Noni Anand, co-founder and director of interior design at Dubai-based Leva Hotels, says all her financial milestones have been in real estate.
She’s come a long way since migrating to Canada when she was 23 and surviving for many months on her husband’s single income. Today, the Canadian couple own assets that are valued at more than $3 million.
Ms Anand, 47, started her career in hospitality with the Ambassador group, a flight catering service, in Mumbai and later moved to Vancouver after her wedding. She secured a back-end role in hospitality and eventually moved into banking. She later moved to Toronto, where she worked with the Royal Bank of Canada, and transitioned into wealth management.
The couple relocated to the UAE 13 years ago when her husband, who also worked in hospitality, received an opportunity to move here. Ms Anand had stints working with United Arab Bank and Abu Dhabi Commercial Bank.
When her husband decided to start a hospitality company six years ago, she became the interior designer because she wanted to pursue her passion.
Ms Anand currently lives in the Arabian Ranches in Dubai with her husband, three dogs and a cat.
Did wealth feature in your childhood?
Money flowed like water in my childhood. My grandfather had his own shipping company in Mumbai. I wanted for nothing when I was growing up. My father and grandfather spoiled me as much as they possibly could, but I think my mom kept me straight and narrow. I have to credit her for that because it's very easy to lose your focus at a very young age. During my younger years and until I got married, money was not an issue at all.
How did you first earn?
My first job was in sales with the Ambassador flight catering unit in Mumbai. My salary was under 4,000 Indian rupees ($47) per month. This was 27 years ago.
Any early financial jolts?
My husband and I were brought up in very affluent homes. But when we emigrated to Canada, we had to settle in a 500 square feet apartment and do our laundry in a coin-operated machine, buy our own grocery, clean up and cook ourselves. For the first eight months, I didn't have a job. My husband moved to Canada from India from within the Marriott group. Living on one person's salary and learning how to manage with a limited income and save was a learning experience.
I wouldn't necessarily call it a hardship, but North America taught us how to manage our finances better. In Canada, if you don't have a good credit history, you cannot borrow, which means you cannot own a home or a car. It teaches you to plan for the future. I'm very glad we had that lesson before we moved to Dubai.
How do you grow your wealth?
We started our hospitality company six years ago. We put most of what we had into the company. At this point in time, because the brand is still growing, a large part of our salaries or savings goes back into the company as and when needed.
Our wins are mainly in real estate. After moving to Dubai, we were renting in Arabian Ranches in the first year. Shortly after that, we sold our home in Canada and bought a place that appreciated considerably. We continued staying in the Arabian Ranches, but in a larger home, the value of which has almost tripled in less than three years.
I've enjoyed investing in houses. We have properties here and in India that pay for themselves. It’s a good investment for the future.
Are you a spender or a saver?
When I get paid every month, I allocate a portion of it for emergencies, house expenses and some as fun money. I'm not the kind of person who will buy what's in fashion now, I can wait a year, let it become last year's fashion and then buy it on sale. I'm not a spendthrift. I always look for deals.
What has been your best investment?
The biggest thing I've invested in, since school, college and until today, is my mind. Everything else is fleeting, including money.
There are good and bad times, but the only asset that I can confidently rely on is myself. A large part of that is how I think, how I act and the decisions I make.
My brain has taken me from owning a 500 square-foot home in Vancouver to owning a 9,000 square-foot home in Dubai.
Any cherished purchases?
A diamond ring and a small pendant my husband gifted me right after we got married. These are the two most prized possessions that I hold on to.
Any financial advice for your younger self?
Save harder and don't get caught up in trends or wanting what everyone else has. I wouldn’t say to not have a good time or live in fear. Do what makes you happy. Sometimes, we fill voids with very expensive shopping. Sometimes, that is not the best decision because carrying a brand does not necessarily mean I have money.
Smarten up with money sooner than later, because it can only help you in the long run. Give yourself happy memories. Invest in holidays with the family. Take care of your health. Those are investments that pay off in the long term. Don't focus on material gains.
co-founder and director of interior design, Leva Hotels
Any key financial milestones?
The first financial milestone was when we bought our first property. All my milestones are attached to real estate because I'm not a person who invests a lot in gold or jewellery.
We bought an apartment in Vancouver with a 10 per cent down payment, which amounted to $17,000. We had to borrow this because we didn't have money on our own in Canada. But it was a good deal. We paid $170,000 and when we sold it, it fetched us under a half a million dollars.
I used that money to buy a town house that was nearly mortgage-free in Toronto, which was my second milestone. The third milestone is when I sold that town house and bought a property in Arabian Ranches in Dubai, with 50 per cent of my mortgage paid off because my asset appreciated in a big way. The next milestone would be the property I currently have, which we picked up less than three years ago and has also appreciated in price.
All my real estate purchases are financial milestones. From starting at $200,000, my husband and I currently own assets valued at over $3 million. This does not include what our families have left us.
What luxuries are important to you?
None. I have lived with and without them. The things I value the most are the bed I sleep on, the roof over my head, the food on my table and the people who surround me. Those luxuries are non-negotiable. Everything else could disappear and I would make it all back.
What are your financial goals?
I would love to be a person to reckon with in interior design. I affirm for that in terms of opportunities that come my way. Right now, I'm working mainly on projects for our hotel. I don't do external interior design. I design all the properties that my husband signs with other hotel operators. Having seen all these hotels come to fruition and being appreciated for my work is good for me.
