'I'm in so much trouble," Heather wailed. "I love to shop. I shop when I'm bored, I shop when I'm in love, I shop when I deserve a reward, I shop when I feel low. Money? Money makes me feel sick."
Heather was one of Abby's new clients, and although she was earning decent money, she was up to her eyeballs in debt - to the tune of hundreds of thousands of dirhams. Yet despite her mounting bills, she still had a long, long wish list of designer clothes and luxury accessories that she wanted to buy. Put simply, Heather was consumed by consumerism.
Abby let out a deep breath. Heather was not the only one in trouble. Abby liked Heather and admired her spirit, but financially, Heather was a disaster. "Forget the Hermès bag. Forget the Louis Vuitton scarf," Abby said, the sharpness in her voice making Heather sit up and take notice. "It's time you took emotional control."
Wealth Diva SMS
Are you addicted to spending? Check the seven signs that follow. Don't worry if one or two apply to you - we're only human. But if you're living them all, you should start looking for some answers.
– You're unsure of your financial state. You have no idea what's in your account, what your interest rates are, or where you stand with your retirement income.
– You're a shopaholic. You have a tendency to habitually shop for items you don't even want or need. When you have extra money it burns a hole in your pocket. You spend just to spend.
– You always buy on credit. OK, this one isn't necessarily all bad. By all means use your credit card to get the points, but pay it off. Ignore it blindly and you're in trouble.
– You use credit to pay off credit. You try to get a quick fix on your finances and use credit to pay off credit to enable you to spend (even) more.
– You live from paycheque to paycheque. There is always more month left than money. You are outliving your earnings, you have limited or no savings and no plan to establish a savings routine.
– You buy more house or car than you need. You're caught up in a lifestyle, perhaps a case of Dubai fever, that means you live beyond your means.
– Money is your husband's concern, not yours. You spend without a second thought and leave the money matters to the man in your life. You don't consider what would happen if he wasn't around.
Making your money work
"Haven't you ever wondered what else your money could be doing for you?" Abby asked. Heather shrugged. "You mean, like, choosing a different top?" Abby couldn't help but roll her eyes. Heather was one of those "more money than sense" types. She earned too much, and a creative at heart, she spent because it felt good. She wasn't going to get her finances under control until she could control her wacky spending habits.
Abby knew just the person Heather needed to see: Sasha. Perhaps if she learnt the art of "closet confidential" she could access her creative spirit and manage to save money too. Abby handed over Sasha's mobile number and listened as she booked herself in for her first session. "Let's see if 'closet confidential' pays Heather the dividends she so desperately needs," she thought.
Janelle Malone is a writer, blogger and commentator on personal finance. You can contact her at www.womenmoneyandstyle.com for any financial questions you may have.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Company%20Profile
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Race card for Super Saturday
4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
Company%20profile
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COMPANY%20PROFILE
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
Race card
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) $175,000 (Turf) 1,600m
7.40pm: Handicap (TB) $135,000 (T) 2,000m
8.15pm: Handicap (TB) $135,000 (D) 1,600m
8.50pm: Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m
9.25pm: Curlin Stakes Listed (TB) $175,000 (D) 2,000m
10pm: Handicap (TB) $135,000 (T) 2,000m
10.35pm: Handicap (TB) $175,000 (T) 1,400m
The National selections
6.30pm: Shahm, 7.05pm: Well Of Wisdom, 7.40pm: Lucius Tiberius, 8.15pm: Captain Von Trapp, 8.50pm: Secret Advisor, 9.25pm: George Villiers, 10pm: American Graffiti, 10.35pm: On The Warpath
Company%20Profile
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CONFIRMED%20LINE-UP
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COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The%20specs
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The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
MEDIEVIL%20(1998)
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BRAZIL%20SQUAD
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5