I bought my current car in 2007. It was a cheaper version of my dream car. I made the final payment on it in November 2013 and discussed how I would be obtaining my next car with cash – you can read about it HERE.
I saw this awesome post at The Motley Fool a few days ago and a part of the article stuck with me – There’s an old story about a guy taking a smoke break with his non-smoking colleague. “How long have you been smoking for?” the colleague asks. “Thirty years,” says the smoker.View full post
After my credit card was paid off, the loan came next. I had two loans with different banks with a monthly payment of over AED 5,000. Ouch! The interest rates with both banks were also ridiculous. I called up both banks to see if I could lower the interest rate or make extra payments on …View full post
Eek! Most people run from budgets because they feel it’s not realistic to pin yourself down to a list month after month, year after year. I used to view it as cruel and unusual punishment but with a 6-figure debt to pay off back then, I wasn’t in a position to say no to it.View full post
I was having a cappuccino last week while I was going through my mail when I came across my DEWA bill for the month and almost choked. The bill was for over AED 1,000. What the falafel!!! Hitherto, my monthly DEWA bill always fell in the AED 150 – 200 range every month. I am …View full post
Personal finance books are a great way to keep track of your goals and how you’re going to get there as well as pick up new ideas on money management. They’re also good motivation in case you start to run out of steam along the way and trust me, you will especially if you’re a …View full post
So my debt free date was April 30 2014 and I made a resolution to myself that day. The resolution was – Never again in my life, till the day I die, will I ever take out another loan for anything. I’ve received emails from readers saying I can’t see the future and what …View full post
Interesting video about why being in the office from the traditional 9 – 6 doesn’t mean you’re getting anything done from Jason Fried at TED Talks. I’m a big fan of letting people work in the environment where they are most productive. So what does this have to do with being debt free.View full post
It didn’t happen when I was in a tub but it came to me in early 2010 after a very challenging time from 2008 – 2009. The debt culture in UAE is very unique. In most countries, banks run a credit check on you before giving you access to any money. Here, nobody does that. …View full post
Before I had my Eureka moment in 2009, I made a lot of foolish decisions about money considering I wasn’t much of a spend thrift to begin with. I just didn’t have a proper hang on money management back in those days. Today, I wanted to go back and explore a few of the financial …View full post
Aug 26 2014
I’m answering a reader question today (major parts deleted for privacy reasons) – “….if I’m disciplined with my cards, is it okay to have more than one credit card?”
Based on my observation over the years, the average person in UAE is in possession of at least 4 credit cards at any given time with an average limit of AED 8, 000/card. That’s a hefty amount of unsecure money to have unfettered access to.
Aug 23 2014
Whew! It’s been quite some time since I uploaded any new articles. My bad. I have been busy with a lot of life changes. When I started the site, I mentioned my desire for early retirement so I can focus on the things I care about – you can check it out on HERE. Most of what I’ve been doing in the last year has been moving me towards this moment and in the last few months; I have been working out my numbers and saving more than ever to achieve this. I finally decided to strike out on my own end of last month, which is why I’ve been missing in action.
Jul 11 2014
Credit cards get a bad wrap which is true most of the time. Nevertheless, it is still possible to use a credit card to your advantage if you know what you’re doing. Outlined below are the good, the bad and the ugly of credit cards. I’m going to start with the bad & ugly first, just to scare credit card addicts:-
Jul 07 2014
I have received a lot of emails from readers asking about the best and most effective way to hunt for a job in Dubai. Unfortunately, some of the best jobs in Dubai, or anywhere for that matter, never make it to the job market. The positions are either filled internally or through recommendations. However, there are several things you can do to get yourself on that recommendations roaster.
Jul 04 2014
Jun 28 2014
I hate insurance. Payments made in perpetuity for something that might never happen – definitely not my favourite type of pay out. It annoys the crap out of me. However, I still buy insurance anyway. Why? Because of Mr Murphy. I’ve spoken about Murphy in a previous post – Can Emergencies Wipe Out Your Savings?
Jun 26 2014
I’ve received a few emails regarding what my budget looks like now that I’ve paid my debt off. You can find my previous post on What My Budget Looks Like HERE. This was my budget when I was still in debt. Now that I’ve cleared out all debts, I’ve updated it with other items aimed at achieving my life goals. Below is a rough breakdown of my current monthly budget: –
Jun 24 2014
The loan shark scourge in UAE has been well documented in the past. Several tales of horror can be found HERE, HERE & HERE. This isn’t an exhaustive reference by any means. If you are really strapped for cash and can’t or don’t want to provide all the documentation required to secure a proper bank loan in UAE, it’s easy to reach for the easier option provided by loan sharks. It’s fast, devoid of documentation and easy to procure.
Jun 22 2014
As I’ve discussed previously, I’ve been leaning towards an exit from paid employment to pursuing my passion for sometime. In preparation for this change, I’ve been gathering information required to make the crossover successfully and without much stress, given the level of complication with navigating UAE labour laws.