Dubai: If inflation rate was at a very conservative estimate of 3 per cent per annum, the Dh500 in your wallet or bank right now would only amount to the value of Dh227 in 20 years. Or in the reverse of this calculation, the cost of spending Dh500 today, would cost you Dh743 (approximately), in 20 years. This means that while you continue to save, your money will either need to grow, or you’ll need to save exponentially more, to be able to actually afford the retirement you have been planning for.
One way to make your money grow is to invest it and let it grow over the long term. Investment – the word immediately brings to mind a hefty savings account, risks of day trading, a ‘diverse portfolio’, a stockbroker and a fear of loss. But here, we’ll be talking about investments that are supposed to grow in value over a couple of years with a passive investment style.
During the Holy month of Ramadan, the award-winning digital wealth management firm, StashAway Mena, will be partnering with the Al Jalila Foundation to give back to those in need by turning its revenue to charitable donations.
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The tragic case of Alex Kearns, 20, a college student who killed himself in June last year after mistakenly believing he had lost a fortune to online trading app Robinhood, demonstrates the dangers of novice investors failing to understand the products they purchase, according to experts.
Kearns used the app to start trading options in his first year of college and a series of trades resulted in him seeing a negative balance of $730,000 in his account, which he thought he owed Robinhood.
His family is now suing the online broker, accusing it of allowing inexperienced investors to take big risks in complex financial instruments without providing investment guidance or the necessary customer support.