American personal finance guru Suze Orman has helped millions of women around the world take charge of their financial health and thrive‭. ‬And now‭, ‬for the‭ ‬ first time‭, ‬The‭ ‬New York Times‭ ‬bestselling author is turning her gaze towards the Middle East‭, ‬as she advises‭ ‬ Khaleej Times '‭ ‬readers exclusively‭ ‬ on how to manage their money in the smartest way possible‭. ‬From tackling debts to making sound investments to saving for retirement‭, ‬Orman will address your pressing financial queries‭. ‬

Q: My fixed monthly obligations are around €7,500 (Dh32,028). I'm building a business with several income streams - real estate, financial consulting and holistic programmes - but my income is still unstable and inconsistent. While I'm trying to grow and invest in the future, I am stressed about covering these high fixed costs, preventing me from making bold decisions. How should I structure my finances and manage obligations while also building reserves and leaving space for growth?

- Matias

Thank you for being so honest‭. ‬Now‭, ‬here's the straight talk‭: ‬You cannot build wealth on a shaky foundation‭. ‬If your fixed expenses are Dh32,028‭ ‬a month with unstable income‭, ‬that is a red flag‭. ‬The pressure you're feeling is your money telling you the truth‭ ‬-‭ ‬that your obligations are too high for your income‭. ‬And until you face that‭, ‬you will always live in fear‭.‬

1. Lower your fixed costs‭: ‬ You must get those monthly obligations down‭. ‬Can you renegotiate housing‭, ‬leases‭, ‬subscriptions‭, ‬staff costs‭? ‬Can you pause or cut what isn't absolutely essential‭? ‬Fear comes from being overextended‭. ‬Freedom comes from having breathing room‭.‬

2. Create a non-negotiable emergency fund‭: ‬ Before you invest in more growth or add new ventures‭, ‬have reserves‭. ‬I'd want you to have at least 12‭ ‬months of essential expenses saved‭. ‬If that feels impossible‭, ‬start with one month‭, ‬then two‭. ‬Automate small transfers each month until you build a cushion that will allow you to make bold decisions without paralysing fear‭.‬

3. Separate‭ ‬'survival money'‭ ‬from‭ ‬'growth money'‭: ‬ Every dirham you earn needs a job‭. ‬Some goes to cover essentials‭, ‬some into reserves‭, ‬and only what's left goes into building your business‭. ‬Right now‭, ‬you are mixing growth with survival‭, ‬and that's why you feel stuck‭. ‬Structure your accounts so you cannot touch your survival and reserve money when you are chasing growth‭.‬

4. Slow down to speed up‭: ‬ You don't need five income streams today‭. ‬You need one or two that you can stabilise and grow consistently‭. ‬Doing more won't solve the problem‭. ‬Instead‭, ‬focus‭, ‬simplify‭, ‬and get one stream producing steady income that covers your base costs‭. ‬Then you‭ ‬can layer in the others‭.‬

5. Face the fear head on‭: ‬ Fear is a signal‭. ‬It's telling you that the way you are living and structuring your finances is not sustainable‭. ‬Don't fight it‭, ‬listen to it‭. ‬Let it guide you to take action now‭. ‬

To sum up‭: ‬Shrink your fixed costs‭, ‬build reserves first‭, ‬separate survival from growth‭, ‬and focus until you stabilise one solid‭ ‬income stream‭. ‬When you do that‭, ‬the fear will quiet down‭.‬

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