Discipline reaps rewards

Bricks and mortar and investing in tangible assets is the best personal finance strategy, according to property investment consultant Wassim Nakhle.

Wassim Nakhle is a senior investment consultant at IP Global in Dubai. Reem Mohammed / The National

Wassim Nakhle is a senior investment consultant at IP Global, a real estate investment company that researches and sources prime properties in high-value markets. Mr Nakhle, who describes himself as ‘nearly 40’, arrived in the UAE in 2008, leaving for Canada shortly after the financial crash and returning to Dubai in 2013. Born in Lebanon, he has also lived in Ghana, the UK and the US.

Describe your financial journey so far.

Like my life, my financial journey has had a lot of ups and downs. I was fortunate to come from an affluent family in Lebanon with my parents running a number of successful businesses despite turbulence in my country. From a young age, my father instilled in me the importance of a strong work ethic, and my first venture into the working world was employment with a hotel working as a front office clerk. I remember my first pay cheque well. The moment I received it I went immediately to purchase a football and football boots, I think I even slept with them that night. It was at this moment that I first appreciated the reward of working. As I progressed into my 20s I remained frivolous, I got my pay cheque and spent it that day on things I wanted and generally enjoying my youth with friends. I was much more of a risk-taker back then financially and admit that I didn’t put much money on the side for a rainy day. But as I’ve grown older, I have learnt how to discipline myself when it comes to my savings and investment strategy. Thankfully I continue to benefit from getting on the property ladder at a young age and this has allowed me to strengthen my portfolio through leveraging and capital.

Are you a spender or saver?

I’d consider myself a little of both. I manage my financial health well but also enjoy occasionally treating myself and loved ones to the finer things in life. I’m blessed with a successful career and work hard, so allow myself to have fun while still making good financial decisions of where to save and how to maximise my wealth.

What is your philosophy towards money?

I don’t get emotional about money. I believe that when emotions come in to play this can hinder you while making financial decisions. Overall I strive for career success primarily and money is a subsequent reward of this. Money does allow one to explore life and new things, but I am not a slave to it. Never cry for money, it will never cry for you.

Have you made any financial mistakes along the way?

Of course, and many of them. The key is learning from the mistakes. Before the global financial crisis, I admit I was frivolous with the money I earned when in hindsight I maybe should have saved more or invested better. But this “mistake” has made me realise that I needed to financially plan better for the long term.

If you won Dh1 million, what would you do with it?

Definitely bricks and mortar. My dad instilled in me the value of investing in tangible assets so I would use this money to add another property to my portfolio … and maybe a cheeky night out too.

What has been your best investment?

I recently invested in IP Global’s Slough development in the UK. After learning about the regeneration and upcoming Crossrail coming in 2018, I believe it will be one of my top performers in the years to come.

Do you plan for the future?

I have a two-year-old daughter, which has shifted my priorities when it comes to my future. My focus is more on the longer term goals now rather than quick wins. I have to make sound financial decisions to ensure I can offer my family a prosperous life long after I’m gone.

What do you enjoy spending money on?

I’m a sports fanatic so enjoy spending my money on travel and tickets to see international games. Of course I enjoy treating my family to holidays too.

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