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Investing
Pilots, Autopilots, and Advisers: The Future of Wealth Management
CTO Husain Rangwalla discusses how Plume WealthTech empowers advisers at Skybound Wealth, enhancing client service through cutting-edge technology.
September 30, 2024
The Expat Investor Podcast takes a slightly different approach in this episode. Skybound Wealth Financial Advisor, Max Gerstein sits down with a Zee, a South African expat living in Dubai desperately trying to strike a balance between enjoying the present, whilst planning for the future. Dubai is famed for its high living costs and dynamic lifestyle, and Zee shares her personal journey and challenges in achieving financial freedom amidst these factors.
Challenges and Goals: Zee, a mother of three navigating life in Dubai, discusses the financial hurdles faced by many expatriates. Working in real estate, she highlights the uncertainties of fluctuating income and the importance of maintaining an emergency fund. Zee reflects on past experiences with credit card debt, emphasising her newfound aversion to credit and the need for disciplined financial habits.
Financial Strategy and Vision: Her income primarily supports her children's education and extracurricular activities, with less focus on tracking other expenditures, leading to unexpectedly high monthly spending. Despite these challenges, Zee remains determined to build a property portfolio to secure her family's financial future.
The Role of Financial Planning: Max explains the pivotal role effective financial planning plays in achieving long-term goals such as property ownership, funding her children's education, and ultimately attaining financial independence. She discusses the transformative impact of structuring priorities and savings strategies under expert guidance.
Key Insights and Takeaways: In this candid conversation with Max, an experienced financial advisor and fellow expat, Zee explores optimised savings strategies aimed at early retirement. The pair discuss the significance of dividing resources between immediate financial needs and long-term investments, providing clarity and control over her financial journey. As a result, Zee leaves the session feeling empowered and focused, ready to implement practical steps towards her financial goals. Zee’s story serves as an inspiring, if all too real, case study for expatriates in Dubai and beyond. By highlighting the importance of proactive financial management and setting clear priorities, Max offers valuable insights for other expats to apply to their own situation as they strive to secure their own financial freedom.
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This was recorded on the 25th June 2024 and all information was correct at the time of recording. As always this podcast is for educational purposes only and is not a personal recommendation. If you’re unsure what’s right for you, you should seek advice. Past performance isn’t a guide to the future, and investments rise and fall in value so you could get back less that you invest.
Max Gerstein is a seasoned financial advisor with an exceptional track record spanning over five years. With a diverse professional background that includes working in prominent financial hubs such as Geneva and Dubai, Max has honed his expertise in navigating various jurisdictions and catering to a global clientele.
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