UAE resident Muhammad Tayyab, 37, has no money worries today, having been forced to start again from scratch following the Covid-19 pandemic. His life savings were wiped out after running a property development company in his home country of Pakistan.
From starting out as a steward in a five-star hotel in Abu Dhabi in 2013 on a monthly salary of Dh1,200 ($326), his hard work and perseverance paid off and he currently earns a minimum of Dh30,000 as the business development manager of a supercar and luxury yacht rental company in Dubai.
He spends only 10 per cent of his monthly earnings and invests the rest in property and cryptocurrency.
After completing school, Mr Tayyab joined his family business, a garment and construction business. He lives in Dubai Production City.
What was your first job and salary?
I started working as a steward in a five-star hotel in Abu Dhabi in 2013 on a monthly salary of Dh1,200. I worked in the kitchen, washing dishes, serving food and worked with the chef as an assistant. In five-star hotels, there is opportunity to work in other departments after you complete six months. I worked as a bellboy in the concierge team. In the meantime, I started learning the job of a concierge, which is to know what's going on in the town. I got promoted as a concierge in six months.
My turning point was landing a job as concierge in Anantara Palm Dubai Resort in 2015 for a monthly salary of Dh2,500. The advantage of working in a hotel is that your transport, accommodation and food are covered. I made new contacts every day and became a part of Les Clefs d’Or, a concierge community worldwide. I was promoted to acting concierge in charge of the bell team and valet service. My salary was Dh4,000 plus commissions.
I worked there till Covid hit and because I had enough savings, I decided to go back to my country and do real estate development. Later, I came back to the UAE and joined my current employer doing car rentals in 2022. My experience in the hospitality industry proved valuable.
What is your salary now?
As a business development manager for luxury car and yacht rentals, my responsibility is to find new suppliers, create partnerships with new hotels and do influencer marketing. I'm the manager of a Lamborghini yacht, which was bought last year. We also work towards finding investors for distressed yachts worldwide and then manage it for them.
I earn a minimum salary of Dh30,000 a month, but it can even go up Dh100,000 based on my commissions. I started with a small salary of Dh10,000 with this employer and it gradually increased. The year 2023 was great because I had about Dh500,000 in savings.
I earn commissions from any yacht or business booked through my network. I earn more from yacht rentals than cars since we manage luxury yachts only. Sometimes, the invoice for a yacht is Dh100,000 or Dh150,000 and if I earn 5 per cent commission, I am paid Dh5,000. About 70 per cent of my earnings come from yacht rentals and the remaining from car rentals.
Do you save and where do you invest?
When I had sufficient savings, I decided to invest. I bought two off-plan properties in Dubai, which will be completed in 2027. When the properties are ready, I will either pay the full amount and acquire full ownership, resell them and use the proceeds to buy another property, or take out a mortgage and rent out these units. I'm also considering buying a third property in Deira Islands using the funds from selling a property in Pakistan.
I also invest in cryptocurrencies, with considerable amounts in Solana, Polkadot and Sui. I have invested approximately $50,000 in cryptos and did so when the market was down by 40 per cent to 50 per cent. I use the dollar cost-averaging method to invest in digital tokens.
I keep Dh100,000 in the bank as a reserve. I use it to pay monthly instalments for my properties.
Have you bought property here?
I bought a one-bedroom apartment in Damac Hills 2 for around Dh800,000. I have already paid around 30 per cent of the property value and pay around Dh7,000 to Dh8,000 monthly to the developer. I also own a luxury property in Jumeirah Village Circle worth Dh1.3 million, but it was bought for the purpose of flipping. I also own three properties in Pakistan.
Do you have any debt?
I'm not a big fan of credit cards. I have a car loan since I purchased a Mercedes-Benz CLA last year. The company pays me a car allowance, which covers the loan.
What are your major monthly expenses?
My biggest expense is house rent, which amounts to around Dh60,000 a year. I also spend on supplements for self-care.
How do you budget your salary every month?
I spend only 10 per cent of my earnings on expenses. The rest goes towards my investments. I have to pay around Dh35,000 per month for my investments. Whatever is left, I convert into USDT.
When do you aim to retire and have you started saving for it?
I do not have plans to retire because it is a traditional concept. I'll keep working till I can. By the age of 50, I plan to have built an empire to create more wealth. I plan to run a holiday homes, villa rental and luxury property rental business.
Do you have an emergency fund?
Yes, I always have nearly Dh100,000 in my bank account, which can be utilised for emergencies.
What do you spend your disposable income on?
I love to travel and plan to continue spending on visiting new countries and cities.
business development manager
Do you worry about money?
I do not worry about money because I have seen the bottom when Covid hit. When I went back to Pakistan, I spent all my savings on the construction business and was left with nothing. When I came back to the UAE, I had to borrow money from a friend.
What are your financial goals?
I plan to start my business in 2027. By then, my financial goal is to increase my net worth to at least Dh10 million. I don’t have any short-term goals since I always have money in my account.
What is your idea of financial freedom?
It means not to worry about time, debt and to be able to pursue opportunities without any financial pressure.
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