Akshat Jain is a professional pilot and entrepreneur who aspires to become financially independent in five years.
The main enabler of this is his business, KAD Designs, which he co-owns with his wife Kadambari, who is also a pilot.
Based in Dubai, KAD Designs is an interior design company founded in 2017 and deals in luxury interiors, bespoke furniture and in-house manufacturing.
Mr Jain oversees the factory, operations, project execution and financial planning.
“My wife, who is a trained interior designer, has been running the design company for eight years,” says Mr Jain, 42, who is the director of production at the design studio. "She initially did freelance design for smaller villas through sources.
"However, she soon got tired of people not meeting timelines and product quality, so I decided to jump into the business and open our own manufacturing unit. We opened the unit in Al Quoz, where we now have a team of 30 people.”
The pilot and entrepreneur, who is from India’s capital city of New Delhi, lives with his wife in a property they own in Arabian Ranches, Dubai, and has been in the UAE for 10 years.
Mr Jain has completed a bachelor's degree in business administration and has also acquired many technical licences to boost his aviation credentials.
Did wealth feature in your childhood?
My father was in the Indian Air Force, so money was not in huge supply. I was around people who were on the same economic level as my family. Money was not abundant but there was a lot of value given to it in terms of how it needs to be spent. If I spent money on something, I was encouraged to use it for as long as possible rather than for the short term.
How much did you first earn?
I started working when I was 17. My first job was as a deck cadet in the merchant navy in India and worked there for five years. It paid me $200 per month.
Any early financial jolts?
When I decided to take up a career in aviation, I had to take a leap of faith and leave a fully fledged and well-paying job in the merchant navy. Aviation was doing well in India but there wasn't any guarantee of getting a job. I had to use all my savings, although my family helped as well. I had to do the flying but wasn't getting paid in the initial one to two years, so I was down to my last bit of savings. I remember how I had $15 saved and exchanged it for Indian currency to keep myself afloat.
Are you a spender or a saver?
I don't believe in saving, instead I'm a smart spender. I look at the value of things rather than just buying it, which comes from my childhood upbringing.
Experiences hold the maximum value to me. Although we travel extensively as part of our jobs, we take family holidays together once a year where I try to add some experiences.
How do you grow your wealth?
I am a conservative investor and the biggest component of my portfolio is our business. We invest a lot of time and effort in it. When money is required, we invest to expand the company. There's real estate and I own multiple homes in the UAE. I also hold exchange-traded funds as a long-term investment.
Have you been wise with money?
Yes. I've been very wise with what we've spent on. Being conservative doesn't expose you to a high-risk environment. So I haven’t lost money, as such.
What has been your best investment?
Investing in myself. The time and money that I spent on myself have offered me the best returns. I have upskilled in terms of my mental abilities, as well as learning to expand my knowledge base. If you look at monetary value, real estate has been an excellent investment. It's always given us heavy returns.
Any cherished purchases?
Our beautiful home in the Ranches is our most cherished purchase. We spend a lot of time in it and value it.
Any financial advice for your younger self?
Have faith and invest for the long term. Don't get swayed by investment fads. The things I do now were what I had dreamt of as a child.
What are your financial goals?
We aspire to be financially free in five years. Our business is helping us accelerate our journey to financial independence.
What luxuries are important to you?
Time is very important. When we go on holidays, we like to stay in luxury hotels. That's a non-negotiable. We don't budget our holidays. Recently, we were supposed to go to Ireland on a holiday. But we realised we had a Schengen visa, not an Irish one. So we hopped on to the next available flight to Zurich in Switzerland. We booked a rent-a-car while we were on the aircraft and booked a luxury spa hotel while driving through Lucerne. It turned out to be one of our most memorable holidays.
How do you feel about money?
I don't get anxious about money. I've become calm about money and it doesn't trigger excitement. I do like earning money, though.
