How living in the UAE has changed this Indian expat’s relationship with money – News

Sulochana Betwala is Co-Founder and CEO of TOTL Real Estate and has been in the UAE for 12 years. She has a healthy relationship with money and has learned a lot about finances from her family, she says.

If you had to use one word to describe money…

Convenience.

If you had to write a letter to money…

“I love you. Just be there when I need you.”

How would you describe your relationship with money?

My relationship with money is transactional. While it is not my only focus in life, I recognize its importance and keep it accessible to my needs, preferring not to accumulate it unnecessarily.

How do you think this relationship was formed?

When I was a teenager, my parents taught me that money is important and helps you live a comfortable and independent life. After my father retired, I was the main breadwinner at home; so I had to build a very sensible relationship with money. I would say that’s what has gotten me to where I am today.

What good or bad money management lessons did you learn from your mother?

Growing up, I never got material things just because I wanted them, and I was always given an explanation as to why. It was extremely crucial for me to learn the difference between a need and a want. By watching my mother, I learned how to run a household with a single source of income, and that is something I carry with me even today.

How do you think living in the UAE has changed your relationship and perception of money?

It has given me confidence and growth and helped me achieve my aspirations. I haven’t changed my perspective on money. However, it has pushed me to do more and make better decisions in life.

What do you value spending money on?

I value spending on essentials, investments, creating a work-life balance, and investing myself. More importantly, I value spending on my family and our health.

Do you make a long-term plan for your finances? If so, how?

I prioritize financial planning, looking ahead for two to three months, focusing on property, shares and savings. My long-term goal is financial security, minimizing income concerns. In the short term, my goal is to support the health and medical needs of my parents, ensuring their well-being.

What is your long-term goal or dream linked to your finances?

My long-term financial goal is focused on fulfilling my dream of traveling a lot. It’s a balance between needs and wants, and my goal is to allocate resources to make this dream a reality.

How much do you save each month?

I save up to 25 percent of my monthly income.

How much do you plan to have when you are 65 years old?

My goal is to make sure that, over time, you don’t need to work as hard to maintain a comfortable life. Ultimately, settling in the UAE is part of my long-term plan to lead a comfortable and fulfilling lifestyle.

What is your biggest financial decision? The one you are most proud of or the most profitable?

It’s buying a house for my parents. Knowing that I have provided them with a safe and comfortable home gives them deep personal satisfaction.

wknd@khaleejtimes.com