Money & Me: ‘My parents taught me that wealth is only a means to an end’

Mona Jalota realised the importance of being independent at a young age, when she experienced financial insecurity after a family emergency.

Her journey in real estate began in 2007 when she started selling UK properties to Indian high-net-worth individuals.

She later held senior management positions with blue chip companies including Colliers International, Coldwell Banker India, Knight Frank India and Dandara in the UK.

“I've been a pure play real estate player from 2007. I founded Krypton Global Real Estate in 2018,” says Ms Jalota, 45, who’s been in the UAE for the past 18 months.

“We are a boutique advisory company that offers end-to-end solutions for the real estate portfolios of high-net-worth individuals, family business offices and private wealth management clients. We only work in real estate investments, real estate buy and sell, corporate acquisition and corporate disposition. We also work in second passports and citizenship through investment.”

Ms Jalota, an Indian national who currently lives in Dubai’s Business Bay, graduated from the University of Mumbai in arts and did an executive MBA from Insead business school in 2015.

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

Wealth was never an important topic of discussion in my childhood. With God’s grace, I come from a family where we always had what was necessary and our shot at indulgences and luxuries.

What I learnt was that wealth is just a part of your life, not your entire life. I also learnt from my parents that wealth is only a means to an end.

I also had the security and confidence of knowing that if you are smart, able to work hard and can back yourself up, then you will always earn enough money to fulfil your needs.

I came from that inherent self-confidence owing to the childhood I had and the vision of my parents, which translated into a huge amount of calm and reassurance that there will always be enough to meet my needs.

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

When I started earning in 2007, I was a novice who had no clue about real estate. I had a knack for it because I had sold a lot of my father's assets after he passed away.

But my first job came after a chance meeting with my boss. When he asked me to do some work with him in India, I agreed.

He taught me the value of not giving away my time for free. My first pay cheque was £5,000 ($6,393), I’ll never forget it.

Any early financial jolts?

I've had several setbacks, not financially per se, but the feeling of financial insecurity has come up.

For example, when my father passed away, there was a period of financial insecurity – only emotionally, in my head – because he was the provider of the family. I had an elder sister who took over the reins of the family business.

I then realised that being financially independent is extremely important and was determined to make sure financial insecurity would never occur again.

Are you a spender or a saver?

A fair balance of both, 70 towards spending and 30 towards saving.

Have you been wise with money?

I have been very wise with money and hope to continue being so.

If I'm in a debt-free position, where I have my own assets, my company running in three global cities, and if I can afford whatever I'm doing and continue to keep my company niche but profitable, I think I've been very wise with my professional investments.

When it comes to personal investments, I manage life on my own and have a good lifestyle in Mumbai and Dubai.

I have travelled the world and am fond of luxuries. I have managed to keep up with the responsibility of my expenses.

What has been your best investment?

My home in Malabar Hill in Mumbai has been a great investment. I hope to replicate that investment in Dubai very soon.

My investment in art has paid off. As also have my investments in collectibles, watches and fine jewellery, especially diamonds.

I do the regular stocks portfolio. But I have diversified my investments in a manner where each has been successful in its own way.

Any cherished purchases?

I never believed in the concept of wearing a watch. I was once at Zurich Airport and saw the latest release by Cartier called Ballon de Bleu. It was love at first sight for me.

Nine years later, that watch still gives me immense happiness. Maybe in terms of value, it may not have been my most expensive purchase, but its value has appreciated more than 200 times.

It almost made me believe that money can buy you happiness, because whenever I look at it, I feel very happy.

Any financial advice for your younger self?

Respect the role money plays in life and society. Don't wear rose-tinted glasses, where you feel everything is not about money.

Understand the importance of being financially independent very early. If I could go back in time, I would probably start saving and investing a lot earlier, understanding that money has to be spent for it to multiply multifold.

Any key financial milestones?

I completed my studies after 2007, so for me to get a job, start earning and become financially independent before that was one of the biggest financial milestones I achieved.

Setting up Krypton was another big milestone. It's a completely bootstrapped company. I haven't raised funds from anyone, so setting up the company in a competitive market like Mumbai in 2017 was another huge milestone.

Making it profitable, setting up small operations in London in 2021 and coming to Dubai in 2023 are all big milestones.

To have the company running profitably in all these jurisdictions is another milestone achieved.

What luxuries are important to you?

The luxury of time is extremely important to me. Ease of living, ease of making decisions, freedom to do what I want and when I want are luxuries that are more important than fancy bags or cars.

Financial freedom affords me these key luxuries.

What are your financial goals?

To make my company extremely profitable and a name to reckon with in the niche sector I operate in. I've enjoyed a fantastic reputation in India and the UK. I want to enjoy a very good reputation in the UAE, too.

The UAE has been a very humbling journey. It's a very competitive market. Your past accolades don't matter here.

I want to bring my niche skills here and make sure that we become a global advisory company here as well, not just a local brokerage. That's a huge goal on my wishlist.

My temporary financial goals have been met. The company is profitable and doing well in the UAE. I have recouped whatever capital I had infused into the business because it is profitable. Of course, we have miles to go.

How do you feel about money?

We've grown up with the conditioning that money is not important and feel guilty when we are ambitious.

However, it is extremely important to understand your relationship with money and do it unabashedly, without any preconceptions.

Know what position money has in your life and set your goals and milestones accordingly. Be willing to sacrifice to meet those goals and enjoy the milestones when those goals are met.

I often tell my workforce of women that when you leave home and go outside to earn, make sure that whatever time you're sacrificing is compensated to the family. Get them all to participate healthily in your earnings as well.

If I'm earning, let everyone in my immediate surroundings – be it my subordinates or family – enjoy a little bit of my prosperity, so that I get their blessings and good wishes.

This way, your earnings will bring joy to many people, which, in turn, will bring joy and abundance to you.