Dubai is a wonderful city, full of opportunities and ambition. But it is possible for you, as a hard working expatriate, to get too caught up in your work and neglect another important part of making it big in your chosen career: proper systematic care of your wealth.
GROW YOUR WEALTH
It is important to notice that just accumulating wealth will not make it last. Inflation will cause your wealth to depreciate into nothing. That is why it is so important to properly invest your hard earned money into avenues that can ensure long-term growth potential while offering very little downturn risk. Mutual funds in Dubai are one of the most attractive investment avenues available to you. They are dead simple to set up and offer predictable returns. You do not need to worry about diversification and all other nonsense. Look for a long serving fund manager who has successfully headed the fund through tough times and always compare how the fund has performed historically.
TAKING CARE OF YOUR EMPLOYEES
Being the successful entrepreneur that you are, your success depends on you having the best people to work for you. It is a buyer’s market, and hence it is imperative that you offer your employees all the benefits that they deserve. Corporate Medical Plans in Dubai are one of the easiest ways to put their minds at ease; you are being a pragmatic employer as well as an upstanding citizen. These medical plans ensure that in case of sickness, you and your employees remain financially secure. Some plans even compensate the company for losses resulting from the insured being unable to work, which truly works out to your advantage. Your employee gets to properly recover in the comfort of his home and you are duly compensated for any loss in business you might incur as a result.
DO NOT UNDERESTIMATE LIFE INSURANCE
This is definitely a statistical outlier, but life insurance makes financial sense as well. In addition to ensuring that your loved ones do not unduly suffer if, God forbid, something untoward happens to you, the insurance premiums also act as investments that you recoup after the policy matures. Life insurance is a practically risk-free endeavour as you are guaranteed a return on your investment, in addition to life cover in Dubai, and depending on your insurance provider, the rest of the UAE as well.
CONSIDER OPPORTUNITY COSTS
Not all investments are created equal. One of the biggest things new investors fail to factor into their decisions is the opportunity cost: the cost of not being to invest in a more lucrative avenue because your funds are already tied up elsewhere. This is why due diligence is absolutely key when you are investigating avenues to invest your hard earned money. Weigh your options carefully; an opportunity with a high possibility of return also carries an equally high possibility of risk. Gauge your situation properly; maybe risk-averse bonds would be a better choice for you if you do not have sufficient financial capital to recover from a botched investment. Take expert advice, and do not make rash or impulsive decisions.
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