Originally from Bhopal in the Indian state of Madhya Pradesh, Mr Agrawal moved to the UAE eight years ago to further his career after graduating with a degree in mechanical engineering in 2013.
He has since completed an MBA, which his father helped to pay for, and he is now planning to study for his doctoral degree.
“Presently, I am handling various portfolios of projects with a common goal of ensuring the efficient energy use of the buildings.”
Mr Agrawal is unmarried and lives in Dubai.
What is your current salary?
I make approximately Dh300,000 ($81,688) a year from different sources of income, including my full-time job and other side hustles, such as real estate and my investments in mutual funds and stocks.
Have you negotiated for a salary rise before?
I have negotiated for a salary raise a few times and it went well. I believe that compensation should be fair according to market demands.
Do you have investments and savings?
Yes, I am a big believer in investments and savings, beside spending on personal necessities. I invest in stocks and mutual funds and am also exploring opportunities to invest in more properties.
I own a three-bedroom villa in Dubai but don’t need to live there as I am single. So, I have rented it out. The rent that the tenants pay covers the mortgage 100 per cent and there is some extra money left over each month.
What about an emergency fund?
Yes, I have an emergency fund that will cover me for approximately one year.
One year is a good time period for an emergency fund because you can look forward and fine tune what it is that you want to do – it gives you time to consider your future.
If it was just three months’ worth of expenses, you would not have time to think about it.
I do feel, however, that a six-month emergency fund is the minimum a person should have.
Have you started saving for retirement?
To be honest, I don't believe in retirement because your brain will work for you, as well as the investments you have that will bring in extra money to support your livelihood.
However, there are many options available that guarantee you a safe retirement, and I am looking for experts to advise me on choosing from the tonnes of plans available.
I have not started saving for retirement yet, but I’m not going to retire at the age of 40. I mean, even my father is still working.
For my family, retirement is something that happens once all the children are married and settled. Only then, they say, that it is a good time to retire as they no longer have to rely on the traditional way of making money.
I believe that retirement is one of the most important types of saving or investment someone should do after securing their emergency fund.
Do you have any debt?
Yes, I have a mortgage of about Dh1 million.
Have you ever inherited a sum of money?
No, I haven't inherited any money. My father has supported me with my education in Dubai but aside from that, I manage myself.
Anshul Agrawal says he was taught how to handle money responsibly as a child. Pawan Singh / The National
Were you taught how to handle money as a child?
I come from a Marwari Indian family, where every child is taught how to use their money wisely. So, yes, I inherited this skill from my parents and ancestors.
I was taught things like how you keep funds for emergencies, what type of purchases you should not make and the type of decisions you should make when it comes to satisfying a want.
One should not be emotion-based when it comes to spending. I totally follow this – that’s how I managed to buy a villa at the age of 30.
I was tempted once by my emotions, when I wanted to purchase a car that I liked very much. It was a Range Rover and the seller wanted to sell it on the day itself.
Because I liked it too much, I agreed and said I'd give him the funds if he transferred it into my name on the same day.
When we went to the Roads and Transport Authority centre, it was closed. But the next day, the reality hit. I was fortunate that it was closed and I didn't buy the car.
What are your biggest monthly expenses?
I would have to say that it is the monthly instalments on my mortgage. My rent payments are not that much compared with the mortgage.
The rest of my expenses are small, such as fuel for the car, daily expenses and bills.
How do you budget your salary with the rising cost of living?
I do this by tracking my spending. I follow the 50/30/20 budgeting rule, which allocates 50 per cent of income to needs, 30 per cent to wants and 20 per cent to savings and debt repayments.
I would say I'm not financially free but I can always find a way not to stress myself and still be happy by setting financial goals
Anshul Agrawal
Do you have any tips to deal with inflation?
I try to get the most out of my “sure” expenses – the expenses I know that I will incur every month.
For instance, Cafu (Dubai’s fuel delivery and vehicle services platform) has a plan where it gives you Dh100 extra when you recharge your wallet.
So, Cafu said to me that if I reach Dh2,000 in my wallet, it will give me Dh2,100. Ultimately, I have reduced my “sure” expenses and have also enjoyed a benefit of 5.5 per cent.
It’s also important to keep up with the latest news and information about inflation. This will help you to make informed decisions about your finances.
Do you worry about money?
Yes, sometimes, when I look at the rising cost of living. The only solution is to generate a passive source of income to offset inflation.
Automating your investments also helps, as you cannot focus on them every day, or week or month. If you do it manually, you will not be consistent. I believe that investing consistently will yield the best returns.
What is your idea of financial freedom?
I would say that I'm not financially free but I can always find a way not to stress myself and still be happy by setting financial goals.
To achieve financial freedom, I recommend living below your means, paying off debt, investing your money, seeking professional help and knowing when to review and adjust your investments.
Do you want to be featured in My Salary, a weekly column that explores how people around the world manage their earnings? Write to pf@thenationalnews.com to share your story
Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes. The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
David Haye record
Total fights: 32 Wins: 28 Wins by KO: 26 Losses: 4
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples. Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts. Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
