Bassel Kabbabe is the co-founder and managing partner of Mix & Muesli, an online service allowing healthy eaters to custom blend muesli for home/office delivery. The Egyptian-Canadian, 36, lives in Dubai Marina with his wife Karen, who works with an advertising agency, and two sons, ages three, and seven months. Mr Kabbabe has lived in Dubai five years.
How did your upbringing shape your attitude towards money?
I was taught since I was young to depend on myself. I grew up in Cairo, to the end of high school, then went to Montreal for almost eight years. During university I learnt about the value of money and the fact you have to work hard to achieve what you want in life. One thing my parents taught me was to do what you love and excel in it.
How much did you get paid for your first job?
I started working part-time in telesales, selling space in Yellow Pages for C$10 [Dh26] an hour. It taught me persistence, to be persuasive and determination because you have a target to meet.
Are you spender or saver?
A mix. You only live once. Yes, you have to take care of your retirement years, your kids, but you must enjoy it. Enjoy the moment but think about the future.
What is your most cherished purchase?
The first property I bought, a duplex in Cairo, in my late 20s. It was an investment, but I was thinking of moving back to Egypt.
Have you ever had a month where you feared you could you not pay the bills?
Yes, during university. There were a few close calls. That’s why I started to get part-time jobs.
Where do you save your money?
I diversify; real estate, some bonds and money in the bank, in a savings account. One lesson learnt in Canada, in my first real job, is that a pension plan is important. When I came to the Middle East … there is no pension plan, so I try to save a bit every month.
Do you prefer paying by credit card or in cash?
By far credit card, because of Skywards rewards and I can track my expenses because you get a statement. When I used to spend everything as cash I would come to the end of the month and there was spending I didn’t remember.
What has been your best investment?
Creating the company in April 2016; it’s not cheap, buying ingredients, the operations and marketing the business. I quit my job as a contracts and procurement manager. I hated going to work; I wasn’t satisfied. The day I started this … it’s a different feeling. We’re trying to promote, with parents and kids, how to eat healthily; the importance of breakfast. It’s rewarding when you see people going with it.
What do you most regret spending money on?
Nothing. It’s not that I always make wise decisions, but I take it all as a learning curve.
What financial advice would you offer your younger self?
I was lucky as my first job taught me about pension plans, savings. At the same time I was enjoying my younger years, travelling a lot, going out. I was doing the job to earn money, to have more fun. But then I was in a pension plan, able to put a down payment on an apartment. I would say ‘same again’, although I waited too long to start this business.
Do you have a plan for the future?
To grow the business in the UAE, take it regionally. It’s growing month by month, double digits. We want to grow and diversify, add more brands. Hopefully Mix & Muesli can be passed to my kids, or there might be a buyout.
If you won Dh1 million, what would you do with it?
Invest in real estate again, this time a family house in Dubai.
What would you raid your savings account for?
To expand the company and/or engage in new business ventures. Although my kids travel about twice a year, which is good for their age, I would love them to travel more, as you learn a lot. Finally, a gift for my wife (although I already do raid my savings for nice gifts for her).
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