Money & Me: ‘My family’s retirement plan is aboard a boat’

Nancy Ozbek, general manager of Times Square Centre, says her best investment has been in developing her education and career

Nancy Ozbek, general manager of Times Square Centre, grows her wealth through disciplined saving, diversified investments and creating various income streams. Pawan Singh / The National

Nancy Ozbek, general manager of Times Square Centre in Dubai, balances consistent saving with spending on her children’s education, personal growth and experiences that enhance her family’s lives.

Also the general manager of Sharaf Group’s mall division, her responsibilities include leasing, tenant relations, business planning, finance, facilities and operations.

The Turkish-Dutch citizen, 50, has been living in the UAE since 1998. She lives in Dubai Marina with her husband, while their four children are studying abroad: two pursuing master’s degrees in Amsterdam, another at university also in the Dutch city and the youngest at university in the US.

Ms Ozbek has a bachelor’s degree in science and business administration from the University of Istanbul and completed an MBA in modern management systems from Marmara University in Istanbul, complemented by certifications in mall management.

She has more than 20 years of experience. Before joining Times Square Centre, she held leadership positions across various malls and community centres in the UAE.

Outside of her career, Ms Ozbek is a keen triathlete who had completed the London Triathlon.

Did wealth feature in your childhood? What did you learn from it?

While I wasn’t surrounded by material wealth, I was surrounded by immense love and support from my family. As the youngest of five siblings, I learnt the importance of education, kindness and the value of family in shaping a person’s life.

How did you first earn? What did your first job pay?

While studying at university, I worked for an insurance company transitioning to digital systems. My role involved data entry and I was paid per entry, earning enough to cover my weekly expenses as a student.

Any early financial jolts?

As a student of economics, I explored the stock market with my peers, making small investments. This gave us an early taste of financial growth and applying our theoretical knowledge practically.

How do you grow your wealth?

I grow my wealth through disciplined saving, diversified investments and creating multiple income streams.

Are you a spender or a saver?

I was a saver until I turned 45. Since then, I’ve been more of a spender but I plan my spending carefully to align with my long-term goals, especially retirement.

Nancy Ozbek uses money as a tool to create stability, pursue opportunities and enrich both her life and the lives of those around her. Pawan Singh / The National

Have you been wise with money?

I have always been consistent in saving money every month, guided by a clear plan to achieve financial stability and long-term goals. This disciplined approach has allowed me to allocate resources wisely, striking a balance between saving, spending and investing.

I prioritise thoughtful financial planning, ensuring that I have a safety net for the future while also seizing meaningful opportunities, such as investing in my children’s education and personal growth.

At the same time, I value spending on experiences and essentials that enhance our lives in the present. This balance has given me the confidence to navigate financial challenges and build a secure foundation.

By staying committed to my savings plan and making prudent financial decisions, I have used money as a tool to create stability, pursue opportunities and enrich both my life and the lives of those around me.

What has been your best investment?

The best investment I have made is in myself – developing my education, career and character. This foundation has enabled me to invest in my children’s education.

I also believe in investing in the people around me, supporting their careers and personal growth. Helping others thrive and achieve their potential is deeply rewarding.

For me, success is measured by the positive impact I have on my family and the people whose lives I touch.

Any cherished purchases?

Our journey has been filled with cherished purchases that hold deep meaning. Initially, my most treasured investments were for my hobbies, such as triathlon, where I took pride in buying a quality bike and gear that fuelled my passion for fitness and adventure.

Over the years, these were followed by larger milestones, including our beloved family home. For six wonderful years, it was the heart of our family life, where we created treasured memories and supported our children as they pursued higher education.

The next chapter is embodied by our dream home on the sea – Desert Rose, our family boat. A symbol of freedom and adventure, she represents the life we envision ahead. Currently docked at Palm Marina, Desert Rose patiently awaits as we prepare to embark on this new journey.

Each of these purchases reflects a different stage of life, contributing to the happiness, growth and aspirations of our family.

How do you feel about money?

It is a tool to help you, not something to chase. Spend more on experiences that bring joy, like trips or time with loved ones, rather than on things.

Live within your budget, be thankful, help others and focus on family, friends and health. Balance saving and enjoying life to stay stress-free and happy.

Any financial advice for your younger self?

Invest in yourself through education and experiences, take calculated risks and remain consistent and disciplined with financial planning.

Any key financial milestones?

My key financial milestones were first securing a house and filling it with what was needed, having a family, living in it happily, ensuring our kids' education, saving for retirement, becoming debt-free as early as possible to feel free, always investing in myself and ultimately achieving financial freedom.

What luxuries are important to you?

Luxury, to me, is about embracing the richness of life in all its forms. It’s the ability to balance meaningful pursuits like triathlon training, continuous learning and spending quality time with family, friends, colleagues, clients and even our retailers.

Luxury isn’t just about material possessions – it’s about creating moments that matter, nurturing relationships and constantly growing. The biggest luxury in life is having a family filled with love, friends who stand by you, neighbours who feel like an extension of home, and relationships that bring happiness and fulfilment. True luxury is being enriched by experiences, knowledge and meaningful connections.

What are your financial goals?

To secure a comfortable retirement, we envision a life filled with serenity, adventure and cherished moments shared with loved ones.

Living on the sea represents a harmonious blend of freedom and tranquillity. Our dream is to create lasting memories aboard our family boat, Desert Rose, surrounded by the people we hold dear.

It is not just a retirement plan but a transformative journey where we can celebrate life, explore new horizons, and find fulfilment in the simplicity and joy of living close to nature.