Money and me: Dalia Nuwayhid is the managing partner and co-founder of Mumz N Babyz, an e-commerce site. Here she tells why she is one of life's savers and why planning ahead is important.
Try not to give in to temptation
Dalia Nuwayhid is the managing partner and co-founder of Mumz N Babyz, an e-commerce site. Here she tells why she is one of life's savers and why planning ahead is important
q Why did you decide to launch the site?
a Mumz N Babyz is a one-stop shop that caters to the needs of mums, children and families. However, it is more than just an online store; it's a place where mothers can find all their needs as a parent, both in terms of products and access to information. They can track their pregnancy, browse through our baby-name book and share their experiences with other mothers on our website's blog. Mumz N Babyz is essentially an online community that we felt is needed in this growing market.
How would you describe your financial journey so far?
My father has always been my role model when it comes to my financial outlook. I have learnt most of what I practise from him. It is his savviness and long-term vision that have led to a comfortable and secure life and future for my family. I've always set high goals for myself. I am not a huge risk taker and I definitely believe in planning ahead although one thing I must admit was unplanned was my career shift from being a lawyer to an entrepreneur in e-commerce. Here I am today, taking on a new and exciting challenge in the world of e-commerce while simultaneously fund-raising for a great hospital and cause, St Jude's Children Research Hospital [in Memphis, Tennessee]. Finally and most importantly, the greatest part of this journey for me was 11 years ago when I became a mother, a joy that can't be measured financially.
Are you a spender or a saver?
I definitely used to be a spender and have now become a saver. I think there is so much temptation around us today. Unfortunately, the stress and worry that come with knowing that you may not have enough or that you and your family may struggle is not worth any short-term pleasure from spending.
What do you enjoy spending on?
Vacations. Definitely travelling comfortably to new places, mainly beach holidays because as a family, we love sunny destinations. I also love spending on dressing myself and my kids up and on gifts for people I care about.
What is your philosophy regarding money?
We all need money to secure our future and live a better life but no person should live beyond their means or spend money that they do not have. I feel that money can be a great thing for some people but can cause a lot of trouble for others who mismanage it. Satisfaction with what you have is the key to happiness.
Did you make any financial mistakes along the way?
I can't say that I have made any major ones, not yet at least. I'm not much of a risk taker so I tend to research everything and take my time when it comes to making decisions but we all make mistakes in life, financial or other and the key is to bounce back, to learn from them and use them as an opportunity to move forward.
Do you believe in planning ahead?
Planning is my middle name. Long-term planning is a big philosophy that my family and I live by every day. It is something we practise at home with our financial goals. One thing which my husband and I do to ensure we provide our children with the college education they deserve is real-estate investment. That's part of our future planning - I also have ambitious future plans for Mumz N Babyz.
What is your idea of financial freedom?
Financial freedom for me is having no financial obligations that need to be tended to, while being able to sustain a certain standard of living and travel.