Daria Krasnogor is the CEO of a real estate firm as well as founder of a personal branding company. The 32-year-old Russian expat calls herself a serial entrepreneur, and what better place to develop those skills than Dubai. Having been in the city for almost three years, she is thriving in her new home.
How would you describe your relationship with money?
A positive one. It can be stressful to make money, but once you do, it provides relief, confidence and joy of achievement by giving an opportunity to make dreams come true.
How do you think this relationship was formed?
Growing up in a poorer household, my relationship with money was developed through conscious financial planning from a young age. Understanding from such a young age that money can provide security and opportunity to achieve the lifestyle you want was invaluable as it meant I was very proactive in taking steps to achieve financial goals.
What good or bad lessons about money management did you learn from your mother?
Growing up, my mother taught me good lessons about money management, including teaching me about careful budgeting, the value of saving, understanding the difference between needs and wants, and encouraging financial independence and responsibility. As an adult, my mother helped me understand that investing was an important aspect of financial planning.
What has been the most profound experience you’ve had so far in relation to money?
The loss of my first business and subsequent rise in a new one provided me with an experience in risk management, persistence and adaptability. The experience also brought valuable lessons about financial flexibility, strategic planning, and the ability to learn from failure for a more successful future.
How do you think living in the UAE has changed your relationship with money?
Living in the UAE has greatly influenced my attitude towards money due to the high standard of living, cultural diversity and access to luxury. This contributes to my more luxurious lifestyle and high consumption standards, which, in turn, influences the perception of money, its value and use.
If you could give your child or your younger self one piece of advice about money now, what would that be and why?
One important piece of money advice I would give to my younger self or my child is: “learn to invest early.” Because investing early can lead to long-term financial success, thanks to the compounding effects of capital growth and time on your side.
Do you long-term plan your finances?
I plan for the long term with investments. A variety of investments can provide capital growth and financial stability in the future. Insurance is also protection against unexpected events, such as illness, accidents or loss of income. I also plan with real estate and a budget for major purchases. These aspects will help you create a sustainable and thoughtful financial plan for the long term. Together with my spouse, we contribute funds to our family budget as a percentage. Interest may vary based on our monthly income.
How much do you save each month?
Every month, my husband and I save 40 per cent of our profits for our goals.
How much do you plan to have by the time you are 65?
By the age of 65, I hope to be in a position of financial freedom to look back and know the hard work has paid off.
What has been your greatest financial decision?
My biggest financial decision and the one I am most proud of is my investments in real estate and stocks, I have been doing this since I was 22 years old. This is also my most profitable financial decision.