Andy Ripley, 48, is the head of retail banking and wealth management at HSBC in the UAE. A British career banker with HSBC, he has worked on the retail side for 27 years, including a stint in Marks and Spencer Bank, an HSBC joint venture with the M&S retail business. Mr Ripley moved to Dubai in September 2013 from London.
Describe your financial journey so far.
I started an investment savings plan when I first started work 27 years ago. The first monthly premiums were small and then I increased them as my salary increased. I cashed in the policy when I needed to move into a bigger house once I had my first child. I also took advantage of the flexible mortgage that I had taken out and I overpaid my monthly repayments. I also paid off extra mortgage from bonuses. This meant that I owned my home well ahead of the original mortgage end date.
Are you a spender or a saver?
I am more of a saver than a spender, but this is partly because I don’t really like shopping and I have little spare time left after golf and family. I do spend some time managing my money and have a relatively balanced investment approach. With three children in education, I am well aware of the associated costs and the fact that I will probably have to help them purchase their first property. With rising prices and an unpredictable economic climate, it’s always beneficial to have a backup plan for everything, which is where saving a little each month then investing it wisely can go a long way.
What is your philosophy towards money?
I was brought up in the north-east of England and my parents taught me to spend only what you have. However, there are times when it’s also fine to borrow what you can afford to repay. Keep to your long-term goals and build your way towards a secure financial future.
Have you made any financial mistakes along the way?
I’ve been fortunate to avoid any significant mistakes with my personal finances, but then I have not taken any significant risks with money, especially as I have three children to invest in. I suppose that is part and parcel of being a banker. I have seen first-hand what can happen if people overstretch themselves or when the unexpected happens. One of the important things I’ve learnt over the years is to save regularly and to diversify longer term investments.
If you won Dh1 million, what would you do with it?
I would seriously consider investing some of it in the UAE so that I maintain a strong interest here, even when I leave. I am curious to see what Expo 2020 will do for the country. I would also consider giving some of this money to charity. I recently attended the refurbishment of a school in Sharjah, where HSBC had made a significant donation and also helped with the painting and decorating.
What has been your best investment?
My home in Beckenham, London, the education plans I set up for my children and my new set of golf clubs. I also invested in my employer’s pension scheme and I am very satisfied with the returns.
What do you enjoy spending your money on?
I don’t really enjoy spending money. I like cars and I really enjoy playing golf in Dubai. I enjoy good food and good service and I am happy to pay extra for either. I also enjoy spending money on my children, particularly if it’s helping them develop intellectually or learning a new skill, such as a musical instrument, a pair of football boots or tap dancing shoes. The northern roots instilled in me by my parents will never leave me.
mkassem@thenational.ae
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