The system I advocate is the ‘Triple ‘S’ Cash Flow System,’ Separating Saving from Spending,” Personal Finance Writer and Author Monika Halan floored her Sharjah International Book Fair (SIBF) audience with her practical insights on money at a discussion titled at the informative ‘Money and Investment in the Light of Current Economy’.
Encouraging people to start financial planning at whatever age they can, the author of two bestsellers, Let’s Talk Money and Let’s Talk Mutual Funds, warned against easily trusting financial influencers on social media.“Long term wealth creation comes out of years of patient investing. The books I have written will give you confidence to handle money.”
Advising listeners not to fall into the trap of being intimidated by investment mavericks spouting jargon, she used the analogy of a novice swimmer to explain why taking big risks can actually prove detrimental when it comes to growing wealth.
“When you learn to swim do you jump into the deep end immediately? We first learn to swim in the shallow, learn to breathe, learn the strokes and then when we are confident we go into the deep end. But, we still don’t swim in the sea,” Monika explained.
Halan also gave advice on how to start saving money, when to invest, the importance of having insurance and why creating an emergency fund is absolutely essential.
“Having an emergency fund is crucial. You need it because you need money. Money is oxygen; try buying a hospital bed without money or an education without it. So, no matter how we see it, money is important,” the