Ackash Jain saves and invests his money in multiple asset classes but also prioritises spending on luxury travel, family holidays and experiences. He travelled to more than 100 countries before he turned 40.
The Indian, 42, is the co-founder of QnA International, a global business event organiser in the UAE, and has 20 years of experience in the conferences and events industry.
He moved to Dubai 21 years ago in 2004 and started working with Naseba, a Monaco-based events company, and later moved to countries like Singapore, Prague and Malaysia to open the company’s offices.
Mr Jain, who completed his MBA from the UK, moved back to Dubai in 2011 and worked with World Trade Centre for one-and-a-half years in the exhibitions department. In 2012, he and two other co-founders, including his wife, bootstrapped QnA International.
He currently lives in Al Mankhool area in Dubai with his wife, mother and 13-year-old son.
Did wealth feature in your childhood? What did you learn from it?
Coming from a business family, I've seen both sides of the coin, it’s been a roller-coaster ride. My father did multiple businesses. So, we had tonnes of money coming in sometimes, and suddenly, there's nothing.
Growing up in the small Indian town of Indore, my upbringing helped me understand the value of money and how important it is to save.
But at the same time, my parents were travel buffs. There were situations where they would take me for a holiday on a whim. That's where my love for travel comes from.
What did your first job pay?
When I moved to the UK, I did a part-time job of selling phones while studying. I worked for Phones 4u, a mobile phone retailer, and earned a monthly salary of £600 ($804). Then I moved to a call centre called Dial-a-Phone.
Any early financial jolts?
Not really. We always had a comfortable life, but I’ve ups and downs. We were brought up in a way where you live within your means and always have that survival instinct. But that is one of the things I have tried to change for myself. I don't want to live within my means, because then I will not be able to overachieve, but without going overboard.
I think it’s very important that if you want to save and make wealth, you have to push yourself.
How do you grow your wealth?
By reinvesting in our business, through real estate (in India and the UAE), equity investments, mutual funds and bonds. I’m more of a risk taker because I understand that higher the risks, higher the returns. I try to have a balanced portfolio, but at the same time, you sometimes need to take risks to make money.
Are you a spender or a saver?
I'm a mix of both. I deeply value travel and luxury experiences with family, but at the same time, I understand the importance of saving and investing. Having witnessed the ups and downs of business has helped me to stay balanced as much as possible.
Have you been wise with money?
Yes. My wife and I have been able to make certain investments that helped us steer our way, especially during tough situations like Covid. When the entire events, hospitality and travel industry came to a standstill, we were able to survive it by liquidating some of our real estate investments in India.
What has been your best investment?
Apart from our company, my best investments are in Indian real estate. I was at the right place at the right time and bagged good deals. Some of their value has appreciated considerably, by almost seven to eight times. I also made some attractive real estate deals in India during Covid as well as seven to eight years ago.
Any cherished purchases?
My first cherished purchase was my first car, a Mercedes Benz, bought at the age of 22 in Dubai. It was a childhood dream to buy that car. Coming from a small town, I’d always admire these cars when I travelled to cities like Mumbai and Delhi. One day, I aspired to buy it, too.
Today, my cherished purchases are stamps in my passport. I’ve been to more than 100 countries and it’s the best investment anyone can ever make.
Even for our employees, every year we make sure that we organise one or two international incentive trips for our team if they hit targets. Since the past 13 years of forming our company, we have taken our employees to 15 destinations, such as Finland, Japan, Singapore and Turkey.
How do you feel about money?
It's extremely important. But for me, the ultimate goal is good health and peace of mind. If you're in good health, you can make the money again even if you lose it.
Any financial advice for your younger self?
I wish I’d started investing earlier. I'm trying to teach that to my son now. Over the years, I've learnt the power of compounding. Even investing small amounts can make a huge difference 20 to 30 years down the line. Money in the bank is not going to grow. I started investing in stocks and mutual funds when I was 35 years but had started investing in real estate earlier.
Any key financial milestones?
Building QnA International into a positive cash flow company from year one and continuing to build on that year over year is the best financial milestone.
What luxuries are important to you?
For me, it about comfortable travel in business class, staying in five-star hotels and having quality experiences, such as bungee jumping in New Zealand, visiting Machu Picchu, driving a Street Kart in Japan, seeing snow and a volcano erupt simultaneously in Iceland and visiting Geiranger, one of the most beautiful fjords in Norway, among many.
I still feel like a kid in a sweets shop when I'm on a plane. It gives me a different high.
What are your financial goals?
I don't have a number in mind, but my goal is financial freedom. What I mean by that is having no debts and enough passive income so that I have the flexibility to do what I want.
