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By:

Ruddhi Phadke

22 September 2024 at 10:17:54 am

‘Sounds heard, missiles visible’

Mumbaikars recall their encounter with the missile attacks in Middle East Govandi Muslim Youth Front stage protest condemning killing of Iran's Supreme Leader Ayatulla Khameni, at Govandi, in Mumbai, on Sunday. | Pic: Bhushan Koyande Mumbai: Dombivli resident Meghana Modak who flew to Dubai 15 days ago, as a tourist told ‘The Perfect Voice’ that she heard loud sounds and huge clouds of smoke in the air when she felt something was unusual. She was out for a casual walk on Saturday, but had to...

‘Sounds heard, missiles visible’

Mumbaikars recall their encounter with the missile attacks in Middle East Govandi Muslim Youth Front stage protest condemning killing of Iran's Supreme Leader Ayatulla Khameni, at Govandi, in Mumbai, on Sunday. | Pic: Bhushan Koyande Mumbai: Dombivli resident Meghana Modak who flew to Dubai 15 days ago, as a tourist told ‘The Perfect Voice’ that she heard loud sounds and huge clouds of smoke in the air when she felt something was unusual. She was out for a casual walk on Saturday, but had to immediately rush home. She tuned in to news to find out about the US-Israel strikes on Iranian targets and Tehran's retaliatory missile and drone attacks across the Gulf. “Dubai was not their target. However, the intercepting action and the missiles that passed through could be seen and heard. We are at home. Normal routine is on. However, schools and colleges stay shut. We have been advised to go out only for the inevitable basic needs of groceries.” said Modak. Modak is in Dubai to spend some quality time with her son and his family. She is scheduled to fly back to Mumbai on Tuesday. However, the plan stands indefinitely cancelled till further notice. “The Dubai airport has been hit indefinitely. We do that know when we will be back”, said Modak. Less Scary Modak cited the situation was reasonably less scary in Dubai compared to other places in the Middle East considering Dubai was not the prime target. There are no panic-struck evacuations and or sudden rush towards bomb shelters reported. However, the falling of the missile debris is certainly creating difficult situations. “A building caught fire claiming a life because of this debris falling. People are not panicking because everyone has faith in the Dubai government that they will ensure the safety of the innocent civilians.” Modak is currently staying at Jebel Ali is a large commercial port and business hub on the southern outskirts of Dubai in the United Arab Emirates. There are about 4.3 – 4.36 million Indians living in the United Arab Emirates — making them the largest expatriate community in the country and roughly 35 – 38 per cent of the UAE’s total population. Dubai has the largest share of Indians within the UAE. From residents, to students to tourists, Indians account for a huge share in Dubai. While for some, situation is safe but a long uncertain wait till further course of action is clear, while some are under constant fear for life. Wait and Watch A Mumbai-based tourist anonymously told ‘The Perfect Voice’ , “My husband, my seven-year-old son and I left for a Dubai trip to have a break from our routine lives. We were in Abu Dhabi on Saturday. Soon after the conflict began, we were shifted to bomb shelters. On Sunday, we have reached Dubai. It’s wait and watch till we get further update. The recreation trip has taken a stressful turn.” Tour operators are finding it tough to plan the evacuations of tourists who are currently stranded in Dubai due to airspace closure. Mumbai-based Shashank Abhyankar, the tour manager of Rajguru Travels, said, “I am just back from a tour last week. Our group of 25 Mumbaikars is in Dubai right now. Another tour manager is with them. They were supposed to visit gold market, Bhurj Khalifa, Baps Temple on Saturday and Sunday. However, everything is shut. They are scheduled to checkout from hotel on Monday 12 pm and fly back on an Indigo flight to Mumbai. The airline has intimated that the flight stands cancelled.” While airports are flooded with stranded passengers, it is an uphill task for tour operators to bring tourists back. “Safety is not a concern in Dubai. The biggest concern is, how to get people back. Stretching the stay would mean additional cost and even if we bear the cost availability of accommodation is also a concern. We are reaching out to people who are living there since many years for some solution. We have full faith in Indian government that they will do all they can to get Indians back. However, what will they do till the airspace is closed?” cited Abhyankar.

Turning Income Into Wealth

In today’s fast-paced world, it’s easy to equate a high income with financial success. Many professionals pour their energy into building impressive careers, chasing promotions, and increasing their earnings. Yet, here’s the uncomfortable truth: high income alone doesn’t guarantee financial security - let alone freedom.


Your income doesn’t matter if you don’t save a significant portion of it. Lifestyle inflation - the tendency to spend more as you earn more - is a silent wealth killer. The more you earn, the more intentional you must be about saving.


But even saving, on its own, isn’t enough. With inflation steadily eroding the value of money, savings sitting idle in a bank account lose purchasing power over time. That’s why your savings don’t matter unless you invest them in inflation-beating assets - like equities, equity-oriented mutual funds, or gold.


Even when you begin investing, the real magic happens only when you stay invested. Compounding is a powerful force, but it needs time. If you chase short-term market trends or withdraw randomly - treating your long-term assets like a savings bank account - you will miss out on long-term wealth creation. So your investments don’t matter if you don’t stay invested for the right time horizon.


As you climb the ladder in your career, don’t ignore your investments or sources of passive income. These are what will eventually buy you time - and time, after all, is the ultimate luxury.


Don’t confuse your work with your life. Your job isn’t your life - it’s just a part of it.


There’s a crucial difference between being rich and being financially free. Being rich means having money. Being financially free means having both money and time - the ability to live life on your own terms without being dependent on a paycheck.


Let’s stop linking retirement to age, and instead link it to investments. True retirement is when your money works for you, not when you hit a milestone birthday.


Financial freedom gives you the power to make that distinction. Start

investing in that freedom - today.


To summarise:

•Your income doesn’t matter if you don’t save enough.

• Your savings don’t matter if you don’t invest in assets that beat inflation.

• Your investments don’t matter if you don’t stay invested for the long term.


Because being rich is having money. But being financially free is having money and time.


And most importantly, ensure you have a trusted financial advisor for financial planning, investments and insurances. Their education, wisdom, expertise, and experience will help turn your income into wealth.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor.

Views personal. He could be reached on 9833133605.)

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