'Spending Money Always Comes With A Sense Of Anxiety': Moroccan Expat In Dubai

(MENAFN- Khaleej Times)

Even as wellness continues to grow into a multi-billion dollar industry, Moroccan expatriate Imane Belhabes has chalked out her own niche in the UAE with WellnessWonderz, a fitness subscription box business. The 38-year-old Dubai resident says over her 10 years in the emirate, she has realised how to use money as a tool to reach her business and personal goals.

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

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Dear Money, even though you are not everything, you still make everything easier. I wish I understood you better so I could improve my relationship with you.

How would you describe your relationship to money?

I have always had a tricky relationship with money. While I have never been a big spender, I still struggled to understand the best ways to spend. And because it was always synonymous with anxiety, there is always a small sense of fear around it.

How do you think this relationship was formed?

I think a lot of it comes back to culture. I've been raised in a society where it's taboo to talk about money with transparency, especially for women. I never had proper financial talks growing up with my parents, for instance, apart from the classic“always save, just in case” advice.

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

The best learning was to make sure I always have something saved“just in case.” The other lesson was that the only viable investment is real estate, which is a mantra we grew up hearing. However, now I am aware of there being so many other ways to invest. It is just about figuring the other options out.

Who do you speak to about money matters?

Funnily enough, while it is easier for my husband to talk freely about money with me, I still struggle to talk about it, as I grew up in a society with the idea that it is taboo to talk about money. I am working on it though.

I grew up in a society with the idea that it is taboo to talk about money. I am working on it though"

Who has taught you the most about financial management?

My parents, in the sense that they always pushed me to save and to invest, even if it was 'only' in real estate. I also learned a lot from watching how they managed our finances as a family of five even if we didn't talk about it directly.

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

I think the most meaningful experience I had with money was when I started my business, WellnessWonderz, which is completely self-funded. Starting a business completely changes your view of the money you earn. You continuously think about how you can invest more to build your business, and you start putting other expenses on the back burner, such as unnecessary shopping, travel, etc.

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

I think that living in the UAE helped me understand the importance of saving even more. It's also a way of reaching your goals.

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

Start investing in different things at a younger age, and start saving earlier than when I started.

What do you value spending money on?

For me, experiences, such as trips and buying presents for my loved ones, always feel like valuable spends.

What do you consider splashing out?

A fancy hotel somewhere nice or a high-end Michelin-star dinner.

Do you long-term plan your finances?

I'm learning how to start long-term financial planning. It's a journey after all.

What is your long-term goal pegged to your finances?

Finish the mortgage on my house back home and own a home in the UAE, such as in Ras Al Khaimah maybe.

How much do you save each month?

15-20 per cent.

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

I want my net worth to be $20 million (Dh73 million) by then.

What is your greatest financial decision?

I haven't made that decision yet.

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