Roota Mittal pivoted from being a software engineer to become an entrepreneur because she was not feeling creatively fulfilled. Today, she runs a consulting company that aims to help individuals achieve financial freedom through digital education, coaching and strategic marketing.
The founder of LearnWithRoota.com spent four years growing her company in Singapore and relocated to Dubai last year where she continues to scale her business and mentor entrepreneurs.
“My company helps freelancers, service providers and small business owners by teaching them necessary skills like social media marketing, artificial intelligence, technology and brand building,” Ms Mittal, 31, says.
The Indian has a bachelor’s degree in computer science from the Dhirubhai Ambani Institute of Information and Communication Technology in the city of Gandhinagar, Gujarat.
Ms Mittal released her debut book, Wealthy Moves, in April. It offers practical business advice and social media marketing tips.
She lives with her husband, a technology entrepreneur, in Dubai's Palm Jumeirah.
What was your first job and salary?
Right out of college, I received two job offers. One was with the consulting company Deloitte and the other was with a New York-based tech start-up. The latter was a better offer and would give me a better learning environment. So, I took the second job despite it not being a big name. My starting salary was about 2 million Indian rupees ($23,741) per year, including stock options. I worked in their Gurgaon office in India and was with them for nearly three years.
Why did you pivot to being an entrepreneur?
When I was approaching the two-and-a-half year mark in the corporate world, I thought to myself, although the money was great, I was not creatively fulfilled. I did not have any say in the kind of projects I was doing or making any real impact in the world. I could not imagine myself doing that until 60. I was 23 and had saved some money as well as repaid my education loan, so I was debt-free. I had one year to make it work, but I was determined not to go back to the corporate world. I started freelancing and provided marketing services to business owners worldwide and got my first client for just $280 per month. I ran Facebook ads for them at that point.
What is your salary now?
My company pays me a salary of Dh25,000 ($6,807) per month. I like to take a lean salary for my expenses and the rest is reinvested in the business for marketing and other purposes. I have one full-time employee in India and hire agencies part-time for public relations, marketing and video. With the advent of artificial intelligence, the full-time team has become leaner.
Do you manage to save?
Since my business is in the growth mode, my savings sometimes go right back into my company. I don’t save and invest a consistent amount every month, because an entrepreneur’s income varies every month and is dynamic. It's not all glamour and glitz.
What asset classes do you invest in?
I first started investing in the Indian stock market in companies like Reliance Industries and HDFC Bank and later switched to US equities, too. I actively invest in and trade in US stocks like Taiwan Semiconductor, Nvidia, Amazon, Apple and Berkshire Hathaway.
I also have real estate investments in India and am also a start-up investor. I have invested in a tech company in the online education space in Silicon Valley in the US. The dream is to buy a nice villa in Dubai whenever the time is right in the next few years, but until then we are renting.
Do you have any debt?
I have zero loans. I had taken an education loan to support myself through college and paid it off. I haven’t had debt for the past few years. I prefer being like that because then I can be nimble and agile when investing in my business.
Have you ever inherited a sum of money?
No, I am self-made. My parents gave me a good education and did their best. Even my company is completely bootstrapped.
Growing up, were you taught how to handle your finances?
I grew up in a typical Indian middle-class family where education was high on my parents’ priority list. However, there was never money available for taking a vacation, buying clothes or frequently going to a shopping mall or the movies. I grew up with that mindset. I used to joke with my mother that when I grow up, I want to go to a shop and be able to buy items without looking at the prices. That was my goal and why I worked so hard.
What are your major monthly expenses?
My major monthly expense is on house rent. I also spend on cab rides because I prefer not to drive. I also occasionally go for shopping, the spa every two weeks and yoga classes.
How do you budget your income every month?
I like to take a look at what's coming in and what's going out every day as a business owner. On the personal side too, I review my income and expenses every day. But I don't think too much about spending or stop myself unless it's a very big purchase. If it's a fancy purchase just for luxury, I consider whether I should be investing the amount in my stocks instead.
Have you started saving for retirement?
I don't think about retirement. I would love to keep working as long as possible. The returns from my varied investments, stocks and rental income from properties go towards my retirement savings.
Do you have an emergency fund?
I have emergency funds in fixed deposits in India. The fund can sustain me for a year.
Do you earn passive income?
My passive income mostly comes from stock dividends, which are reinvested back into the market. In my business, people buy digital products and courses, which bring me passive sales even though I'm not actively promoting them. My properties will also start yielding rent in a year.
What do you spend your disposable income on?
Flying business class, going to a new country and staying in nice resorts are my guilty pleasures. I love doing that. If I can't do that, I'd rather not travel. When I want to travel, I want to go all out.
Do you worry about money?
As an entrepreneur, I worry about how the market and the recession are going to turn out since I’m responsible for other people's livelihoods, too. What helps me is leaning on the principles of people who are smarter than me like Ray Dalio. He talks about how the economy works in cycles, so if there's a dip, it’s bound to rise again after a few years.
If we worry about money, we'll attract more worry. But if we go back to gratefulness, we will attract more abundance.
What are your financial goals?
In the short term, I want to double my savings and investments in the next one to two years. My long-term goal is to have a lovely villa in Dubai and save a good amount for our future kids so we can send them to the best schools and colleges.
What is your idea of financial freedom?
Work however much I want, from wherever I want. That is my definition of financial freedom.
What are your best money-saving hacks to offset inflation?
Investing in myself and my skills because I know I can rely on them. I am referring to my investing skills, business skills and marketing skills. No matter the inflation, your skills are only going to compound. If I lose everything today, I know I can build it back up because of the skills that I have gained.
