Money & Me: ‘My emergency fund helped me stay afloat during the pandemic’

Sophia Bhatti, founder and chief executive of Wimbledon Wealth, picks her best investment as a London apartment she bought at the age of 22

Sophia Bhatti, founder and chief executive of Wimbledon Wealth, wants to generate enough passive income to allow her to live and work more flexibly. Antonie Robertson / The National

Sophia Bhatti is a huge believer in the power of compound interest. The founder and chief executive​ of wealth management company ​Wimbledon Wealth feels that savings, when left to mature over time, are worth the wait.

The Briton has been working in the financial sector since she graduated from university. In London, she worked in banking for a number of years before establishing her own practice in 2014.

Ms Bhatti, 41, moved to Dubai in 2016. “What inspired me to move to the UAE was the opportunities and safety for my family,” she says.

In addition to her role at Wimbledon Wealth, she is also an independent trainer at The London Institute of Banking & Finance Mena, where she offers aspiring and expert professionals an insight into her understanding of financial planning, as well as wealth management and investment strategies.

Ms Bhatti also serves as the chapter vice president of BNI, a global networking organisation, a board member of Rotary Club Universe Dubai, and an ambassador for the Young Professionals Club.

She has a BSc in economics, an MSc in finance and investment from Brunel University of London, a chartered wealth manager qualification, and a diploma in financial planning.

Ms Bhatti lives in Jumeirah Park, Dubai, with her husband, two children and two cats.

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

Not particularly, but my childhood did teach me what it takes to acquire and accumulate wealth. I watched my single mum graft at work for hours. I knew that in order to become wealthy, I’d need to work hard and maximise all opportunities that come my way.

As I’d always had a way with numbers, my childhood background further fuelled my entry into the financial sector.

How did you first earn?

My first job was a part-time role at a logistics company when I was 16. I think I was paid £5 ($6.3) an hour.

Any early financial jolts?

Nothing major so far, thankfully. I fortunately had built an emergency fund in my own financial planning and therefore during the pandemic, I was able to stay afloat.

Sophia Bhatti takes calculated risks with her finances. Antonie Robertson / The National

How do you grow your wealth?

I diversify between property and a variety of investment vehicles. My first investment was a plan at the bank where I put an amount away from my salary, because my mom had always done that for us, so I thought I was going to do that, too.

Are you a spender or a saver?

I’m a spender, but I force myself to save. It’s important to treat yourself, but it’s also worth contemplating how much that same money has the potential to grow over time if it’s left to compound in a high-interest savings or investment account. I start with budget planning and from that put away a comfortable amount into investment.

Have you been wise with money?

Yes, but I haven’t let myself confuse wisdom with excessive caution. When it comes to finances, I take calculated risks.

But for anyone thinking of heeding this advice, it’s important to know as much about the risk you’re taking before diving in. Impulsive decisions can sometimes reap rewards, but they can also lead to financial setbacks.

What has been your best investment?

The first apartment I bought in London, at the age of 22. I saved up for the deposit myself, got a bit of help from my mother to make it work. What inspired me was at that time I was working in mortgages, watching other people buy I thought, “I wanna do that, too.”

Any cherished purchases?

My grandmother gave me diamond jewellery when I was young, and I thought I would like to do that too for my daughter. Something to hand over to her when she’s older.

How do you feel about money?

When it comes to money, too little or too much is a problem. Money is a vehicle to unlock what you desire. So before subscribing to lifestyles and workstyles that promise a big bank balance, it’s key to get clear on what you want in life.

If your goal is to be happy, then having enough to give yourself a sense of security, while allowing you to provide for yourself and your loved ones, should suffice.

Any financial advice for your younger self?

Your first savings account? Leave it alone. If you see something you want, try to get the next best thing (that’s within your budget, without needing to touch your savings account). If you come across something irresistible, ask yourself if it will serve you as much as your compounded interest several years from now. Chances are that it won’t. Savings, when left to mature over time, are worth the wait and self-discipline.

Any key financial milestones?

Buying my first car. And then years later, buying my dream car.

What luxuries are important to you?

The environments where I spend the most time every day. A nice place to work, and an equally nice place to come home to after a long day, are important to me.

What are your financial goals?

To generate enough passive income to allow me to live and work more flexibly.