Money & Me: ‘Upskilling myself is much more valuable than investing in property’

Entrepreneur Ramki Jayaraman creates most of his wealth through his consulting business

Ramki Jayaraman, managing partner and founder of Synarchy Consulting, approaches money mindfully but does not shy away from spending. Victor Besa / The National

Ramki Jayaraman, managing partner and founder of Synarchy Consulting in Dubai, says his best investment was in upskilling himself. This was necessary to stand apart and offer value to customers in the boutique consulting market, he says.

Mr Jayaraman has more than 25 years of consulting experience across the Middle East and Africa and works with governments, enterprises, family businesses and start-ups to help them navigate uncertainty.

“Consulting on business strategy, technology advisory and problem-solving has always been my passion,” says the Indian entrepreneur, 51, who has been in Dubai since 2004.

He completed his master’s degree in business administration from XLRI - Xavier School of Management in the Indian city of Jamshedpur, and now lives in Al Mankhool, Dubai, with his wife and two children, aged 21 and 11.

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

My father was a banker. Coming from a middle-class family, values and education were given more importance. However, my parents never denied my genuine needs. I was taught that true wealth is not measured in excesses and to think twice before buying anything. We are only guardians of wealth. This custodian principle shaped my views on money during my formative years.

How did you first earn?

I received an offer as a support analyst from technology company Oracle for 375,000 Indian rupees ($4,250) annually in the year 2000 in their support centres in Bengaluru and Hyderabad. This gave me independence, pride and the ability to give back to my family.

Any early financial jolts?

I quit my corporate career in my early 30s and pursued entrepreneurship in the UAE. There was the challenge of managing the monthly cash flow. That tested me but helped me become patient and disciplined. I didn’t have too much of a leeway to make big decisions about investments, because I was always split between handling personal finances and running the business.

It took a lot of discipline, possibly over the last few years, to have a formula to differentiate between my spend for business and personal expenses. But often, as entrepreneurs, the lines blur.

How do you grow your wealth?

I generate most of my wealth today through my consulting practice. It's my livelihood and passion. I also consider the intellectual capital and our client relationships as a form of wealth. I call my company the McKinsey for the mid-market.

Are you a spender or a saver?

I approach money mindfully. I don't shy away from spending. But there has to be a balance between spending and saving. Everything is a goal-based investment for me. From that standpoint, I approach money freely and believe it is a form of energy. When money flows, it creates more space for opportunities.

I believe true richness lies in somebody's mind. One can feel abundant with limited resources. When you start your entrepreneurship journey, you don't make a lot of money in dollar terms but can still feel completely fulfilled.

What has been your best investment?

Upgrading myself, because consulting is an intellectual capital business. Upgrading the leadership team is important because that's going to generate me returns three times, four times or even 10 times more than dollar investments in a property. We've constantly invested in our technical and leadership capabilities.

I invest in a personal coach, who used to train Olympians in the US. It requires a different level of mental conditioning to build that mindset. Those are very big-ticket investments that I've done on myself.

At certain points, you hit this pocket where you doubt what you've done in life. I've gone through that. Then it’s best to get your purpose clarified. I made these investments in frameworks, tools and training, those keep me going and help me to scale my business.

Ramki Jayaraman wishes he'd learnt about the power of compounding earlier. Victor Besa / The National

Any cherished purchases?

Gifting my parents new clothes with my first salary was a cherished purchase, especially seeing the pride in their eyes. I lost them in quick succession in 2021 and 2022. Since they moved on, I see every success and investment in the last three to four years as my parents’ blessings.

Any financial advice for your younger self?

I wish I understood the power of compounding earlier and picked up books like The Psychology of Money earlier in life.

I wish I had started investing earlier and had a clear financial goal. It took a long time for me to realise how much I need to retire, for example, and this is what I need to put together.

Any key financial milestones?

The safety net for my family has been taken care of. This includes the usual asset classes - real estate, mutual funds and investment funds. I'm at an age where I’m very mindful if something were to happen tomorrow morning, my family’s interest will be protected through a well-thought-out personal insurance plan and keyman insurance for business continuity. I strongly recommend all entrepreneurs have a keyman insurance policy.

What luxuries are important to you?

The greatest luxury is to be able to reclaim my time to pursue my passion of reading, personal growth and be with my family.

What are your financial goals?

I would like to scale my consulting business over the next three to five years across the Middle East and Africa. All my significant goals are directed towards building a sustainable business that lasts beyond me. In a few years from now, I’d like to take a detached view of business and leave a legacy.

When my business goals are achieved and the company performs well, my personal financial goals will also be fulfilled.