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Experts at Guardian Wealth Management highlights unrivalled potential of compound interest savings option
November 14 – 4:05 – Dubai – The average expat will spend just seven years in the UAE. While this might not seem very long, with financial discipline, committed saving plans and smart investment products it is enough time to realise their dreams of becoming a millionaire.
By investing a portion of their salary for 84 pay days – seven years – and then leaving the money to grow for a set period of time, expats can secure theirs and their family’s long-term financial future and make themselves a million, whether it be in dirhams, dollars or pounds.
“Seven years is plenty of time to convert hard-earned savings into potential millions,” said Hamzah Shalchi, Regional Director of leading financial planning firm Guardian Wealth Management.
“Far too many people move to the UAE with the intention of making the most of their higher earnings and building up a solid savings but end up doing the opposite. It is therefore of the utmost importance that expats take full advantage of the opportunities that are available to them to build a solid financial future.”
The key to reaching a million in savings and hopefully achieving financial independence is compound interest – the concept of saving for less time but earning higher amounts thanks to a build-up of interest as a result of choosing products that understand the benefit of considered risk. As the great Albert Einstein once said, compound interest is the eighth wonder of the world. He who understands it, earns it, he who doesn’t, pays it.
The idea of allowing your savings pots to earn interest, which in turn earns interest, is key to getting the most out of your money and can be a serious savings-booster for UAE expats if used correctly.
An example of the benefits of saving earlier but for less time using compound interest can be seen below:
“Compound interest is a smart way for expats to put money away before reaping the rewards later in life,” said Hamzah. “We have experts at Guardian Wealth Management who specialise in getting customers the best savings products so that they ultimately become millionaires.”
Guardian Wealth Management is one of the world’s leading providers in lifestyle financial planning. With offices in Dubai and Abu Dhabi they offer independent advice with ethical integrity and are one of the only financial advisory firms in the region to be fully licensed and regulated. For more information, visit www.guardianwealthmanagement.com