As the lockdown goes on longer than we all anticipated, it’s important to keep yourself engaged and mentally stimulated to avoid the onset of cabin fever.
Cabin fever is the feeling of claustrophobia, irritability and restlessness that comes over a person isolated for an extended time.
Even if you live in a large house or with a bunch of people, it’s still possible to experience cabin fever.
Reading is one of the great ways to prevent this feeling from settling in and now is as good a time as any to jump on financial literacy.
According to Gulf News, quite a few expats lack savings despite opportunities.
You can do something about that during this lockdown by improving your financial literacy.
What is Financial Literacy?
Financial literacy is empowering yourself with the knowledge and skills required to make informed decisions about your finances.
Most people have to learn this as it’s not something that comes naturally and we’re not exactly taught this in school.
Can You Save Money in Dubai?
Yes, you can. I saved up one year’s living expenses and a fully-funded emergency fund over 4 years while paying off all my debt.
I’m currently debt-free and living the life I want. It is possible to save money in Dubai.
However, this requires some sacrifices in the short term as well as improving your financial literacy.
Best Financial Planning Books
A company used to be in charge of my investments because I didn’t want to be bothered with them. As a result, I lost thousands of dollars.
Eventually, I smartened up and decided to take control of my finances myself. The first step in that journey was reading the books below.
Millionaire Expat is perfect for expats in Dubai. It was written by a teacher who has been an expat for most of his life.
Andrew Hallam built a multimillion dollar portfolio on a teacher’s salary proving this is a lot more than how much money you make.
It is a follow up to the earlier book, The Global Expatriate’s Guide to Investing.
Millionaire Expat: How to Build Wealth Living Overseas is a handbook about investing smartly, saving for retirement and building wealth while overseas.
With this book, you can hire a reliable and competent advisor or go it alone.
Millionaire Expat: How to Build Wealth Living Overseas is clear and provides actionable information you can understand.
It is written from a layman’s point of view and isn’t filled with confusing and technical jargon.
The book is directed specifically to expats so you can expect some great life-changing money lessons as an expat.
Below are some reviews of Millionaire Expat: How to Build Wealth Living Overseas:-
This is a good book for a novice investor and it explores passive investing. A lot of financial advisors talk at you in jargon to confuse you.
The Bogleheads’ Guide to Investing will disabuse your mind with its straightforward approach to explaining investing.
It also encourages you to take the DIY approach to your investments.
The Bogleheads’ Guide to Investing was written by investors who adopted the investment philosophy of John Bogle, founder of the Vanguard Group.
Below are some reviews for The Bogleheads’ Guide to Investing:-
Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not by Robert Kiyosaki
I read this book quite a long time ago before I understood money and investments.
Reading it again after my financial epiphany was enlightening. Rich Dad, Poor Dad is not a new book. It has been around for a very long time.
Rich Dad, Poor Dad is about the author and the two men he refers to as his dads. His real father is the poor dad and his best friend’s father is rich dad.
He explores the way the two men approached money and investing and how it shaped his financial education.
He addresses something I’ve mentioned above – you don’t need to earn a lot of money to be rich.
You just need to know how to make the money you earn work for you.
The lessons are laid out in the form of chapters:-
- Lesson 1: The Rich Don’t Work for Money
- Lesson 2: Why Teach Financial Literacy?
- Lesson 3: Mind Your Own Business
- Lesson 4: The History of Taxes and The Power of Corporations
- Lesson 5: The Rich Invent Money
- Lesson 6: Work to Learn—Don’t Work for Money
One of my favourite quotes from Rich Dad, Poor Dad – “Keep expenses low, reduce liabilities, and diligently build a base of solid assets.”
Below are some reviews of Rich Dad, Poor Dad:-
The forward to The Simple Path to Wealth: Your Roadmap to Financial Independence was written by Mr. Money Mustache.
Mr. Money Mustache is one of the bloggers I began following at the beginning of my financial education.
When I saw his name attached to this book, I knew it was going to be a worthy read.
The Simple Path to Wealth: Your Roadmap to Financial Independence is easy to read and serves as a good reference point when you’re looking at index funds.
This book is for those who believe in slow and steady wins the race.
The messages in the book are consistent – eliminate debt, understand the stock market, invest in the stock market, see it through and reap the rewards at the right time.
Below are some reviews for The Simple Path to Wealth: Your Roadmap to Financial Independence:-
If you’re thinking, “But the stock market is taking a hit right now,” it doesn’t mean you shouldn’t read these books.
You can still pick up great money lessons you can implement at the current time.
None of the books on this list has get-rich-quick ideas contained within. That is the worst way to build wealth and the best way to lose your money.
All the books are available on Kindle. Some of them are also available as audiobooks if you prefer listening. You can sign up for a free trial of Audible HERE.
Happy savings and stay safe!