Symbolic of the fresh start the New Year presents, or a way of setting yourself up for failure the moment January gets going? Opinions on New Year’s resolutions are divided.
While some enjoy making a list of what they hope to achieve over the coming months and look forward to ticking off each achievement, others are convinced that a wish list of things that may or may not get done remains an unwanted nagging reminder of personal disappointment.
“A New Year may symbolise a turning point between the past and the future, an occasion we can call a ‘new beginning’,” says Dr Diana Cheaib Houry, psychotherapist at Thrive Wellbeing Centre. “We make resolutions to encourage ourselves to reach goals that are hard to achieve without a serious decision.”
Mandeep Jassal, a behavioural therapist at Priory Wellbeing Centre Abu Dhabi, says: “New Year resolutions help individuals to manifest their goals and create a vision for the year ahead, which provides both focus and direction. This is particularly useful at the start of the year to give a fresh outlook and purpose for the next 12 months.”
Resolutions differ from person to person and from culture to culture, but similarities often appear in the pledges made.
Weight loss, new jobs or promotions, healthier lifestyles and saving money tend to feature globally, alongside taking up new hobbies, self-care and environmental promises such as reducing waste or recycling more.
A recent survey of more than 2,000 adults in the UK by GoCompare found that two out of five people planned to make resolutions for 2022. Alongside the usual wishes, people also hoped to spend less on grocery shopping and cut back on food delivery.
Why do we make New Year’s resolutions?
The idea of putting together promises for the year ahead has its roots in religion. People used to make small promises to the gods they worshipped, for example, that they would return borrowed items or repay debts. The Romans made their promises to the god Janus, after whom January is named, inextricably linking the practice with the start of the year.
“When we want to change something in our life that makes us unhappy and discontent, we make resolutions to fix that issue,” says Taruna Karamchandani, therapist at Miracles Dubai. “New Year is usually a popular time when people want to press the reset button and give themselves a second chance to get in control of their lives. The New Year is the beginning of a new chapter – a chapter for many to create something new or get some things right.”
Why you should (and shouldn’t) make resolutions
There are benefits to making a list of things you would like to achieve within a set time frame. One that particularly resonates during these pandemic times is the hope that resolutions can offer, along with the ability to believe change is possible. Resolutions can also make the changes we wish to effect feel more concrete and therefore more achievable. The act of writing out them requires a certain amount of introspection and reflection, both on the year past and the one ahead.
“Resolutions can provide a sense of direction, for example, in an individual’s career, spiritual or social life – all of which help to create a growth mindset,” says Jassal. “As individuals learn and expand their mind, they often find this can help them to open up and create more opportunities in their life.”
Alternatively, making resolutions can force individuals into a cyclical rather than organic way of thinking. Much as a person might abandon their diet “until next Monday” if they break it mid-week, so too might resolution-makers be tempted to throw their pledges out the window if they break them by January 20.
More recently, the notion that adhering to a less rigid “resolutions must be made in January” way of thinking has been gaining traction, particularly in conversations around mental health.
“Many people go about attaining their goals from a ‘need’, ‘should’ and ‘want’ space,” says Karamchandani. “It almost gives a sense that if the goal isn’t achieved, their lives will come to a standstill. This ‘desperation energy’ puts unwanted pressure on them, which in turn impacts the momentum, so they are likely to give up.”
Why do resolutions fail?
Resolutions often become a list of unwavering, one-dimensional promises we make to ourselves – lose weight, get a pay rise, meet a partner – whereas the life goals most likely to succeed are ones that are built over years, a fact making them difficult to quantify in list form.
“Any change requires time,” says Houry. “Change is a process that needs to be respected: if we are not ready to eat healthy on December 31, nothing much will change on January 1 to make eating healthy more feasible. What we need to be aware of is that our ‘psychological time’ does not necessarily follow physical time.”
Houry adds: “Knowing that, rushing the process can put us under pressure and set us up for failure. We can start blaming and criticising ourselves, which can have an impact on our self-esteem. If this happens repetitively, we will believe less in our will and in the possibility of change. It can also make us abandon our goals, if not lose hope.”
An intrinsic problem with resolutions is that they are inherently self-critical. Pledges such as losing weight, joining a gym or attaining a promotion are mired in the suggestion that we, as we are now, are not good enough. That if we could only fix certain aspects of our lives, we would be happy. Such an approach to self-betterment leaves little room for nuance, such as factoring in our personal strengths or our worth before we attempt sweeping changes.
“For a lot of us, the resolutions stem from a space of seeking validation from others,” says Karamchandani. “It has barely anything to do with what we would like to feel by the end of the day or year, or how it might contribute to our surroundings.”
Making resolutions during a pandemic
With the global pandemic entering its third year, resolutions aren’t the only thing to have been relegated to the “things we used to care about” pile.
“The pandemic made us realise anything can happen anytime. In other words, things can be unpredictable and what we planned for can simply not happen,” says Houry.
The need for PCR testing, school closures and the novelty having worn off work-from-home – with so much uncertainty in the world, why resolve to do, well, anything?
“The work-from-home routine can make it difficult for many to build relationships with their peers and socialise,” says Jassal. “As a result, individuals are somewhat limited with their New Year’s resolutions and what they can achieve this year in particular.”
The enduring attraction of making resolutions lies in their whitewashing, redemptive appeal. Making a list of all the things you’ll do better this year can help lay to rest the ghosts of failures of the previous year, allowing you to start the next 365 days with a clean slate.
“Let’s not set many resolutions at once,” advises Houry. “Change is a hard process that needs adjustment and can be consuming.”
“With unprecedented circumstances around us, whereby everything is shifting and changing at the speed of light, the resolution that one should make is to be flexible and let go of resistance,” says Karamchandani. “The start of the year or the start of your journey within doesn’t have to begin on January 1. One can commence this journey at any given point during the year. What matters is that you start.”
Mohammed bin Zayed Majlis
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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.”
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Killing of Qassem Suleimani
The specs
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Mohammed bin Zayed Majlis
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
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- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
