Elie Irani, a 49-year-old Lebanese national in the UAE, started investing at the age of 42 and is on track to achieve financial freedom in five years.
He invests exclusively in low-cost exchange-traded funds (ETFs) and automates his saving and budgeting strategies.
“The main factor that will determine how fast you could retire is not what you invest in,” says Mr Irani, who’s been in the UAE for 20 years.
“The major determining factor in how soon you could retire is the percentage of your salary that you save and invest. It’s called saving rate. The higher your saving rate, the earlier you could reach financial independence, or retire.”
While his professional background lies in information technology, Mr Irani has a personal mission to spread financial literacy.
He founded Wise Investor Middle East, a blog and YouTube channel about saving and investing for financial independence. He is also involved in the SimplyFI Common Sense Personal Finance and Investing Facebook group as a contributor and moderator, and is also a member of UAE – Grow Your Finances, another Facebook group.
What was your first job and salary?
I started as an IT support engineer in Lebanon in 1995 on a monthly salary of $600. After 10 years, I moved to the UAE to join a multinational IT company.
Tell us about your current role
I help businesses implement my company’s cyber security, networking and firewall solutions.
Do you manage to save?
I've been saving and investing consistently for the past seven years and plan to reach financial independence in my mid-50s. The first thing to do before you invest is to pay off high-interest debt, such as credit cards because they charge an annual interest of 45 per cent in the UAE. I pay for everything with my credit card, but at the end of each month, I have an automatic settlement set up for my card payment.
Then, build an emergency fund, which is three to six months’ worth of living expenses to sustain yourself in case of a job loss, medical emergencies or a huge car repair.
The best way to save is to pay yourself first. I have a few bank accounts. As soon as I receive my salary, I have standing instructions arranged with the bank to distribute the monthly income in my salary account to different accounts in the percentages that I want. I have separate accounts for my emergency fund, savings, rent payment, travel and leisure, and large payments, such as car registration or car maintenance.
I tend to plan upfront for big spending I foresee in the year by transferring a small portion each month to a dedicated account. What's left in my primary account is used to pay for utility bills, petrol, etc. You need to track your expenses for some time to set up this system.
I try not to fall prey to lifestyle inflation. I'm neither thrifty nor extravagant. I'm somewhere in the middle.
What asset classes do you invest in?
I invest 50 per cent of my monthly income exclusively in a balanced ETF portfolio of world stocks and world bonds. I believe in global diversification and am not comfortable betting on a single country or a single industry.
My favourite DIY trading platforms are Interactive Brokers and Swissquote. For someone who doesn’t want to go the DIY route, they can automate their savings with Sarwa, which will automatically invest the money in a portfolio of low-cost ETFs for a small fee. But you can trade for much cheaper if you do it on your own.
After reading more than 30 books on personal finance, I noticed a recurring pattern to avoid high-fee investments. Hedge funds or mutual funds are unable to beat index funds or ETFs over the long term. Fees compound over time. Over an investment timeframe, which is typically 20 to 30 years, 1 per cent in fees will cost you thousands of dollars in terms of total cost.
During 2020, I used the money set aside for travelling to invest in crypto coins. But this was money I was willing to lose.
Have you purchased property?
I have purchased property in my home country, but not in the UAE. This is intended to be my retirement property, but it was an emotional decision.
I have nothing against real estate investment. I'm in team rent as opposed to team buy because I don’t believe that renting equates to throwing money down the drain.
Do you have any debt?
I have a small car loan. I was forced to take the loan because my previous car was caught in last year's rains, so I had to replace it. But it was not a smart financial decision because a car is a depreciating asset. For those looking to make the most bang for their buck, a smart decision would be buying a car that’s two to three years old, in great condition and possibly under warranty, and paying for it in cash.
My credit card bills are paid off automatically each month and I don’t have to think about it.
Growing up, were you taught how to handle your finances?
No. All I was taught was to score good grades in school and land a high-paying job. No one taught me that the way to building wealth is by acquiring assets and investing. The earlier you start, the better. I did not start early. But it's never too late.
Most people think that if they start in their 40s, they just have 20 years left. That's not true because although you have 20 years for accumulating wealth, you don't pull out your investments when you stop working. That's a big mistake most people make. You keep the money invested all the time and only withdraw enough each year to cover your living expenses. My investment timeframe is my entire lifetime. I started investing when I was 42 and will keep investing until the day I die.
Do you worry about money?
I used to worry about money until I figured out my expenses a few years ago. I didn’t know what would happen to me if I stopped working in the UAE because we don't have proper pension. I worried whether my savings would sustain my retirement. These worries triggered my search for answers. I came across good personal finance books and learnt about index investing and ETF investments.
What are your best money saving hacks to offset inflation?
Three most common ways to generate passive income streams are by investing in the financial markets, properties or building a business. In my case, the best way to beat inflation is investing in a portfolio of ETFs.
What are your financial goals?
I don't have any short-term financial goals because I know exactly what I spend each year and save for these as I go. For the long term, my goal is financial freedom.
What is your idea of financial freedom?
Financial freedom is a state where you don't rely on a paying job to pay for your expenses. You could get passive income from rent, a business or stock market investments.
There’s a simple formula to attain financial freedom: if you have 25 times your annual expenses, or 300 times your monthly expenses, invested in a portfolio of ETFs, you could safely draw down 4 per cent each year and cover your retirement expenses.
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
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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
CONFIRMED%20LINE-UP
%3Cp%3EElena%20Rybakina%20(Kazakhstan)%0D%3Cbr%3EOns%20Jabeur%20(Tunisia)%0D%3Cbr%3EMaria%20Sakkari%20(Greece)%0D%3Cbr%3EBarbora%20Krej%C4%8D%C3%ADkov%C3%A1%20(Czech%20Republic)%0D%3Cbr%3EBeatriz%20Haddad%20Maia%20(Brazil)%0D%3Cbr%3EJe%C4%BCena%20Ostapenko%20(Latvia)%0D%3Cbr%3ELiudmila%20Samsonova%0D%3Cbr%3EDaria%20Kasatkina%E2%80%AF%0D%3Cbr%3EVeronika%20Kudermetova%E2%80%AF%0D%3Cbr%3ECaroline%20Garcia%20(France)%E2%80%AF%0D%3Cbr%3EMagda%20Linette%20(Poland)%E2%80%AF%0D%3Cbr%3ESorana%20C%C3%AErstea%20(Romania)%E2%80%AF%0D%3Cbr%3EAnastasia%20Potapova%E2%80%AF%0D%3Cbr%3EAnhelina%20Kalinina%20(Ukraine)%E2%80%AF%E2%80%AF%0D%3Cbr%3EJasmine%20Paolini%20(Italy)%E2%80%AF%0D%3Cbr%3EEmma%20Navarro%20(USA)%E2%80%AF%0D%3Cbr%3ELesia%20Tsurenko%20(Ukraine)%0D%3Cbr%3ENaomi%20Osaka%20(Japan)%20-%20wildcard%0D%3Cbr%3EEmma%20Raducanu%20(Great%20Britain)%20-%20wildcard%3Cbr%3EAlexandra%20Eala%20(Philippines)%20-%20wildcard%3C%2Fp%3E%0A
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Mountain%20Boy
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zainab%20Shaheen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Naser%20Al%20Messabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%203%2F5%3C%2Fp%3E%0A
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
The five pillars of Islam
As You Were
Liam Gallagher
(Warner Bros)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Ferrari
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Michael%20Mann%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Adam%20Driver%2C%20Penelope%20Cruz%2C%20Shailene%20Woodley%2C%20Patrick%20Dempsey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
More from Neighbourhood Watch
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
