Father’s tips taken to heart

Abu Dhabi consultant Roger Etchells reveals his philosophies on money.

Roger Etchells says he is in a fortunate position having paid off his mortgage. Delores Johnson / The National

Roger Etchells, 49, is an Abu Dhabi-based consultant for Equas, which specialises in helping organisations to obtain and retain International Organization for Standardization (ISO) certification. He came to the Emirates last year with his wife, Carolyn, and two children, he says, to “broaden horizons and live life to the full”.

How would you describe your financial journey?

My father gave me lots of advice, possibly too much, but his best two pieces of wisdom were “buy your home and start saving for your pension as soon as you can”. This has stood me and my family in good stead, so that whatever happens in the future, good and bad, we can take care of ourselves and our children. I have never wanted for anything and lived within my means, which at times was hard. I shall never forget buying my first home as a single man of 23 when interest rates tripled from 5 to 15 per cent; I was living off baked beans for a while, but it worked out well in the end. I am now in a position to take some risks, like investing in my own business in the UAE from scratch, a first for me. However, I like to think I have sufficient experience to manage the risk and make sensible financial decisions.

Is money important to you?

It is a cliché, but I see it only as a means to an end. We want to be financially independent so we don’t have to rely on anyone. We also want to grab the opportunities living in the UAE present, such as visiting countries we would never have done from the UK, and learning to scuba dive. None of these is possible without money.

Are you a spender or saver?

The answer is more of a saver than spender, unless it’s for the benefit of my family. Carolyn and I have always been careful with our money, and don’t like debt. Other than a car loan we have none, and are fortunate to have paid off our mortgage. On the other hand, having moved to the UAE last year to expand our horizons, we have spent quite a bit establishing our home here. Our teenage children have unique opportunities open to them we fully support, such as singing tours to Beijing and Bahrain, and an outbound pursuit expedition to Mauritius. This represents a sizeable proportion of our disposable income, given freely, as we see this as an investment in their future. We did the same when we lived in the UK, sending them to a fee-paying school, which was quite a commitment. I am also establishing my own business in the UAE, Equas, helping organisations build and maintain management systems in line with international standards, or ISOs. There is a demand for such recognised standards in the UAE … and we are ideally placed to capitalise on this. I am investing time and money as a result, so right now I am spending rather than saving.

Have you made financial mistakes?

I have been fortunate not to have lost significant amounts in the past. It has more been a lesson in missing opportunities. Many years ago I spent a lot of time researching the property market in the UK with a view to setting up a property investment portfolio. Had I carried out the plan I would be a very wealthy man right now, as the three small trial investments we made have tripled in value, but it just would not work now.

What has been your biggest financial lesson?

Being too risk averse. Now is the time to benefit from that lesson – hence our move to the UAE, a huge decision for the family. So this time I am going to stick to the plan, however scary it gets financially, and continue to invest in my ISO consultancy operation.

What do you enjoy spending on?

My children, my wife and gadgets, in that order.