Sailesh Iyer is the chief executive of Flexstone, a Dubai cladding company whose products are made from recycled materials at a factory in Ahmedabad, in the Indian state of Gujarat. Mr Iyer, 47, has held a number of senior management roles in a range of industries, including a stint as the head of Nigerian telecoms operator Visafone. He is married with two children – six-year-old daughter Kiwi and three year-old son Kindle.
Describe your financial journey so far.
I started my journey as a management trainee and moved up the ladder to head a billion-dollar company (Nigeria’s Visafone Communications) as chief executive and managing director. I have maintained a slow and steady rise in my net worth over the last decade. I have also ensured complete financial security for the future of my immediate family.
How did your upbringing shape your attitude towards money?
I grew up in a higher middle- class Indian family with high moral values and a sharing and caring attitude. The outflow of money was always planned meticulously to ensure that the boat never rocked.
How much did you get paid for your first job?
I earned 1,980 Indian rupees (Dh108) per month as a management trainee straight out of college.
Are you spender or saver?
I’m a mix of both cautious and calculative, but saving is an integral part of my DNA.
What is your most cherished purchase?
I bought 25,000 square feet of land at the Gulmohar Greens Golf & Country Club in Ahmedabad. It cost over 40 million Indian rupees.
Have you ever had a month where you feared you could you not pay the bills?
That has never been the case, but those thoughts did crop up when I started my own business. It kept me vigilant.
Where do you save your money?
I have spread my investment portfolio between real estate and stocks, both in India and the UAE. I own two apartments and a villa in Dubai and an office in Business Bay. I also own stocks in Reliance Industries and Reliance Communications in India.
Do you prefer paying by credit card or in cash?
Credit card, as it allows a credit period cycle of 40 days before you pay your bills and it maintains a track record of all your expenses. It only turns ugly when you miss paying 100 per cent of the amount on due date.
What has been your best investment?
Real estate in Dubai thanks to its high rate of return, as most of my properties were bought at rock-bottom prices during a recession in real estate. The investment has generated high returns of around 9-10 per cent from rental income and a 50-60 per cent growth in value in three years.
What do you most regret spending money on?
I regret spending my own money and time on behalf of an African company to set up their entire operations from scratch in Dubai and later not being paid. It was a great shock initially, but a bitter reality check and a learning experience.
What financial advice would you offer your younger self?
Always create a financial goal and budget your expenses. Make sure your inflow of funds is higher than your expenses.
Do you have a plan for the future?
Yes, I very much wish to retire at an early age to enjoy a luxurious life with my family and to compensate for the hard work I have put in during my prime years.
If you won Dh1m, what would you do with it?
Dh1m would not fetch much, but I would spend it effectively for my family. I would also celebrate with my friends and keep 20 per cent in reserve to share with the underprivileged.
mfahy@thenational.ae
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