Financial Planning Myths

If you are a British expat in Dubai, there are many reasons why you could benefit from the advice of an independent financial adviser (ifa), even if you believe that you are too young or broke to need financial planning.

1. I don’t need to worry about financial planning while I’m young

Many young people think that they won’t need to worry about financial planning until they are older, but in fact it’s never too early to start preparing for a secure financial future. When you are young and don’t have any dependants, such as children or elderly parents, you have the freedom to spend money on whatever you like, so putting money aside in a savings account may not seem very appealing.

However, beginning your adult life with savings to rely on can allow you to follow your dreams. For example, if you are planning to set up a life in a foreign country such as Dubai, you will need money to keep you afloat until you get your first pay packet. It’s also a good idea to get into the practice of spending your money wisely at a young age, so it’s already an ingrained habit by the time you are earning higher wages.

2. I can’t afford to consider financial planning right now

It’s not only people who earn high wages who can benefit from financial planning. In fact, a financial planner can help you manage your money to keep your finances stable while you are climbing the career ladder. If you have recently moved to Dubai, money may be tight, but in order to make the new lifestyle permanent you will need financial security.

3. Financial planning is all about investments

Although investing your money wisely, with the help of an independent financial adviser, is a good way to make the most of your savings, this is not the only form of financial planning. In fact, financial planning involves all areas of overseeing your finances and protecting yourself against unexpected future losses. A financial planner can advise you on how to manage debts and spending, setting up a retirement fund or trust fund, and dealing with assets such as property. 

4. Financial planning is simply a retirement plan

It’s true that financial planning becomes more of a necessity when retirement is in sight, but there are many more benefits in addition to ensuring you enjoy a comfortable retirement. For expats in Dubai, one of the most useful subjects a financial planner can advise you on is tax. This subject becomes more complicated when you own homes and businesses in multiple countries, or want to move your savings to a bank in Dubai. A financial advisor will be familiar with such processes and will suggest the best methods of moving money and assets without losing any value.

For British expats in Dubai, financial planning is vital because moving to a new country can be costly and adapting to new business and domestic situations can make money management more complicated. However, a good Dubai consultant will be able to provide a great deal of helpful information and advice to get you set up and making money in your new home in no time.
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