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Make A Million By Saving For Seven Years In The UAE

Published on: 11/26/18 11:40:am

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. Seven years is plenty of time to convert hard-earned savings into potential millions.

By investing a portion of your salary for 84 pay days - seven years – and then leaving the money to grow for a set period, expats can secure theirs and their family’s long-term financial future .

Whether you are saving in dirhams, dollars or pounds, It is so important that expats take full advantage of the opportunities that are available to them to build a solid financial future

Download your free e-guide now to find out how to make your time overseas count

What is the key to reaching a million in savings?

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.

When should you start saving and are there statistics to back up this theory?

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.

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An example of the benefits of saving earlier but for less time using compound interest can be seen below:

  • By saving for 5,000 for 7 years and leaving the money to grow over 13 years with an average growth rate of 5% per annum, you can ultimately make a million.
  • A 40-year-old UAE expat who starts saving AED 5,000 a month for 20 years at an interest rate of 5% would have AED 2,000,000 in savings by the time they reach 60.

Alternatively:

  • A 30-year-old who saves AED 5,000 from their monthly salary for 10 years at 5% interest, but then leaves their savings to mature at 5% interest until the age of 60 would have earned AED 2,100,000.

The genius way to save

Compound interest is a smart way for expats to put money away before reaping the rewards later in life. We have experts at Guardian Wealth Management who specialise in getting customers the best savings products so that they ultimately become

Download your FREE E-Guide now and find out how to potentially make a MILLION.

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Find out how to make the most of your international status:

- Understand compound interest
- Tax efficient jurisdictions
- Savings options for expats
- Why saving sooner is always better
- Available for a limited time only

About Hamzah Shalchi:

As an integral part of GWM’s success in the UAE over the past 9 years, Hamzah has played a pivotal role in shaping our presence in the MENA region. Having overseen the roll out of an extensive upgrade to recruitment processes and ongoing training and development programs, Hamzah has displayed strong interpersonal and motivational skills to continually produce strong and consistent growth at a time when the number of financial advisers and direct competition in the UAE has increased significantly.

As the region enters a period of regulatory change, Hamzah has already demonstrated the strengths and qualities required to facilitate GWM’s ongoing expansion throughout the Middle East.
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How to make a million by saving for ONLY seven years!

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