This articles has been update so please see the below link for the article from August 2024
Living in the UAE. 10 major money mistakes you want to avoid
Living in the UAE. 10 major money mistakes you want to avoid
Whilst most people are aware that Sharia law is the legal framework used in the GCC countries, not all expats have realised that this can affect them and their money.
November 2020. Some information in this article has been superceded by new legislation so please see this article for the lastest details regarding the laws on death while in the UAE:
New personal laws in the UAE but what do they really mean for you?
Money is a fact of life, we all need it, and we all need to know how to manage it smartly so the earlier we start learning this the better.
The importance of managing money or saving is not taught in schools and many of us find that as adults, we have to fend for ourselves. We can make sure the next generation gets a better start by teaching children the importance of understanding money from a young age.
I could give you the quick answer of yes but that would make for a very short article. Instead I want to provide a little information about the types of cover and benefits so you can make an informed decision about what is best for you and your family. This is your guide to pretty much everything you need to know about life cover and associated benefits
This article has been superseded, Please see this revised one. published 30th March 2020
Where there’s a will, there’s a way to protect your family – March 2020
As with most matters, personalised advice is required based on your specific situation. To arrange a meeting to discuss arranging a Will, or for advice on any other personal financial planning issue, please email me at keren@holbornassets.com
If you have children there is no question that they are the most valuable thing you can think of. So have you done all you can to protect them?
How would your family manage if you died and your income was lost? How would they manage without you to take care of them?
Would they be able to maintain their standard of living? Would your children’s education remain unaffected? Would any outstanding loans or debt be repaid?
These are all big questions and not ones we like to think about but tackle them now, take the right steps, and then you can relax knowing that if the worst should happen they will at least be financially secure.
Money does not replace a beloved husband or wife or a parent, but it’s even worse if those left behind are worrying about money and how they’ll manage. These are not subjects that we want to think about but the kindest action is to take the right steps to safeguard your family should the worst happen.
These are some of the issues you need to consider.
When you are busy raising your children it is all to easy to get distracted by the day to day issues, but it is still important to take a little time to plan your finances. To make this task a little easier I have put together a brief list of the priorities so you can focus on these first.
In 1909 Winston Churchill said the following:
“If I had my way, I would write the word ‘insure’ upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever.
It is the duty to arrest the ghastly waste, not merely of human happiness, but national health and strength, which follows when, through the death of the breadwinner, the frail boat in which the family are embarked, founders and the women and children and the estates are left to struggle in the dark waters of a friendless world.”
These words are as true today as they were then. If your family is financially dependent on you then you need life cover. It doesn’t have to be expensive, but surely you want to take care of your loved ones if something happens to you?
This video is from a recent campaign in the UK, but the message is relevant in the UAE too. If you die and leave you family, you can’t stop the heartache, but you can make sure that do not have financial worries, that they can stay in their home and your children can continue their education.
UK life assurance advert – youtube link
Be a loving spouse and/or parent and ask about arranging life cover to take care of your family today. They’ll miss you when you’re gone, but you can still look after them by making sure they’ll be financially secure.