'It's a rich man's world': British expat Lucy Bradley on ABBA summing up financial struggles perfectly

Lucy Bradley, 49, the founder of Plug Communications in Dubai, has been in the UAE for 21 years. The British expatriate continues to keep her feet on the ground in spite of material temptations.Here’s how:

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

Fallacy.

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

Someone has already written it as a song — Abba’s Money, Money, Money. It sums up the struggle when you don’t have enough and how great we imagine it would feel to be rich even though in reality, we know wealth won’t solve our problems either.

How would you describe your relationship to money?

Sometimes, I like to save it and other times I like to spend it. Living in Dubai, money is really important because the cost of living is so high. Nothing is for free. I am also conscious as a business owner and as a parent that I need to make a certain amount of money to ensure that my staff are paid and the same with school fees. Dubai is a great place to enjoy the rewards of working hard, but there is always that pressure.

How do you think this relationship was formed?

Not having enough money to do some of the things I wanted as a child. I got a paper round, which helped me learn about the importance of earning it myself. I also had a Saturday job. Once I had my own money, I would save up and then splash out to buy something. I liked being in control of what I spent my money on.

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

Money matters have always felt very personal. I don’t think I ever spoke to anyone about it until I moved to Dubai and met a financial advisor.

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

I think it was when I had my son 10 years ago. Suddenly, I had to think about somebody else, and plan my finances for the future, and eventually retirement. These are all things that keep me awake at night. I am an insomniac, which doesn’t help. Also running a business, having to manage cash flow, etc. was a profound experience and a big learning curve. I soon realised that running a business was about far more than doing what I love; it is a financial responsibility.

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

Dubai is a very expensive place to live, and a lot of people like flaunting their wealth. I try to fight that urge and keep a level head with money but at the same time, I think we are all guilty of it at times because we live in a society where wealth is intrinsically linked to success. Many people earn higher salaries when they move here, and/or they have a job that would have been harder to get in their home country, so they have more disposable income. You also hear a lot about people getting into debt.

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

Start saving as early as possible, even if it’s a few dirhams. It’s important to get into that habit so that it becomes natural.