Money and me: Dubai-based investor knows the value of work

Andre Popov is a strategy consultant and the founder of a music media company that has represented the works of artists such as Fat Boy Slim, Tone Loc and Def Leppard. The 41-year-old German, who moved to Dubai in 2008, is also the author of Conversation Hero, which features thousands of conversation starters, small talk and openers for any situation.

Describe your financial journey so far.

By the time I finished my undergraduate and graduate university degrees, I was a quarter of a million dollars in debt. So my first priority in my early professional years was to pay off my debt and learn to live within my means. Before moving to Dubai, I lived in London, where the cost of living is much higher and income is taxed, so after paying off my obligations, there was little left to save. Life in the UAE has made things easier, and a few lucky investments in various internet ventures have allowed me to build a little nest egg over the past five years.

Are you a spender or saver?

I’m a little bit of both. Every month I first save a major portion of my income and invest it in my businesses. The rest I enjoy life with.

What is your philosophy towards money?

In high school, I freelanced for a local newspaper to earn a little bit of money. Because I had to earn pocket money as a teenager, I believe I respect money and the hard work it requires more so than if my parents had just given it to me. I respect how hard money is to earn, keep and grow.

Have you made any financial mistakes along the way?

I have made all of the classic mistakes in the book, and learnt some things about investing – particularly in real estate and the stock market – the hard way. The best bitter lesson was the dot-com stock market crash in 2000. It is important to learn how to invest, protect your downside, diversify your risk and have a sound short- and long-term financial plan.

If you won Dh1 million, what would you do with it?

I would split it into three parts: One third I would put away for rainy days. Another third, I would help family and friends who could use a little support. And with the final third, I would take some time off to travel the world for a few months.

What has been your best investment?

My brother and I started an internet company called Wunder, which develops a number of internet and mobile products and services around health, travel, relationships, music and self-improvement. It has been a challenging yet professionally and personally rewarding investment for us.

Do you plan for the future?

I believe it is healthy to have a general direction and ambition in life that inspires you to excel in whatever you do. At the same time, I have learnt that it’s more about enjoying and mastering the journey of life. Goalposts come and go.

What do you enjoy spending money on?

There’s nothing better than to experience the world, discover new cultures and create lifelong memories. I feel truly privileged to have witnessed a sunrise on the beaches of Ko Samui, screamed my lungs out as I jumped out of an airplane to skydive above Ibiza, slurped a Kopi Luwak coffee on the edges of a volcano on Bali, munched a Belgian waffle in Brussels, survived a Sega World bumper car competition in Dubai, stared down an angry chicken at Kowloon’s night-time market in Hong Kong, voyaged the canals of night-time Venice in a gondola and dived next to a rather hungry looking shark in the Maldives. Better yet if you can share these experiences with someone you truly love.

selgazzar@thenational.ae

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