What is the best way to begin saving/investing? (M35)

[bezukhov]

Wondering if someone can help me with the best way to start investing and saving fast as I currently have no savings!
Some information about me:
- Married (M35) & (F29)
- Based in the UAE
- combined income - around 31,000aed p/m
We have two credit cards, one with 15,000 on and one with 30,000 on. Car finance 2,700p/m.
- I also receive around 30,000aed per term for a sports academy I run.

Any help, tips or advice on the best way to get started with investing/saving would be so appreciated as I currently have no pension and lost my savings in a very messy divorce 4 years ago (stupidly left all savings in ex-wifes account in 2018 and never saw any of it again).
Don't know where to start!!

 

[resjudicata]

@bezukhov If you wanna invest, then start with education.

What would you like to invest in?

If financial markets, educate your self.

If real estate, educate yourself.

Wanna be an entrepreneur, educate yourself.

You get the gist. IMO, education should be the first investment, invest in yourself.

 

[resjudicata]

Well said

 

[patriotpaladin]

@bezukhov Ramit Sethi’s book I Will Teach You To Be Rich is a good start - it’s written for an American domestic audience but the general principles are really solid and if you’re a US citizen most of the specifics will work too (though ignore the Roth IRA stuff as you likely won’t be eligible for that)

 

[whitesunshinee]

@bezukhov For me, I would say depends on how much time you have to dedicate. If you want to be a DIY investor then I would start by reading books such as One up on Wall Street - I think it's a good way to begin. You can also read the intelligent investor which is a big book. (I'm a slow reader!)

If you would prefer someone else to handle it, I would look at advisors who can support you in this by way of topping up each month. If you prefer this option, I would approach several advisors, make sure you know the fees and make sure you know of any lock in periods. Ideally, if you do look at savings account which tie you in make sure you go for a period that suits you and not an advisor.

As an expat there are a few good blogs and videos out there where you can start learning sme of the things you'll need to know - Investments For expats, Experts for Expats etc.