Meenakshi Tejwani has tried new careers throughout her life. She started off working in sales at the age of 17 at a car showroom in India, moved to Dubai in 2012 and found a job as a supermarket cashier and later had stints in business development in UAE banks, before pivoting to entrepreneurship.
As the founder and managing director of Alpha Mortgage, a Dubai-based mortgage consultancy founded last year, Ms Tejwani, 32, also makes passive income by offering advisory services to businesses.
She lives in Bur Dubai with her husband, who runs a company that provides business set-up services and financial consultancy, and two children – one is three years old, the other three months.
She is from the city of Ajmer, in the north-western Indian state of Rajasthan, and obtained her bachelor’s degree in commerce.
What was your first job and salary?
I always wanted to work. During my first year of graduation, I worked in sales in a car showroom and earned 3,000 Indian rupees ($34.70) a month.
After the first year of my graduation, I wanted to move out of Ajmer to get some exposure. My parents weren’t willing to send me anywhere, but I finally convinced them to allow me to relocate to Dubai, since my brother worked here then. I moved here and got a job as a cashier in Choithrams supermarket, where my salary was Dh1,200 ($326.80) a month. I was later promoted to customer service supervisor and worked there for nearly two and a half years.
Later, I moved to RAKBank, where I sold business loans to small and medium enterprises for a monthly salary of Dh4,000. I worked there for four years and left as a virtual relationship manager. I then moved to Mashreq, where I worked as a relationship manager for a monthly salary of Dh11,500 for nearly four years until 2021.
In 2021, my husband and I founded JSB, a business set-up and financial services consultancy.
Tell us about your current role. What is your salary now?
I left my full-time job in 2021 because I had just given birth and wanted to focus on my business, while also having the flexibility to take care of my child. While providing banking assistance to SME customers, a few of them wanted help to take out mortgages since the UAE real estate market was booming. Some customers were based overseas and were not being offered the right mortgage advice or a good interest rate. I sensed an opportunity and had ready clients, so I decided to set up a mortgage consultancy called Alpha Mortgage last year.
I withdraw a salary of nearly Dh48,000 a month, including allowances.
Do you manage to save?
I am very disciplined about saving. I have managed to save throughout my career and this helped me to set up my business.
Between my husband’s and my income, one is used for investing and the other to pay for family expenses. After paying for my basic expenses, I save the rest of my income and invest into multiple assets.
What asset classes do you invest in?
I invest mainly in real estate in India and Dubai, and buy gold coins every six months. I am interested in physical, tangible investments.
I have purchased properties in Dubai for investment. One is an off-plan townhouse in Dubailand worth Dh1.5 million, and the other is a two-bedroom apartment, near the Dubai Frame on Sheikh Zayed Road, worth Dh3 million. We are now in the process of finding a property to buy for us to live in as a family.
We own commercial properties, both ready and off-plan, in the city of Jaipur in Rajasthan. I am also trying to learn stock trading now.
Do you have any debt?
I have a mortgage, which is covered by the rental income, and we only had to pay the down payment to buy the property. I also have a car loan.
I rarely use credit cards. I focus on spending what is readily available and strive to increase my income rather than add to my liabilities. I try to create passive income to fund my discretionary purchases. I offer advisory services to SME customers for their business and compliance needs and earn money from it.
Have you ever inherited a sum of money?
No, my father used to drive a taxi, so I never had an opportunity to receive an inheritance. Everything I have built has been through my hard work and smart financial planning.
Growing up, were you taught how to handle your finances?
Yes, my family taught me to always have a source of passive income. When I retire or slow down my pace of work, I intend to have an asset or business that will offer me passive income to cover my basic expenses. I want my investments to make money even when I'm asleep.
What are your major monthly expenses?
Nursery fees are quite expensive. I also spend on travel, as well as life and health insurance for our family.
Do you have an emergency fund?
Yes, it can sustain us for a minimum of six months. We always keep cash as an emergency fund in our joint account. We also look at gold that can be easily liquidated as an emergency fund.
Watch: UAE Salary Guide: Why expat packages are not what they used to be
What do you spend your disposable income on?
I spend on travel and family expenses. I occasionally reward myself with luxury items since we don’t have to worry about covering our basic expenses any more.
Do you worry about money?
No. Since I started working, I've been into sales, so am confident that I can start from zero and rebuild anytime. However, I always keep enough savings to sustain me for at least six months to a year. But if I land in a situation where I have to make money again, I'm confident in my sales skills.
What are your financial goals?
In the short term, I want to grow my property portfolio. In the long term, I want to build strong passive income through strategic property investments, gold purchases and stock trading.
What is your idea of financial freedom?
Financial freedom is where I can work by my choice, not out of compulsion. When I worked in a bank, I wanted to quit a couple of times, but it wasn’t an option. However, when I got into business, I understood how to make money through sales. I have now delegated work to my team so they can handle all tasks or I can even get work done while sitting in another country.
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
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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
Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The five pillars of Islam
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE currency: the story behind the money in your pockets
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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SPECS
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The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
