(MENAFN- Khaleej Times)

Lebanese expatriate Lara Tabet has worn many hats during her career. She first graduated with a degree in Hospitality Management from Switzerland and worked in the hospitality sector before joining the media industry. Over the years, she has become the face of multiple global luxury brands including Michael Bruggler Watches, Margy's Monte Carlo Skincare and Valeur Absolue Fragrance. An avid fashionista, the Dubai resident, who arrived in the Emirates just days after she was born, is also a member of the board of the Arab Fashion Council and the official spokesperson for Arab Fashion Week. She also enjoys working in the philanthropic sector, sitting on the boards of the Friends of Rashid Paediatric Centre and the Red Crescent Society.

If you had to use one word to describe money, what would it be?

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Money is a commodity with an intrinsic value that we assign to it. In itself, money has no value.

If you had to write a letter to money, what would you say?

Dear Money, I don't love you, however, I do appreciate that life is easier when you are around.

How would you describe your relationship to money?

As I said, I do not love money. However, money is the means to facilitate our daily existence. It is how we purchase or sell everything and the means by which we give a monetary value to goods or services.

How do you think this relationship was formed?

Money is an abstract concept created by mankind to facilitate our need to assign a value to all goods and services in an accepted standard that both the buyer and seller agree upon so that transactions can take place between parties.

What lessons about money management did you learn from your mother?

My mother's generation valued the concept of saving money for a rainy day. My mother was sage and considerate with how money was spent.

Who do you speak to about money matters and is it something you consider 'taboo'?

Money is not taboo. It is a reality. However, I don't discuss money for money's sake because it is not wise to do so. I do, however, discuss investment. I discuss money as a means of utilising funds for projects or as a means of exchange.

Who has taught you the most about financial management?

My family is a family of entrepreneurs, from my father, uncles, cousins and even my husband and children. We learned about money at an early age in life.

What has been the most profound experience you've had so far in relation to money, good or bad, and what has it taught you since?

My father is my main role model and I learned a lot from him about investment and money in that respect.

How do you think living in the UAE has changed your relationship with and perception of money?

The UAE is a dynamic country with a rapidly growing economy, presenting growth opportunities. To capitalise on these opportunities, it is essential to have the ability to deploy funds in innovative and engaging ways. Money is necessary, but, to me at least, not as an end in itself, but rather a means.

If you could give your child or your younger self one piece of money advice now, what would that be and why?

Use money wisely. Money itself does not have value over ideas. Ideas are worth a lot more than money.

What do you value spending money on?

I value spending money on things that make those close to me happy and make their life easier.

Do you long-term plan your finances, and if so, how?

Yes, of course, you need to have a goal in life, and you must build interim milestones that you should meet on the way to achieving your long-term plan.

What is your long-term goal or dream which is pegged to your finances?

To reach a point in life where one doesn't need to work hard to meet the day-to-day expenses, and can have the choice of whether to work or not. To reach the point where the money works for you and you don't have to work for the money.

What is your greatest financial decision? The one you are most proud of or the most profitable one?

To have invested in education.

What is your biggest financial regret?

I should have invested in Bitcoin early on.

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