The results of the 2014 Savings Index confirm what we already know: the rising cost of living is affecting the financial stability of many of those who live in the UAE. As The National reported yesterday, the study compiled by National Bonds Corporation found that residents are less able to save, with most people identifying rising rents and utility bills as major sources of pressure on the domestic budget.
This problem has other implications, with people not just failing to save but having to borrow to make ends meet. More than half of the 1,877 people who took part in the survey, said they had outstanding loans, with more residents saying they relied more on their credit cards in the past 12 months than before.
There are no reasons to believe that this will change in the short term. Inflation is rising – in Dubai at its quickest pace in five years – driven by the cost of housing across the UAE.
Adjusting to this new reality requires individual responsibility, with individuals and households needing to rethink their lifestyles and find ways to cut their spending so it matches their income.
Within the Emirati population, there is no strong culture of saving. This is understandable, given the generous social support network and welfare system that makes it easier for Emiratis to not have to worry so much about their future financial stability.
But there are reasons to argue this should also change. Spending less than one earns is always healthy. It fosters independence and offers the prospect of long-term financial health. It can also be good for the economy because the saved money will probably be used domestically rather than to buy imported consumer items like widescreen televisions, jewellery and designer bags, with the money going offshore to the countries of manufacture.
This new reality provides us all with an opportunity to evaluate our spending habits. Sometimes the things that we think we need are actually just the ones we want and can afford to live without.
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Mercedes V250 Avantgarde specs
Engine: 2.0-litre in-line four-cylinder turbo
Gearbox: 7-speed automatic
Power: 211hp at 5,500rpm
Torque: 350Nm
Fuel economy, combined: 6.0 l/100 km
Price: Dh235,000
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
RESULTS
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What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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