Sam Malkoun is the founder of Future Kids, an extra-curricular educational clinic in Dubai’s Knowledge Village for children aged from six months to six years. Mrs Malkoun, 29, launched the business last October after moving from her native Australia with her husband and three children. A serial entrepreneur, the Dubai resident became passionate about education after the birth of her first daughter, Laila, in 2008.
Describe your financial journey so far.
My understanding of the cost of living has changed. Before I started this business I was working from home and not so conscious of costs. But Dubai is a city where costs can be high. When we left Australia we sold our property and had to pay for our rent here upfront, as everyone does. We were prepared but it’s still a shock. My advice to anyone moving to Dubai is not to be overcome by the glitz and glamour and to continue doing what you would have done in your home country. When I arrived I spent the first six months in the malls and I hate shopping. I didn’t realise there was so much culture and other things to do in Dubai that I’ve since discovered.
Are you a spender or a saver?
I am not a money person by natural instinct. But since I started my own business I have become a saver. We still spend money, for example going out to restaurants and going to the theatre. Within my business, we are self-funded business and don’t have any investors. My understanding of business has changed. My passion is not numbers, it’s creativity. Previously, I would let my husband handle all the finance. My first six months I was paying staff with cheques as I didn’t have online banking set up. But now I have found it rewarding to value my time with my business financially. But I also value spending time with my three children and my lifestyle. When life moves so quickly you cannot miss out on spending time with your children.
Is money important to you?
We need money but I don’t think it’s a driving force behind anything I do. I’m driven by success. What drives me is when people respond to my programme. Seeing parents interact with their children is very rewarding. That inspires me.
If you won Dh1 million, what would you do with it?
I would probably put that towards paying my kids’ school fees for the next few years and reinvest some of it in my business. The money I make in business I reinvest into business so it would nice to have some of the pressure taken off.
What has been your biggest financial lesson?
When I was 17 I got a lot of money as a reward for something. But I didn’t use the money as I should have done and didn’t invest it. At the time I didn’t realise how much money could grow if you invest it in the right way. That experience taught me to use money wisely. It’s easy to think: “Oh, I only have Dh5, what can I do with that?” In fact, you can do a lot if you have the foresight.
What do you enjoy spending money on?
I enjoy spending money on health care. I’m all for getting a private yoga teacher to come to the house and also spend money on probiotic food. I also like furniture and I paint, so I like spending money on those things. We are planning a holiday away from Dubai in Greece or Mauritius during the summer. I also like spending money on trips with the family like time on a boat fishing.
tarnold@thenational.ae
Follow us on Twitter @TheNationalPF
