It is common to think that money is a goal, but this is likely to result in regret. In reality, money is a tool.
I doubt anybody in the final stage of their life wished they had spent more time with their money. Instead, they tend to regret not being true to themselves, working too hard, losing touch with their friends, not expressing themselves, or putting off their happiness.
Every day we wake up, we have one day less left to live. Everybody knows this.
Yet most people do not live their lives with this in mind. Instead, people tend to live their lives as if they will live for ever, believing that there will always be more time to do the things that are meaningful to them.
Money is not a goal. It has no value in and of itself. It is a means to an end.
That's why, when people look back on their lives from their deathbeds, they never regret not spending more time with their money or ruining more relationships to get more money.
“You can't take it with you,” as they say, and there is no value in being the person who died with the most money.
Bronnie Ware, an Australian nurse who spent several years caring for patients during the last few weeks of their lives, routinely asked them about any regrets they had or what they would do differently.
She spoke of the phenomenal clarity of vision that people would gain at the end of their lives and the common themes that surface again and again during these conversations.
Eventually, she wrote a book, The Top Five Regrets of the Dying, and, according to her research, the most common regret shared by people nearing death was: “I wish I had the courage to live a life true to myself, not the life others expected of me.”
Actor Christopher Walken once said that if you knew how quickly people forget the dead, you would stop living to impress people.
What would you do with your life if you didn't need to impress anyone?
Rather than being a goal, money is a tool. Like other tools, it makes sense to know how to use it. It makes sense to tend and care for it. It also makes sense to understand what it's for. And much like any other tool, it can be used for good — and evil.
Separating the idea that money is not a goal and is, instead, a tool can help you to break away from the endless pursuit of more. It helps you to understand how much is enough.
You can also then start to ask yourself what you need to use this tool for.
You can define your financial purpose, which describes the role money plays in your life.
Your financial purpose can become the lens through which you view your money decisions to make sure you're using it in a way that is consistent with your purpose, most important values and life aspirations.
Having a financial purpose means knowing what money needs to do for you. It helps you to understand money's role in your life.
Consider drafting a simple financial purpose statement. When you do this, try to articulate your purpose in a way that will bring you and those you love the most happiness.
Having financial purpose allows you to live your life and be happy. Understanding the role money plays in your life helps you to view money as a tool, so that you can use it to design a life that you would be happy to look back on.
After all, you'll want to look back without regret and say you lived a happy life.
Sam Instone is co-chief executive of wealth management company AES
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
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.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
