Estate planner who got his wheels rolling due to prudent financial policies

▶ After struggling when he arrived in Dubai seven years ago, Deepak Gurnani of Just Legal tells Suzanne Locke that he was able to buy a new car outright last year

Deepak Gurnani is one of two partners at the two-year-old Just Legal, which specialises in wills, succession and inheritance planning, legal corporate structuring and intellectual property. The 34-year-old estate planner, from India, who is also studying for a master’s degree in law, worked in Manchester, England, as a probate specialist before moving to Dubai seven years ago. He has a wife and a three-year-old daughter and his parents spend several months a year with them in Bur Dubai.

Q

How did your upbringing shape your attitude towards money? A

I was brought up in Indur, in the Indian region of Madhya Pradesh, with a very balanced approach towards money. My father and uncles were part of a family business – electronics – and my mother was a housewife. I have one elder sister and lots of cousins. While I was not born with a silver spoon, I got the best of everything in just the right amount – education, health care, instruments like a synthesiser and banjo for music classes, but not expensive toys. Not being deprived of anything, but not having anything in excess, made me respect money. How much did you get paid for your first job?

Just after I graduated from my commerce degree and while I was preparing to go to Cardiff in Wales to study for a postgraduate degree in international business and finance, I spent the summer working in marketing and sales for a scooter and bike company, earning Dh500 per month.

Are you a spender or saver?

I am currently a spender but an aspiring saver. I have a collection of watches and suits – maybe eight watches, from a Hamilton to a Tag Heuer and Mont Blanc, and more than a dozen suits costing US$700 to $1,000 each. I’m in the field and meet clients, directors, CEOs, so I call it investment. But nowadays I’ve realised I need to slow it down. I’ve not bought anything

for the last few months. Just because I like a watch doesn’t mean I have to buy it.

What is your most cherished purchase?

I bought a new Honda Accord V6 coupe on my wedding anniversary last year. It retailed for Dh150,000 but I got a good deal – Dh125,000. It was my first brand-new car and I paid cash: I didn’t have to wait for the loan and paperwork and I bought it on the spot. It was a very happy moment for me, to be at the stage where, if I like something, I can immediately buy it. I am a family man so I decided to do on it our anniversary to make it more memorable.

Have you ever had a month where you feared you could not pay the bills?

My first year in Dubai as a bachelor. As with every new person in a new place, it was a bit of a struggle. I did not have a car and used public transport. I rented a room. But I was always very family-oriented and wanted my parents to live with me, so I wanted to set myself up as soon as possible.

Where do you save?

I have property in Indur – I helped my parents, when they upgraded from their old house, and I have commercial property there too, without a mortgage. I bought an apartment in The Greens in 2015 with a loan; the rent I get pays for the mortgage and maintenance. I also invest in mutual funds through a non-resident Indian (NRI) bank account. I think both avenues provide long-term stability and maximum returns with minimum risk. My income is not fixed so every month is different, but I average it out and save 25 to 30 per cent of my average income each month. I also invest in gold and diamonds – once a year I will buy some jewellery for my wife. It is expenditure but also savings.

Do you prefer paying by credit card or in cash?

I usually prefer to pay by card but, over time, I have realised one tends to spend less using cash. A credit card gives the spender the feeling that they have a hidden account that they can keep spending from – which is what gets people in a debt trap.

What has been your best financial investment?

The property market is one place where I have always seen returns on my financial investments. Real estate has definitely been my best investment. I would like to buy another property and cannot decide between Dubai and India. I would like to buy in six months to a year.

What do you most regret spending money on?

I would not use the term regret, but I did feel like I spent too much on a recent holiday to London. We flew first class, stayed in the Hilton at Paddington for two weeks and did lots of shopping. I didn’t set a budget. So for two weeks, no income – only spending. In future I plan to set budgets. We think we will go somewhere nearby in September, maybe Georgia, as my daughter is so small. MONEY AND ME