‘My first job in Dubai fetched twice the salary I had in the UK': Dubai-based expat
Simone Haynes has found what she calls 'freedom' with money. Just 42, she has been in the UAE since 2015, and has founded No Common Scents in Dubai while working full time. The daughter of a banker, from childhood she had a keen eye for a bargain and was driven to become an entrepreneur from a young age, even with some bumps and tough lessons along the way.
If you had to write a letter to money, what would you say?
Dear Money, I am sorry I didn't treat you more carefully growing up, but I was having too much fun sharing you and experiencing places only you could take me. Thank you for helping me escape south east London. I hope you know I am grateful and I'll treat you more wisely in the future. Please let me use you to rescue more animals though. And occasional shoes.
How do you think your relationship with money was formed?
I have always been fiercely independent and money was the key to freedom. If I could earn money, I could make more independent decisions. My parents love reminding me of the time someone came to the front door with a newspaper advert. He was there to purchase a doll's house. My parents were baffled, they had not placed any such advert. Turns out I had placed it. I was nine.
Which lessons about money management did you learn from your mother?
How important it was to budget. I remember Mum asked me to go to the corner shop for some milk and I spent the change on a beautifully wrapped box of chocolates for her. I thought she'd be pleased but she gently sent me back. I was upset and embarrassed at returning to the shop, as I was about 10 years old, but she explained that the money needed to be used for necessities.
Who do you speak to about money matters and is it something you consider 'taboo'?
My father was in banking and because of my rebellious streak, I didn't heed any of his advice, much to his despair. I do ask him about finances now that I'm older. I bitterly regret not listening to him and know how fortunate I was that he bailed me out more often than I deserved.
Who has taught you the most about financial management?
My own mistakes. The British school curriculum did not bother to cover interest rates, penalty clauses, APR, mortgages, compound interest, ISA's. Any knowledge has since been gleaned from other successful business people and my own painful losses.
What has been the most profound experience you've had so far in relation to money?
How vital it is to have financial independence. When I eventually left an abusive partner, who had persuaded me to not work, to isolate me and control me, I found myself alone in a bedsit in a rough neighbourhood. It cost me GBP40 a week (Dh185) and I had a single black bin bag of belongings. I had maxed out a credit card, with horrendous interest. Had I saved money, I would have been safer, not in debt and been able to leave sooner. I vowed to never again allow anyone to interfere with my finances.
How do you think living in the UAE has changed your relationship with money?
My first job as an executive assistant in DIFC fetched twice the salary I had ever taken home in the UK. It didn't feel real. I promised to buy one frivolous item on pay day (and even those were on sale) and to ensure I had a great place to live, after initially staying in a single room with a broken hose over the toilet. Money cannot solve everything, but it undeniably grants you access to the pillars which stabilise your life: access to better healthcare, a safety net in emergencies, better quality of housing, healthier food choices, the ability to help loved ones.
If you could give your child or your younger self one piece of advice about money, what would it be?
Don't listen to any man when it comes to your earnings. They are yours, not his, and you have every right to keep your hard earned money.
What do you value spending money on?
Helping others, spoiling loved ones. Nothing else matters.
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