Caiyad Phahad realised the importance of being financially independent in his teens and has worked hard to become a self-made man.
The Pakistani, who has a UAE golden visa and an e-residency in Latvia, has been living in the Emirates for more than 20 years.
He prefers to live in hotels and has done so for seven years. He is frequently on the move and has travelled to 52 countries.
“I've two careers. I work as a consultant or project manager with different companies globally,” says Mr Phahad, who worked with Standard Chartered in Dubai from 2007 to 2022.
“I also run my own media and entertainment business, called Caiyad Phahad Events and Films. As part of that, I've done acting, modelling, hosting, event management, celebrity management, journalism, public speaking, training, coaching, motivational speaking, direction, production and writing.
“I’ve been running this company for 20 years.”
Mr Phahad studied marketing and his first job was an internship with an airline in Pakistan, where he worked in ground operations and passenger handling.
His US green card is being processed; most of his family live there.
Did wealth feature in your childhood? What did you learn from it?
I've seen my father struggle. He was rich, but a self-made person and helped make others’ careers.
He supported many people and donated to charitable causes. His car, money and investments were always for others.
Growing up in that environment, our pocket money was limited. I worked and paid for my higher education. Luckily, I got a scholarship.
Whatever my siblings and I have achieved is on our own merit, not because of who my father was. He hardly kept any money for himself or the family.
I learnt that being independent is important. Depend on yourself, believe in yourself and work on yourself.
How did you first earn? What did your first job pay?
My first job probably paid me Dh30 ($8) per month. I acted in a show for Geo TV in Pakistan, I was probably 14 or 15 years old.
founder of Caiyad Phahad Events and Films
Any early financial jolts?
Of course, yes. When you are independent, you struggle in many ways.
You don't have a car, take lifts from people, probably eat one time a day. Even that meal is not lavish.
There were days when I stayed overnight in a car and times when I had to share a room with many people.
This was when I started my career. I was on my own, with no support system, no godfather or mentor, no financial support and no bank balance.
I had very limited money. So, I decided to do every possible thing, be it interviewing celebrities, performing at TV shows and on stage, dancing, singing, working for a company, working unpaid, just learning all the while.
How do you grow your wealth?
I grow my wealth by saving and investing in businesses.
I work a lot, sometimes 24 hours a day. There are times where I haven't slept for two days at a stretch owing to work commitments.
I work with more than 400 celebrities and have travelled to more than 50 countries.
I have 20 years of corporate experience and more than 20 years of entertainment experience. I balance both, which is very difficult.
Recently, I have begun training and coaching people. I also donate to charity and work with NGOs.
Are you a spender or a saver?
A spender for sure. I spend on luxury brands.
When it comes to money, I have done whatever I’ve wished to do.
What has been your best investment?
It would probably be putting my money in fixed deposits in banks.
If you compare that with investing in property, luxury watches, stocks or businesses, those investments tend to fluctuate.
There's no risk attached to fixed deposits. Your principal amount remains safe.
Any cherished purchases?
I invest a lot of money and time in buying antiques, collectibles, currencies, old coins, jewellery and unique things from the past.
I've collected decoration pieces from different parts of the world, for instance Morocco, Tanzania, Kenya and Seychelles.
How do you feel about money?
Money is great, it gives me a sense of pride, happiness and success.
Any financial advice for your younger self?
Work as hard as you can and utilise your time wisely.
Invest time and money in your passion or things that excite you.
If your passion is not working out, continue with it but work as well, to take care of your basic bills and a permanent income.
What luxuries are important to you?
Sleeping well and having good health are the biggest luxuries.
Being able to travel and learn about religions, people, culture and languages is also a luxury.
What are your financial goals?
My financial goal is to have a very expensive car in the next couple of years and own a mansion.
It could be anywhere, probably in the UAE since that's where I spend most of my time.
Any key financial milestones?
Many. I bought the car that I wanted to buy and upgraded it multiple times. I have also upgraded my living standards multiple times.
When it comes to my wardrobe, I've upgraded multiple times to different brands.
I don't want to move up directly. It's good to upgrade to the next level step by step because it’s easier to maintain and manage.
