Education brings possibilities
Howard Podolsky, a qualified doctor and health care attorney, is the chief executive of Cambridge Medical and Rehabilitation Center, which offers long- term rehabilitative care. Dr Podolsky, 51, took on the role two- and- a- half years ago. The American graduated from medical school in 1991, completed a law degree in 2004 and an MBA in 2010. He has lived in Abu Dhabi with his wife and five-year-old son for five years.
q How did your upbringing shape your attitude towards money?
a Growing up in a conservative family that struggled and, as a result, were generally rather frugal with their financial resources, I learnt that money was meant to be spent wisely for a good reason. This has been a rule of thumb since I was a child.
How much did you get paid for your first job?
It was cutting lawns as a child in New York. I got US$10 for each lawn. However, I was lucky enough to get a five-dollar increase amid inflation and a gasoline shortage. This was the silver lining of that economic situation.
Are you a spender or saver?
Generally, I am a saver. However, there are certain times and circumstances when you need to “treat yourself” and spend money on your interests. I truly enjoy exotic holidays, the latest technology and fine dining, so I do not mind spending money reasonably on them.
What is your most cherished purchase?
It was not a materialistic purchase per se, but rather an experience. It was my incredible honeymoon to Fiji more than 14 years ago. We crossed our budget limit but it was honestly worth every penny.
Have you ever had a month where you feared you could you not pay the bills?
I have been working since I was about 10, so I always had the self-confidence to know that I could find some way by which to make money. I have also always believed that through education and hard work, additional opportunities would present and that was one of the things that inspired me to obtain three graduate degrees.
How do you save your money?
Given my business and finance background, I manage my own investments. These include equities, bonds and real estate. My goal is to develop a diversified portfolio and hedge against a downturn in a particular segment of the market. As to daily expenses, I keep in the bank for ease of access and security.
Do you prefer paying by credit card or in cash?
Cash, because it helps to always remain aware of your spending habits.
What has been your best investment?
Our 12-year-old son, Apple stock and my education. I consider myself lucky for having had the privilege and opportunity to be trained as both a physician and an attorney with formal business and finance training, which has opened doors and opportunities for me.
What do you most regret spending money on?
Purchasing a GMC Hummer in 2007 – three months later, the gasoline prices shot through the roof and I was in trouble. I sold it in 2010.
What financial advice would you offer your younger self?
Two words: compound interest. Start saving as early as possible.
Do you have a plan for the future?
To invest wisely and enjoy life.
If you won Dh1 million, what would you do with it?
I would take my family on an extended holiday of their choice, buy the Bentley my wife has always wanted and invest the remaining cash in a variety of low, medium and high-risk investments. And finally, buy myself a movie-style popcorn maker.
What would you raid your savings account for?
To assist a family member during a financial crisis or to buy stock, if I had access, from an Uber IPO.