Rumana Mowjee serves as the managing partner at Gymboree Play & Music in Dubai. At 41, this Indian expatriate is approaching her fourth year in the city, witnessing the flourishing of her new venture. How would you characterize your financial relationship? My relationship with money is intricate and ever-evolving. While I was raised to be thrifty and save for the future, this mindset persisted into adulthood, making me meticulous about my expenditures. I diligently monitored my expenses and saved a portion of my income monthly. Yet, I also enjoy family vacations and prioritize educational expenses for my children.
What valuable or detrimental money management lessons did you learn from your mother? My mother consistently highlighted the necessity of saving for unforeseen circumstances. She inculcated in me the practice of saving, whether from my allowance or the family grocery budget, emphasizing the avoidance of unnecessary expenses and the purchase of only essential items. She taught me budgeting and prioritization, ensuring savings for crucial needs before indulging in luxuries.
Who has been your greatest financial management teacher? My parents and grandparents have been my primary financial mentors. My mother was particularly meticulous with her finances, always budgeting and saving, and stressing the importance of an emergency fund.
What has been your most impactful financial experience to date? One of the most impactful experiences was when I began working at PwC as a chartered accountant trainee, only to face a 20% pay cut six months into the job due to the European financial recession. This was a significant setback, teaching me the importance of financial planning and having a contingency plan.
How has living in the UAE altered your financial perspective? Living in the UAE, known for its luxury and thriving economy, has heightened my awareness of financial opportunities and made me more mindful of my financial choices and the importance of prudent saving and investing.
What single piece of financial advice would you offer to your younger self or children? I would advise starting investments early to harness the power of compound interest. Even small amounts invested early can yield substantial financial benefits over time.
What is your current monthly saving pattern? My monthly savings fluctuate due to the nature of my entrepreneurial venture, which demands a significant portion of my resources. Despite these variations, I maintain the discipline of saving a portion of my income, ensuring consistent financial strategy.
What financial goals do you aim to achieve by the age of 65? My goal is to accumulate sufficient wealth to support my retirement and assist my children financially, enabling them to establish their businesses. This would provide them with a strong foundation and allow them to pursue their aspirations without financial burdens, ensuring I can support and empower the next generation.
