Hadia Elton is the strategy planning manager at BPG Group, one of the largest marketing solutions groups in the region. Ms Elton, 30, from Sweden, moved to the UAE last year.
Describe your financial journey so far.
It has had its ups and downs. We are creatures of habit and for a while I have been habitually impulsive with my finances, instead of being wiser. But thankfully living in America, where I worked for a while, overwhelmed me with consumerism; the experience actually made me rethink the rat race that I was in. I have now been a resident of Dubai for seven months and it has been easier to save in the absence of taxes, although keeping the wants at bay is difficult in this city of plenty. As it stands, my personal finances will need a rejigging of sorts before I reach a higher, more commitment-orientated maturity when it comes to spending, but I am getting there, slow and steady.
Are you a spender or saver?
I consider myself to be a recovering spender, with a saving agenda.
What is your philosophy towards money?
It is only a means to an end. Back home in Sweden, one of the most important life lessons imparted to us is that our life is not meant to revolve around things of materialistic value, but instead should focus on overall well-being. I also believe money creates opportunities and contributes to a greater sense of well-being by providing security. Money, however, should not be one’s sole pursuit in life.
Have you made any financial mistakes along the way?
My biggest mistakes are not putting away money when I could and missing out on great investment opportunities because of the fear of losing more money. When you’re young and carefree, it becomes so much more difficult to see the sense in saving or expanding your savings.
If you won Dh1 million, what would you do with it?
I would buy a small house in the Caribbean. My idea is to create the ideal eco-touristic resort that functions as a creative think tank for young adults who come from different backgrounds, regions and experiences. I was really touched by an interview that the Dalai Lama gave in Sweden when I was a teenager about the benefit of exposure to a different cultural context when living in a place where you are blessed with everything. He stated that when mindsets and experiences exchange, great perspective and gratitude can be achieved. So in my little Caribbean house I would like to create that chance for youth from different walks of life to get together and exchange experiences that can help produce different solutions to the problems of today’s youth.
What has been your best investment?
At school when I was 10, we supported a girl our age called Mary in Liberia through SOS Children’s Villages International. We contributed the equivalent of Dh10 a month to support her through school. Ten years later at our school reunion we found out from our teacher that Mary continued contact with him and started nursing school. Until then I hadn’t really thought how much a small amount of money can do to change things; this experience helped shape my philosophy that money can create new opportunities.
Do you plan for the future?
I do now. Travelling has made me realise how important it is to have a sense of security. I try to be more efficient in planning my future based on milestones I want to achieve and reward myself based on my accomplishments. I want to build a strong investment portfolio, perhaps focused on real estate.
What do you enjoy spending money on?
I categorise my best spends under three of the most important things in my life – good times with family and friends, travelling and food.
thamid@thenational.ae
Follow The National's Business section on Twitter
