Money & Me: ‘The UAE changed my outlook on investment and spending’

Oana Radu, an immigration consultant, invests in start-ups, stocks, savings accounts and real estate

Immigration consultant Oana Radu believes money is a means to an end, not the end itself. Pawan Singh / The National

Immigration consultant Oana Radu helps clients navigate the complex process of moving countries, but previously worked for NGOs and in corporate strategy.

The Romanian entrepreneur, 37, says her diverse background gave her unique perspective and a wealth of knowledge for her company, which employs 18 people.

Ms Radu moved to Abu Dhabi 10 years ago and now lives with her husband and sons, aged five and three, in Downtown Dubai.

Did you experience money growing up?

Romanians, especially my parents’ generation, had limited resources. By the nature of communism, everyone was supposed to be equal, trajectory in life clearly defined; always the same workplace, apartment and be jolly if something is left at the end of the month. That defined who my parents were and my formative years.

In the 1990s, communism fell and there was an influx of cash, but my family didn’t know what to do with that, had no financial education.

How did things evolve?

People had the possibility of buying assets, using cash saved in mattresses to buy gold and carpets.

My father, an engineer, quit his career to be an entrepreneur. I realised how hard entrepreneurship was because suddenly we went from limited but stable to financial expenses related to business.

My parents separated when I was 13 and my mother, a civil engineering graduate and stay-home mum, started working in a petrol station.

Money was tight. I wouldn’t say I felt poor, but experience of hardship never made me comfortable asking for more.

When did you first earn?

Throughout high school, summer jobs, I worked at a cafe, cleaned tables, served people Coca-Cola. I used to make 150 leu (about $40) per week … a lot of pocket money.

I graduated with a scholarship to go to Spain. I was 18 and willing to do whatever job to make sure I was never going back to Romania.

Unfortunately, my mother passed the same year, so it was back to Romania to start my engineering education. I worked in a branding agency, parallel to studies, paying me 800 leu per month; a part-time job, but more money than everyone around me.

What led to immigration work?

A client I was looking at from a strategy perspective was running an immigration company. I realised there were surgeons, university lecturers, people who cannot take kids to Disneyland Paris, just because their passport is limited by where they were born.

I thought this (sector) could be done better. I completed a full immigration diploma course, took a personal loan to start the company, quit my Abu Dhabi job and moved to Dubai.

Have your spending habits altered?

Because of my upbringing, I was very focused on making sure I had enough to pay bills, an emergency fund, never this vision of investing or saving.

A lot changed being in the UAE. I consider investments, spend on things that make me happy – dining, taking my kids to a water park or Salalah [in Oman] to experience rainfall – but I have not gone down the big brands, brunches every weekend route.

I’m more of a saving person than spender, but don’t end up frugal. I indulge in things important for me, something we would enjoy as a family or with friends and don’t micromanage the amount I’m going to spend.

How do you nurture wealth?

Private equity, investing in start-ups, stocks, simple savings accounts. I invested in real estate here, commercial space and property in Romania.

Our offices in Dubai really went up (in value). And start-ups … I look at potential related to education, preschoolers, technology, business to enterprise – I’m a majority shareholder for a nanny service.

Do you manage your sons’ money expectations?

I try to make them aware of what we spend, the value of money. I give pocket money when we go to a supermarket, so they can fill their child cart with whatever they can afford. At the counter, whatever is above their budget we need to remove, so they have that awareness.

They’ve been born in a place where we were already stable financially; if you want a holiday, we’ll go, if you want to buy something, we’ll put it in the cart, and that was not my (childhood) experience.

Oana Radu says receiving her first UAE paycheque and seeing her immigration consultancy business turn profitable were financial milestones. Pawan Singh / The National

Did Covid-19 hit your business?

We had two offices, 25 people, and completely shut for 18 months. All immigration processes were suspended. That was the first real realisation of what employing people meant. Everything, including personal savings, went into the business to make sure everyone survived.

I was pregnant and could only think “this is not fair”, but I believe things always bounce back so just do the right thing … and we bounced back like nothing happened.

Business decisions should have a human element, not just mathematics, to build something that has moral value.

Do you have financial milestones?

My first UAE paycheque. I had a good position in Romania, but my first paycheque here was Dh15,000, an overwhelmingly large amount for me then. I didn’t know how to spend that.

The next milestone was year three in our business – the first that was profitable – and buying my first car last year. Before, I just rented. It’s a Cadillac XT4, exactly what I wanted.

Any cherished spends?

I started this company and said the moment I paid myself dividends, I was going to buy a designer bag. Growing up in Romania, we never had designer stores.

And prior to starting the business, I said before anything else, pay the rent, the trade licence, have furniture installed … and go for a holiday because you’re probably not going to take another for a long time. I went to the Maldives.

How do you feel about money?

I was a strong believer you need to work hard for money, and you need money to come to you.

Money will be a byproduct of whatever you’re doing, and it’s normal for it to be abundant if you do your part right

Oana Radu,
immigration consultant

That has changed. I think money will be a by-product of whatever you’re doing, and it’s normal for it to be abundant if you do your part right.

Obviously, you need money, but it is a means to an end, not the end itself. I’ve been equally happy with Dh300 in the account or Dh300,000.

It has not fundamentally changed how I feel; it’s changed where I dine with friends or where we can go on weekends, but it has not changed the conversations we have.

Anything you regret not buying?

We went on a holiday to Romania in 2019. My friends were buying off-plan in a new Bucharest neighbourhood. So we gave a down payment on a whim, and then by January 2020, we thought, “maybe we should not invest because we don’t know the developer”.

We pulled out … and every unit went up 80 per cent in less than a year, probably the worst financial decision we ever took, just based on fear. The price three years later almost tripled.

What are your future plans?

I don’t see myself moving to another country, which is ironic because I advise people where they can relocate, but I enjoy life here.

I want money to work for me rather than me working for money and to have passive income whenever I want to retire.

I probably want to get more into an advisory role … I don’t see myself just at home reading books and raising grandchildren.