Daily personal financial insights - Save, invest and observe caution
Investors in the UAE have been making the most of the gold slump this week, with supplies aplenty. By contrast, those attempting to invest in other areas of the world have had to be patient. The drop in value of gold, which means it is at its lowest price since the 1980s, has meant potential investors scrambling to buy, buy buy. Demand is outstripping supply and in some places, a six-week waiting list has been put in place. Gold has dropped in value as a result of China’s economic slowdown, and world gold reserves being sold off to pay debts. Read more here.
Sunny side up
The UAE is finally beginning to make proper use of its most abundant natural resource – the year-round sunshine! With an average 12.5 hours of good quality sunlight every day, 365 days per year, this region is one of the brightest in the world and a great candidate for solar power usage. Traffic speed cameras and parking meters are already solar powered, but the new initiative will look at installing a lot more rooftop panels. Look forward to lower amenities bills soon – we hope. Find out more.
We’re delighted to report that far from dooming our kids to a future of drudgery and poverty, the economic downturn has actually had a surprisingly positive effect on the young generation. A new survey by Scottish Widows shows that 98% of children aged 10 are already saving hard for university – and their first home. Well done kiddos! Keep it up. Soon you’ll have enough to support mum and dad through retirement too! Read more here.
The moneyless man
Get your saving inspiration on track by reading about Mark Boyle, an economics graduate in the UK who decided to live a completely cashless lifestyle for two whole years! If you think living on less is tricky, be prepared to be amazed by the chap who literally didn’t spend a penny for two whole years. Boyle is now building his own eco house, which he has funded entirely from the profits of his book sales The Moneyless Man – obviously written about his cash-free lifestyle. Now that’s savvy saving. Find out more.
Hold on tight to your purse strings
Things might well be on the way up – but don’t get too cash happy. That is the advice for spenders in Dubai, right from the Institute of International Finance. In order to maintain sensible growth and stability, the UAE needs to continue to grow its economy slowly, concentrating on trade, finance, tourism and transport, a spokesman from the IIF advised. That doesn’t mean that us average Joes shouldn’t invest. It just means we should all be cautious and do our homework this time. Read the whole story.