Muhammad Kashif Iqbal worked for 12 years in Pakistan’s education sector. While he currently works in a different industry in the UAE, he tapped into this corpus of work experience and offers maths home tuitions as a side hustle.
The 46-year-old Pakistani, who moved to the UAE in 2018, now works as a senior warehouse manager at an equipment trading company in Abu Dhabi.
He lives in Musaffah in the UAE capital, while his wife and three kids are based in Pakistan. His wife runs a training institute that teaches students and imparts vocational skills to women.
Mr Iqbal completed his MBA with a specialisation in marketing and HR.
What was your first job and salary?
My first informal job was offering tuitions to students at home and I received 1,400 Pakistani rupees ($5) a month. That paid for my academic expenses. After I completed my bachelor’s degree in 1997, I got a full-time job as a sales representative for a monthly salary of 3,000 rupees. After working for seven years, I decided to pursue my MBA.
I was very passionate about becoming a teacher. After completing my master’s degree, I joined a college as a lecturer. From 2006 until 2018, I worked in the education sector in Pakistan, starting as a lecturer and going on to become a principal in a private college.
I also owned a business that dealt in project management for the education sector in Pakistan.
I later moved to the UAE where my first job was as a lecturer in a university’s business department where I earned a monthly salary of Dh4,000 ($1,089) in 2018. But after Covid-19, I was unable to get a job in an educational institution.
Tell us about your current role. What is your salary now?
I currently work as a senior warehouse manager at an equipment trading company in Abu Dhabi. I am paid about Dh10,000 a month.
I also teach maths to students in grades six to 11 across different curriculums and earn between Dh3,000 and Dh4,000 a month this way. I am also willing to offer complimentary classes for deserving students who cannot afford private tuition fees in the UAE.
What asset classes do you invest in?
I keep only limited cash with me and do not believe in saving in cash. I prefer to allocate my savings to real estate instead. I have invested in the real estate sector in Pakistan. I own a home and a few freehold land plots there.
I bought a land plot many years ago and built a family home in Gujranwala Cantt in Pakistan’s Punjab province, which is valued at 25 million rupees. I also own four land plots for long-term investment and pay them off in quarterly instalments.
I have tried to invest in cryptos and stocks, but didn’t find it feasible since I haven’t found the time to learn about these assets. I prefer to manage my investments myself and not outsource it to a third party. I avoid fixed deposits since they don’t offer a good return. I have invested in life insurance, too.
Growing up, were you taught how to handle your finances?
No, I wasn’t. I learnt how to manage finances when I started earning. I am now trying to teach my children how to manage money.
How do you budget your salary every month?
A part of my salary is allocated for my property investment. I send a fixed amount every month to my wife for grocery and household expenses, children’s education fees, transport costs and other miscellaneous things back home.
I live in accommodation provided by my company, so I don’t need to pay rent. I use my disposable income to travel at least once or twice a year to a new country.
I do not believe in living on credit and don’t have credit cards. I always believe in living on the income in your pocket and living within your means.
Have you started saving for retirement?
I plan to retire at the age of 60 and intend to travel across the world on a motor bike.
My real estate investments will fund my retirement life. I plan to build houses on the land plots, rent them out and I will live off that income.
senior warehouse manager
Do you have an emergency fund?
Yes, I always keep savings that can sustain my family for a year in my emergency fund.
Do you worry about money?
No. I believe that if one keeps working in a responsible and intentional way, everything will turn out well. Worrying will not help solve problems, instead planning and having a financial strategy works well.
What are your best money saving hacks to offset inflation?
The best strategy to deal with inflation is to invest in real estate. I have been investing in property for the past 14 years.
What are your financial goals?
I want to earn enough money to fund my children’s school and college education and support them until they have good jobs. My personal goal is to earn enough to travel the world on a motor bike.
What is your idea of financial freedom?
It is a scenario where your passive investments and capital work for you, and not the other way around.
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