Sanjay Tolani, 38, is chief executive and managing director of multi-family office advisory firm Goodwill World, which serves clients in 53 countries on estate planning strategies.
An Indian born and raised in Dubai, he’s also a board member of venture capital funds investing into technology, education, financial services, trading and F&B companies.
A father of two, Mr Tolani has authored 11 books on topics including personal financial planning, investments, marketing and branding and delivered talks internationally on economics, investments, insurance, risk and sales management. He lives with his family in The Meadows, Dubai.
Did your upbringing influence your money outlook?
I have a younger sister and we grew up in a very comfortable house. My father comes with a different philosophy on spoiling children. He pretty much gave me whatever I wanted, but there was always an incentive. I had a Mont Blanc pen in grade 12 for doing well in school. He would reward me.
Dad has been in Dubai for 48 years, was a mechanical engineer and made the decision to go into financial services. He started Zurich Life in Dubai in 1983. He was their director until 1996 and opened our family office in 1999. That’s when I started to get involved.
Were there other money-related experiences?
When I went to university, dad gave me a credit card; little did I know, he gave it to me so he could monitor where I was spending. He never questioned what I spent on or gave me a limit. Because he never stopped me spending, I didn’t spend, but knew that if I needed to, I could. I splurged on a dinner once in a while with friends. This was a good test without making me feel he was watching, giving me that long leash to say “do what you like”, but he had the reins and could have pulled it if he thought I was doing something wrong.
So your father shaped your financial philosophy?
Dad is a wise man, was my first mentor and still is. He said money is not something that makes you, breaks you or spoils you. Money is power, a tool. What you use that money for is what will affect everything around you. As soon as children understand that, it changes the way you live your life.
My father and grandfather have always had the philosophy that instead of teaching your children to save, teach them how to spend. Everyone talks about saving, saving, saving, but you’re curbing your desires, stopping yourself from enjoying life. The day you get excess money, you will end up spending in ways you might not otherwise have done.
I am a spender on anything that makes me feel productive
What was your first salary?
My first job was as a driver for the family company, then working in the administration department. I was given $5,000 every month at 17. My grandad said, “There’s a rule, you’ve got to put $1,000 aside” and I could spend $4,000. I was going out for dinners, lunches, had a beautiful car, was buying pens and enjoying myself until I was 20/21. Then they increased it to $10,000 every month, but I had to spend 80 per cent. Come the second month, I didn’t know where to spend that much. Grandad wanted to remove the attraction of money.
What led to your choice of profession?
Dad had a stroke when I was 24. I inherited a business at that point. In about two years, I almost ran it into the ground because I wasn’t ready. I’d studied everything around the world of finance, economics, risk management and law, had my Masters and six years of work experience, but wasn’t ready to be a leader.
Dad’s team was removing money from the business. By the time I realised, I had to re-start the company and dismiss everybody except the office boy. Fast forward 11 years, I’ve got 14 global offices. I’m an adviser to a lot of family offices, what they should do within the family in terms of structure and family governance.
What is your attitude towards spending now?
I am a spender on anything that makes me feel productive. Prior to the pandemic, I would upgrade myself from business class to first class. I had 200-odd flights in 2019. I wanted to travel comfortably so I’m efficient when I get there. My productivity was based on me getting sleep. It’s not that I’m not a saver, but I know where I should be spending.
Have you had weaknesses?
I used to splurge on cars. Collecting sports cars was a hobby before I married … Ferraris, Lamborghinis, McLarens. But I still drive a sports car; an Alfa Romeo 4C Launch Edition, number 26 of 100.
Where do you save?
Into anything that gives me guaranteed income every month for X number of years. It’s not about the rate of return. Annuities, they give long-term guarantees, and fixed deposits. Even though I come from an investment background, I don’t have time to monitor equities or funds. I invest in markets using structured notes. I’m very careful on the level of risk, very income-focused and I like to accumulate that income. My father told me, “Any asset that doesn’t generate income is a liability”.
Property in Dubai and India is a good part of my portfolio, but I wouldn’t say it is now a majority asset. I purchased my house and my office.
What has been your best investment?
I invested in gold back in the day, made a lot of money. I entered at $350 an ounce, exited at $1,100. My second best investment was oil through exchange-traded funds. I entered at about $50 a barrel, exited at about $120.
What’s your worst investment?
I went to Global Village while at university and was trying to impress the girls. I spent so much on games just to win the soft toys. I could have spent 10 per cent to buy them. But no regrets, I had fun doing it.
What’s your most cherished purchase?
For my dad’s 65th birthday, I bought him a Rolls-Royce Phantom, his dream car. He’s fulfilled all my dreams. That made me feel good. Even though he could afford to, he would never buy it. It cost Dh1.8 million.
What life lessons have you learned?
I got pickpocketed in Philadelphia in 2014. I had one wallet, about $600 and my credit cards, all gone. I didn’t have money for 24 hours. Now when I travel, I keep one wallet in my hotel and one which I carry, and split my cards.
What has been your key financial milestone?
My father asked me to put down a number, where you have enough money. I was 19, put a number and hit that when I was 24. Dad sat me down again and said, “Whatever you do now is not for the money”. Now, it was about finding a purpose. That changed the way I look at money, when the concept of charity came into the picture.
Charity is also about giving time, support and mentorship. For example, I sponsor (underprivileged) children in China; $1,000 covers three years of schooling and I travel there to guide and mentor them. Also, we started printing t-shirts and sold 10,000 of them. All money from those and my books goes to charity.
Do you have a retirement plan?
Our generation is the first already living a retired lifestyle … while we work. I’m living something I call a hybrid retirement strategy. You retire at the age of 35, get income every month from your investments all the way to 75, which will allow you to do a bit more. It doesn’t stop you working, just gives you more time to do whatever you like. When you get to 75 or 80, that’s when you take full retirement. It changes the whole way you manage your money.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
Killing of Qassem Suleimani
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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South Korea
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
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
