Tania Siddiqi is the co-founder and director of Masterminds Education, a business offering a nursery and kindergarten-level education which is headquartered in the US. Ms Siddiqi holds the regional licence and plans to develop schools across the Mena region. The Canadian, 39, has been in the UAE for seven years and is married with an eight year-old daughter.
Describe your financial journey so far:
There have been times in my life, like when I was working for a private bank, that I had plenty of money. And there have been times, like when my husband and I started our first business in New York in 2001 and things didn’t go as planned and we were completely broke. We had to live on splitting a US$5 Subway sandwich for lunch and dinner. This was for about a year and I think the “hunger” and lessons of that time taught us well.
How did your upbringing shape your attitude towards money?
My dad was a self-made man who didn’t really have the best of health. His entire focus was to have enough savings so that when he passed away, his three daughters and wife would be very comfortable. He met that goal but also died at 52 and I never saw him do anything for himself. For a long time, I rebelled against saving only because I would hate to die tomorrow and not fulfil my dreams. But I am also a parent now, and I have become better at balancing between saving and living life. Money will never control me, though. You can make it, spend it but it shouldn’t define you. People put too much emphasis on their self-worth by the amount of money they make.
How much did you get paid for your first job?
My first job was with ABN-Amro Bank as an HR relationship manager. My monthly salary was the equivalent of Dh2,500, but with a fresh undergraduate business degree, landing a job at a top multinational seemed like a dream come true.
Are you spender or saver?
I am a spender and a giver. I don’t spend as much on luxury items as I used to, but on things that add value and richness to life. As a family, every cent we make, we split it four ways – spend, give, invest and save. My daughter knows these four values well. From day one, the money that she receives on Eid and birthdays is split four ways. She regularly sends money to support a school that provides free education to 250 girls from struggling backgrounds. She is also proud to be the first investor in Masterminds Education; she gave us Dh100 to start things off.
Have you ever had a month where you feared you could not pay the bills?
A few times. When we started the journey of Masterminds Education about four years ago, we thought it would be relatively easy but we faced a lot of challenges and had to dip deeply into our savings. We had our electricity cut off and at one point didn’t know how we would pay for rent but have managed to turn things around with hard work. Looking back, it’s been very enriching.
Where do you save your money?
At the moment, we need liquidity as we are a new business, but we make sure that a fixed amount every month is invested in a diverse investment portfolio with a long-term focus. There is no point in just keeping money when you have the opportunity to make it work for you.
What has been your best investment?
Masterminds Education. We have invested many years of our life in it – financially, emotionally and spiritually. It took us over two years to secure the exclusive regional licensing agreement with our partner institute.
What financial advice would you offer your younger self?
Never live paycheque to paycheque and never hesitate to invest in personal development.
Do you have a plan for the future?
We have ambitious plans for Masterminds to become the premier provider of next-generation early years education in the UAE and across the region. Our plans are already in motion and we plan to make major investments in the education sector over the next few years.
mfahy@thenational.ae
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Killing of Qassem Suleimani
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
