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'I'm not attached to money': How this Indian expat built a life of financial freedom for herself in Dubai

With big plans for the future, Shilpa Mahtani has a healthy relationship with money balancing respect with independence

Published: Thu 6 Jun 2024, 7:43 PM

  • By
  • Melanie Swan

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Shilpa Mahtani has built a life of freedom for herself in Dubai. The Indian expat is now the chief business officer at BNBME Holiday Homes, a holiday home management company which has allowed her to create a lifestyle she loves in Dubai after 12 years in the UAE. With big plans for the future, she has a healthy relationship with money balancing respect with independence.

How would you describe your relationship to money?

I have no attachment to money. Having seen it come and go multiple times in this life, I understand each phase comes with new learnings and lessons on work, life and relationships.

How was this relationship formed?

Growing up and marrying into business families, I have seen businesses starting from scratch, some reaching exploding heights and some having to be wound down as well.

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

A valuable lesson I've learned and continue to apply is the importance of saving. With time, I've come to realise that the crucial question to ask oneself is not ‘Can I afford this?’ but rather ‘How can I make this happen?’

Who do you speak to about money matters? Is it something you consider ‘taboo’?

As I work together with my husband, money matters is something we discuss all the time, be it related to work or personal. We often have conversations with the kids, helping them understand the value of the same.

Who has taught you the most about financial management?

The person who has truly been my greatest mentor in financial management is my husband, who is also my business partner. We began our journey together at the young age of 21, collaborating on various entrepreneurial endeavours. While academic degrees certainly have their place, it's the hands-on experience and daily operations that have truly enriched my understanding of financial management.

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

I’ll always work hard to deserve and control you, but never empower you to control me.

What do you think has been the most profound experience you’ve had so far in relation to money?

In 2020, my husband suffered the loss of his father, whose health deteriorated due in part to obesity. While the adage ‘Health is Wealth’ is familiar to us all, it took such a profound experience to underscore its true significance. We've come to understand that no amount of wealth matters if one's health is compromised. This realisation has motivated our entire family to embark on a fitness journey, prioritising regular exercise and wholesome nutrition.

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

Dubai has emerged as a fertile ground for entrepreneurs such as ourselves, offering a wealth of opportunities. With the city's ongoing evolution and the introduction of new regulations favouring expatriates, Dubai has become a beacon of opportunity for many. It exudes an aura of prosperity, and as the adage goes, ‘when you immerse yourself in it, you embody it.’

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

Don’t fear the presence or absence of it. It will come and go in life. Respect it and don’t abuse it. Enjoy it but don’t let it intoxicate you.

What is your greatest financial decision?

One of the most significant, albeit challenging, financial decisions we made was selling our footwear retail business in India. It was a venture we had nurtured from its inception, transforming it into a thriving success. Letting go was undoubtedly difficult, but it taught me a vital lesson: the importance of avoiding emotional attachment to a business.

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

My most significant financial loss occurred when I invested in Bitcoin just before the Crypto crash. While some might see it as a regret, I consider it a valuable lesson. It taught me the importance of caution: never enter a market when it's the talk of the town.

wknd@khaleejtimes.com



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