Family physician Dr. Ruhil Badiani has resided in the UAE for eight years. The 43-year-old British doctor credits her mother for all she knows about money. If asked to write a letter to money, she would express regret for not treating it better in her youth, acknowledging its crucial role in providing basic necessities and enabling a comfortable life for her children. She now understands the true value of their relationship and promises to manage it more wisely.
Dr. Badiani describes her relationship with money as that of a saver. She used to fear money, avoiding tracking her spending, which led to anxiety. Now, she meticulously monitors her expenses, maintains an emergency fund, and saves wisely. While she dislikes money's prominence in life, she accepts it as an inevitable reality, considering her relationship with it to be good.
Her relationship with money was shaped by several pivotal experiences. As she aged, concerns about retirement intensified, prompting her to take finances more seriously. Open discussions with her parents about financial planning and future aspirations, along with conversations with her partner about retirement goals, ensured they were aligned and could work together towards their financial future.
From her mother, Dr. Badiani learned the importance of budgeting, never taking financial stability for granted, and making sacrifices for future financial security. Her mother emphasized that short-term sacrifices can lead to long-term stability and opportunities.
Dr. Badiani prefers not to discuss money matters with friends or colleagues, finding it taboo and insensitive. She is open with her parents and partner about financial matters. Various sources, including her parents, social media, podcasts, and self-education, have contributed to her financial management knowledge.
The most profound experience she's had with money was buying her first property. Initially hesitant due to dipping into savings, she realized property investment is vital for a diversified portfolio. Saving isn't just about accumulating cash but deploying funds for additional income, while maintaining an emergency fund remains essential.
Living in the UAE has altered her relationship with wealth. The vast wealth disparity makes comparing oneself to others futile. Here, she has also realized that money doesn't always equate to happiness, though increased financial comfort has been a blessing.
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