A million Dirham Investment !!!!!!!! Without even realizing it ???
Imagine having to spend a whopping
million dirhams.
But …. Who could invest such an amount without some inkling of
it happening ????
TMOD, Fellow members and Distinguished Guest – Good Evening.
Today in this room I can see 4 sets of individuals :
1.
Married with Older kids … Congratulations … you
are our role model.
2.
Married with younger kids
3.
Married and planning to be parent
4.
Happy.
Today my speech is dedicated to all of us.
Don’t you think its so
funny how creating a kid is FREE, yet the upkeep is anything but.
Children are priceless … however raising them is probably the
most expensive thing you ‘ll ever do.
Every new born child is
a bundle of joy. You all agree … isn’t it ???
If it is your 1st , its one of life’s experience s,
a true roller coaster of emotions. If its second , it’s a sibling and will be
easier due to the experience with the first. ….The third is ……… well enough .. You
can see where I am going. I can see few
smile on the face.
let me share a true incident. I called an expat client of mine who happens to
have 3 wife and 12 kids. I called him and he seems to be in tension. When I
asked him he said … yesterday evening he went to a park and when he came back at
11:00 PM, we came to know that instead of 12 kids I got 13 kids and he didn’t
know whose kids is this. So he has to sort out this mess.
Children are an EVENT.
The cost of bringing up a child in the UAE is
possibly at an all-time high. According to recent calculation parents in the UAE will need to spend around Dh 1.2 million on
an average to raise a child up to the age of 18.
Lets
go into the breakup of this amount to understand this in more detail.
Education : Dhs 400000 – 33%
Childcare / Baby sitting : Dhs
300000 – 25%
Toys / Hobbies/ Leisure : Dhs
200000 – 12%
Clothing & Birthday Party : Dhs 150000
– 10%
Vacation / Pocket Money : Dhs
150000 – 10%
According
to the survey conducted … the expenses of a husband wife family have a direct
relationship with their income and standard of living.
•
Income < USD 60000
Expenses
USD 8500 – USD 10000
•
Income between USD 60000 – USD
100000
Expenses USD 12000 –
USD14000
•
Income > USD 100000
Expenses
USD 20000 – USD 24000
Even
the cost of raising a child in Canada and UK is between $170,000 to $250,000 and £ 200,000 ( Dhs 1.2 million ) and that’s
just to get them to the age of major.
We
need not to be a rocket scientist to understand that this cost will keep on
increasing due to inflation.
So
now we’ve calculated the cost of raising a child from birth to age 18 is more than a million dirham and that does
not even touch higher education.
However
if you break it down it perhaps its not so bad. AED 63300 a year, AED 5300 a
month, AED 1320 a week and AED 188 a day. Under 8 dirham’s a hour.
So
if you’re thinking that the best Financial advise says “ Don’t have children if
you want to be rich.”
No
…. That’s absolutely wrong.
Then
lets consider what you actually get for your money. You get someone to laugh
yourself silly with no matter what the boss said or how your stock performed
that day . A partner for blowing bubbles, flying kites,, building castles. You
get to witness the first step, first word, first day of school….and a long list
to be cherished through out your life.
Above
all you get another branch added to your family tree.
Over
to you TMOD.
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