3 days ago
How this Indian expat is teaching her kids to 'grow, not just save, money'
Leena Bansal, from India, is a fashion brand strategist and consultant based in Dubai. She has been in the UAE for four years, and feels that with all the temptations it brings, Dubai has helped her become more strategic with her money. She seeks advice from those close to her as she grows her wealth into a portfolio she can one day lean back on, but attributes her early learning to her mother's trust.
If you had to use one word to describe money what would it be?
Potential.
How would you describe your relationship with
money?
Early in my career, I was earning a modest salary. My husband and I lived in a small apartment; we were always within reach of each other. The simplicity of those days made them some of the happiest times of my life. Now, as our careers progress, money creates experiences that lead to happiness. Coming from a business background and running my own business for many years now I feel I have a healthy relationship with money.
How do you think this relationship was formed?
When I first started my career I dreamt of launching my own brand, but back then I didn't have enough money or the necessary resources to make it work. My brand couldn't sustain itself and I had to pivot. It was tough, it took me years to reach where I am today largely because of my mindset of being overly cautious with spending, even though it was essential for the growth of my business. The shift came when I understood that strategic spending when done thoughtfully is crucial for growth.
What lessons about money management did you learn from your mother?
My mother came from a very humble background. Once my father married her, his business flourished and he always gave credit to her, saying she's his lucky charm. Whenever I needed money from her, she used to ask two simple questions, why do you need it and how much do you want? And without a second thought she would say, "go and take it from my purse". This trust instilled a deep sense of responsibility in me.
Who do you speak to about money matters and is it something you consider 'taboo'?
I openly discuss money matters with my husband as we explore investment avenues to secure our future amidst rising inflation. We also involve our children in financial conversations, ensuring they understand the value of smart financial planning.
Who has taught you the most about financial management?
My father, being a businessman, always handled his finances with great diligence. During tax filing days his accountant would work from our home, turning a corner of our living room into his workplace. The discussions between them shaped my understanding of investments and planning for the future.
What do you think has been the most profound experience you've had so far in relation to money, and what has it taught you?
Around 20 years before I decided to launch my own brand, I invested all my savings and even took a loan from my brother-in-law, who was in the finance industry, for a project. Unfortunately, I lost that money after more than a year of effort. At that time, it was a heartbreaking setback, but in hindsight, it was also a turning point. That journey introduced me to incredible people, got me so many industry insights, which led to opening my first company Indibala, a fashion buying house. Losing money is never easy but this episode taught me resilience and learning the importance of adaptability in business.
How do you think living in the UAE has changed your relationship with money?
Dubai, being an expensive city, requires careful planning when it comes to spending, saving, and making smart financial decisions. While opportunities to earn more are abundant, so are the temptations to spend. This has made me more mindful of where my money goes each month and the importance of wealth management.
If you could give your child or your younger self one piece of advice about money what would that be and why?
For me, money is not just about earning and spending, it's about growing it strategically. I have learned that while saving is crucial, the real power of money lies in how you invest it. Both my children transfer part of their salary into their investment account, which restricts them from many entertainment activities right now but they feel safe this way.
Dubai
