Jessica Rooney, 32, is a certified financial planner at Dubai-based wealth managers Hoxton Capital Management. Delving into her own world of finance, we spoke to the young British expat about how she saves and spends after nine years in the UAE, which is where, she says, she learnt her most valuable lessons about investment.
If you had to use one word to describe money, what would it be?
Essential
If you had to write a letter to money, what would you say?
Dear Money,
You’ve been a big part of my life, influencing many of my decisions and bringing both stability, fear, and excitement. I know how powerful you are, and I am learning to take control so that you enhance my life without defining my happiness. I’m committed to using you wisely to build a fulfilling and balanced life. Your presence has ensured I never lack for anything, and I am grateful.
Kind regards, Jessica
How would you describe your relationship with money?
I have a healthy relationship with money. I see it as a resource to achieve stability and enjoy life to the fullest without letting my life revolve solely around it.
How do you think this relationship was formed?
My relationship with money was formed through my personal experiences and the lessons passed down by my family. From my parents, I learned that while money is significant, it doesn’t necessarily lead to happiness. They taught me to strike a balance between financial responsibility and enjoying life fully.
What good or bad lessons about money management did you learn from your mother?
She taught me the importance of budgeting carefully and saving for the future, while also ensuring we could handle special occasions without financial stress.
Who do you speak to about money ?
I talk about money matters with my partner, who is also a financial adviser, which is really helpful.
Who has taught you the most about financial management?
I’ve learned the most about financial management through both personal experiences over the years and studying for my CISI examinations. Applying financial principles in real-life situations has been key to developing my skills in budgeting, investing, and managing risks effectively.
What do you think has been the most profound experience you’ve had so far in relation to money?
One of the biggest lessons I learned was losing money because I didn’t diversify geographically enough. When I was younger, I listened to someone else’s advice without doing my own research. It taught me to always do my homework before making financial decisions.
What is your greatest financial decision?
Moving to Dubai and benefiting from its tax-free environment has been my greatest financial decision.
What is your biggest financial regret?
My biggest financial regret during my early years in the UAE was diligently saving money but lacking the knowledge of how to invest it wisely. It resulted in missing out on significant growth opportunities.