Manisha Thakor spent 15 years working in the financial industry before becoming a personal finance book author and speaker. She talks about creating the Women's Financial Literacy Initiative in the US, and pushing for women's economic empowerment globally.
What is the Women's Financial Literacy Initiative? It's the overarching umbrella under which I teach, write and speak about personal finance for women. I started it because I wanted to help women who I perceived as being "under-advised"; meaning they don't fall in the high-net-worth category, so a lot of financial institutions aren't focusing on them. The default language in the financial services industry is very male because most who work in the industry are men.
Share your most important piece of advice.To start saving now. If you're saving, by definition, you're living within your means. It's especially important for women, who still earn 77 cents on the male dollar, and because we live an average of 11 years longer than men.
How do you advocate global women's economic empowerment? I encourage women to think about personal finance as part of their daily self care, the same way they think about their health or taking care of their children, spouse and spirituality. Women historically have not been encouraged across a variety of cultures to think about money in this kind of ongoing, holistic way. On a collective basis, the rising income contribution of women in households in emerging markets such as China or India is enormous, so helping women best to understand those assets is what it's all about.
What are the first steps women should take if they have high net-worth, but low financial literacy? The first step is picking up a good personal finance book. I also ask women to pick a personal finance outlet online and start talking with a club; women often enjoy doing things in communities. Create a personal finance book club. The other thing is to check your current financial institution to see if they have any educational programmes. A lot of firms are offering lecture series, "Webinars" and sometimes free advisory sessions, where you can go in and get your basic questions answered.
Is advice for men different? I feel strongly that there's only one piece of advice that differs between women and men. That's on the asset allocation side, because women live longer and should have slightly higher percentage allocated to equities to offset the inflation risk of living longer. I also feel men and women are equally confused about personal finance because the financial landscape has become more complex over the past 30 years. There are so many more options across every financial product line, whether it be insurance, investments or even basic savings and chequeing accounts - but the education hasn't kept pace with it.
nparmar@thenational.ae
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Empty Words
By Mario Levrero
(Coffee House Press)
UAE currency: the story behind the money in your pockets
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
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