‘I see my future in Dubai, so I want to buy a home’
▶ Insurance professional Reema Bhatia practises face reading and astrology as side hustles, reports Deepthi Nair
Reema Bhatia has always been fiercely independent. This is what prompted her to accept a job as a call centre executive in the Indian city of Mumbai while pursuing her college degree.
The 35-year-old Indian, who’s been in the UAE for 15 years, still works hard to build assets and an investment portfolio to avoid being financially dependent on anyone in the future.
Ms Bhatia, who is single and lives in Business Bay, Dubai, currently works as an insurance professional.
She has a bachelor’s degree in business administration from Mumbai.
An only child, Ms Bhatia supports her family, including her father, a retired engineer, and mother, a homemaker.
Q What was your first job?
A I was a call centre salesperson in India during 20052006, while pursuing my college studies simultaneously.
I didn’t want to take money from my family. I was earning about 80,000 to 90,000 Indian rupees ($1,085) a month.
I had relatives in Dubai and was curious to see the city, so I moved here.
I was only 20 and didn’t think I would stay here for long. Even my certificates were not attested then.
My first job in Dubai was as a customer service executive in a motor driving school. My salary was about Dh1,300 ($354).
I was in charge of registering customers. I did this job for one-and-a-half years but wasn’t happy.
So, I started taking exams to upskill myself. I did a certification in human resources and shifted my career from customer service to HR.
I worked as an HR specialist with oil and gas companies and multinational firms. Later, I switched to insurance.
My current job is my second role in the insurance industry. Previously, I worked with an insurance broker and now I work for an insurance company.
What is your current salary?
I have been working with this insurance company for about three years as a secretarial and sales professional.
It is a relationship manager role, where I meet brokers, check on clients, renew insurance and work on new business.
I earn about Dh12,000 a month plus commissions on a quarterly basis, which could be in the range of Dh35,000 to Dh40,000 depending on what business deals I close.
Do you have any side hustles?
I also earn money from face reading and astrology. That is my passion as well as a source of second income.
Living in Dubai without a second income is hard.
I’ve been doing it post-Covid. Since childhood, I have done some certifications in this field and won awards as well.
I work with my customers in the evenings, also on my website and social media channels. I don’t do this daily though.
It keeps me busy and provides extra money to take care of my additional expenses or emergencies.
This way, I don’t just depend on my salary to pay my rent, water and electricity bills, and other personal expenses.
I earn between Dh3,000 and Dh4,000 on average per month from these side hustles.
Do you manage to save?
I used to have more savings earlier, but now it is getting difficult because I need to support my family in India, pay my house rent in Dubai and take care of other expenses, too.
I still manage to save because it’s difficult to sustain a lifestyle in Dubai without having a financial buffer.
What asset classes do you invest in?
I have invested in global stock markets through a broker in India. If I have a do-it-yourself approach, I could mess it up, make mistakes or choose wrong stocks. I have been doing this for two years. But I did not have a good experience with a stockbroker in Dubai. I lost money, but no regrets.
One needs patience and must stay invested in stocks for the long term. I adopt a medium-risk approach for stock investing because I don’t have a financial backup.
I also plan to buy an apartment in Dubai because this is where I see my future. I am trying to gather the funds and save money towards this goal.
I have also been consistently saving money in fixed deposits in India and in the UAE.
Whenever I have extra savings or if the gold price is attractive, I buy gold bars or gold jewellery.
Growing up, were you taught how to handle finances?
Coming from a middle-class family, it was a hand-to-mouth existence after paying all household expenses.
From my childhood, I had seen my parents allocate money for different expenses and this taught me to manage my finances. My father used to jot down all monthly expenses in a notebook, and this habit was inculcated in me. Now I manage my monthly budget in an Excel sheet.
Do you have any debt?
I have a personal loan, which I took out to purchase a property in Dubai.
I pay off my credit card in full every month. I’m pretty good at managing my money.
What are your major monthly expenses?
My major monthly expenses amount to between Dh7,000 and Dh8,000.
This covers my personal loan repayment, rent, water, electricity, air conditioning, grocery, fitness, meeting friends and other personal expenses.
How do you budget your salary?
Using my Excel sheet, I know what amount will be deducted for all expenses and treat the balance as if it does not exist at all. I try to save between Dh3,000 and Dh4,000 each month. I want to save money for emergencies.
What do you spend your disposable income on?
I spend it on my personal grooming and fitness.
I also spend on shopping on a nominal basis.
What are your best money saving hacks?
I always set aside money for shopping when I go to India because the quality and variety of clothes there are very good.
For groceries, I visit different supermarkets in Dubai to compare prices and discover good deals.
I also follow intermittent fasting. This helps me save money by cutting down on food expenses and going out on weekdays.
Do you have an emergency fund?
Yes, I do and it can sustain me for six months.
Have you started saving for retirement?
I don’t want to retire because I look forward to going to work, managing my business and website, dealing with clients, my social life, and so on.
I would like to work till I die because I don’t want to be dependent on anyone.
Do you worry about money?
I worry about money because I want to get to a stage in life where I can lead a high-end lifestyle. I am concerned whether I will have enough money tomorrow to support the lifestyle I aim for.
What are your financial goals?
I want to change my job and earn double of what I’m making right now.
I want to earn at least Dh50,000 per month, including commissions.
What is your idea of financial freedom?
Being debt-free. I want to feel secure knowing that I have enough money and not think twice before buying high-end jewellery or Gucci, for instance.
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