Leon Baum is the hotel manager at Emirates Palace in Abu Dhabi. The Briton, 35, who moved to the UAE two weeks ago, has 17 years’ experience in the luxury hospitality industry. His previous roles include managing the Ciragan Palace Kempinski Istanbul and The Stafford London by Kempinski. Outside work, Mr Baum is a keen sportsman, enjoying the gym, golfing and climbing.
Describe your financial journey so far.
My financial journey so far has reflected that of a young professional. I was brought up in a financially modest environment, and I started out on my own, living pay cheque to pay cheque and eating food out of takeout boxes in London, as many of us do in our early 20s. But my career in hospitality over the past 17 years has led me to live a comfortable life. There are so many benefits to working in this industry, and as an hotelier I have experienced destinations that, by my own means, wouldn’t have been possible. This has helped me develop a better appreciation for wealth over the years. Now I live at Emirates Palace – in terms of real estate, that’s about as good as it gets.
Are you a spender or saver?
I used to be a spender, but over the last few years, I’ve become more of a saver. When you are younger you are less careful about where your money goes, and you have less money to save. But as you get older you have a different appreciation for money, as well as a different set of priorities. Now that I have a family my values have changed. I have to have more of a long-term view about money, and this has affected my spending habits. With that said, I still spend on things I like, like racing a motor car around the racetrack on Yas Island, or playing on a world-class golf course.
What is your philosophy towards money?
Money doesn’t buy happiness, but it certainly helps. I measure happiness through the passion I have for my work. Time spent with my family and experiences created through world travel also add to my personal happiness. Of course money does help you enjoy some of these things. But I try not to dwell so much on my savings or spending, and focus on the quality of my life and the life of my family.
Have you made any financial mistakes along the way?
Thankfully, no. I have been pretty safe with my investments so far; I mostly invest in bricks and mortar. Particularly in London, property investment is the safest option, so that is where I have put my investments. I still leave the money managing to my wife, because she is much better at it anyway.
If you won Dh1 million, what would you do with it?
Clear my mortgages and splurge on a family holiday. Maybe we’ll take over Ferrari World for a day.
What has been your best investment?
My wife. She’s definitely the best part of my life. Being in a people business, I have always believed in the value of investing in relationships, and this has paid the best dividend in my life.
Do you plan for the future?
Not so much. I am generally very optimistic and live for the day. Fortunately I have been blessed in my career so far and have always been able to provide comfortably for myself and my family. But now that I have two young children, I am certainly more cautious.
What do you enjoy spending money on?
My children. I have four-year old twins, and it gives me a great feeling to be able to spend on them. Recently, I took my family on a holiday to Bali and Lombok in Indonesia, which was fantastic. I also enjoy splurging every so often on luxury goods and motor cars and I have a weakness for bespoke shoes.
abouyamourn@thenational.ae
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