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Forbes
5 days ago
- Business
- Forbes
3 Smart Money Moves To Build Wealth During Uncertain Times
Building wealth can be a challenging task, especially in challenging economic times. Recent economic uncertainties —including concerns about job security, rising tariffs, ant the significant increase in the cost of everyday food items like eggs, meat and fish —highlight the urgency of reassessing our financial habits. The current economic climate demands that we become more intentional about how we plan and manage our money to secure a better future and build wealth. While most people would love to have solid finances and secure their long- term financial future, the reality is very different at the moment with 57% of Americans living to paycheck according to a recent MarketWatch report. And, according to a recent Gallop survey, 53% of Americans are now concerned about their financial future, - the highest level recorded since Gallop began tracking this data in 2001. Here are three things that you can implement if you're looking to get a stronger hold on your finances and build wealth despite these challenging times. Young family with cute little baby boy going over finances at home Tracking your spending over the next 30 days can improve your financial health. It can also allow you to pinpoint areas where expenses can be reduced. Common budget drains include unused subscriptions, avoidable fees and charges such credit card interest, overpaying on utilities, cable, phone plans. Apps like Rocket Money and Trim can help you identify and manage unused subscriptions and negotiate bills. Additionally, apps like Empower, You Need a Budget (YNAB), and Monarch can help you take a close look at your expenses and identify where you can reduce your expenses and redirect those savings towards your wealth building goals. You can even take it a step further and budget every dollar to minimize unintentional spending and increase savings. While aggressively paying off debt can contribute to your peace of mind, there are times when a dual approach— paying off debt while also investing in your future— makes better financial sense. If your debt carries an interest rate below 7%, it may be wiser to make regular required payments towards your debt while investing the difference. Historically, the stock market has returned between 7 and 10 % annually and provides a way to build significant wealth over the long-term rather than simply being debt-free or having a zero net worth. Also, prioritizing having an emergency fund of at least six months of living expenses can provide a financial cushion that is crucial in these challenging times. And passing up opportunities such as an employer 401K match or investment opportunities during market downturns to solely focus on getting out of debt can be detrimental to your financial future. Additionally, it's important to start investing by using tax-advantages accounts like 401Ks, 403bs, IRAs to ensure that you are minimizing your tax burden, which will in turn give you more money to invest and provide a bigger opportunity to build wealth. In many cases, investing the difference between your required low interest debt payments and any remaining funds can make a huge difference in your long-term wealth. A couple of young businessmen are astounded by the profits coming in. The S&P 500 dropped by 4.84% on April 3rd, 2025, and by another 5.97% on April 4th, 2025, This year, we witnessed the sharpest declines in the S&P 500 and NASDQ since the COVID-19 crash. Yet by mid-May 2025, the market had rebounded and had regained all its April losses. This pattern shows why it is important to continue to invest even during market downturns, when the market can provide opportunities to buy quality investments at lower prices. This year, we are likely to see more volatility in the market, but that doesn't mean you should step back. It's extremely difficult to time the market. That's why it's wise to dollar cost average into good companies, it will pay off in the long run. Asset allocation dividing an investment portfolio among different asset categories. Diversifying your investments is important in any economic environment, but it's even more important during periods of high market volatility like what we've experienced so far in 2025. For instance, if all your money was invested in Nvidia prior to March 31st, your portfolio would have experienced a drop of 14.7% during those same two highly volatile days of April 2025. In contrast, if your money was spread across a total market ETF like VTI or a VOO, your portfolio would have temporarily declined — by 10.3 and 10.7%, a less severe drop. Diversifying your investments and including low-cost index funds as part of your investment strategy is always wise. If a recession were to hit, no one could predict which stock will thrive 15 years from now —but 100 year of history shows that the broader market tends to recover and grow over time by 7 to 10 % every year on average. By spreading your investments across the market, and into alternative assets like real estate, you can reduce risk, manage volatility, and build a solid path to long-term wealth. Regardless of your current situation is, it's beneficial to closely examine your spending to reduce waste, implement a debt repayment strategy that also optimizes wealth building, and review your investment approach to put enough emphasis on diversification.
Time Business News
28-05-2025
- Business
- Time Business News
How to Manage Money as a Student: Budget Tips for College Success
Managing money as a student isn't just about skipping lattes or buying used textbooks. It's about building smart habits that stick with you long after graduation. When you're balancing tuition, living expenses, and limited income, every dollar counts. And while budgeting may sound like a chore, it can actually give you more control and peace of mind. Here's a practical, step-by-step guide to help you get a handle on your finances during college—and set yourself up for long-term success. The first rule of money management is knowing what's coming in and what's going out. Start by listing all your sources of income—whether it's part-time work, a scholarship stipend, parental help, or financial aid. Then, break down your monthly expenses. This includes: Rent and utilities Groceries Transportation Phone and internet Tuition and fees (if not paid up front) Subscriptions and entertainment Categorize them into 'needs' and 'wants.' This doesn't mean you can't have fun. It just means you need to know where your money's going so you can make intentional choices. Apps like Mint and YNAB (You Need a Budget) make this easier by tracking spending and helping you set limits for each category. Once you have your budget mapped out, fund your essentials first. Rent, utilities, groceries, and tuition payments should always be covered before discretionary spending. A common budgeting rule is the 50/30/20 model: 50% of your income goes to needs of your income goes to needs 30% to wants to wants 20% to savings and debt repayment While this may not fit every student's situation perfectly, it's a solid starting point. Adjust the percentages based on your actual income and obligations, but don't let savings drop to zero. College students have access to a surprising number of perks—if they know where to look. From transportation and software to restaurants and streaming services, student discounts can significantly reduce everyday costs. Websites like UNiDAYS and Student Beans compile current offers and exclusive deals. Many major brands also offer educational pricing directly on their websites. For example, companies like Apple and Adobe have special pricing for students that can save you hundreds of dollars a year. Using student discounts wisely allows you to afford the things you enjoy without sacrificing your financial goals. Life is unpredictable. A sudden car repair or medical bill can derail your entire budget if you're not prepared. That's why even a small emergency fund matters. Start with a modest goal: $300 to $500. Keep it in a separate savings account, ideally one that earns a bit of interest. This buffer will help you avoid relying on credit cards or borrowing money when the unexpected happens. Remember, the point isn't to save thousands overnight. It's to develop the habit of saving consistently, even in small amounts. Credit cards are useful tools—if used correctly. They can help you build a credit history, which you'll need for future goals like renting an apartment or buying a car. But they can also be dangerous if you treat them like free money. Here's a smart approach: Use your card for small, planned purchases (like gas or groceries) Pay off the full balance each month Avoid using more than 30% of your credit limit And never take out a credit card just for the rewards. If you're not confident you can manage it, stick to cash or debit until you are. Between classes and assignments, your time is limited. But even a few extra hours of paid work each week can make a difference. Look for jobs that fit your schedule and skill set: On-campus jobs (library, tutoring, front desk) Freelance work (writing, design, coding) Part-time remote gigs (customer service, virtual assistant) Some students also explore work-study options, which are often more accommodating to academic responsibilities. Just be sure your job doesn't interfere with your grades. The return on your education is your top investment. Budgeting isn't something you do once and forget. Your expenses and income will fluctuate, especially in college. Check in at the end of each month and adjust your plan. Ask yourself: Did I overspend in any category? Are there recurring charges I can cut? Did I save as much as I planned? Over time, you'll get better at spotting trends and avoiding financial pitfalls before they happen. You don't need a finance degree to understand how to manage your money. But you do need to know the basics. Look up concepts like: Interest rates Student loan repayment options Budgeting strategies Credit scores Resources like Investopedia offer clear explanations and guides that are beginner-friendly. The more you know, the better decisions you'll make—and the fewer financial regrets you'll have later. Managing money as a student isn't about being perfect. It's about being proactive. Every meal you cook instead of ordering, every discount you claim, and every dollar you save adds up. These small steps create a mindset of responsibility and independence that will serve you well beyond college. It's not always easy, but it's always worth it. Start now, and you'll thank yourself later. TIME BUSINESS NEWS
Yahoo
30-04-2025
- Business
- Yahoo
Many couples struggle to keep track of their finances—this app offers the best solution yet
In the 10 years I've written about personal finance, one of the most common questions I get is about the best way for couples to budget and manage their money together. There are plenty of tech-powered tools for individuals who want to get their finances in order, but fewer for couples. That's especially the case for younger people, who often want to track shared finances while preserving separate accounts. Now, Origin, a budgeting and personal finance platform, is rolling out an update that will allow users to link their partner's financial accounts to theirs, giving couples a more encompassing view of their finances than many other apps offer. After walking through the new features myself, it might be the most useful interface I've come across for couples looking for an easy to use but comprehensive budgeting solution, especially since Intuit shut down budgeting powerhouse Mint last year. I joined Origin in January, eager to find a budgeting app that would give me an overview of my spending and assets, and let me easily catalog expenses. You Need a Budget, a popular app with its own budgeting philosophy, proved a little too time-consuming for me (though others swear by it), and the Excel spreadsheet I created to track my net worth left much to be desired. Since using Origin, I haven't been disappointed. The app connects to most of my financial accounts (though I have some trouble with some smaller financial institutions), and adding and editing expenses is simple and intuitive. I appreciate the charts and graphs the app provides of my spending, net worth, and investments, and it's been especially helpful to track wedding-related expenses over the past few months. I even used Origin to file my tax returns this past year for free (granted I had an extremely simple tax situation and didn't need add-ons). The only thing the app was missing was a way for my fiancé to add his accounts and credit cards, so that we could use it as our joint budgeting and financial planning app. As we approach our wedding day, we've been looking for a simple way to get on the same page and have a better understanding of our household finances. Origin's newest update, available to users starting Wednesday, is a promising fix. Called Partner Mode, a user can invite their partner to join the app for free, and then each partner can connect and view all of their financial accounts in a single, shared dashboard. Users don't have to share everything—only the accounts they feel comfortable linking. Origin allows users to connect checking accounts, savings accounts, credit cards, loans, mortgage payments, retirement accounts, and other investments, meaning couples will be able to check their total net worth and track spending. Couples can also create shared budgets and establish spending goals. But the feature I'm most excited about is the personalized toggles, displayed in the upper lefthand corner of the photo above, for 'yours, theirs, and ours,' where each user can easily move between viewing their own individual finances, their partner's accounts, or a combined view. I'm primarily interested in my own spending patterns, but it's nice to be able to view our joint status with the touch of a finger. Origin can also run reports, analyzing spending patterns over months of use, for example, that can give you an idea of places to cut back if needed. And as both partners have access, it can start demystifying the household finances if one tends to be more hands-off. The features came out of Origin's team responding to what their users desired, Matt Watson, Origin's CEO, told me earlier this year. Though there are plenty of books, articles, and videos out there giving advice on how to budget as a couple, it's still something people struggle with, as every household's finances—and feelings about those finances—is different. No two couples will take exactly the same approach. But whether you merge all financial accounts or keep them separate—or take some other approach—Watson says it's important for each partner to have an idea of their shared financial picture, which is what Origin aims to offer. 'If you don't completely merge, I think it's helpful to understand where you sit as a family, what the spending looks like, what your goals are,' he says. 'Ultimately, those are all shared, even if every single detail of the finances aren't.' In practice, this means some couples will only share joint credit cards while keeping their personal cards off the app for privacy. Ultimately, each couple can decide on their own what their expectations are. But Watson says his goal is to help modern-day couples dealing with all of the complexities of finances in 2025: As couples get married later, each spouse is more likely to have multiple jobs with different retirement accounts, brokerage accounts, individual checking and savings, a mortgage, potentially rental income, and so on. Having everything linked in one place that each partner can easily review can give households peace of mind that they are making progress on their financial goals, whether that's saving for retirement, buying a home, or going on a trip. It can also open up conversations about spending and savings trends. Amazon is by far the most popular merchant for Origin users, says Watson, and it is easy to overspend on a retailer that has taken much of the friction out of making purchases. But couples can review how much they are spending at each retailer, have periodic check-ins with each other, and make adjustments as needed. 'There's just a lot of complexity, and this is the easiest way just to get a full picture of what's coming in and what's going out, and where's it going,' says Watson. 'Just getting on the same page and being aligned on achieving our goals as a family is, very, very helpful for us.' This story was originally featured on Sign in to access your portfolio
Hi Dubai
27-01-2025
- Business
- Hi Dubai
Financial Resolutions for 2025: How to Save and Invest While Living in Dubai
With 2025 here, it's the perfect time to think about your money and how to make smarter financial choices. Living in Dubai offers endless opportunities, but it also comes with unique challenges, especially when it comes to managing expenses and planning for the future. A little planning now can make a big difference in creating a secure and comfortable lifestyle. Saving and investing might initially feel overwhelming, but it doesn't have to be complicated. If your goal is to build an emergency fund, explore investment opportunities, or take better control of your spending, there are plenty of ways to start. This guide will walk you through simple, practical tips to help you make the most of your money and set yourself up for a successful 2025. Assessing Your Current Financial Health Before setting any financial goals, it's important to understand where you currently stand. Start by tracking your income and expenses to get a clear picture of your spending habits. This will help you identify areas where you might be overspending and where you can cut back. Using a budgeting tool or app can make this process easier. Popular options like Wally or YNAB (You Need a Budget) allow you to track expenses, set spending limits, and manage savings goals—all tailored to living in Dubai. Once you've reviewed your finances, consider your existing savings and any debts you may have. Building a strong foundation starts with knowing what's coming in, what's going out, and what you can set aside for the future. Once you've assessed your financial health, the next step is setting clear and achievable goals. Start by thinking about what you want to accomplish this year. Are you saving for a down payment on a home, planning for a big vacation, or aiming to build a solid retirement fund? Break your goals into two categories: Short-term goals : Creating an emergency fund, paying off a credit card, or saving for an upcoming expense. : Creating an emergency fund, paying off a credit card, or saving for an upcoming expense. Long-term goals: Investing in property, building a retirement fund, or planning for your child's education. To stay on track, make your goals specific and measurable. For example: 'Save AED 10,000 by the end of the year.' 'Pay off AED 5,000 of credit card debt in six months.' 'Invest AED 1,000 per month into a mutual fund.' It's okay to start small. The key is consistency. Setting realistic milestones helps you stay motivated and makes your financial goals feel achievable. Saving Strategies in Dubai Saving money in Dubai doesn't have to mean giving up the things you enjoy. By making a few smart adjustments, you can reduce expenses and grow your savings without feeling deprived. Here are some practical tips tailored to life in Dubai: Negotiate Your Rent : Rent is often one of the biggest expenses. Check market rates and talk to your landlord to negotiate a better deal, especially if you're renewing your lease. : Rent is often one of the biggest expenses. Check market rates and talk to your landlord to negotiate a better deal, especially if you're renewing your lease. Save on Utilities : Simple changes like turning off unnecessary lights, using energy-efficient appliances, or limiting air conditioning use during cooler months can lower your DEWA bills. : Simple changes like turning off unnecessary lights, using energy-efficient appliances, or limiting air conditioning use during cooler months can lower your DEWA bills. Shop Smart : Take advantage of discounts and promotions at major supermarkets. Shopping during sales events like Dubai Shopping Festival can also save you money. : Take advantage of discounts and promotions at major supermarkets. Shopping during sales events like Dubai Shopping Festival can also save you money. Use Public Transport : The Dubai Metro, buses, and trams are affordable and reliable. Consider these options instead of taxis or ride-hailing apps for daily commutes. : The Dubai Metro, buses, and trams are affordable and reliable. Consider these options instead of taxis or ride-hailing apps for daily commutes. Dining Wisely : Enjoy Dubai's dining scene without overspending by using apps like Zomato Pro or The Entertainer to find deals and discounts on restaurants. : Enjoy Dubai's dining scene without overspending by using apps like Zomato Pro or The Entertainer to find deals and discounts on restaurants. Create an Emergency Fund: Set aside a portion of your income each month in a high-interest savings account. This ensures you're prepared for unexpected expenses without dipping into your regular savings. Even small adjustments can add up over time, creating a solid foundation for financial stability. The key is to prioritize your needs and track your spending regularly to stay in control. Investing Wisely in Dubai Once you've established your savings, the next step is to explore investment opportunities that can help grow your wealth. Dubai offers a variety of investment options, catering to different levels of experience and financial goals. Here's how to get started: Stock Market and ETFs: Dubai has access to both local and international stock markets. The Nasdaq Dubai and Dubai Financial Market (DFM) are great starting points for investing in regional companies. You can also explore international ETFs (Exchange-Traded Funds) for diversified, low-cost investments. Real Estate Investments: Dubai's real estate market remains a popular choice for investors, offering opportunities in residential, commercial, and holiday properties. With attractive rental yields and no property tax, this can be a lucrative long-term investment. Consider upcoming areas like Dubai South or established neighborhoods like Downtown Dubai based on your budget. Mutual Funds and Index Funds: For those new to investing, mutual funds and index funds offer a simple way to get started. These funds pool money from multiple investors to invest in a mix of stocks, bonds, or other assets, reducing risk through diversification. Sharia-Compliant Investments: Dubai also offers Islamic finance options that align with Sharia principles. Sukuk (Islamic bonds) and Halal funds are ideal for investors looking for ethical financial products. Cryptocurrency and Blockchain: While high-risk, Dubai's progressive stance on cryptocurrency has opened up opportunities in blockchain technology and digital currencies. If you're considering this, invest cautiously and only with money you can afford to lose. Tips for Smart Investing Start small and diversify to minimize risk. Research thoroughly or consult a financial advisor for professional guidance. Monitor your investments regularly but avoid reacting to every market fluctuation. Managing Debt Debt can quickly become a burden if not managed carefully, but with the right strategies, you can take control and work toward financial freedom. Here are some effective ways to manage debt while living in Dubai: Understand Your Debt : Start by listing all your debts, including credit cards, personal loans, and any other liabilities. Note the interest rates, monthly payments, and due dates for each. : Start by listing all your debts, including credit cards, personal loans, and any other liabilities. Note the interest rates, monthly payments, and due dates for each. Prioritize High-Interest Debt : Focus on paying off high-interest debts first, such as credit cards, while continuing to make minimum payments on others. This will save you money on interest in the long run. : Focus on paying off high-interest debts first, such as credit cards, while continuing to make minimum payments on others. This will save you money on interest in the long run. Consolidate Loans : If you have multiple loans, consider consolidating them into one with a lower interest rate. Many banks in Dubai offer debt consolidation services, which can simplify payments and reduce overall costs. : If you have multiple loans, consider consolidating them into one with a lower interest rate. Many banks in Dubai offer debt consolidation services, which can simplify payments and reduce overall costs. Set Up Automatic Payments : Avoid missed payments by setting up automatic transfers for your monthly dues. This also protects your credit score, which is important if you plan to apply for loans in the future. : Avoid missed payments by setting up automatic transfers for your monthly dues. This also protects your credit score, which is important if you plan to apply for loans in the future. Limit Credit Card Use : Try to use credit cards only for necessary expenses that you can pay off immediately. Avoid falling into the trap of making minimum payments and accumulating interest. : Try to use credit cards only for necessary expenses that you can pay off immediately. Avoid falling into the trap of making minimum payments and accumulating interest. Negotiate with Creditors : If you're struggling to make payments, reach out to your bank or creditor to discuss flexible repayment options. Many institutions in Dubai are willing to work with borrowers to find a solution. : If you're struggling to make payments, reach out to your bank or creditor to discuss flexible repayment options. Many institutions in Dubai are willing to work with borrowers to find a solution. Build a Debt Repayment Plan: Allocate a specific portion of your income each month to tackle debt. The snowball method (starting with smaller debts) or avalanche method (starting with higher-interest debts) can help you stay focused and motivated. Financial Literacy and Education Building financial knowledge is an essential part of achieving your financial goals. The more you understand about managing money, saving, and investing, the better equipped you'll be to make smart decisions. Ways to Improve Financial Literacy: Attend Workshops : Look for local seminars or online workshops on personal finance, investing, and budgeting. : Look for local seminars or online workshops on personal finance, investing, and budgeting. Explore Online Resources : Websites like Investopedia and financial blogs tailored to UAE residents offer valuable insights. : Websites like Investopedia and financial blogs tailored to UAE residents offer valuable insights. Use Financial Apps : Apps like Mint and Wally not only track expenses but also provide tips to improve your financial habits. : Apps like Mint and Wally not only track expenses but also provide tips to improve your financial habits. Read Books on Finance: Titles like The Richest Man in Babylon and Your Money or Your Life can offer timeless financial wisdom. Educating yourself about money can help you avoid costly mistakes and empower you to plan confidently for the future. The UAE offers many resources to support financial growth, so make use of what's available to expand your knowledge. Mistakes to Avoid Even with the best intentions, it's easy to make financial missteps that can derail your progress. Spending too much on luxury items or dining out frequently in Dubai's vibrant social scene can quickly add up. Sticking to a budget ensures you enjoy the city without compromising your savings. Many people overlook the importance of having an emergency fund, which can act as a safety net for unexpected expenses. Aiming to save three to six months' worth of living costs can provide peace of mind during tough times. Credit cards are convenient but can lead to mounting debt if used excessively. Paying off the balance in full each month helps you avoid high-interest charges and maintain good financial health. Keeping all your savings in a low-interest account might feel secure, but it limits the potential for growth. Exploring simple investment options like mutual funds or index funds can help your money work harder for you. It's also easy to lose track of spending without regular reviews of your expenses. Taking time each month to analyze where your money is going can highlight areas where you can cut back and redirect funds toward your goals. Finally, be cautious about schemes promising quick, high returns with minimal effort. These are often too good to be true, and thorough research or professional advice can prevent costly mistakes. Achieving financial success in 2025 doesn't have to be overwhelming. By setting clear goals, saving consistently, and exploring smart investment opportunities, you can take meaningful steps toward a more secure future. Living in Dubai offers unique challenges, but it also provides plenty of resources and opportunities to manage money effectively. The key is to start small and stay consistent. With the right mindset and practical strategies, you can make this year your most financially rewarding one yet. Also Read: Dubai Real Estate 101: Tips Every First-Time Buyer Should Know Whether you're looking for a cozy apartment in the heart of the city or a family-friendly villa, these insights will set you on the right path toward owning your dream home in Dubai. How to Set Achievable Goals for the New Year Set achievable New Year goals with SMART strategies, track progress, stay accountable, and embrace flexibility for long-term success and growth. 2025's Hot Home Decor Trends in Dubai In this article, we'll explore 2025's most exciting home decor trends in Dubai, with tips on how to incorporate them into your space for a fresh, contemporary look. Struggling to Keep Your New Year's Goals Alive? Here's How to Stay Motivated! Imagine carrying that same spark from January all the way to December, achieving your goals one step at a time without feeling burnt out or overwhelmed. Here are some practical and inspiring tips to help you stay motivated and make your goals a reality. Are We Overcomplicating Happiness? This article explores how modern life has distorted our understanding of happiness and offers simple ways to reconnect with the everyday moments that truly matter.
