Marco Bonapace is what some would term a ‘luxury accessories junkie’. A keen collector of vintage watches, he formed Vision Eye Wear in August 2012; a business dedicated to sourcing and distributing unique, boutique eyewear brands in the Middle East. Mr Bonapace, 39, from Italy, and his wife Stefania arrived in the UAE in 2008.
Describe your financial journey so far.
I turn 40 in a few weeks so I guess I’m halfway through my life. When I was a child and depended on my family to help me with my studies and other things I wanted in life, I was lucky to have the opportunity to enjoy “expensive” experiences, courtesy of my parents. I wouldn’t say I wasted money but I was able to enjoy more than other children my age, thanks to my family, and a few summer jobs here and there. Once I hit my teens I started to collect historical silver and gold coins from different countries. When I was 25 I sold my collection to buy the first most important tool that helped me out with my studies and business – a laptop PC. This was my first official investment that provided great returns in the following years. The next year, I bought a small apartment in Milan, which was my second investment and a good way to make sure I saved some money to use for future projects. In 2008, I landed in the UAE where I worked for an international company. Salaries were good and my wife and I decided to base our family here. This is where the third most important investment came in: investing in the “dream”. We bought our own apartment in Dubai. From our time here, we invested in a lot of gold, and sold it at the peak of the gold boom. The money we made went towards investing in Vision Eye Wear.
Are you a spender or saver?
I’m a spender, but a safe spender. I believe money is a tool to get to where you want to be, rather than a goal or a “life” objective; this is my philosophy. My approach to money is very easy: if I need to buy something and there is a range of possibilities that deliver the same result, I won’t go for the cheapest; I’d opt for the one that I won’t lose too much money on in the future or something that is going to last. Nevertheless, I would spend a fortune on a new watch or accessory that I really wanted.
If you were given Dh1 million, what would you do with it?
I would plough half into my business, in which I strongly believe, and invest the second half in a small property in the UAE.
Have you made any financial mistakes along the way?
Not really. Italians are by nature quite conservative, so I never overspend or make decisions that can jeopardise my future.
What is your philosophy towards money?
Spend it when you need to but remember that money is simply a tool to achieve an objective. If you have set comprehensive goals and are strategic where you spend it, there should be no fear in investing or spending money when you need to.
What has been your biggest financial lesson?
I’ve learnt that cash is king. If I’m in an insecure situation financially I prefer to have a greater amount of readily available cash rather than all my money invested in assets. It can make a huge difference if you’re looking to invest in good opportunities.
What do you enjoy spending money on?
Rather than enjoying spending money, I would say that I enjoy investing my money in passions. I would rather spend on a vintage watch or a great dinner with friends, which creates lasting memories. A far more worthy investment in my eyes.
abouyamourn@thenational.ae