Guillaume Tripet is the co-founder of rite, a brand of vegan gummy vitamins that deliver key nutrients and boost energy levels.
The Frenchman moved to Dubai in 2015 and has worked with various start-ups, having previously run small businesses as a student and while living in South-East Asia.
Mr Tripet set up rite in January, based on his personal need for vitamins that blended superfood ingredients such as ginseng, guarana, acerola for energy and digestion-aiding artichoke, fennel, pineapple stem and kola seeds. Mr Tripet, 35, lives with his wife in Umm Suqeim, Dubai.
Did money feature in your upbringing?
I grew up in the Paris suburbs, a happy childhood. My father had his own law firm and my mother was working in human resources. They were strict about the value of money and always made sure it was not the ultimate goal in life, but to be happy at work. We didn't talk much about it but they told me "you need to do something that you love, rather than doing it for money". So, it was never a dream to make money but rather accomplish, doing something I love.
When I left home after I was 18, they gave me enough allowance to live a normal student life, €200 ($236) a month. It was enough to survive, to pay for my apartment, internet and food.
Did you have to supplement that?
I had part-time jobs and side businesses since I was young. For example, I would buy 50 Ralph Lauren shirts from China and sell them for three times the price on eBay.
When did you earn your first wage?
I did not have a salary for two years as I had my own company after doing a master's degree in entrepreneurship. It was similar to a Groupon (discounting platform) for beverages and food, for birthdays and private events. Fortunately, in France, you can receive compensation from the government – about €400 per month – when you set up your company and do not pay yourself. I was used to living like a student until I was around 30. My first real salary was about $1,000 a month in Thailand, enough there to live a decent life. I always considered money as a necessity, to do what I wanted. I wanted enough to travel.
What steered you to the UAE?
I was curious about the start-up ecosystem and wanted a change from Asia. I also wanted to travel around the region and be closer to my family. I found a job in a start-up, which does not exist any more, a marketplace that connected chefs and foodies. In the UAE, I finally started to save decent money; my main goal was to save enough to set up my own business.
What inspired rite?
It all started with a personal need. I used to work in a fast-paced environment where we worked hard, had little sleep and stress accumulated. I did not know anything about health supplements until I did a blood test and realised I was deficient in many vitamins and minerals.
I started to buy pills, asked pharmacists how to get more energy, sleep better and improve my digestion. I forgot to take my pills day after day. That is when a friend of mine came back from the US with gummy vitamins. I immediately loved them. I realised there was no local gummy brand with clean, efficient and delicious products. With my friend, and now partner, we decided to create our own; rite was a side project for a while. The products are manufactured in France.
Has the pandemic influenced the business?
We knew the trend for healthier food supplements was growing, but it boomed with Covid-19. Many specialists advised people to supplement their diet with vitamins to boost immunity. We launched at the right place and time. Our goal is to be a GCC leader in the health supplement sector.
How do you feel about spending and saving?
I am definitely a saver. I do not see money as a necessity but more as a means to achieve greater goals. I always wanted to be my own boss and for that you need financial independence. I go to restaurants once a week and before Covid, I would travel frequently, so most of my budget went to travels. Most savings are in my bank account. Rite is a self-funded business, which allows me to have our first year of activity without investors. For the rest, I am a risk-taker and invest in stocks and cryptocurrencies.
What is your best investment?
I became passionate about cryptocurrencies in early 2017. It is by far the best return on investment – times 20 to 25 – I will ever make. I had about 70 currencies, now I have only 12. I am still investing in a few because I really believe in the blockchain.
Do you have a cherished purchase?
The engagement ring I offered my wife. I did not know anything about jewellery but I managed to design it myself; a unique piece that represents her perfectly.
What is your philosophy towards money?
As an entrepreneur, money is a KPI (key performance indicator) to success. If I am successful, my company will generate enough money to pay my employees and develop the business. On a personal level, it allows me to be independent and pursue my dreams without asking permission from anyone.
Are you wise with money?
Although my salary doubled on my first job in Dubai, my life did not change. I do not go to brunches or expensive restaurants. I do not own a fancy car but I have other expenses such as my house, and activities and travels that are important to unwind from work. My attitude towards money did not change over time. If, suddenly, I was very rich, I would not change my lifestyle.
I did not have a salary for two years as I had my own company after doing a master's degree in entrepreneurship
Guillaume Tripet,
founder of rite
What are you happiest spending on?
Experiences, whether it is a holiday in an exotic country, some family time back in Europe or a unique activity. Anything that buys me time to enjoy these moments, I am happy to spend on, but I do not have any materialistic luxuries. Memories, experiences … that is something I value more than material things.
Is there a key financial milestone?
As soon as I had enough money to set up my own business and the freedom to live without a salary for a few months, I found it frightening and exciting at the same time. Frightening because I have no back-up any more, so I have no choice but to succeed, and exciting because I always made my best decisions when I was broke. You wake up every morning knowing that you asked for it, that is how you find the energy and the grit to go beyond.
Do you think ahead to retirement?
I would not want to retire. I need intellectual excitement in my life and I take this from the challenges of work. If I could have a business where I could still be operational but one that also gives me time off … I can see myself working until I am very old. My dream would be to have a company with different offices across the world and the luxury of following the best seasons with my family if I wanted to.
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
UAE currency: the story behind the money in your pockets
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Dunbar
Edward St Aubyn
Hogarth
More from Neighbourhood Watch:
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
info-box
COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
UAE currency: the story behind the money in your pockets
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
'Ghostbusters: From Beyond'
Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
The years Ramadan fell in May
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
