Jigar Sagar says his most cherished purchase is the first home he bought in Dubai at the age of 25. Chris Whiteoak / The National
Jigar Sagar says his most cherished purchase is the first home he bought in Dubai at the age of 25. Chris Whiteoak / The National
Jigar Sagar says his most cherished purchase is the first home he bought in Dubai at the age of 25. Chris Whiteoak / The National
Jigar Sagar says his most cherished purchase is the first home he bought in Dubai at the age of 25. Chris Whiteoak / The National

Money & Me: ‘The only cash one should keep in the bank is for a rainy day’


Deepthi Nair
  • English
  • Arabic

Jigar Sagar remembers learning about the hustle culture, trade and commerce at the early age of 10 while helping his father in his gold trading business at the Sharjah Gold Souq.

The Indian resident, 38, who was born and raised in the UAE, has a bachelor’s degree from the American University of Dubai and went to Australia to do his master’s degree in finance at the University of Melbourne.

When Mr Sagar returned to Dubai, he knew he didn't want to join the gold retail business as he did not want to live in the shadow of his family's success.

He became a finance manager for a business set-up advisory called Creative Zone in 2011. Today, as well as being the company’s co-founder, he is a serial entrepreneur who owns and runs more than 25 businesses worth more than $350 million.

Mr Sagar lives in Arabian Ranches 2, Dubai.

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

I come from a very affluent family, but we weren't spoiled. We were always asked to work for money. Even at the age of 10, I would have to clean the shop windows to get a Dh1 coin to buy ice cream or popcorn.

I started doing other tasks like book-keeping. At the age of 12 or 13, I fixed things for clients for a tip, whether the ring needed resizing or a chain was broken.

I learnt to value all jobs and tasks. You do not judge people based on their looks or wealth. This journey kept me grounded for the rest of my life. Back then, it felt like tough love. But when I look in hindsight, I realise the value I learnt going through these exercises.

I would have to do the dishes and vacuum the house if I wanted to make Dh10. There was no free pocket money; you had to earn. That also taught me how to budget.

At the age of 15 or 16, I was introduced to the concept of banking. I was given a minor account and told that if you save, you can earn interest.

In my early twenties, I knew how much cash I needed to have in the bank and how much money I needed to invest. I bought my first property in the UAE at the age of 25.

How did you first earn and what did your first job pay you?

My first job as an adult was a short stint at HSBC in Dubai. It paid me Dh4,000 per month in 2008.

Do you recall facing any early financial setbacks?

I never had to worry about a roof over my head and food on the table, but I remember that I had made a silly mistake and it was a good learning lesson.

When I started making good money at the age of 26 and because I had exposure to the gold industry, I started investing and playing in this commodity.

This was young adult blood trying to make a quick buck. I lost a little more than Dh100,000, which was almost six months’ worth of savings for me.

It taught me not to gamble with hard-earned money. The focus then switched to putting my money into business ventures and start-ups.

If you want to truly see growth acceleration from an income perspective, nothing's better than a start-up environment where you're creating value.

How do you grow your wealth?

I invest in properties because I believe in the value of that asset class.

The second way I grow my wealth is I create a start-up and go through multiple pain points while launching it. I then look at these pain points as problem statements and see if I can bring a solution in the form of a new business.

Are you a spender or a saver?

I love to invest, but I'm not a spender or a saver. I do not like a lot of cash lying around in the bank. That's the worst anyone can ever do for themselves.

I believe in letting money make money, so not just put it in a fixed deposit. I believe that you must have investments.

Jigar Sagar says having a lot of cash lying around in the bank is the worst anyone can do for themselves. Chris Whiteoak / The National
Jigar Sagar says having a lot of cash lying around in the bank is the worst anyone can do for themselves. Chris Whiteoak / The National

I'll have forced investments in the form of property, but I also believe that you work hard, but you party harder, so you have to treat yourself. Whatever gives you a sense of satisfaction, go for it.

Have you been wise with money?

Yes, because I am a data-driven and numbers person.

When I returned from Australia to Dubai, I took a tourist visa. I had some savings from my work in Australia and had to convert it through a cheque.

I needed a bank account and required Dh5,000 as a deposit to open a personal bank account. I borrowed that money from my father in 2010 and have never taken a single penny ever after from him.

What has been your best investment?

In terms of return, it would be a couple of property investments, but in terms of what I enjoyed the most, it is a tech investment in a company that creates an AI-integrated no code software development platform. We are looking forward to being ready with the MVP [minimum viable product] by the year-end.

Even though I haven't seen a penny of return yet, I'm proud of it because I know this is a huge problem statement out there. People have a lot of great ideas, especially surrounding the use of technology, software and digitisation, but they either don't have the financial means or technical know-how.

If I can solve this problem, I believe I can enable millions of new entrepreneurs.

Do you have any cherished purchases?

I try not to get emotionally attached to materialistic things, but I would say one of my cherished purchases would be the first house I bought in Dubai.

It was a two-bedroom apartment. I had always lived in a rented apartment with my family, and I had a house to myself for the first time.

My vision is to leave a legacy behind in the form of a venture-building platform for entrepreneurs
Jigar Sagar,
co-founder of Creative Zone and serial entrepreneur

The sense of satisfaction I got from that purchase cannot be replicated, even though I have bought bigger villas and mansions post that.

Any financial advice for your younger self?

As a younger self, unfortunately, I came from an educational system and a society that focused on savings and the idea of putting money in the bank.

I wish I had known sooner that the only cash one should hold in their bank for a rainy day should be for six to 12 months of expenses. Anything that is held in cash beyond that figure is a waste of an opportunity.

What luxuries are important to you?

Any luxury that can help me save time because it is the most valuable asset.

If it is a simple aspect of having a driver, I don't call that a luxury. I consider that me adding two to or three hours of work time in my calendar.

What are your key financial milestones?

My first achievement was the first penny that I earned for myself. Beyond that, it was the first million, then the second million, the first Dh10 million, and then hitting the valuation of $350 million.

But my vision is to leave a legacy behind. It is a venture-building platform for entrepreneurs where you can obtain education and mentoring, but catered specifically to you as an individual or your case study, rather than just going to a classroom and learning everything generically.

I want to have enough income being created through my multiple income streams that can continuously feed into this venture build.

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Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

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Updated: June 21, 2024, 6:02 PM`