Dubai-based CEO Elvira Jain has been in the UAE for 12 years and like most expatriates, says time flies in the Gulf. After a high-flying career as a fashion model, Moldovan-born Jain now runs a communications agency, Ellyse Management. During her career she has boasted collaborations with prestigious brands such as Gucci, Dior and Armani, and now, she's turning her hand to entrepreneurship in the Gulf's fashion capital.

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

Opportunity.

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

Due to money we can have the possibility of travelling and having better education and health. It's not the same everywhere but in Dubai you need resources to survive.

How would you describe your relationship to money?

I respect money. You need to use money smartly. I don't waste money and I calculate well. I do have an economics background, so I try not to overspend. Sometimes it is tricky, because I do like to spend, but I think money comes to people who also respect it and use it in the right direction. Also having a business and having created it by myself, I calculate everything and make projections and budget.

How do you think this relationship was formed?

When I was in school, aged 7-8, my parents used to pay me for every highest mark I used to get at school and I used to keep the money in a book, so I was really motivated to get better marks and more money. I was also one of the best in class.

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

My mom sometimes tends to overspend and sometimes not spend much on unnecessary things so I try to also evaluate if it's worth to spend or not but sometimes is difficult.

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

I don't consider it a taboo. I can speak to my parents, my husband, and my kids . It cannot be a taboo since it is part of our daily life.

Who has taught you the most about financial management?

I learned a lot from my parents and from my husband.

What do you think 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?

When I used to travel as a model in different countries, they gave you a weekly allowance and you had to manage it. This taught me to spend only on what I really needed to.

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

I can say that to live well you need money. The equation of money and income (in the UAE) is different compared to European countries. You get a better salary but then you also have to spend more on rent and monthly expenses. But of course, you get a different, better lifestyle and most of all, the UAE is the safest country to live in.

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

Spend only on what you really need because money comes to those who respect it.

What do you value spending money on?

It depends on what I need at that moment. I do like to pamper myself so there are also some spendings that we can't avoid as ladies.

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

I like investing in real estate.

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

I wish to have a lot of properties in different parts of the world

How much do you save each month?

Since I'm a business owner, the income might vary, so savings are different. But I try to have a savings account and a different current account.

How much do you plan to have by the time you are 65?

I can't give a number because depreciation of money is real, so what might seem a lot now might be much less in the future.

What is your biggest financial regret? Or your biggest financial loss?

I try to think 100 times before investing so it's tough to say.

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