One of the greatest roadblocks to self-growth is one-dimensional thinking
lifestyle1 week ago
Family physician, Dr Ruhil Badiani, has been in the UAE for eight years. The 43-year-old British doctor attributes all she knows about money to her mother.
If you had to write a letter to money, what would you say?
I apologise for not treating you better when I was younger. Instead of saving you, I spent you recklessly. Now I understand the true importance of our relationship. You are essential in providing me with the basic necessities of life: shelter, food, water, and clothing. Because of you, I can give my children a comfortable, safe life, a great education, and a future free from struggle. You enable me to create a stable environment where they can pursue their dreams. I am grateful for the opportunities you bring, and I promise to continue to manage you more wisely.
How would you describe your relationship to money?
I am a saver. I used to be scared of money, avoiding looking at my spending, which caused me a lot of anxiety. Now, I track my spending down to the penny, maintain an emergency fund, and save wisely. While I dislike how important money is in our lives, I accept it as an unavoidable reality. I think my relationship with money is good.
How do you think this relationship was formed?
My relationship with money was formed through several key experiences. As I aged, concerns about retirement became more pressing, pushing me to take my finances more seriously. Open and honest discussions with my parents about their financial planning and future helped me understand the importance of being prepared and informed. Similarly, conversations with my partner about our retirement goals and financial aspirations ensured we were on the same page and could work together towards our future.
What good or bad lessons about money management did you learn from your mother?
I learned about the importance of budgeting regardless of how much money you have. She also instilled in me the mindset to never take financial stability for granted, as circumstances can change unexpectedly and affect your finances. Another valuable lesson from my mother was understanding the importance of making sacrifices for both my own and my children’s future financial security. She taught me that short-term sacrifices can lead to long-term financial stability and opportunities.
Who do you speak to about money matters?
I prefer not to discuss money matters with my friends or colleagues. I am very open and honest with my parents and, of course, with my partner. I find it somewhat taboo and perhaps a bit insensitive to discuss personal wealth openly.
Who has taught you the most about financial management?
I’ve gained insights into financial management from various sources. Interacting with my parents has been particularly influential, as their experiences have taught me valuable lessons. Social media has played a crucial role in enhancing my understanding of budgeting, and podcasts have provided me with valuable financial insights. I’ve also taken the initiative in self-education, recognising the need to make well-informed decisions.
What do you think has been the most profound experience you’ve had so far in relation to money?
Buying my first property was incredibly impactful for me. Initially, I hesitated due to concerns about dipping into my savings. However, I came to understand that investing in property is a crucial component of a diversified investment portfolio. Saving money isn’t merely about accumulating cash; it’s about deploying those funds to generate additional income. Nonetheless, maintaining an emergency fund remains a non-negotiable priority.
How do you think living in the UAE has changed your relationship with wealth?
In the UAE, keeping up with the Joneses is impossible. The wealth disparity is astronomical, making it pointless to compare oneself to others. Also, living here has made it much more obvious that money does not always bring happiness. However, being more financially comfortable has been a blessing.
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