Indian citizen Aamer Shah has been in Dubai for only five years but already owns two investment properties, one ready and the other off-plan.
He saves money every month and works up a significant buffer before identifying properties in which to invest.
Mr Shah does not keep money in the bank and prefers to convert it into gold to beat inflation.
The ethical hacker, 33, is from the city of Sri Nagar in Kashmir and has been working in cybersecurity for the past 10 years. He completed a bachelor’s degree in technology in Kashmir.
Mr Shah now lives in Al Barsha 1 with his wife and three-year-old daughter.
What was your first job and salary?
My first job was with Mercedes-Benz as a network engineer in Bangalore in 2015 on an annual salary of 475,000 Indian rupees ($5,610). I worked there for around two years. After that, every time I changed jobs, my salary, on average, would double.
I moved to a Swiss banking firm called Temenos in Bangalore, where I worked for six months. Then I moved to Ola Cabs and was there for eight months.
I moved to work with telecom company Ooredeo Oman in 2018. I worked as a resident engineer in Oman for a year. Since I was hired through the Dubai Multi Commodities Centre, I was paid in dirhams and had a salary of Dh15,000 ($4,084) per month. I was promoted and my salary increased to Dh18,000.
Tell us about your current role. What is your salary now?
I moved to Dubai when I received a job offer for a senior information security architect from Etisalat for a monthly salary of Dh28,000 in 2019. Today, I earn more than Dh30,000 per month.
As an ethical hacker, I break into applications. It could be web applications, mobile applications, satellites, radio frequency identification tags or cloning tags, I create a report and tell the owners how I was able to hack. They fix it and I give them a clearance.
I also occasionally earn money through bug bounty. I used to perform bug bounty for different applications. One example is reporting bugs in Samsung mobile browser for which I was paid $800.
I also earn money through real estate referrals to developers and brokers. This is done occasionally.
Do you manage to save and have considerable savings?
Three days before I turned 30, I bought my first sports car, a Corvette C7. But after a year, I thought it was a liability. Since I am a Muslim, I always prefer interest-free products and safe, low-risk options. So, I decided to invest in real estate.
I sold my car for a higher price than I bought it for. I used that money and my savings to purchase my first property, a studio, in Dubai Marina for Dh550,000 in 2023. I paid for it in full cash, which also helps you negotiate better with the seller. The unit is leased and I earn a monthly rent of Dh7,000.
What asset classes do you invest in?
Besides property, I had invested in gold but liquidated it to pay for the apartment.
I also purchased an off-plan studio in Jumeirah Lakes Towers and it will be ready by the fourth quarter of 2025. It is worth more than Dh1.5 million and I paid about Dh630,000 as the down payment.
I expect to earn rent between Dh10,000 and Dh12,000 per month from this unit. So, I will earn around Dh20,000 per month from the two properties by the end of next year, besides my salary.
Have you purchased property in your home country?
No, because my family members and friends who have invested in property in India receive a return of 3.5 per cent to 4 per cent in India whereas in the UAE, you can earn a minimum RoI of 8 per cent. I earn a 14 per cent RoI on my Dubai Marina apartment and expect to get more than 10 per cent return for my JLT unit.
Do you have any debt?
I don’t have any personal loans because I don’t believe in taking a loan, not only from a bank but also from a friend, unless it's an emergency. I had eight credit cards earlier and used them to avail of deals like free valet service and airport lounge access. Now I have stopped using all those cards because I used to spend a bit more. I only use my company's e& money card for daily purchases.
Have you ever inherited a sum of money?
Not yet, but I will receive an inheritance worth at least $2 million because my parents are top doctors in Kashmir.
Growing up, were you taught how to handle your finances?
No, my school always taught students to work hard to get money. But instead one has to work smart and also know how money works. This was never taught to me and even my parents told me that a salary is the only source of money.
It was only during my second job at the Swiss banking firm where I came to understand how money works and more about investments such as stocks, options trading and even cryptocurrencies.
What are your major monthly expenses?
Dh3,000 is spent on food and grocery shopping, Dh2,000 on utility and telecom bills, around Dh5,00 on my daughter’s school fees, Dh2,000 for miscellaneous shopping and the biggest expense is house rent of Dh6,700 per month. I have also created an Excel sheet for my non-recurring expenses such as visa renewal, car service, registration and insurance renewal, visa and travel, and these add up to Dh3,000 per month. So all my expenses cumulatively add up to Dh23,000 per month.
How do you budget your salary every month?
I keep aside Dh10,000 each month in savings and then spend the rest on bills and other expenses.
Have you started saving for retirement?
I have not thought of retirement, but plan to use the returns generated from my real estate investments. I'm trying to diversify my real estate portfolio in different countries.
Do you have an emergency fund?
I had Dh100,000 for a few months, but because I recently purchased the JLT apartment, I need to start building my buffer again. But I am part of a group of friends who lend money among themselves, both for real estate investments and in case of emergencies.
What do you spend your disposable income on?
I don't spend my income on things that I don’t require. I buy a gadget once a year for around Dh5,000, a few small gadgets, which on average cost around Dh500 monthly, or car stickers.
I don't have the fear-of-missing-out mindset, avoid going to movies and don't have a very active social life.
Do you worry about money?
No, I consider money as a commodity, which comes with time and is predestined. So, I live worry-free because money is not in my control.
ethical hacker
What are your money-saving hacks to offset inflation?
As soon as I get my salary, I invest it in gold because the yellow metal beats inflation. I don't keep any money in the bank. As soon as I get some money, even if it is Dh100,000 or Dh200,000, I'll immediately tell my parents to purchase a property.
What are your financial goals?
I want to make a profit by flipping properties. For instance, my JLT studio which was bought for Dh600,00 is now worth Dh900,000, so I have already made a profit. I may sell it and reinvest in another property. Once I have enough money and enough properties, then I would not have to work.
I also want to buy more properties. At the end of next year, I will earn more than Dh50,000 per month from my salary and property rent. I can save between Dh200,000 and Dh300,000 in four to six months and use that money to buy a studio apartment every few months. I try to buy studios in Downtown Dubai and JLT so that I can sell them easily.
I plan that every property I add to my portfolio will give me an average rent between Dh7,000 and Dh10,000 per month. Therefore, my third property purchase will put my monthly income at Dh60,000 while my expenses remain more or less under Dh25,000.
What is your idea of financial freedom?
I want all my investments to be so successful that my children become financially independent. They should not have to work to earn. Instead, they can work on their passion. They shouldn’t go to work driven by the idea of money alone.
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