Let me tell you a secret, the secret that most people do not know about, yet it is so obvious,
Our modern-day education systems are designed to produce employees, not wealthy people.
Everyone studies a profession to become an expert in his/her field of choice i.e. ‘To become a doctor, you study medicine’, ‘To become a lawyer you study Law’, ‘To become an Engineer you study engineering’, and so on for all the professions out there.
But what do all the people taking up these professions have in common?
Think about it !!!
It’s the desire to make money, or more appropriately, fulfill their desires and dreams, using the money that they make in their profession.
So, if the main objective is to make money, how many people take the time and effort to learn about ‘How to make money’ and keep it?
There is no formal education to teach Personal Financial Planning in today’s education system, which is why it is all too common to see individuals and families struggling with debt and finances in the UAE.
Many expats believe it is not possible to become wealthy without being a businessperson or inheriting some money. This is very far from the truth. If a person has some basic financial understanding, a plan and some discipline it is a very reasonable expectation to enjoy a very comfortable retirement and become a “millionaire” or “rich”.
I hope to help you with the first two parts, basic financial understanding and help develop a plan, the rest is up to you.
Personal Financial Planning is nothing but a method of keeping more of the money you make and using it to meet your financial goals and objectives. The way these basic well-known principles are applied, can make the difference between ‘Success and Failure’, or ‘Happiness and Sorrow’.
So what does all of this mean to you?
If you are reading this article, you are most probably an expat in UAE, who has come here specifically for a better standard of living and/or to make more money and to fulfill your dreams.
Please read my article on ‘What is Financial Planning’ to get more insights on how Personal financial planning can help you as an expat in the UAE.