Natalie Storey is a senior financial planner at Acuma Independent Financial Advice. The Briton, 28, who moved to the UAE to join the firm, is a great believer in using her money to help others. She says it is never too early to start saving.
Describe your financial journey so far?
I have always been planning from an early age. After graduating from the University of Exeter, UK, with a mathematics degree, I decided I wanted a career as a financial adviser. I joined a small financial adviser/ solicitor practice in Plymouth as a trainee financial adviser. During this time, I completed my certificate and diploma in financial advice along with gaining valuable knowledge and experience in the financial field. After, three and half years working for the practice, I decided to move to Dubai. The last two years I have built up my own client base here, and help them manage their wealth.
Are you a spender or saver?
Out of the two, I would definitely say a saver. Of course, I like to buy myself and others nice things but I know where I want to be in the future, and what I need to do to get there. This involves investing my money wisely and having disciplined savings. I have a good balance between the two. I will make sure I save a certain amount each month/year, and then if I know I can buy myself something nice or go on a nice holiday. You definitely need to have a balance between the two, but everyone needs a heavier weighting towards saving.
What is your philosophy towards money?
Money is good. Some people have the philosophy that money comes with stress and problems. However, I would completely flip this around and say, when you have money there are many things we can do with it and help others who are less fortunate then us. I personally donate a set amount each month to a charity close to my heart in my hometown of Looe, Cornwall, in the UK. The charity is Ellie’s Haven. It offers relief to children with long-term and life-limiting illnesses. We all need money to buy and do the things we need. If we can enjoy the money we receive, while planning our futures and helping others, we can’t be in a better place.
Have you made any financial mistakes along the way?
Yes. When I was at university, I invested a substantial amount in a film that was being made, and received shares in the company. Unfortunately, it was released around the time of the financial crisis in the UK, and people were not going to the cinema because no one had money. I lost every penny I invested. What I learnt from this was a valuable lesson – look at the risk, and make sure you don’t put all your eggs in one basket. Diversification is the key, and I would never invest in something so risky again.
If you won Dh1 million, what would you do with it?
I would give a large chunk of it to the charity I mentioned. I would also take my parents and family on a luxury holiday, have a party. I would invest the remainder.
What has been your biggest financial lesson?
My parents do not have private pensions. They have other investments but they never saved money in a pension. They and I know that was a big mistake. It is something I stress to my clients – plan early for retirement and start saving the day you start working.
Do you plan for the future?
Absolutely. I have a target of what I need to be financially independent. I save a set amount each month into a saving plan that is invested to achieve real returns, unlike money in a bank account receiving zero interest and losing money against inflation. I am planning at an early age so I know by 50, I will be able to retire and no worries about future spending.
What do you enjoy spending money on?
Charities, holidays, shopping and socialising with friends.
lbarnard@thenational.ae
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