Amir Amanat is the regional business development manager for the US-based firm Accuity, focusing on risk and compliance solutions within the financial and corporate sector. The Iranian-born British citizen, 35, suffered a blow early on in his career when he lost his job after the September 11 attacks.
Describe your financial journey so far.
My financial journey was rugged from an early age, as I had to take responsibility of our household finances at age 16 in the United Kingdom. At 20, I landed a job in the City of London for one of the major banks as a junior trader, exposing me to earnings I never thought I could have the opportunity of. Yet I saw the market crash because of September 11, and I was out of a job and back to earning the minimum wage of £5 (Dh28) per hour doing various permanent and contract roles. Coming from nothing, experiencing everything and then going back to nothing made me a realistic optimist when it comes to personal finances and the right way one should manage his financial affairs. In my younger days I enjoyed spending every last penny I earned on fun times, as many do in their youth. Thankfully I have benefited significantly from getting on the property ladder at a young age. I was much more of a risk-taker back then, but over time I have learnt how to discipline myself when it comes to my savings and investment strategy. I feel positive about my financial future.
Are you a spender or saver?
I am very much a spender. I always have been. I just think of today and not tomorrow. I believe life is too short not to have a great time. However, there is the reality of the hurdles that life can throw at you, for which you need to make sure you are equipped – especially when it comes to monetary resources. I have learnt this the hard way, which has made me be a lot more realistic regarding my personal financial decisions.
Have you made any financial mistakes along the way?
Sure I have. I mean, who hasn’t? Even the most savvy and rooted Soros and Buffet types have as well. The only way, and the most effective way, you learn is through making partial mistakes, all depending on your risk appetite. I have made sour investment decisions through trusting others without doing my own research first, or having the thought span of “I am always going to be making this amount of money”, which we all know is not the case. Things can get pretty rough at times, so saving is not a bad idea. It doesn’t mean you cannot have fun. Just make it calculated and planned fun.
What is your philosophy towards money?
I think the amount of money you earn should be directly proportional to the amount you spend in the worst-case scenario. Exponential growth in wealth does not mean you can sit back and relax. Use the cash surplus to work for you, and I don’t mean buying a car with a bigger engine. Invest it.
If you won Dh1 million, what would you do with it?
Start my own company and invest the rest.
What has been your biggest financial lesson?
I never saved or invested money wisely when I had it. I was always thinking: ‘if I am able to make this much now, I will always be able to make it’. Perhaps I started earning at a premature stage of my life, when I was too young and inexperienced. I now appreciate the value of hard work and the financial rewards you gain as a result.
selgazzar@thenational.ae
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