Money & Me: ‘My goal is not having to check the price of things I want to buy'

After some early business mistakes, Karen Kriska has achieved financial security through investments in cryptocurrency, real estate and tech stocks

Karen Kriska, chief of staff at Coinvesting Holding, invests in real estate in the Philippines, tech stocks in the US and UAE and cryptos. Chris Whiteoak / The National

Karen Kriska, a Filipina in Dubai, is a cryptocurrency enthusiast who has allocated half her investment portfolio to digital tokens.

She has accumulated most of her wealth over the years through investing in cryptos, particularly Shiba Inu. She considers her crypto coins to be generational wealth for her son.

“I learnt all about Bitcoin, wallets, decentralised finance and blockchain from YouTube,” Ms Kriska, 38, says.

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“I initially invested $86 to buy 540 million Shiba Inu coins in February 2021. Before it hit an all-time high, I sold $50,000 worth of these coins between May and October 2021 and re-invested in other coins and play-to-earn tokens to grow my portfolio."

She still holds 577 million Shiba Inu coins, which are now valued at $6,400, and stakes it in crypto exchange Bybit to earn rewards while holding.

"I am holding it as a reminder that without this coin, I would never have achieved the financial freedom I have now," Ms Kriska says.

Ms Kriska currently works as chief of staff for a holding company called Coinvesting Holding in Dubai. The company’s subsidiaries include Digital Asset Business Centre, a digital assets consultancy in Dubai Multi Commodities Centre; Reit Development, which is building the Crypto Tower in JLT, and Web3 Productions, which produces content related to blockchain.

Ms Kriska has been in the UAE for the past 11 years and currently stays with her 16-year-old son in a villa in Dubai's Al Barsha 3 area. Her other investments include a call centre in the Philippines.

“I came to the UAE in 2014 in search of new challenges after I heard that Dubai is hosting Expo 2020,” she says.

Ms Kriska holds a bachelor’s degree in computer science from the Philippines.

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

Money was not a problem in my childhood since I came from a family of businesspeople. When I was a kid, I learnt that money is freedom. It's not being able to buy luxuries for the sake of it, but about the choices you can make. Money offers me the freedom to say “no” to things that don't align with me and “yes” to things that do. Money gives me the power to take care of my family. I brought my son to Dubai in 2022 because I earned enough for him to live with me.

How did you first earn?

My first job was as a technical support representative for Dell Computers in 2007 and I earned around Dh1,000 per month equivalent in Philippine pesos.

I earned my first 1 million pesos a year after I graduated from college when I started my home-based call centre.

Any early financial jolts?

I used to have a daycare centre in the Philippines, which I had to sell in 2016 to finance some business endeavours I was planning in Dubai. However, these ventures failed because I trusted the wrong people. I also lived beyond my means.

Karen Kriska owns Bitcoin, Ethereum, AI coins, Chatoshi, Shiba Inu and some altcoins. Chris Whiteoak / The National

How do you grow your wealth?

Right now, I grow my wealth by diversifying my investment portfolio. I invest in real estate in the Philippines, tech stocks in the US, UAE initial public offerings, cryptos and artificial intelligence companies. For instance, my Parkin stocks are already up by 200 per cent since the date of investment. I have also invested in stocks of Al Ansari Exchange, Dewa, Empower, Salik, Spinneys, Talabat and Taaleem.

Are you a spender or a saver?

I don't spend on things that I don't need. But I give myself a reward occasionally for working hard.

Have you been wise with money?

I have been wise with money in the past three years. When I suddenly earned a good amount in Dubai, I was shocked and didn't know what to do with it. So, I bought luxury items. But I realised soon enough that I should invest in things that matter.

What has been your best investment?

It’s been in cryptocurrencies. Regardless of the price of Bitcoin, I set aside money every month to buy cryptos and my portfolio is growing. The reason why I consider cryptos to be my best investment is because I look at it as generational wealth that can be passed on to my son. Bitcoin forms the big chunk of cryptos in my portfolio, but I also own Ethereum, AI coins, Chatoshi, Shiba Inu, and some altcoins. I trade in cryptos on Binance, Bybit and Phemex exchanges.

Around 50 per cent of my portfolio is made up of cryptos, 20 per cent in stocks, 20 per cent is in real estate, and the remaining 10 per cent is invested in crypto projects with a strong foundation. I use Wio to trade UAE stocks and eToro for US stocks. I started investing in UAE stocks when crypto prices crashed in 2022.

Any cherished purchases?

The five-bedroom house that I purchased in Iloilo City, where my parents hail from, in the Philippines. It was a “thank you” gesture to them for raising me to be a competitive person and inculcating my money mindset.

How do you feel about money?

It gives me the power to take care of my family, to invest in my passions and to live life on my terms. I don't chase money blindly, instead I see it as a tool that when used wisely can amplify who I am.

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Any financial advice for your younger self?

Yes, I should have started investing earlier. I began to invest only in the last five years. Properties in the Philippines were cheap earlier and I should have invested in them, instead of spending on luxuries and travel. I wish I had invested in gold, too, because I remember my grandmother would give me gold and I’d sell it.

What luxuries are important to you?

The biggest luxuries are having time, being with the people I love and to be able to slow down in life when required. I want to share my knowledge, tell my story and inspire others that they can achieve wealth, too, by watching videos on YouTube, learning new skills and new technologies. But I don't have time to share my knowledge.

What are your financial goals?

To achieve financial freedom, which I already have. It’s being in a place where I don't have to check the price of things I want to buy. I have wanted to be so financially secure that I don't have to think twice, whether it's about taking a vacation, helping my family, or just walking away from situations I don't like.