How expats can save and earn Dh1 million when working in the UAE

How expats can save and earn Dh1 million when working in the UAE

Dubai: Every expatriate wants to go home richer after years of working abroad. But with financial responsibilities piling up on one end, and costs on the other, saving for the future often takes a back seat. Depending on your income level and financial discipline, it is still possible to build a considerable amount of nest egg – even Dh1 million if you save regularly. Research shows that about 9 years is the average amount of time an expat stays in the Middle East and money managers evaluate that as plenty of time to convert hard-earned savings into potential millions. “Even by saving a maximum of Dh5,000 monthly for seven of those nine years, expatriates have the potential to more than double their money and make themselves a million, whether it be in UAE dirhams, US dollars or British pounds,” said Dubai-based wealth advisor Mohammad Shaan. “Achieving the Dh1 million target is possible if the saver commits to set aside a fixed amount of money and take advantage of the power of compound interest. After the seven-year period, the saver, however, should not touch the money for another 13 years.” Even if the saver can save just half of that amount,