Money & Me: ‘I have the luxury of a diversified income stream because I’m not in a 9-to-5 job’

Asha Sherwood, founder of a community media platform, also takes on freelance PR work, emcees events and hosts a podcast

Asha Sherwood, founder of Abu Dhabi Review, says her London apartment is her best investment. Pawan Singh / The National

Asha Sherwood, a British expat in Abu Dhabi, says the media bug first bit her when she worked in sales for a London radio station, and now she has more than a decade of experience across commercial radio, publishing and digital media.

Born and raised in London, Ms Sherwood, 44, gained a bachelor’s degree in marketing and management from Middlesex University, before working in sales and research teams for The Telegraph, IPC Media and Turner Broadcasting.

In 2012, she moved to the UAE and worked in public relations with hotel brands such as Jumeirah and Fairmont, food and beverage brands like Spinneys Abu Dhabi and Coya, as well as wellness brands. She also emcees and moderates events, and hosts a podcast.

As the founder of Abu Dhabi Review, Ms Sherwood introduced the capital’s first community-driven media platform, offering residents and tourists insights into the city. She lives with her husband and 12-year-old daughter on Abu Dhabi’s Reem Island.

Did wealth feature in your childhood?

When my sister and I were young, my parents worked and had their own business, too. We had a newsagent's shop in London when I was about four years old, but my dad also worked. We had multiple income streams and never wanted for anything. We weren’t super wealthy but went on holidays. In fact, our first holiday was to Yugoslavia.

When you're a kid, you don't think about where the money comes from. But my parents worked incredibly hard for us to have things that they never had when they were young.

I learnt that there are multiple ways to earn money. There are some people who don't necessarily have to work hard to earn a living, while others do. It taught me that my parents could make money from both the business and a job.

How did you first earn?

I had a Saturday job at a hairdresser’s and earned £15 ($18) a day. At the end of the month, I walked away with £60. It was such an eye opener that I'd earned my own money and could buy something. It made me feel so proud.

Any early financial lessons?

When I was at university, I worked. But during your first year of university, you're going out and having fun, and I remember going into my overdraft and my dad found out. He was not happy because they paid for everything and I worked as well. I had a Thursday evening and Sunday job, so I should have had money to spend.

My dad taught me a lesson and made me get a job over the summer that was five days a week, so I basically worked almost every day to pay back the overdraft. That taught me to never be in debt. The minute you get into debt, it can roll into a much bigger number. I worked the entire summer and managed to pay off the debt only after six weeks. It taught me that money disappears quickly but takes so long to earn.

Asha Sherwood prefers to spend money on experiences rather than things. Pawan Singh / The National

How do you grow your wealth?

I try to save where I can. I've recently started to look at investing, but I need to get better at it. My dad is good with things like that. We often talk about where to invest money.

I bought an apartment in England 16 years ago. A lot of that came from my parent’s advice in terms of it being a good investment. That's grown in value.

I try to diversify my income streams. With Abu Dhabi Review, we make money from advertising campaigns. We also have other revenue streams, such as community events. I also do freelance PR for smaller companies and emcee. I'm trying to grow my wealth through different income streams because I have that luxury, I'm not in a 9-to-5 job. I own my business, so I can also look at other revenue streams to grow my wealth.

Are you a spender or a saver?

I would call myself both. I spend money more on experiences than things. I love to spend time with my family and friends. I spend money on going for a brunch with my friends, dinner, a night out, or a holiday with my family, or on flights to go see my family back home, rather than buying material things. If I do buy material things, I'll think about where I can save money on them. But I try to save as much as I can.

Have you been wise with money?

If you think of my overdraft story, I wasn’t very wise with money then, but I got wiser. Even though I own a business, I don't think I'm particularly financially minded and I take advice from my husband, parents and friends. Although I have savings, I'm very attached to them and don’t want to lose them, so am careful with financial decisions.

If I do have huge sums of money, I want to invest in a house or something that we can use as a family and would be a good investment for my daughter. I think I am wise with money now, in the sense that I'm thinking long term.

What has been your best investment?

My apartment in London, which has doubled in value. While it's a great investment, there are a lot of costs involved with it, things like service charges and ground rent. UK mortgages are expensive and you pay a huge interest rate. However, at some point, if we decide to sell the apartment, we would make money on it.

Learn how to invest, because I regret not starting at a younger age

Asha Sherwood,
founder, Abu Dhabi Review

Any cherished purchases?

My cherished purchases are on our travel. My family went to Japan last year and the three of us won’t forget the experience, and we cannot wait to go back. As much as we love living in the UAE, we are so busy that we don't have time together. Anything that we purchase that allows us to spend time together is cherished. Also, the Coldplay tickets I bought are a cherished purchase.

Any financial advice for your younger self?

Learn how to invest, because I regret not starting at a younger age. But one thing my parents, my dad in particular, taught me is how to be financially independent. The financial advice that I will pass on to my daughter is to make sure that she is able to earn, learns about investments and does not get into debt.

Any key financial milestones?

When I got my first job, I was earning a huge amount of money for someone coming out of university. It was a sales job with a salary of £15,000. On top of that, you had bonuses. One of the first things I bought outright was a Peugeot 207 convertible. The second milestone was buying my apartment.

What luxuries are important to you?

I like to buy designer handbags, jewellery and electronic items.

What are your financial goals?

To buy property in the UAE. That's important for me because this is our home. From a business perspective, I want to earn more revenue and grow my team.