Money & Me: ‘I became financially independent from my family in grade 11’

Hitesh Sharma, founder and managing director of Taste Studio Catering, started earning money from side hustles early in life.

The Indian, 38, recalls working part-time during his college days to support his expenses and not depend on family for pocket money.

He gathered knowledge and insights about the food industry from his father’s restaurant business in Mumbai.

He also worked in foodstuff trading after moving to the UAE in 2012, before launching Taste Studio Catering in 2015.

The catering business caters to more than 1,500 people in corporates from a 12,000 square metre kitchen in Jebel Ali, Dubai. Clients include Amazon, Samsung, Visa, Jotun and DP World, among others.

“It was in the pipeline to open a food and beverage service company because I was already into foodstuff trading in the UAE,” Mr Sharma says.

“I was dealing with catering companies and restaurants and found it lucrative to open my own restaurant or catering company. One of our notable contracts was with the Prime Minister's Office for more than six months.”

He lives with his wife in Umm Suqeim 2, Dubai. She runs a corporate team-building business.

Mr Sharma completed his bachelor’s degree in science in Mumbai and went to the Middlesex University in London to do his master’s degree in marketing management.

His corporate breakthrough was with L&T Infrastructure as a marketing manager. He worked there for three and a half years and then moved to Dubai.

Although he wanted a corporate job in the UAE, he opened a foodstuff trading company.

Did wealth feature in your childhood? What did you learn from it?

I was from a middle-class family and we did not have to struggle to meet our regular requirements. But we weren’t allowed to overspend either.

This made me careful not to spend more than I could afford and gave me a sense of how to save for a rainy day. I’m still not a spendthrift.

However, back then and now, if I have money, I will spend on my comfort and enjoyment, but not on luxury or mindless purchases.

How did you first earn? What did your first job pay?

When I was in college, I needed more money to enjoy with my friends who came from rich families, so I started doing side hustles.

I also worked part-time as a game host and master of ceremonies. I used to do 10 gigs a week when I was around 17 to 18 years.

I don’t remember how much I was paid, but it was enough to enjoy myself.

When I was doing my master’s in London, I worked with Marks & Spencer’s Simply Foods, along with doing events.

Any early financial jolts?

My father made some wrong investments. So, I wouldn’t trouble him for pocket money.

I was financially independent from my family since grade 11. I paid for my fees, learning and everything else with income generated from my side hustles.

I lived in my parents’ house and ate at the family-owned restaurant.

How do you grow your wealth?

We have invested in real estate a lot. Before, I used to invest in systematic investment plans. After coming to the UAE and starting Taste Studio Catering, there was no extra money until 2022.

Now we have invested in initial public offerings of two UAE companies.

Are you a spender or a saver?

I’m somewhere in the middle. I'm neither a high-level spender nor a complete saver who stops enjoying and being comfortable in life.

Life comes once. If you don't live it and keep trying to save, you will lose years, many experiences and things to do.

Have you been wise with money?

Yes, very much. I keep a balance and think twice before spending at a particular place or on a particular thing, even if it's for my enjoyment.

I do the maths. You can't keep trying to fulfil your pleasures and desires if you can't afford them. That's why I consider myself to be wise with money.

What has been your best investment?

My company, Taste Studio. Initially, the investments were very heavy as an F&B outlet, a 12,000 square feet central kitchen and 40-plus staff. You need to have money in the bank.

But we’re reaping the benefits today and the business is paying back.

My best tangible investment is our central kitchen in Jebel Ali. We bought the building rather than rent it.

How do you feel about money?

It's required, but don't get greedy to have more. Be content with what you have.

Any financial advice for your younger self?

No, I think I did it right. I didn't take loans even back then. I am OK with short-term loans to grow your current business or roll cash.

However, I'm not OK with taking a loan to fulfil my personal requirements, desires or pleasures.

Don't judge a book by its cover and invest or put money there. Study deeply about it so you won't get scammed. I have been scammed a lot with my investments and with certain things I put my money in.

Don't take people by their face value. Dig deeper, study more and then invest your money.

Any key financial milestones?

Being almost financially independent as of today, having savings, assets and liquid cash, and being debt-free are my milestones.

The real definition of financial independence is when your secondary income fulfils your monthly expenses. I’m not fully there yet, but not far away from it either.

What luxuries are important to you?

A comfortable house. That's it. Nothing more.

What are your financial goals?

To be completely financially independent and have enough secondary income to not only cover monthly expenses but also a bit more to add to the savings pot.