#JMM education initiatives
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townpostin · 4 months ago
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Jugsalai MLA Mangal Kalindi Advocates for Assistant Teachers' Rights
JMM MLA Mangal Kalindi presents memorandum to CM Champai Soren Demands include pay scale revisions and state employee status for educators. JAMSHEDPUR – Mangal Kalindi, MLA from Jugsalai and JMM Chief Whip, has submitted a memorandum to Chief Minister Champai Soren addressing the concerns of assistant teachers in the region. The memorandum, originating from the Assistant Teachers’ Association of…
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jewishmuseummd · 4 years ago
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Museums As Agents of Change
Wednesday, September 16, 2020 at 7:00 pm EST
Register for this Streaming Virtual Event Here
The place of museums in society is rapidly evolving. As active participants in the important conversations of the present, today museums have a role to play in helping understand and interpret complex issues in our society.
In the words of Lonnie Bunch III, secretary of the Smithsonian, “Museums are not community centers, but they can be centers of their communities.” Among our most trusted sources of information, museums have a unique platform to share stories that have been marginalized, ask hard questions, and host the difficult conversations that can lead to real change.
The Capital Jewish Museum and the Jewish Museum of Maryland come together for a conversation about how our museum communities and the Jewish community can work together in the fight for racial equity within our country. We will explore the work that needs to be done, how museums are rethinking their role and actively approaching the task, and offer some practical steps that we can all take to move forward together.
About Our Speakers
Damika Baker-Wilson is the Director of Engagement and Strategic Initiatives at the Reginald F. Lewis Museum. Prior to joining the staff of the Lewis Museum, Damika spent almost five years as the Director of Development for the Academy Art Museum where she managed an $8M capital campaign and the museum’s development office operations. Damika began her career in the cultural sector as the Visitor Services and Membership Coordinator for Adkins Arboretum, where she now serves on the Board of Trustees. With over a decade of experience in cultural institutions, Damika has experience in a variety of areas, including fundraising, program development and evaluation, marketing, visitor series, and outreach. In 2018, Damika was selected as one of 36 professionals from around the world to participate in the Getty Leadership Institute’s NextGen executive education program, a blended-learning experience for the museum field’s emerging top talent. The program is designed for professionals who are in the first 3-5 years of a new mid-level management position, and who have demonstrated extraordinary leadership potential. Damika holds an undergraduate degree in Afro-American Studies from the University of Maryland-College Park and has completed graduate coursework in Nonprofit Management from the University of Maryland University College. She serves on the board of Adkins Arboretum and the Maryland Lynching Truth and Reconciliation Commission.
Yolanda Savage-Narva has twenty year’s experience working with public agencies and non-profit organizations to promote equitable access to public health, eldercare and pedestrian safety. She is a Centers for Disease Control (CDC)-trained public health specialist who has led community-based efforts in community health assessments for Indian Health Service, public education for the Alzheimer’s Association, pedestrian safety and advocacy for America Walks, and health equity for the National Association of State and Territorial Health Officials. Yolanda currently holds the position of Executive Director with Operation Understanding DC, a non-profit organization dedicated to promoting understanding, cooperation, and respect while fighting to eradicate racism, anti-Semitism and all forms of discrimination. She is also a member of the JewVNation cohort, a fellowship sponsored by the Union for Reform Judaism, a 2019 Schusterman Fellow, a vicechair of the Religious Action Center’s (RAC) Commission on Social Action, a co-chair of the Racial Justice equity committee for the RAC, a member of Temple Micah in Washington, D.C. and a member of Delta Sigma Theta Sorority; an international Black sorority dedicated to community service and education. Yolanda is a graduate of Tougaloo College (Sociology) and has a master’s degree in education from Jackson State University. In her spare time Yolanda loves being outdoors, reading, birdwatching, playing sports and traveling with her family.
Marsha Semmel is an independent consultant working with cultural and educational organizations on leadership development, strategic planning, and partnerships. Her book, Partnership Power: Essential Museum Strategies for Today’s Networked World, was published by the American Alliance of Museums and Rowman & Littlefield in 2019. Recent positions include Special Initiatives Advisor in the Office of the Chairman, National Endowment for the Humanities; Senior Adviser to the National Center for Science and Civic Engagement; and Adjunct Faculty at the Bank Street College Graduate School of Education’s Leadership in Museum Education Program. Semmel was Senior Advisor, Noyce Leadership Institute, from 2013-2015. She was the Director for Strategic Partnerships, Deputy for Museum Services, and Acting Director at the Institute of Museum and Library Services (IMLS) from 2003-13. From 1984-1996, she served in the Division of Public Programs (Division Director, 1993-1996) at the National Endowment for the Humanities. She also served as President and CEO of Conner Prairie, a history museum near Indianapolis, and President and CEO of the Women of the West Museum in Denver. Recently concluding her stint as Chairman, Arlington Commission for the Arts, Ms. Semmel currently serves on the boards of the Council of American Jewish Museums, the Institute for Learning Innovation, and Planet Word, a new museum in DC devoted to language.
Eric S. Yellin is Associate Professor of History and American Studies at the University of Richmond and Senior Curatorial Consultant for the Capital Jewish Museum in Washington, DC. He is the author of Racism in the Nation’s Service: Government Workers and the Color Line in Woodrow Wilson’s America and the co-editor of the forthcoming We the People: Public Workers in Service of America. Yellin earned his BA from Columbia University and his PhD in American History from Princeton University. His public history writing has been featured in the Washington Post, USA Today, The Conversation, and elsewhere.
Moderator: Tracie Guy-Decker is the deputy director at the Jewish Museum of Maryland. She started at the museum in April 2015, the same time Baltimore got national attention because of Freddie Gray’s murder and the Uprising that followed. That timing resulted in Guy-Decker pushing herself and the JMM to learn, unlearn, and grow in antiracism and anti-oppression. In her five years at the Museum, she has overseen project and process management in every aspect of operations, from finance to exhibits, facilities to fundraising. Before joining JMM, Tracie spent fifteen years helping non-profits, colleges, and universities expand their impact and their visibility through well-crafted and strategic marketing and fundraising. She has a masters degree in religious studies from the Divinity School of the University of Chicago.
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jmmgroup-blog · 8 years ago
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Money & Me: 'My savings are not mine alone'
Promoth Manghat is chief executive of UAE Exchange, the US$30 billion a year money exchange founded in 1980 by Abu Dhabi-based pharmacist turned businessman B R Shetty. Mr Manghat, 39, who started out as a chartered accountant in Kochi in his native Kerala, India, came to Abu Dhabi in 2003 and worked his way through the UAE Exchange ranks to become chief executive two years ago.
How did your upbringing shape your attitude towards money?
I grew up in a joint family, as we say in India, with uncles and aunts, etc. My father was into construction and farming. When you are involved in agriculture and farming, one of the traits is the nature of preserving. You don’t do it just for this month or next; it’s always with long term in mind. You manage resources and time.
Are you a spender or saver?
I’m not a lavish spender. But I don’t live a stingy, miserable life. I try to get that balance. I buy a nice suit, a nice watch. I bought a Swiss one last year, on the Champs Elysées, at Bucherer.
What is your most cherished purchase?
I love watches. I bought a rose gold Rolex Oyster Perpetual Day-date. A watch is not just for showing the time, it has ornamental value. Plus I got it at a good price … the euro was weak.
Have you ever had a month where you feared you could not pay the bills?
Oh, definitely, when I initially started my career. When you come from an extended family your earnings are not just for you but for others. Even after I qualified as an accountant. It’s good to go through that, to taste that difficulty and make ends meet.
Where do you save your money?
I take a category perspective: bank deposits, real estate in the UAE and in India and other parts. Also I have investments – saving for me is investment. And I invest in NGO activity, education and primary health care. It’s not about return for you alone. Jack Ma, [the founder of China’s internet conglomerate Alibaba], said that beyond a certain point the money you have is not yours. So I’m funding a primary health care hospital and a tribal school in Nemmara, [in his home district of Palakkad]. It is a ­mini-hospital, serving a community of about 100,000 people with an aspiration to make it into a speciality healthcare offering.
Do you prefer paying by credit card or in cash?
Card. I’m a person who believes that non-cash is a better mode of paying. Unless there is no other option than cash. It gives you a secure way of paying and you can track your spending.
What has been your best investment?
The one in my village, the healthcare facility. It gives you a sense of prime achievement, not only in terms of money but in terms of time and money. The master plan is to grow it into a 175-bed hospital with 40 to 50 doctors, maybe by the middle of this year. Now there are about eight doctors and it is day care only.
What do you most regret spending money on?
Sometimes you make some instant clothing spending choices, regretfully, like everyone else. I travel and when you travel a lot, you start missing family – I have a daughter, nine. You do a bit of retail therapy and then when you come home …
What financial advice would you offer your younger self?
I have been groomed to live by my means. At the same time you don’t have to have a bad, unsatisfactory life, not too parsimonious.
Do you have a plan for the future?
The plan for the future is what I’m doing in my village. All my savings and my investments are not a decision for me alone; it involves the family, the extended family. Also, I’m trying to ensure optimal use of my time. Being a CEO comes first, as head of 16,000 employees.
What would you raid your savings account for?
To ensure my little one has a good education. My parents gave me an education much beyond what they could afford and that has really helped me in life – forget about career, but in life.
Follow The National’s Business section on Twitter
Source: The National
Money & Me: 'My savings are not mine alone' was originally published on JMM Group of Companies
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jewishmuseummd · 4 years ago
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The Opportunity
The Jewish Museum of Maryland (JMM) seeks an Executive Director (ED) to build upon the Museum’s strong history and guide it as it adapts to a changing landscape. The next Executive Director of the JMM will spearhead opportunities to further leverage the Museum’s physical and online presence, to take its innovative programming to a new level, to engage more diverse segments of the community and participate in advancing social justice in our society.
About the Jewish Museum of Maryland
For more than 40 years, the JMM has sought to fulfill its mission to connect people to Jewish experiences and the Maryland Jewish community to its roots. Through unique collections, artifacts, exhibits, and programs, the Museum is one of America’s leading museums of regional Jewish history, culture and community.
Located in downtown Baltimore just blocks from the Inner Harbor, the JMM explores and celebrates Jewish history, culture, and experiences in Maryland and beyond. The Museum was founded in 1960, initially to restore the historic Lloyd Street Synagogue and has become a cultural center for the Jewish community and for the downtown neighborhood of Jonestown. It includes three galleries that host exhibits of local and national interest. It is the only museum in America with two historic synagogues, preserved and interpreted for the public. More recently the JMM has expanded its on-line presence providing extensive digital content.
The Museum has an experienced and professional staff of more than a dozen full-time and part-time employees that serve the organization with distinction. The Museum operates on an annual budget of just over $1.8 million and is proud to be part of the network of agencies of The Associated: Jewish Federation of Baltimore (Associated), along with more than 25 other agencies. As such, the Museum closely collaborates with the Associated and is the beneficiary of significant federation resources, while still maintaining its independent status.
To learn more about the Museum, visit www.jewishmuseummd.org.
Position Overview
The JMM is seeking an Executive Director (ED) who will be a strategic thinker, who will oversee the Museum’s operations, and will be the primary driver of its mission. The recent pandemic has brought new and unexpected challenges for the JMM. The ED will need to ensure the short- and long-term health of the JMM, scanning the continually changing landscape, and positioning the Museum to adapt and thrive. The ED will recognize strengths and opportunities, demonstrate an ability to shift resources as needed, and think innovatively in executing revised strategies.
The ED will oversee all fundraising and be responsible for securing the necessary resources for the Museum’s exhibits, programs, and endowments. In the long term, the ED will spearhead the Museum’s Evolution Plan, a major capital expansion and concurrent campaign. This initiative is an investment in the Museum’s future and will expand its ability to deliver exhibits, education, and community programming, while serving as an anchor cultural institution in downtown Baltimore.
The ED will oversee the Museum’s campus and serve as the principal spokesperson for the institution. The ED must have the experience and skills to develop and leverage a range of relationships locally and nationally, while continuing to nurture the Museum’s strong existing partnerships within the community. Vital to this role is ensuring the continued evolution of the Museum as a force for change in Baltimore City while elevating the institution as a premier museum and downtown hub for Jewish life.
Key Areas of Responsibility
Leadership:
●       Provide strategic leadership
●       Collaborate with the Board of Directors to define the organization’s short and long-term goals Work with the Board and the Development Director to execute all fundraising for the Museum
●       Foster a culture of excellence, openness, positivity and teamwork among staff, volunteers, and the Board so that each may be informed and enhance the other’s work
●       Articulate the value of diversity and continue to cultivate an environment of respect as a core Museum value
Partnerships:
●       Nurture relationships, steward current donors and forge new partnerships that will build on the Museum’s visibility, and secure funding and stability for operations and programs
●       Work closely with The Associated to develop the Museum’s development strategy and coordinate fundraising efforts
●       Work closely with the Board to fulfill its governance function and energize the Board to ensure it continues to attract, retain and motivate members to be engaged and fulfill their responsibilities
●       Model, support and encourage relationship building with community partners on projects and efforts that aim to advance the Museum's commitment to the community
Financial & Personnel Management:
●       Develop, implement, and monitor an annual operating plan and budget for the organization
●       Ensure effective financial reporting to the Board
●       Work with members of the Museum’s management team to evaluate the day-to-day operational effectiveness of the organization
●       Ensure a positive working environment, strong staff morale, and a culture of teamwork and mutual support among all staff
●       Implement ongoing professional development to ensure a highly functioning team
Programs:
●       Ensure that both on-site and online programs, exhibits, and events provide a meaningful visitor experience for existing and new, diverse audiences
●       Maintain best practices for evaluating the effectiveness of programs and projects and ensuring processes and systems are in place for developing and implementing those assessments
Qualifications & Experience
●       Five to eight years of experience working in a museum or related field preferred, including supervisory experience
●       Experience and demonstrated success in nonprofit management and fundraising, including identifying and securing public and private grants
●       Demonstrated ability to be principal spokesperson with external stakeholders
●       Strong knowledge of and commitment to Jewish culture, values, traditions and celebrations
●       An established record of successful coalition-building with community stakeholders
●       Evidence of success in developing and managing an annual operating budget
●       Experience working effectively with a Board to carry out the mission of an organization and develop strategic direction
●       Bachelor’s degree required; advanced degree preferred
Desired Competencies & Skills
●       Passion for the mission
●       Outstanding skills in building, cultivating and stewarding relationships
●       Able to connect with people, build coalitions, maintain a positive attitude and enjoy working with a diverse and wide range of stakeholders
●       Flexible thinker, nimble with innovative approaches to solving problems and overcoming challenges
●       Ability to leverage digital operating systems
●       Superior written, spoken, and organizational skills
●       Skilled in the tools of 21st Century communication
Benefits 
The Jewish Museum of Maryland offers a competitive package, including health insurance, 401k employer match, employer-paid life insurance and long-term disability, flexible spending plan, and a complimentary membership to the Jewish Community Center. We make work/life balance a priority offering generous paid holidays, vacation/sick time and parental leave.
How to Apply
http://jewishmuseummd.org/
Electronic submissions are preferred. Qualified candidates, please apply at https://bit.ly/ApplyNowJMMED.
Please submit cover letters to [email protected] in addition to your…
Read more about how to apply
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jewishmuseummd · 5 years ago
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This Thanksgiving, take a moment to think about how you’re Living With Purpose and check out the great volunteer opportunities through Jewish Volunteer Connection & JMM. 
JMM loves volunteers. With stories of amazing and hardworking people informing our mission at the Museum, we know how much of a difference a single individual can make. An upstander is the opposite of a bystander. An upstander sees a problem and works to solve it. We’re connecting the stories of Scrap Yard with Jewish Volunteer Connection’s network of volunteer opportunities.
We also know how transforming volunteerism can be, when people work together towards a common goal. That’s why we’re sharing in JVC’s motto, in Living with Purpose, and partnering with them to create the Upstanders Initiative. When you participate in one of the opportunities below, you are eligible for raffle drawings and even a free trip to the Museum!
Sharp-Dressed Man is a non-profit organization equips men who are ready to work with recycled suits—often the last obstacle to a better life. With your help in sorting and fitting these suits, more men will be able to dress professionally and confidently, helping them to engage with the workforce.
Opportunity: Sorting Clothing (must be 18 or older to participate).
Visit JVCBaltimore.org/job/sorting to sign up.
Opportunity: Fitting or personal shopping (must be 18 or older to participate).
Visit JVCBaltimore.org/job/styling to sign up.
¡Adelante Latina! works with high school Latina girls as they overcome barriers towards their college careers. By providing these ambitious young women with a meal for the evening, you can help them focus on working towards their goals and their future.
Opportunity: Make a meal.
Visit JVCBaltimore.org/job/adelante to sign up.
The 6th Branch utilizes the leadership and organizational skills of military veterans to execute aggressive community service initiatives in Baltimore City.
Opportunity: Help clean and maintain parks and lots (must be 16 or older to participate).
Visit JVCBaltimore.org/job/t6b to sign up.
Leveling the Playing Field gives underprivileged children the opportunity to enjoy the mental and physical benefits of youth sports participation through the donation of used and excess sporting equipment to programs and schools serving low income communities.
Opportunity: Sort donated sports equipment (must be 8 or older to participate)
Visit JVCBaltimore.org/job/LPF to sign up.
CHANA offers a Jewish community response to the needs of persons who experience abuse and other forms of interpersonal trauma. In providing crisis intervention, education and consultation, CHANA advocates for community awareness, safety and healing.
Opportunity: Donate clean clothing, shoes, linens, and stuffed animals in good condition.
To participate, place your items in tied plastic bags and drop them off at one of CHANA’s four clothing sheds. The sheds are located at Beth Tfiloh Congregation, Temple Oheb Shalom, the Rosenbloom Owings Mills JCC, or the Weinberg Park Heights JCC.
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jewishmuseummd · 7 years ago
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Volunteer Spotlight on Jacob Davenport!
Originally posted on the JMM blog, March 5, 2018.
Post by Volunteer Coordinator Wendy Davis. Periodically we highlight one of our fantastic JMM volunteers. If you are interested in volunteering with the JMM, send an email to Sue Foard at [email protected] or call 443-873-5162! You can also get more information about volunteering at the Museum here.
The Jewish Museum of Maryland was very fortunate when Jacob Davenport applied for a volunteer position.  When Jacob moved from Syracuse to Baltimore this past January, he started volunteering once a week in the gift shop and is making a transition to also volunteering at the front desk.  What has impressed him are the nice people with whom he interacts.
And he impresses us with his quiet demeaner, thoughtfulness, attention to detail, and willingness to help in any way possible.
Jacob studied history in college.  Most of his courses focused on national histories and he wanted to explore an area he hadn’t learned about.  He wanted a sense of local history. That is what initiated his reaching out to JMM.   In between his volunteer responsibilities, in addition to taking tours of the historic synagogues, he explored the Voices of Lombard Street exhibit which gave him a detailed sense of what the Lombard Street community has been and of the individual lives.
In June, Jacob will start his master’s program in liberal arts at St. John’s College in Annapolis. He wants to continue volunteering at JMM, but he might have to reduce his time to only twice a month.  To support his desire to become a writer, Jacob hopes to continue his education at Sarah Lawrence College. We at the JMM look forward to seeing his work in print!
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jewishmuseummd · 7 years ago
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A post by JMM’s new Director of Development, Tracey E. Dorfmann. Originally published at the JMM blog.
I am pleased to join the JMM team. The past few weeks have been filled with excitement, hard work and fun as I have learned more about the museum and been behind the scenes while we prepare for our exciting spring and summer ‘18 line up. I hope to see you at one of our upcoming exhibits: My Family Story, 3/11-3/25; Amending America: The Bill of Rights, 4/9-5/28; and Inescapable: The Life and Legacy of Harry Houdini, opening on 6/24.
As transplants from the Washington, DC metro area my husband and I love our new hometown of Baltimore! We are enjoying the distinctly different neighborhoods, scenic views and great eateries. This city and JMM are the perfect fit for me!  I have always been drawn to urban living and my passions are the arts, Jewish engagement, history, and ensuring a greener more sustainable future. Fortunately, throughout my professional life my avocations and vocations have always intersected. My guiding principles are passion, ownership and excellence.
In the early 2000s, a life transition steered me to employment at the Bender JCC in Rockville, Maryland.  I was at the happy crossroads of engaging participants in Jewish culture and community life. Initially coming on board as the Coordinator of Interfaith Outreach and Inclusion I rapidly rose through the ranks growing into the positions of Director of Arts and Education, Program Director and then Chief Program Officer.  As a member of the senior team I had the opportunity to be part of a stellar organization that engages thousands of people each year in Jewish life.
Beginning in 2016 I developed a consulting practice. During that time, I produced a variety of projects for synagogues, arts agencies, and a business incubator that focuses on green/sustainable start-ups. Once again, I chose to work with organizations whose missions I believed in and felt passionate about. My deep interests for community engagement, Jewish life, the arts, and a greener future, allowed me to guide hundreds of individuals to join, contribute, sponsor, and attend events and programs at organizations and institutions that were important to them.
Becoming the Director of Development for the Jewish Museum of Maryland is the logical next step for me. I look forward to meeting you and engaging many people through philanthropy. I am so happy to become part of the fabric of Baltimore and eager to share my skills and knowledge here at JMM.
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jewishmuseummd · 7 years ago
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Job Opening: DIRECTOR OF DEVELOPMENT
http://jewishmuseummd.org/about-us/job-openings/The Jewish Museum of Maryland is currently seeking a part-time (30 hrs/wk) Director of Development. Scheduling can be flexible. Occasional evening and weekend work required.
This new position will play a key role in articulating the strategic direction of the Museum, and implementing the resulting strategies and initiatives. Reporting to the Executive Director, the Director of Development supervises a department that includes one other staff member and is part of the Museum’s senior management team. Major responsibilities will include oversight of major gift program, annual fund support, special events and capital campaign. Ideal candidate will demonstrate leadership and management to advance the fundraising efforts of the Museum, and have the ability to work closely with Board Members, Executive Director and staff to develop and implement best practices, cultivate new relationships and help meet annual fundraising goals.
By building on the Museum’s past and current success, we are looking for someone who can:
>Identify, cultivate, solicit and steward annual fund, major gifts/leadership gifts, foundation, and corporate and prospects in collaboration with the Executive Director and Board members
>Write fundraising prospectuses for Museum initiatives including exhibitions, educational projects and public programs
>Develop prospect lists for initiatives
>Direct the annual fund program including writing membership appeal letters
>Ensure stewardship of past, current and prospective donors through personal visits, correspondence, and timely gift acknowledgements
>Provide accurate reports on all fundraising initiatives
>Review donor lists and ensure donor stewardship
>Assist with Board recruitment, training, and development
>Serve as staff liaison to both the Board Development Committee and the Nominating Committee
>Oversee preparation of high-quality collateral material
>Write and review grant proposals and reports
>Work with membership coordinator to increase both the number of Museum members as well as to increase giving
>Plan special events for donors and prospects in conjunction with exhibition openings and high profile programs
Qualified candidates must have a Bachelor’s Degree, minimum of five years’ fundraising experience, excellent oral and written skills, and vast knowledge of Baltimore community. Familiarity with Jewish traditions and culture is a plus.
Qualified candidates should apply via: http://bit.ly/JMM_DirectorofDevelopment (preferred). Or send to: Human Resources, The Associated: Jewish Community Federation of Baltimore. 5750 Park Heights Avenue Baltimore, MD 21215. Or fax resume to 410.837.1279. EOE
View above at the JMM website: http://jewishmuseummd.org/about-us/job-openings/
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jmmgroup-blog · 8 years ago
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Money and me: 'My savings not mine alone'
Promoth Manghat is chief executive of UAE Exchange, the US$30 billion a year money exchange founded in 1980 by Abu Dhabi-based pharmacist turned businessman B R Shetty. Mr Manghat, 39, who started out as a chartered accountant in Kochi in his native Kerala, India, came to Abu Dhabi in 2003 and worked his way through the UAE Exchange ranks to become chief executive two years ago.
How did your upbringing shape your attitude towards money?
I grew up in a joint family, as we say in India, with uncles and aunts, etc. My father was into construction and farming. When you are involved in agriculture and farming, one of the traits is the nature of preserving. You don’t do it just for this month or next; it’s always with long term in mind. You manage resources and time.
Are you a spender or saver?
I’m not a lavish spender. But I don’t live a stingy, miserable life. I try to get that balance. I buy a nice suit, a nice watch. I bought a Swiss one last year, on the Champs Elysées, at Bucherer.
What is your most cherished purchase?
I love watches. I bought a rose gold Rolex Oyster Perpetual Day-date. A watch is not just for showing the time, it has ornamental value. Plus I got it at a good price … the euro was weak.
Have you ever had a month where you feared you could not pay the bills?
Oh, definitely, when I initially started my career. When you come from an extended family your earnings are not just for you but for others. Even after I qualified as an accountant. It’s good to go through that, to taste that difficulty and make ends meet.
Where do you save your money?
I take a category perspective: bank deposits, real estate in the UAE and in India and other parts. Also I have investments – saving for me is investment. And I invest in NGO activity, education and primary health care. It’s not about return for you alone. Jack Ma, [the founder of China’s internet conglomerate Alibaba], said that beyond a certain point the money you have is not yours. So I’m funding a primary health care hospital and a tribal school in Nemmara, [in his home district of Palakkad]. It is a ­mini-hospital, serving a community of about 100,000 people with an aspiration to make it into a speciality healthcare offering.
Do you prefer paying by credit card or in cash?
Card. I’m a person who believes that non-cash is a better mode of paying. Unless there is no other option than cash. It gives you a secure way of paying and you can track your spending.
What has been your best investment?
The one in my village, the healthcare facility. It gives you a sense of prime achievement, not only in terms of money but in terms of time and money. The master plan is to grow it into a 175-bed hospital with 40 to 50 doctors, maybe by the middle of this year. Now there are about eight doctors and it is day care only.
What do you most regret spending money on?
Sometimes you make some instant clothing spending choices, regretfully, like everyone else. I travel and when you travel a lot, you start missing family – I have a daughter, nine. You do a bit of retail therapy and then when you come home …
What financial advice would you offer your younger self?
I have been groomed to live by my means. At the same time you don’t have to have a bad, unsatisfactory life, not too parsimonious.
Do you have a plan for the future?
The plan for the future is what I’m doing in my village. All my savings and my investments are not a decision for me alone; it involves the family, the extended family. Also, I’m trying to ensure optimal use of my time. Being a CEO comes first, as head of 16,000 employees.
What would you raid your savings account for?
To ensure my little one has a good education. My parents gave me an education much beyond what they could afford and that has really helped me in life – forget about career, but in life.
Follow The National’s Business section on Twitter
Source: The National
Money and me: 'My savings not mine alone' was originally published on JMM Group of Companies
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jmmgroup-blog · 8 years ago
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Cloud Foundry Aims to Close Cloud Skills Gap
The Cloud Foundry Foundation has announced the launch of a worldwide cloud-native developer certification initiative. The foundation created the program to fill the widening gap of trained programmers for cloud apps and services. The Linux Foundation — which has trained and certified more developers on open source software than any organization in the world — will provide the instruction. More than a dozen leading technology, education and systems integration organizations around the world will participate in the cloud certification program. Source: Techworld
Cloud Foundry Aims to Close Cloud Skills Gap was originally published on JMM Group of Companies
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jmmgroup-blog · 8 years ago
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Teaching children financial smarts a good investment
The UAE has a commendably business-friendly and entrepreneurial culture and yet like most countries it generally misses the trick of catching youngsters when they are most impressionable to give them a sound financial eduction.
It is not an original idea to call this innovation. Anybody familiar with Robert Kiyosaki’s Rich Dad, Poor Dad book series, will have read all this before.
A report in The National last week about an hour-long financial literacy course run by Kids Finance Initiative on Saturday mornings in Dubai for two age groups, 9 to 11 and 12 to 14, caught my eye. The eight-week course for Dh640 looked like a great investment in the young minds.
I was lucky to be born in a business family. My parents were both start-up success stories, and I learnt everything around the kitchen table. When my school took us to visit a local bakery I asked how much it cost to make a bun and went back to tell my dad. “Son, that is called a profit,” he explained.
Not everybody can start this way. But instilling the basics of financial common sense in the young is a good idea.
For example, the simple principle of good and bad debts. A bad debt means that you get a product earlier than saving up for it but end up paying a lot more for it.
A good debt like a mortgage will enable you to live in a house and buy it at today’s price without having to put up the full amount. Rising house prices may make you rich over the long term.
That is already a little complicated for the first grader. How about how to open a bank account and download the iPhone app? What services do banks offer? And how will they try to take away your money if you let them?
Managing your pocket money is a very good way to appreciate how to handle much larger amounts later in life. The world’s second richest man, Warren Buffett, did just that.
An interesting case study would be to ask what would you do if you won a lottery? I did win the Premium Bonds in the UK once as a child, and can still remember the thrill of being able to buy anything in the toy shop.
In the end I decided to spend half the money – and half of that on my brother and sister to keep them happy – and reinvested the rest in Premium Bonds, money I never saw again as the certificates got lost.
Credit cards alone would definitely be worth a one-hour lesson. What does a credit limit actually mean? Where does the money come from? Is it for free? How is it different from a debit card?
Years ago the head of a UAE credit card company told me his firm was making a fortune out of people who did not know the difference between a credit and debit card. Think of all that interest paid on cash withdrawals on a credit card.
It is by getting the basics right early on that consumers will also become sceptical about the claims of financial fraudsters and charlatans.
How was it that so many airline cabin crew in the UAE, usually bright and well educated, fell for a foreign exchange scam recently that was offering to double their money in a short period?
Anybody with half a wit might ask: “well, how are they going to do that legally?” For older children some cautionary tales of the great financial fraudsters of our time would make an interesting end to any course in financial education.
How does a Ponzi scheme work? It sounds like a mathematical puzzle but really only amounts to paying winnings out of early receipts to encourage greedy people to invest.
These were not things I learnt about as a child, but the world was a much simpler and more honest place then – or was it? Human nature does not change very much over time.
Kiyosaki’s Rich Dad, Poor Dad books take this basic financial education a step further with the rudiments of capital accumulation and entrepreneurship.
That’s the point really, this is just another step on the same ladder of financial success. But you need to get your foot on the ladder first, and that is probably best achieved by financial education at a rather tender age, in my humble opinion.
Peter Cooper has been writing about finance in the Gulf for two decades.
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Source: The National
Teaching children financial smarts a good investment was originally published on JMM Group of Companies
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jmmgroup-blog · 8 years ago
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Karate, football, money management? Extracurricular course teaches Dubai kids about personal finance
Saif Sondon, 13, is a fairly typical teenage boy when it comes to money. The Egyptian, who is a pupil at Nord Anglia International School in Dubai, gets Dh500 a month from his parents, “and more if I earn it somewhere else or if I sell some of my stuff,” he explains. “Sometimes I spend it on clothes, games, or going out. Clothes don’t have to be expensive, mid-range is fine – I’ll wait for the sales and then buy them. I don’t like to go shopping much because I don’t have all the money in the world to go shopping with. If I did, then I’d enjoy it more because I’d buy the expensive brands of trainers that I really want.”
For the past five weeks, Saif has been attending an hour-long financial literacy course every Saturday morning, organised by the company Kids Finance Initiative. Classes are in two age groups; 9 to 11 and 12 to 14, and the first eight-week course, costing Dh640, is currently taking place at Uptown School, Jumeira Baccalaureate School and Dubai British School.
Saif claims that what he’s learnt during the course is already having an impact on his spending habits. “Before I used to spend money whenever I had it, but now I’m going to give 10 per cent to charity and then save the rest for my future. I could put it into a bank and it would double with interest, so in a few years there would be more money – or I could buy something for Dh1,000.”
The brains behind the new initiative is Marilyn Pinto, a mum of two girls, ages eight and 10, who not­iced that although her daughters were thriving academically, they had “no clue” when it came to money. “I actually thought I’d teach my own children about fin­ance last summer, but it didn’t go too well because after two weeks I wanted a break myself, and it’s difficult when you’re teaching your own children. But I realised that if I found this gap in the school curriculum, other parents might be interested in teaching their children about these concepts too.”
But Ms Pinto initially met with some resistance to the idea of teaching financial literacy to children, from fellow parents. “They understand the need for karate, ballet and other run-of-the-mill after-school activities, but financial literacy was a novel concept. They asked me ‘is that all maths?’ ‘Isn’t it too complicated?’ ‘My kids are innocent, do we have to expose them at this age?’ But I believe that the earlier we talk to kids the better. After all, advertisers are now actively targeting young children on soc­ial media, so it’s now even more important that they learn early on in life to question what is a ‘want’ and what is a ‘need’ when it comes to spending.”
The eight-week course that Ms Pinto is running, which is taught using an activity-based curriculum from the American National Financial Educators Council, delves into much more than just handling pocket money. Topics range from budgeting, investing and managing debts, to entrepreneurship and charity.
“We are looking for kids to set goals, to realise that money is a means to an end,” she explains. “We get them to identify what kind of lifestyle they would like, what are their dreams and why money is important to achieve their goals.”
In her role as a “money coach”, Caroline Domanska of Moneymindsetcoaching.co.uk, helps grown-ups to form healthier relationships with their money. But Ms Domanska, who coaches in Dubai and in the UK, explains that the way we spend money stems from lessons we learnt as children from our parents. “A lot of children are told by their parents ‘we can’t afford this toy that you want at the moment, not today’ – so they’re told they can’t have it, rather than ‘well if you want that thing, how are you going to go about trying to get it?’ It’s a subtle shift in how you approach it. As children, if our desires get squashed, then we take that into adulthood. We still think things aren’t quite achievable for us – that we’re not quite the person who would earn half a million pounds, or who should be driving that car. We get that from our backgrounds.”
One of the teachers on the fin­ancial literacy course is Manisha Daya, a British accountant and mum of two, whose own thrifty relationship with money was shaped by her father’s upbringing.
“My grandparents were very rich back in Zimbabwe and through bad business decisions they lost everything, including their house,” she explains. “My father then had to use his basic survival instincts, because his dad lost his mind. He had huge responsibilities and grew up having to watch every penny. He later became a teacher and put us through a good education, always reminding us of the important things in life. Holidays were a very big luxury, and we always were taught to always watch our pockets.”
Ms Daya teaches the same prudent financial lessons to her own six year old daughter. “She doesn’t get pocket money, but we make her aware of money – to look for the red sale tags when we’re going through clothes in the shops, for example. I put seeds in her mind to be money-savvy.”
On the course, Ms Daya teaches the children about the three main money mindsets people have – “roadblock” – someone who is not thinking about money and is out of luck when bills need to be paid, “bullet train” – someone knows how to save money and can use money to achieve their life goals, and “blinder” – someone is focusing on money all the time and doesn’t live life to the fullest.
Ms Daya – who is hoping to shape her class of seven 9 to 11-year-old girls and one boy into “bullet trains” – asks them to think about their long-term goals. One aspires to be an Olympic swimmer, three would like their own pet dog and one wants to own 100 different-coloured cars. “Write down your long- term goal on paper and stick it up somewhere where you can see it every day,” Ms Daya tells them.
One of the most popular long-term goals for most adults is buying a house. According to a study undertaken by HSBC Bank in the UK, the average child receives £131,832.94 (Dh588,958) in the first 25 years of their life through pocket money, tooth fairy donations, gifts and money for odd jobs and part-time work. By saving 25 per cent of these “earnings”, a 25-year-old could have enough to put down the average deposit of £32,000, the study claims.
In the UAE, according to Ms Daya, children often don’t feel the need to spend their pocket money because their parents pay for what they want anyway. “It’s a spend, spend, spend environment,” she says. “Children often save their pocket money because they never need to use it. The mindset of parents here is very different.”
According to analysts at Euromonitor International (EMI), typically, a child in the UAE between nine and 15 years old receives between US$15 to $70 a month in pocket money, while children over 15 receive from $70 to $220.
The spending power of youth is something that advertisers are increasingly aware of. Last October, a coalition of advocacy groups urged the US Federal Trade Commission to crack down on online influencer ads aimed at children. “Owing to their immature cognitive development children – especially younger children – have difficulty differentiating between content and advertising,” the complaint reads.
The subliminal advertising makes it more important than ever for children to be aware of their spending impulses, says Ms Pinto. “They are already being bombarded by so many advertising messages, and it only gets worse as they enter their teenage years. Kids today are spending so much more money than any previous generation, and advertisers know that – they know a whole lot more about the spending habits of our kids than we do sometimes. And they’re getting cleverer at hiding their advertising in social media. It’s actually scary.”
Ms Pinto makes sure that her own children learn to question the advertiser’s motives as much as possible. “When we hear ads on the radio we actually dissect them together. I ask: ‘what is this about, what are they trying to sell you?’ ‘Is this a good advertising message?’ Once you start talking to kids about that, they are switched on to not just sitting back and absorbing all the messages and saying: ‘Oh, this pizza is good.’ They can ask: ‘Is it really good, and do we actually need it?’ Making them aware is the first line of defence.”
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Source: The National
Karate, football, money management? Extracurricular course teaches Dubai kids about personal finance was originally published on JMM Group of Companies
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jmmgroup-blog · 8 years ago
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UAE residents being locked in poor-value investment plans
Investors in the UAE received good news towards the end of last year.
The Insurance Authority announced it was preparing to ban questionable sales tactics by financial advisers on long-term saving plans.
For the many policyholders locked into poor-value investment plans that had yielded them little return and their adviser a hefty upfront commission from the insurer behind the plan, the news was a relief.
“The IA is deluged with complaints which is why it has decided to take action,” says Nigel Sillitoe, chief executive at research and consultancy firm Insight Discovery, who says the UAE is following the rest of the world in moving towards tighter regulation and clearer disclosure of fees and commission.
“The Qatar Financial Centre Regulatory Authority has bought in regulations based on the UK’s Retail Distribution Review (RDR) and it is only a matter of time before other countries start implementing disclosure as well. We have also seen it in Singapore, South Africa, Hong Kong, Poland and India. Ultimately, this will get rid of the rogues.”
While the IA was initially eyeing a fast implementation of its proposals, it has now bowed to industry requests for a two-year delay before new regulations are enforced, meaning the overhaul will take longer. Earlier this month, the regulatory body issued a new draft and opened a fresh consultation on its plans to tackle high fees and hidden commissions, following a meeting with international life companies and law firm Clyde & Co, which asked for the delay to the changes.
“Product providers and advisers firms will need to rework their customer base and change how advisers are remunerated. They need new products, new systems and extra training. It cannot be done overnight,” says Peter Hodgins, an insurance lawyer at Clyde & Co in the UAE.
The delay comes just weeks after the IA initially announced its plans to introduce tough regulations in November. Then it proposed to change the way savings, investment and life insurance policies are sold, in response to what it called “an alarming amount of complaints” from policyholders.
Under Circular No (33) of 2016 (Life Regulations), the IA pledged to compel sales advisers to provide customers with a detailed breakdown of fees and commission spanning the entire life of their insurance policy.
The circular, distributed to insurers and brokers, said that heavy commissions and upfront fees gave “poor policy value” to customers, particularly if they surrendered in the early years of the plan.
As further protection, all plans must offer a mandatory cooling off period, allowing customers to cancel within 20 days of purchase.
The IA’s proposed rules also set a maximum commission of 4.5 per cent for savings products. They also planned to ban upfront commissions based on the full value of an insurance policy, known as an indemnity commission.
Under another proposal, plans would have to include a minimum level of death benefits, which may be worth 25 per cent of the value of a single premium product held by under 45-year-olds.
“A lot of people in the industry were expecting its proposals but were surprised at the pace of change,” says Mr Sillitoe. “The IA did not consult the industry and Circular 33 came as a bolt out of the blue.”
However it appears the regulatory authority was moving too fast for the industry to keep up. Financial advisory companies “need time to adjust their business models, and move away from upfront indemnity commission to charging fees instead,” says Mr Sillitoe. “The changes have to be made at a measured pace.”
He points out that when the UK fin­ancial services regulator introduced the RDR, which forced independent fin­ancial advisers (IFAs) to shift from charging commission to fees, it caused massive industry upheaval and persuaded many IFAs to quit, reducing access to advice.
It means that cleaning up the system is set to be a long job leaving UAE residents looking to invest vulnerable until the process has been completed.
British expat Debbie, who does not want to reveal her full name, is one of a number of victims who have already approached the IA.
She and her husband Chris had always been suspicious of financial advisers and paid a high price for letting their guard down.
The married couple contacted an adviser with a head office in Dubai shortly after moving to the UAE in 2007. Debbie, 49, says: “We wanted to make a Sharia will but despite his initial reservations, my husband was persuaded to transfer all his UK pensions into a plan recommended by the wealth manager.
“He told them he was a defensive and cautious investor, but despite this they put all of his money into an aggressive fund, and lost a large part of it.”
In 2011, he invested two lump sums totalling £163,314 (Dh739,380), which was put into high-risk funds run by a well-known international insurer and a specialist fund manager. Today, that money is worth just £92,034. They have lost £71,280, almost 45 per cent of their original investment.
Debbie adds: “We will actually get less than that, as the surrender value is just £84,443, after deducting additional charges of more than £7,500.”
She says that as a “defensive and cautious investor”, a fact acknowledged by their adviser in writing, Chris should never have been exposed to this level of volatility. “However, it now seems that the company has ‘lost’ all of the original paperwork.”
Chris sadly died in 2015 at the age of 57, and Debbie, who now lives in the UK, is seeking compensation.
Disappointed by the adviser’s response, she took their complaint to the IA in May 2015, which offered its support if she decided to take legal action to win compensation.
The loss has cast a shadow over Debbie’s life and she is now pondering her next move. “I am a single mother with three children, so life isn’t easy. All I want is our original money back.”
The IA’s plans to reduce the amount of indemnity commission from product providers should help to protect clients from high charges and poor aftersales service says Sam Instone, chief executive of fee-based advisers AES International. “The next stage should be to introduce rules to ensure the explicit and transparent disclosure of these commissions to the client,” he says.
“Ideally, it should then introduce a fee option which would more fully align the interests of brokers with their clients – as has been done in the UK.”
Mr Instone says mis-selling victims are most likely to have bought long-term investment products such as QROPS and other pensions, contractual regular savings plans, education schemes or life insurance. “The IA’s proposed new regulations should raise awareness that they may have been affected by a high initial charge in buying what is actually an expensive and inflexible product. It may help by drawing their attention to the problem sooner rather than later.
“That way, they can take required action to get the investment reviewed, reduce the charges, and set their financial plans on a much better track.”
Mr Sillitoe warns, however, that the IA’s proposed changes may only have only a limited effect. “The IA isn’t the only financial services regulator in the UAE, there is also the Securities and Commodities Authority, the Dubai Financial Services Authority and the UAE Central Bank. If the IA introduces disclosure but the others don’t, where does that leave investors?”
Unless there is a level playing field across the entire industry, consumers will remain at risk, he adds.
Mr Hodgins agrees: “The changes will not go as far as they have in the UK, which has moved entirely from commission to fee-paying structures, but it will go a long way to addressing public concerns.”
The next hurdle he adds will be enforcing the changes. “This is always a key point in the Middle East. We are seeing regulatory change but the pace of enforcement is not keeping up. However, the IA is coming up to speed. We will see a change in market conduct as a consequence.”
Mr Hodgins also fears the overhaul could drive advisers and investment business out of the UAE. “Many consumers could choose to buy in their home country instead, and may actually get less protection as a result.”
He also points out that any legislation will not be retrospective, which means it will do little to help victims of previous mis-selling cases.
However, he is pleased to see the IA “is alive to injustice in the life sector” and is taking action to help consumers. “The other regulators might get it, given time.”
For now, anybody with a complaint should contact their adviser first and if dissatisfied with its response, approach the relevant regulatory authority.
For others looking to invest over the long-term, they must tread carefully.
Mr Instone says the danger with using a commission-based adviser is that they have a conflict of interest, and may be tempted to recommend a product that pays the most commission rather than the right one for your needs.
He adds: “Also, the commission-based broker receives their entire payment on the day the policy comes into force, which gives them little incentive to deliver ongoing support.”
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Source: The National
UAE residents being locked in poor-value investment plans was originally published on JMM Group of Companies
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