What would an 18-year-old do with Dh665,186? I’m sure a fair few options would have you shaking your head. We just know that a huge chunk - if not all - would probably be frivolously frittered away. Gone. Poof. Just like that.
Now imagine it’s your money, and that the teen is your child - how do you feel about it now? Still the same level of disconnect?
That is a lot of money to hand over to anyone, let alone someone who is yet to work out the value of things, what they want from life and how they will live that life.
The sum quoted is the amount accumulated should you start with zero, and save Dh50,000 every year for a decade, with interest at an assumed 5 per cent that compounds daily. It's my simplified calculation of what else you could be doing with your money, besides paying for the education of your children. With the cost of school fees in the UAE coming in as the second most expensive in the world, according to an HSBC study out last year, and schooling lasting more than 10 years, I am being conservative. Of course you need to multiply this by the number of children you have to get a better indicator of how much you're spending.
I used to say, if you are lucky enough to have a choice, save money in lieu of education spend, and gift it to your child to start out their life with options. However, I am no longer of this opinion.
And it’s not for the reasons cited by most.
Two families I know moved home from the UAE. They now have the option of sending their children to school for free - as expats have to pay for education in the Emirates - but they have chosen to continue paying. Their reasoning is a more traditional one - they want to provide their children with the ‘best’ possible chance at achieving academic excellence.
We spoke of the cost, not only of the fees, but also housing and living in the more ‘desirable’ neighbourhoods they had shortlisted. “At least you get to keep the house” I’d said, in response to them sharing their budgets - the idea being that, should they spend zero on school, they could have the place of their dreams, and stand a chance of recouping that money if they sell later on as opposed to the money disappearing on schooling, that would not be recovered in a direct, tangible sense.
These families epitomise the thinking of most people I come across. It’s about winning, being better, having careers that bring in the bucks.
It is far removed from why I say you should spend on your child.
________
Read more from Nima Abu Wardeh:
It takes true grit and perseverance to achieve real financial success
We must prevent our children from being hypnotised by advertising
How to make sure you get the most from life
The gender retirement gap is frightening for women
________
The more I learn, reflect, observe, the more I realise that what sets us on our path in life - our behaviours, triggers, choices - is what we are exposed to and how we live as young children. So, here is how I would apportion and prioritise spend on my child’s education, if I had the chance to start over again:
* Save and take time off work from the birth until they are at least 2 years old. Have a great fund to dip into. And then ideally work part-time until they go to school.
* Start school as late as possible, and definitely not before 7. The University of Stanford found that holding children back a year, and/ or starting later – at the age of 7 – boosts their concentration and grades.
* Find a school that focuses on play and exploration. You might think it worthless spending on this, but in fact research finds that being allowed to play longer, rather than being taught formally, improves mental health.
* Stick with a school that doesn’t force a choice between the arts and sciences, is not league-table driven, and has a great sense of social contract and interaction. The aim here is to instil the joy of learning, exploring, discovery and governing one’s self.
Of course I want my child to fulfill his potential, to achieve what he is capable of. Of course I wish for my child to be a productive member of society, financially able and a person who strives for betterment, else I’ll have deemed my parenting lacking.
But the priority is to find the right environment to nurture and help them on their journey to finding out who and what they are.
If a free school can enable my child to achieve that, then great, I have won the lottery. Sadly I am yet to find a school that offers this. So, this means it is up to us parents to seek out these environments/ schools and - unfortunately - pay through the nose.
Ultimately, if we want what is best for our children, it's about the investment we make in their younger years - that is where the spend and focus needs to be.
Unfortunately, this also means we have to fork out a fortune to give them our time and the best education we can but that is better than giving an 18-year-old over half a million dirhams. After all, what would they spend it on? Probably, anything they fancy
So, rather than giving them the money, spend it on who they will become.
Nima Abu Wardeh is a broadcast journalist, columnist and blogger. Share her journey on finding-nima.com
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Champion v Champion (PFL v Bellator)
Heavyweight: Renan Ferreira v Ryan Bader
Middleweight: Impa Kasanganay v Johnny Eblen
Featherweight: Jesus Pinedo v Patricio Pitbull
Catchweight: Ray Cooper III v Jason Jackson
Showcase Bouts
Heavyweight: Bruno Cappelozza (former PFL World champ) v Vadim Nemkov (former Bellator champ)
Light Heavyweight: Thiago Santos (PFL title contender) v Yoel Romero (Bellator title contender)
Lightweight: Clay Collard (PFL title contender) v AJ McKee (former Bellator champ)
Featherweight: Gabriel Braga (PFL title contender) v Aaron Pico (Bellator title contender)
Lightweight: Biaggio Ali Walsh (pro debut) v Emmanuel Palacios (pro debut)
Women’s Lightweight: Claressa Shields v Kelsey DeSantis
Featherweight: Abdullah Al Qahtani v Edukondal Rao
Amateur Flyweight: Malik Basahel v Vinicius Pereira
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
COMPANY PROFILE
Name: Shaffra
Started: 2023
Based: DIFC Innovation Hub
Sector: metaverse-as-a-Service (MaaS)
Investment: currently closing $1.5 million seed round
Investment stage: pre-seed
Investors: Flat6Labs Abu Dhabi and different PCs and angel investors from Saudi Arabia
Number of staff: nine
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Dengue fever symptoms
- High fever
- Intense pain behind your eyes
- Severe headache
- Muscle and joint pains
- Nausea
- Vomiting
- Swollen glands
- Rash
If symptoms occur, they usually last for two-seven days
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
Napoleon
Director: Ridley Scott
Stars: Joaquin Phoenix, Vanessa Kirby, Tahar Rahim
Rating: 2/5
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Company profile
Name: Envi Lodges
Started: September 2021
Co-founders: Noelle Homsy and Chris Nader
Based: UAE
Sector: Hospitality
Number of employees: 12 to 15
Stage of investment: Series A
SOUTH KOREA SQUAD
Goalkeepers: Kim Seung-gyu, Jo Hyeon-woo, Song Bum-keun
Defenders: Kim Young-gwon, Kim Min-jae, Jung Seung-hyun, Kim Ju-sung, Kim Ji-soo, Seol Young-woo, Kim Tae-hwan, Lee Ki-je, Kim Jin-su
Midfielders: Park Yong-woo, Hwang In-beom, Hong Hyun-seok, Lee Soon-min, Lee Jae-sung, Lee Kang-in, Son Heung-min (captain), Jeong Woo-yeong, Moon Seon-min, Park Jin-seob, Yang Hyun-jun
Strikers: Hwang Hee-chan, Cho Gue-sung, Oh Hyeon-gyu
The specs
Powertrain: Single electric motor
Power: 201hp
Torque: 310Nm
Transmission: Single-speed auto
Battery: 53kWh lithium-ion battery pack (GS base model); 70kWh battery pack (GF)
Touring range: 350km (GS); 480km (GF)
Price: From Dh129,900 (GS); Dh149,000 (GF)
On sale: Now
In the Land of Saints and Sinners
Director: Robert Lorenz
Starring: Liam Neeson, Kerry Condon, Jack Gleeson, Ciaran Hinds
Rating: 2/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 7-speed dual-clutch auto
Fuel consumption: 10.5L/100km
On sale: Now
Price: From Dh129,999 (VX Luxury); from Dh149,999 (VX Black Gold)
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat