Entrepreneur Franciska Balc has made the most of the UAE’s potential for growth. After 10 years, she feels a sense of financial freedom which she had not felt in her native Hungary. Just 34, she is transforming her life at the helm of a successful dress rental shop in Dubai, the city she now calls home.
How would you describe your relationship with money?
As a professional, I call it an ambitious partnership.
What good or bad lessons about money management did you learn from your mother?
My mother is someone who goes with the flow and enjoys life. Money, to her, is just a temporary thing that comes and goes. I suppose I learned from her that sometimes, it’s okay to spend a bit more if it brings us happiness.
Who has taught you the most about financial management?
My grandparents.
What do you think has been the most profound experience you’ve had so far in relation to money?
The good one was when I managed to save enough money to buy my own property and the unfortunate one was when I opened my first business in Romania and it failed.
How do you think living in the UAE has changed your relationship with money?
Moving to the UAE helped me save a good amount of money that I couldn’t do somewhere else. This country comes with great opportunities and we should never settle for little.
If you could give your child or your younger self one piece of advice about money now, what would that be and why?
Try and be financially independent since you are young. Always be in control of your finances and never leave yourself with zero savings in your account.
What do you value spending money on?
Kids’ education, travelling and experiences with my family.
Do you plan your finances long-term, and if so, how?
Yes, I make sure that whatever I earn it can firstly cover all my costs and try to always invest the extra cash.
What is your long-term goal or dream which is pegged to your finances?
To have a very successful, sustainable business that is not limited to one location. I would love to have the freedom of running my business from anywhere around the globe.
How much do you save each month?
Dh10,000.
How much do you plan to have by the time you are 65?
I plan to have properties and goods that value more than Dh10 million.
What is your greatest financial decision? The one you are most proud of or the most profitable one?
Buying my Airbnb apartment.
What is your biggest financial regret or loss?
My first business back home, a wedding dress shop that didn’t work out for me.