Steve Flawith was around eight years old when his mother first sat him down with a copy of the Financial Times and told him he had £1,000 to invest. It was an early lesson in forecasting that has had an enduring impact on his finances. The 30 year-old Brit, an entrepreneur and head of strategy at 1762 UAE, which operates a chain of delis and owns the upmarket food brand Appetite, started out his career as a fine-dining chef. From there he moved into front of house and eventually into setting up F&B businesses for others. Most recently he co-founded his own company, Hasbox, a secure online vault where people can store important documents such as images, videos, wills, testaments, accounts and even passwords. Mr Flawith tells us about his relationship with money.
How did your upbringing shape your attitudes to money?
I was brought up by my mum in the UK. She was an investment banker. She started out very poor in life and she worked her way up through JP Morgan and really made a name for herself in the company. She was a fantastic mentor to me on my journey of [personal] finance. She taught me everything about finances. She used to sit me down at the kitchen table and give me the stocks page from the Financial Times. I didn't realise at the time, but she gave me an imaginary $1,000. I thought I actually had $1,000 for real! She told me to invest it, and in the process taught me about forecasting and how to look at markets.
How old were you then?
I was eight or nine, so quite young. She brought about this sense of really valuing the money you had, and how much it’s worth and how far it can go. And that is why to this day I still forecast all of my finances and investments because of my upbringing from my mum. She’s an incredible woman.
Did you get pocket money?
Yes, but I had to work for it. I believe I had to vacuum four rooms. I had to do the washing up every week and mow the lawn. I had to really work for my pocket money.
Would you have made money through your investments if it was real?
I don’t remember. I am going to ask her that when I next speak to my mum.
Are you a spender or a saver?
I am a saver and I invest where I think it’s wise to.
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Where do you make your investments?
Hasbox, and other start-ups. Start-ups and property are the best financial investments to make historically. That’s where you are going to get your biggest return.
What’s your favourite possession?
My surfboard, funnily enough, because the return I get on my surfboard is happiness and peace. When I spend time out on the water, it’s really where I get peace and tranquility to think about where my finances are going and where my life is leading. So from that sense I would say my surfboard is my best investment.
So you have invested in your start-up. Do you have shares? Are you investing in the stock market for real this time?
I am in the UK right now in real estate. But I also save in the UK, that’s where I put my finances right now.
What are you saving into?
Just ISA accounts.
What is your biggest financial regret?
I don’t really have any big financial regrets, if I am honest. I think everything happens for a reason in that sense. I have faced times in my life where money has been tough, when I was younger. But I always return to that long-term forecast. Every decision was made to try and take a different path or route to success. So I don't have not so many financial regrets. But I have definitely had times of hardship which have taught me to value the success that I've had.
When was the money tough, and what did you have to do to get by?
When I was training as a chef I was earning £120 a week. I was working 14 hours a day, six days a week. I remember that after eight montgs they gave me a pay rise of £20 pounds a week, which I thought was fantastic. I remember a point where I would go to a barbeque at my friend's house and I wouldn't be able to afford to bring meat. I would buy my clothes from a charity shop. And that gives you the perspective to value what you have and when you have it.
When did money get easier for you?
I moved from being a chef to front of house to take on the management side, and then from there I progressed through the hospitality trade, but I always wanted to shift into a slightly different area. I learnt the food, I learnt the service. I learnt the operations. From there I moved into more of a marketing and events side of things, and then I moved into more of the business and financial aspects of the trade.
Do you have a financial plan for your future?
Definitely. For financial security and success, you have to have three, four or five revenue streams coming in. I think that’s very important. Property is an aspect of that. So are start-ups such as Hasbox, and I'm nearing the point where I might look at opening a restaurant as well. So property, Hasbox, and sourced income from my day job or my own restaurant are the big three revenue streams to start with. I'd like to build on these areas over the coming 10 years and eventually have five to six revenue streams.
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What do you enjoy spending your money on?
When it comes to travel and food I am all in; when it comes to good food the financial planning goes out of the window. It’s definitely a big part of my life. I recently took a trip to Hong Kong which was all about the food. I was there for six days and ate in 34 restaurants. It was focused on experiencing as much food across as many different styles as I could fit in. That for me is just happiness and joy!
Have you ever bought anything on impulse?
Yes I do impulse buy. I think it’s important to treat yourself. I spend money on holidays and anything which gets me outdoors, whether it’s surfing, snowboarding, skateboarding, or camping. I like being close to nature.
Is there anything in your personal finances that you are still working on, you wish you were better at?
Everything to be honest. I am still learning with my finances as I go, especially for things that crop up out of the blue and how you deal with those.
Do you still ask your mum for advice?
Yes I do and she still gives me advice, even if I don’t ask for it! She's retired now. I was discussing with her the other day about buying a knife set, because I love cooking. And she was like, ‘But it’s only if you have that disposable income available to you right now, otherwise you need to wait’. She is still telling me how to deal with my finances!
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
OPINIONS ON PALESTINE & ISRAEL
Apple product price list
iPad Pro
11" - $799 (64GB)
12.9" - $999 (64GB)
MacBook Air
$1,199
Mac Mini
$799
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
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More coverage from the Future Forum
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
HOW TO WATCH
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
