Today's Edition
BY ALDHABI ALMHEIRI
One of the most important lessons I’ve learned as a young entrepreneur is how to manage money, which is often called “financial literacy”. It’s basically the skills to manage money like budgeting, saving and investing. I found it truly important to be learned at a very early stage of life so that we secure our future, not only for us, but for the economy of our country as well.
Growing in the UAE, I have seen how the economy is always evolving. Soon we are moving from oil-based revenues to a more diversified economy that includes technological innovation and entrepreneurship. It means that the next generation of Emiratis needs to be financially savvy to succeed in this new landscape. That’s why I believe financial literacy is crucial for children because we are the future of the UAE's economy.
When I started my business, Rainbow Chimney, I didn’t fully understand the importance of financial management. But as my business grew, I quickly realised that if I did not learn how to manage money, I wouldn’t be able to keep my business going. I had to learn about profits, expenses, savings, and reinvestment. Now, I track every dirham I make and plan how to use it wisely, whether it’s for expanding my business or saving for future projects.
For other children who want to learn about financial literacy, my advice is to start with the basics. It’s not necessary to run a business to learn how to manage money. Start by learning how to budget your allowance or any money you earn from small jobs you do or even your family support. Get into the habit of saving a portion of your money and setting financial goals for your future, whether it’s buying something you want or saving for something bigger in the future.
Learning how to invest is another important skill. Even though I’m still young, I’ve started to learn about investing and how it can help grow my money over time. There are many ways to invest nowadays from putting money in real estate to learning about stocks and bonds. I think every child should start exploring these concepts at least to know that there are lots of options out there to invest your money. By doing this it will help us in the future when we have our own businesses or careers. By learning these skills early, we are not only securing our own futures but also contributing to the growth and stability of our country’s economy. Financial literacy might seem like a grown-up topic, but I believe it’s one of the most important lessons we can learn as children.
