Money is a major factor that has a significant impact on your ability to do certain things. So it’s important to be financially wise.
As an expat in the Gulf, it’s difficult sometimes to manage money with a high cost of living. Many of us have moved abroad to enjoy tax-free salaries, save money and advance our careers. However, the reality isn’t always as simple.
If you’re struggling to budget, here are some tips from those who were able to create their fortune.
1. Robert Kiyasaki
Author and Rich Dad Company founder
Many expats tend to be dazzled by the big salaries being offered here in Bahrain but they neglect the fact that, without being cautious, it can all disappear very quickly.
Kiyasaki’s advice: “It’s not how much money you make, but how much money you keep, how hard it works for you and how many generations you keep it for.”
2. Mark Cuban
One of the things that is very easy to get caught up in while living in the Gulf is giving significant importance to appearances. People tend to measure your worth by your possessions, so extravagant spending becomes a habit.
Cuban’s advice: “It doesn’t matter how you live. It doesn’t matter what car you drive. It doesn’t matter what kind of clothes you wear. The more you stress over bills, the more difficult it is to focus on your goals. The cheaper you can live, the greater your options.”
3. Warren Buffett
Losing your job as an expat can be extremely problematic. There is no help offered here and if you have payments to be made every month, you will be in a difficult position. Keeping in mind that a bounced cheque is a criminal offense and having due debt unpaid can get you banned from leaving the country, it’s so important to have a backup.
Buffett’s advice: “Never depend on single income. Make investments to create a second source.”
4. Tony Robbins
It’s common to hear that to win big, you have to take big risks. However, following that type of perspective can land you in trouble. It’s important to weight the risks and see if they’re worth it.
Robbins’ advice: “Don’t think in terms of taking huge risks to get huge rewards. Think about the least amount of risk for the greatest reward, and be disciple about that.”
5. Oprah Winfrey
Compared to most other countries, living in Bahrain, much like the rest of the Gulf countries, can really make you feel like you are lacking something. Due to the over-the-top display of material possessions (supercars, branded clothing, expensive jewellery, etc) that’s common here, expats who were living comfortably back home can suddenly feel like they’re simply not measuring up.
Tip: “Be thankful for what you have, you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough."
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6. Dave Ramsey
As an expat, you have to decide whether you’re here to live comfortably and just have enough money to cover your monthly expenses or if you want to be able to save, invest and be charitable if possible. Many people live pay cheque to pay cheque, but how do you move forward from there, especially if unexpected expenses pop up?
Ramsey’s advice: “Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.”
7. Barbara Corcoran
If you are able to make any financial investments, don’t neglect them and just wait for the pay-out. It’s important to put time and effort in to ensure that they pay off.
Corcoran’s advice: “I think of my business investments as extensions of my family.”
8. Peter Lynch
Sometimes the mistakes we make can be expensive. If you decide to invest your hard-earned money into something, never to invest it anything you don't really understand.
Lynch’s advice: “Know what you own and know why you own it.”
9. Suze Orman
What others think of you will never amount to anything financially. So if you are spending money, make sure it’s on things that you want.
Orman’s advice: “Stop buying things you don’t need to impress people you don’t like.”
10. Daymond John
There is a fine line between controlling your money and letting your money control you. While it’s great to strive for more, make sure that the pursuit of money doesn’t make you comprise yourself.
John’s advice: “Money is a great slave but a horrible master.”