How did you end up in Dubai?
I had seen lots of media coverage about the flamboyant city called Dubai, so I decided to hop on a plane and check it out for myself. It was April 2007. My hometown, Dublin, was booming and I could hardly keep pace with my workload. I arrived and was greeted with a wall of searing heat at 3am - my taxi driver assured me that this wasn't hot, but I was not convinced. The next morning, I walked Sheikh Zayed Road with my chin on the pavement, such was the scale and magnificence of the towers. My raison-d'être was to check out the potential for an architectural photographer, me, and I was immediately smitten. I wasn't really motivated by the money or business potential; I just wanted to make great images of this beautiful architecture.
How did you become an architectural photographer?
I qualified as a surveyor and spent my first 10 years in construction management, working in the UK, Africa and the US. Photography was always my hobby and I spent my spare time and money pursuing this passion. In 1993, I gave up the day job and returned from the US to start a photography business in Ireland. Despite a rather rough journey for a few years, I never looked back. I knew that success was a state of mind and believed that if I was passionate about my work I would be good at it. My theory was tested and proven true. I have won 18 international awards for my photography, including European Commercial Photographer of the Year 2009-2010.
Is it hard to earn a living from this?
It's all relative. I have earned a fantastic living from photography, especially during the "Celtic Tiger" years in Ireland. And, like most, I never suspected it would end. I committed myself accordingly. My wife and I decided that private schools were the way forward for my two teenagers. I bought a home and subsequently my office and committed myself to mortgages to the tune of €1.7 million (Dh8.6m) - hindsight is a wonderful thing. Then came the crash. Fortunately, I had a soft landing, but my turnover fell by 60 per cent.
Are you a spender or a saver?
Definitely a spender, but hopefully a wise spender. It's not that money burns a hole in my pocket, but I spend and always believe I can earn more. I never worry about money even when I'm immersed in debt like I am now. I always believe I can raise my game according to my needs. However, that theory has been seriously tested in the past two years.
How would you describe your financial journey so far?
My journey has been like a roller-coaster ride. Like most, I can never have enough money and, conversely, I can survive no matter what I earn. Money doesn't govern my life. I know what I need to earn to survive and pay my debts and, thankfully, I always achieve that. That's my objective: survive in the downturn and bounce back on the crest of the incoming wave.
Did you make any financial mistakes along the way?
If you need advice from me about investments, be warned. I bought property in London in August 1988, just as it peaked - then followed a serious recession. It fell 40 per cent in the next four years. Again, I bought property in Dublin in October 2007, just at the peak ... and we all know what happened next. It's worth 50 per cent (of what I paid) and is still falling.
What is the most valuable financial lesson you've learnt?
Don't take professional advice; nobody can predict what's going to happen. Who predicted this recession? Don't gamble more that you can afford to lose. Make memories as well as money.
Do you believe in planning for the future?
Despite my seemingly flippant attitude, I actually believe in planning for the future. I have been contributing to a pension and a property. Hopefully, both will bear fruit when I stop bearing fruit.
Is money important to you?
It is essential, of course, but not important. Am I contradicting myself? Honestly, I don't lose any sleep over money. I believe I'm a creative entrepreneur and can earn money any time I put my mind to it. I never let it worry me, even if I dip into the red.
What is your idea of financial freedom?
Financial freedom is being free from being obsessed or worried about money. And I consider that I'm already free in this respect.
Do you approach money and finances differently in the Emirates?
I've been to 45 countries and worked in 10. Money is just a currency and the denominations change from country to country. I remember being in Uganda in the 1990s and it took a wheelbarrow-load of cash to pay for dinner for two at a restaurant. Here in the UAE, you can buy dinner with one note. But I have to say there is a serious advantage in not paying income tax in the UAE.
What do you enjoy spending money on?
Family, friends and food. And, of course, I'm guilty of being self-indulgent as far as clothes are concerned.
fglover@thenational.ae
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
