Egyptian expatriate Randa Nasr is a parent relations executive at GEMS Al Khaleej International School. She is 34, and has been in Dubai for nine years. Having worked since the age of 16, she is aware that her relationship with money is like any other, constantly growing and changing as she matures.
How would you describe money?
Money is the way.
If you had to write a letter to money, what would you say?
Dear Money, where should I start? I know for a fact that you play a significant role in fulfilling my needs for food, shelter, and clothing. I also know that sometimes I don’t manage you well, but I am now learning how to build a healthy relationship with you. I regret how I treated you in the past, and I promise that I will always appreciate the money I earn and spend it wisely. Thank you, Money, and I look forward to changing my relationship with you for the better.
How would you describe your relationship with money?
Love at first sight: the kind of love that happens really fast and has consequences.
How do you think this relationship was formed?
My relationship with money started when I got my first job at the age of 16. When I didn’t travel over that summer, I decided that I had to start earning money. I still remember that spending my first salary was ten times harder than spending the money my parents used to give me because suddenly I knew the value of money and that you have to work hard to get it.
What lessons about money management did you learn from your mother?
A good lesson I’ve learned about money is that we are in control of ourselves. Money facilitates but never controls, and it is completely up to us to choose whether money can make us happy or miserable.
Who do you speak to about money matters. Is it something you consider ‘taboo’?
I usually speak about money matters with my husband because he is much wiser than me when it comes to finance.
Who has taught you the most about financial management?
My husband, who was smart enough to realise how bad I am with finances. It all started when he introduced me to that famous word, ‘priorities’.
What’s the most profound experience you’ve had so far in relation to money and what has it taught you?
My most profound experience with money came at the age of 20. My father decided that the time had come for me to start managing my own finances and start saving money in my bank account. I was still at university and remember debating whether to just spend my money or behave wisely. I’m proud to say that I succeeded in managing it well, and that was my first financial lesson in life.
How do you think living in the UAE has changed your relationship with and perception of money/wealth, etc.?
I am more confident now, growing up in the UAE and knowing the value of money. It motivates me to do better in life.
If you could give your child or your younger self one piece of advice about money now, what would that be and why?
Always work hard and value what you spend your money on.
What do you value spending money on?
My family and anything that can help me grow.
Do you have a long-term plan for your finances?
Yes, I do plan ahead for two to three months, making sure that I’m saving at least a small amount in case any unexpected situation arises.
What is your long-term goal or dream that is pegged to your finances?
My dream is to build a huge mansion for my big family, and I am now setting my priorities to make this dream come true.
How much do you save each month?
I make sure I save at least 25 percent of my income.
How much do you plan to have by the time you are 65?
I plan to retire at that time and to be in a stable financial situation.