Gaurav Kumar moved to Dubai from India in 2021 to maximise his savings and benefit from tax-free income.
Although he earned well in India, he had less disposable income to save for his family and his future. After moving to Dubai and despite securing high-paying jobs, he has been living alone to maximise his savings.
Now that he has finished paying off his home loan, Mr Kumar, 42, plans to bring his his mother, wife and two children to live in the UAE.
He works as the head of issuing at a Dubai-based payments company and was formerly employed by another FinTech company in the UAE for more than three years, where the job involved the launch of global payment solutions. He found his current job through a referral.
Mr Kumar, who lives in Al Barsha, was born and raised in the eastern Indian state of Bihar, but had lived in Mumbai since 2006. He completed his master’s degree in management studies from Mumbai University.
What was your first job and salary?
It was with a leading Indian bank as a management trainee and I earned 15,000 Indian rupees ($173) a month.
Tell us about your current role. What is your salary now?
I am a digital payments specialist with expertise in launching payment solutions on a global scale. My focus is on driving cashless transactions through the issuance of various card types and value-added services such as Apple Pay, Google Pay and contactless technology.
On the acceptance side, I have experience with point-of-sale terminals and payment gateways, which are used by major e-commerce platforms like Amazon and Noon.
My current monthly salary is in the range of Dh35,000 to Dh40,000.
Do you have considerable savings?
Yes. I try to minimise costs wherever possible to increase my savings.
What asset classes do you invest in?
I had an Indian home loan that I paid off a couple of months ago. I will actively start investing and creating my portfolio now.
Earlier with my savings, I was focused on paying off my housing loan and investing the rest in stocks and mutual funds.
Have you purchased property in your home country? For how much?
Yes, I own a three-bedroom apartment in Thane, a suburb of Mumbai. It cost me 16.5 million rupees ($200,000).
Do you have any debt?
I have a few credit cards in the UAE and a few in India. I come from a middle-class family, which instilled in me the importance of having zero debt and never going over the budget.
Growing up, were you taught how to handle your finances?
Growing up, my parents always emphasised the importance of saving for rainy days. They used to tell me: “If someone is fishing but not saving any of their catch, it’s as if they aren't fishing at all.” They instilled in me the habit of dividing my income into four key areas:
1. Paying off any debts, if applicable
2. Covering monthly expenses
3. Setting aside an emergency fund for unexpected situations
4. Saving for future goals, such as buying a house, car, or even fulfilling dreams such as travelling to exotic destinations.
What are your major monthly expenses?
In the UAE, it is house rent and monthly utility bills. In India, it is household expenses (such as groceries, house maintenance and utility bills) and children’s education fees.
How do you budget your salary every month?
I create a budget by categorising my expenses into fixed and variable. Fixed expenses include things such as housing rent and utility bills.
Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India
Gaurav Kumar
For variable expenses, I set a specific budget to manage costs such as food and dining. I typically cook at home and only go out occasionally, so my expenses in this area are usually well within the budget I set.
Since I currently live alone, I adjust my monthly budget during family visits, especially during holidays, to ensure they have an enjoyable time in Dubai.
Have you started saving for retirement?
Yes, I have started investing in mutual funds, banking and consumer stocks, exchange-traded funds and a pension scheme. I will increase the monthly savings now that I am debt-free. I plan to retire at 55 and pursue a PhD to take up teaching.
Do you have an emergency fund?
Yes, I have already established a pool fund in India and plan to create one in the UAE as well. Now that I am debt-free, I intend to increase my contributions to both funds.
What do you spend your disposable income on?
Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India. However, any savings, along with my annual bonus and increments, were typically spent on travelling, which is a passion of mine.
I've been fortunate to visit nearly all of the UAE's neighbouring countries, and last year, I finally ticked off my dream destination – Europe.
Do you worry about money?
Not really, as I believe that with proper planning, it should not have a significant impact. I avoid overspending and am quick to adapt to my current circumstances.
What are your best money saving hacks to offset inflation?
Don't spend every penny you earn. Always set aside a portion as an emergency fund to cover unexpected expenses or lean periods. When costs rise or money runs low, adjust accordingly, or dip into the emergency fund as needed.
What are your financial goals?
My short-term goal is to begin building and growing my investment portfolio (while managing expenses for myself and family – including both fixed and for planning for travel), with the aim of achieving my long-term goal: generating passive income through investments in stocks, mutual funds and real estate.
What is your idea of financial freedom?
My goal is to be stress-free and financially self-sufficient, with emergency funds in place to cover day-to-day expenses and be prepared for unexpected situations, such as health issues or other emergencies.
Do you earn passive income?
No, I'm not allowed to have a second source of income due to my company's policy. However, on a voluntary basis, I conduct guest lectures and sessions at colleges and corporates on topics like digital payments (overview and career opportunities), personal branding and corporate expectations.
While I don’t accept payment for these sessions, I am usually offered books or mementos as a gesture of appreciation. I plan to pursue teaching full time once I retire from corporate life.
Do you want to be featured in My Salary, a weekly column that explores how people around the world manage their earnings? Write to pf@thenationalnews.com to share your story
RESULTS
5pm Maiden (PA) Dh80,000 (Turf) 1,600m
Winner Thabet Al Reef, Bernardo Pinheiro (jockey), Abdallah Al Hammadi (trainer)
5.30pm Handicap (PA) Dh80,000 (T) 1,600m
Winner Blue Diamond, Pat Cosgrave, Abdallah Al Hammadi
6pm Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
Winner Hameem, Adrie de Vries, Abdallah Al Hammadi
6.30pm Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner Shoja’A Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7pm Maiden (PA) Dh80,000 (T) 1,200m
Winner Heros De Lagarde, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm Handicap (TB) Dh100,000 (T) 2,400m
Winner Good Tidings, Antonio Fresu, Musabah Al Muhairi
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
BLACKBERRY
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The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Floward%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAbdulaziz%20Al%20Loughani%20and%20Mohamed%20Al%20Arifi%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EE-commerce%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3EAbout%20%24200%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAljazira%20Capital%2C%20Rainwater%20Partners%2C%20STV%20and%20Impact46%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E1%2C200%3C%2Fp%3E%0A
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Results
2.30pm Maiden (PA) Dh40,000 1,200m
Winner Lamia, Tadhg O’Shea, Ernst Oertel.
3pm Handicap (PA) Dh40,000 1,000m
Winner Jap Al Afreet, Elione Chaves, Irfan Ellahi.
3.30pm Handicap (PA) Dh40,000 1,700m
Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.
4pm Handicap (TB) Dh40,000 2,000m
Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.
4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m
Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.
5pm Sharjah Marathon (PA) Dh70,000 2,700m
Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Teaching in coronavirus times
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
UAE currency: the story behind the money in your pockets
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5