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How much money have you saved? Watch

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    (Original post by TrojanH)
    Woah, that's really high for a fresh grad! What sort of work experience did you have to have beforehand to get you the entry role into the consultant job?
    He didn't go to uni
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    (Original post by TrojanH)
    Woah, that's really high for a fresh grad! What sort of work experience did you have to have beforehand to get you the entry role into the consultant job?
    I wasn't a fresh grad. I didn't go to uni at all. I got the job when I was 17, it was a trainee role and I just so happened to know someone who worked there which helped. The more money you make them the more money they give you, it's quite a lucrative business.
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    (Original post by ineedtorevise127)
    So just because some people are living to 80 plus does not mean you will... It is so common nowadays to get illnesses such as cancer, heart attacks, stroke not to mention other death related e.g. Accidents which keep going up every year
    But it does mean that there is a high chance you will live to 80+ so should make provisions to support yourself to that age.
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    (Original post by ineedtorevise127)
    So just because some people are living to 80 plus does not mean you will... It is so common nowadays to get illnesses such as cancer, heart attacks, stroke not to mention other death related e.g. Accidents which keep going up every year
    What utter tosh. It's less common than ever to die from cancer, heart attack or stroke. And which accidents keep going up every year?
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    (Original post by estel)
    What utter tosh. It's less common than ever to die from cancer, heart attack or stroke. And which accidents keep going up every year?
    less common? Are you sure you are aware that soon 1 in every 2 people you know will probably get cancer in their life. That has shot up over the last 50 years.
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    (Original post by ineedtorevise127)
    less common? Are you sure you are aware that soon 1 in every 2 people you know will probably get cancer in their life. That has shot up over the last 50 years.
    Cancer rates have gone up mostly because life expectancy has gone up. Most of the other illness rates going up are also either because of people living into old age or because of obesity which is also very prevalent.
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    (Original post by ineedtorevise127)
    less common? Are you sure you are aware that soon 1 in every 2 people you know will probably get cancer in their life. That has shot up over the last 50 years.
    The number of people having it has increased however the number of people dying from it has decreased. You can reasonably expect to live to 90 yourself.
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    (Original post by Rakas21)
    The number of people having it has increased however the number of people dying from it has decreased. You can reasonably expect to live to 90 yourself.
    pfft, get out of here with your logic.
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    (Original post by Reue)
    I'm an IT Consultant and run a couple of online businesses.

    Why do you think you won't be able to use your money at age 55+? Your average life expectancy is 81.. thats 26 years to use it!

    What kinda online businesses, and how did you get started?
    Kudos man- sounds like you've done really well :-)
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    (Original post by Diabolus)
    24. Just hit £100k.

    My tip = realise that material possession are meaningless and not a true source of happiness.
    Did you go to uni? or how did you achieve this?
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    (Original post by Marshmallow9999)
    What kinda online businesses, and how did you get started?
    Kudos man- sounds like you've done really well :-)
    Matched betting, kindle publishing and coaching.
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    (Original post by ineedtorevise127)
    I need some motivation to save money. Please state your age as well and provide any tips on how to save a lot of money.

    Thanks
    21, roughly £230,000

    Lots of good schemes out there like Help To Buy for young people to get on the property ladder. Look into ISAs as well.

    I've been working for 5 years though and had a lot of good connections from my childhood to help me find well paid opportunities, I'm luckier than most.
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    I had quite a lot but I've been fecking around and now I'm down to a few grand. Luckily my bank are more than happy to lend me 20k so I can move to Panama
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    (Original post by XMaramena)
    21, roughly £230,000

    Lots of good schemes out there like Help To Buy for young people to get on the property ladder. Look into ISAs as well.

    I've been working for 5 years though and had a lot of good connections from my childhood to help me find well paid opportunities, I'm luckier than most.
    Woah. What do you do at 21 to net you crazy figures like that?
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    (Original post by ChaoticButterfly)
    Whilst, god willing, I will still be able to do things I like to do now at that age (my parents can after all, there is no reasons why you have to get old, fat and incredibly unfit). A lot of my hobbies are physically intense. I want to do things now. Also in that 26 years you are going to age more noticeably.
    I never knew you were Muslim.
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    (Original post by Danny McCoyne)
    I never knew you were Muslim.
    Why Muslim?
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    (Original post by TrojanH)
    Woah. What do you do at 21 to net you crazy figures like that?
    First 3 years in Dubai, I started by teaching piano a few hours a day at roughly £40/hr. At the same time, I was composing for media, and later started producing when the film work was slow.

    When I came back to the UK, I put that money into a project property, the film work picked up and I got a boost after one of my production projects got on the news. Renovated the house, made a tidy profit from selling it.

    Now I'm bringing out a book which should feed into my passive income, hopefully I can sign a deal with some institutions to kickstart it.

    Making money is easy, once you have money! :P

    Had I started in the UK, I certainly wouldn't have been able to rock up after school and instantly get a full teaching schedule at £40 an hour! Here, I'd have been lucky to get £25, and more than a few hours a week.
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    around £20k on my isa account.
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    (Original post by XMaramena)
    First 3 years in Dubai, I started by teaching piano a few hours a day at roughly £40/hr. At the same time, I was composing for media, and later started producing when the film work was slow.

    When I came back to the UK, I put that money into a project property, the film work picked up and I got a boost after one of my production projects got on the news. Renovated the house, made a tidy profit from selling it.

    Now I'm bringing out a book which should feed into my passive income, hopefully I can sign a deal with some institutions to kickstart it.

    Making money is easy, once you have money! :P

    Had I started in the UK, I certainly wouldn't have been able to rock up after school and instantly get a full teaching schedule at £40 an hour! Here, I'd have been lucky to get £25, and more than a few hours a week.
    Funny you say that, I had been considering a career in the UAE for a long time now. How are living costs like there? Is housing expensive in the financial districts?
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    (Original post by TrojanH)
    Funny you say that, I had been considering a career in the UAE for a long time now. How are living costs like there? Is housing expensive in the financial districts?

    (Pretty long reply)
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    I lived with my parents, we were out there for my dad's job, the company paid for all the accommodation and living costs.

    It depends on where you want to live. You'll get a dirt cheap place in Satwa or Karama, but I wouldn't live there in a million years. Westerners tend to choose from:

    - Jumeirah/Safa - popular with families. I lived in Jumeirah 2 for the last few years I was there.
    - Mirdiff - popular with aviation workers as it's close to the airport
    - Arabian Ranches - very nice, popular with families, but far from the center. I lived in Palmera, then Savannah, when I arrived. Very nice facilities, gated communities with good amenities. Every compound has tennis courts, pool and gym, and there's a small shopping mall in the center with a supermarket, couple of restaurants and essential shops.
    - Springs/Meadows - like the Ranches.
    - Palm Jumeirah - heard good and bad about this, fine to rent but don't buy here, I can just see a big wave in a shamal coming and screwing things up :P
    - JLT - popular with students and single workers, some inexpensive options and good location. No houses though, just apartments.
    - Marina - think of the marina as an "upgrade" from JLT.

    Some people also live in "Tecom" (I believe Tecom is only one company building, but the whole surrounding area is referred to as it and it just caught on that way).

    Financial district isn't really livable. Most of the buildings are either side of the Sheikh Zayed road which can be incredibly busy and noisy.

    Some current examples of rental prices (lower end):

    Lake City Tower, JLT | studio flat | £10,000/yr
    Al Shera Tower, JLT | 1 bed apt | £19,000/yr
    Al Reem, Arabian Ranches | 2 bed house | £26,500/yr
    Princess Tower, Marina | 2 bed apt | £30,500/yr
    Palmera, Arabian Ranches | 2 bed villa | £33,000/yr
    No. 4 | The Springs | 3 bed villa £35,000/yr

    Internet/TV/Phone is provided by either Du or Etisalat, both are government owned and monitored - some sites are censored, if you try to get round them then expect a knock on the door from some unhappy policemen.

    Cars in Dubai are inexpensive to own - a nearly new 2015 Toyota Fortuner will set you back just £18,000. Older cars are not found in Dubai as cars more than 5 years old are difficult to insure, and I believe a car older than 10 years old is unlawful. This is one example of the common practices that the government use to keep their "shiny perfect city" pretence alive. Fuel is very cheap, some employers may issue you with a fuel card as well so it goes on the company's expense.

    If you wish to drink alcohol in the UAE, you will require a licence to drink. The minimum drinking age is 21, and a licence must be arranged with your employer. When your licence is approved, you are able to buy alcohol from government controlled shops (such as A&E), where the prices are very high. Alternatively, you can drive to Barracuda in Umm al Quwain to literally load up your car with booze to last you several months, even a year. They do not ask for a licence at Barracuda, and alcohol is very cheap (must be a government official getting back-handers), however police regularly check vehicles coming through Sharjah on the way back on that route. What happens to you if you are caught depends on your wasta, and/or if the officers will take a bribe. Always allow a barracuda shop assistant to take your drinks to your car, tip them generously, or they may tell their friends your licence plate number and get a reward for ratting you out, or more commonly, having their friends rear-end you on the way back, then extorting money while threatening to call the police. You CAN take alcohol across emirate borders if you live in, and have an alcohol licence issued from, the emirate of Sharjah.

    Taxis are cheap and plentiful - I used to take a taxi to and from uni each day from Jumeirah 2 to Knowledge Village. The trip would take about 20 minutes, and cost £6-8 depending on traffic.

    If you take a job in the UAE, try to find one with a company that arranges your housing, utilities, company car etc - it makes things a lot easier.

    Where you stand in terms of the law depends on your race and wasta. For example, if you are English and are in a car accident with an Indian, you will be cleared of any wrongdoing and the Indian will foot the cost of repairs. If you are in a car accident with a local, you will be charged with the relevant driving offence and will foot the cost of repairs. Locals hold all the cards, and being on good terms with a few goes a long way. If you deeply offend a local, you should go straight to the airport and take the first flight out of the GCC, lest you end up in jail and get "lost in the system", or end up face down in a bush, and be the subject of an "inconclusive internal investigation" that will quickly find its way to the bottom of the pile, never to be looked at again.

    If a cheque bounces, the same applies, and you should try to resolve any financial problems from outside the country, and make sure everything is in good working order and you have no outstanding warrants before returning. You are unlikely to end up dead from financial issues, but you will be taken to jail, wait a few months for an interpreter and lose any chance of regaining employment. All court proceedings are carried out in Arabic, you are not allowed a translator.

    The main thing about living in Dubai as a westerner is keeping your head down, staying out of business that isn't yours, just making your money and not straying too far from non-western social groups. You will see the slave workers, and you will see corruption, you just turn a blind eye and keep walking if you know what's best for you!
 
 
 
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