and works across the country
Describe your financial journey so far.
I’ve always been careful to live within my means, and that means I am generally quite risk-averse when it come to my finances. A university education in the UK leaves many with a financial debt when you start working, so my initial focus was on clearing that quickly. I have always been keen to start saving for my future, so, for example, I joined a work pension scheme at the first opportunity. As my career and income have grown, so too has my expenditure. Moving to the UAE was a key part of that financial journey, an opportunity to save for the future – though you quickly appreciate that while the income is tax-free, the cost of living is by no means small. School fees, rental prices and utilities all mean that to achieve our savings goals as a family, we need to plan and be thoughtful about expenses. But it is possible to enjoy all that Dubai has to offer while also preparing for the future.
Are you a spender or saver?
Overall, I would say I am a saver. But I am inconsistent. I go through periods when I’m very frugal, and I certainly hate to be in debt of any kind; that includes taking short-term payment loans for large purchases. I’d rather save up in advance. But then I’ll go on a shopping spree for things I don’t really need. I have a particular weakness for things for the house.
What is your philosophy towards money?
Only those with limitless funds can afford to be blasé about money. Financial security is always important, and the crises of 2008-09 brought home the importance of having contingency plans. But it can’t be your only motivation in life. Money is necessary to ensure the security and stability for me and my family in the long term and may influence some decisions I make, but is one factor among many. I am also quite happy to live comfortably but not excessively – being a member of the wealthy elite is not something I aspire to.
Have you made any financial mistakes along the way?
My biggest resulted from an aversion to taking risks. When I first moved to London in 2000, the average house price in the area I lived was about Dh1 million. That seemed a lot to me at the time, and while I didn’t have significant savings, access to credit then was very easy, and it would have been possible to purchase a flat. But I chose to rent rather than take that risk. When we came to buy our first family home in 2007, the average house cost was Dh2m, and now, even after the financial crisis, it costs about Dh2.5m. Had I taken a bigger risk and found a way to invest in property earlier, it would have put me in a fantastic financial position today. However, I know others outside London who lost a lot in property from buying at the wrong time, so it is always a gamble.
If you won Dh1m, what would you do with it?
I would save about Dh300,000, spend Dh170,000 on a new family car, and the rest I’d invest in property either here in the UAE or more likely back home in the UK.
What has been your best investment?
My husband. His financial acumen and property investments at a young age have meant we are in a much more fortunate position than many of our peers in the UK.
Do you plan for the future?
Absolutely. With two small children I am already thinking about their education and how I can support future milestones such as weddings and buying their first home. If it was difficult for me in comparison to my parents, it is going to be much harder for them. I want to ensure they have the financial security growing up that I was fortunate to have.
What do you enjoy spending money on?
Holidays. Living in fantastic locations with amazing things to see and do, and with the amazing transport links, I am always dreaming of the next vacation.
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EPL's youngest
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
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- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
Origin
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Doubleday
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Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
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Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
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Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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