My Dubai Salary: ‘After earning Dh1,500 as a supermarket cashier, I now make Dh48,000 as an entrepreneur'
As the founder and managing director of Alpha Mortgage, a Dubai-based mortgage consultancy founded last year, Ms Tejwani, 32, also makes passive income by offering advisory services to businesses.
She lives in Bur Dubai with her husband, who runs a company that provides business set-up services and financial consultancy, and two children – one is three years old, the other three months.
She is from the city of Ajmer, in the north-western Indian state of Rajasthan, and obtained her bachelor's degree in commerce.
What was your first job and salary?
I always wanted to work. During my first year of graduation, I worked in sales in a car showroom and earned 3,000 Indian rupees ($34.70) a month.
After the first year of my graduation, I wanted to move out of Ajmer to get some exposure. My parents weren't willing to send me anywhere, but I finally convinced them to allow me to relocate to Dubai, since my brother worked here then. I moved here and got a job as a cashier in Choithrams supermarket, where my salary was Dh1,200 ($326.80) a month. I was later promoted to customer service supervisor and worked there for nearly two and a half years.
Later, I moved to RAKBank, where I sold business loans to small and medium enterprises for a monthly salary of Dh4,000. I worked there for four years and left as a virtual relationship manager. I then moved to Mashreq, where I worked as a relationship manager for a monthly salary of Dh11,500 for nearly four years until 2021.
In 2021, my husband and I founded JSB, a business set-up and financial services consultancy.
Tell us about your current role. What is your salary now?
I left my full-time job in 2021 because I had just given birth and wanted to focus on my business, while also having the flexibility to take care of my child. While providing banking assistance to SME customers, a few of them wanted help to take out mortgages since the UAE real estate market was booming. Some customers were based overseas and were not being offered the right mortgage advice or a good interest rate. I sensed an opportunity and had ready clients, so I decided to set up a mortgage consultancy called Alpha Mortgage last year.
I withdraw a salary of nearly Dh48,000 a month, including allowances.
Do you manage to save?
I am very disciplined about saving. I have managed to save throughout my career and this helped me to set up my business.
Between my husband's and my income, one is used for investing and the other to pay for family expenses. After paying for my basic expenses, I save the rest of my income and invest into multiple assets.
What asset classes do you invest in?
I invest mainly in real estate in India and Dubai, and buy gold coins every six months. I am interested in physical, tangible investments.
I have purchased properties in Dubai for investment. One is an off-plan townhouse in Dubailand worth Dh1.5 million, and the other is a two-bedroom apartment, near the Dubai Frame on Sheikh Zayed Road, worth Dh3 million. We are now in the process of finding a property to buy for us to live in as a family.
We own commercial properties, both ready and off-plan, in the city of Jaipur in Rajasthan. I am also trying to learn stock trading now.
Do you have any debt?
I have a mortgage, which is covered by the rental income, and we only had to pay the down payment to buy the property. I also have a car loan.
I rarely use credit cards. I focus on spending what is readily available and strive to increase my income rather than add to my liabilities. I try to create passive income to fund my discretionary purchases. I offer advisory services to SME customers for their business and compliance needs and earn money from it.
Have you ever inherited a sum of money?
No, my father used to drive a taxi, so I never had an opportunity to receive an inheritance. Everything I have built has been through my hard work and smart financial planning.
Growing up, were you taught how to handle your finances?
Yes, my family taught me to always have a source of passive income. When I retire or slow down my pace of work, I intend to have an asset or business that will offer me passive income to cover my basic expenses. I want my investments to make money even when I'm asleep.
What are your major monthly expenses?
Nursery fees are quite expensive. I also spend on travel, as well as life and health insurance for our family.
Do you have an emergency fund?
Yes, it can sustain us for a minimum of six months. We always keep cash as an emergency fund in our joint account. We also look at gold that can be easily liquidated as an emergency fund.
Watch: UAE Salary Guide: Why expat packages are not what they used to be
What do you spend your disposable income on?
I spend on travel and family expenses. I occasionally reward myself with luxury items since we don't have to worry about covering our basic expenses any more.
Do you worry about money?
No. Since I started working, I've been into sales, so am confident that I can start from zero and rebuild anytime. However, I always keep enough savings to sustain me for at least six months to a year. But if I land in a situation where I have to make money again, I'm confident in my sales skills.
What are your financial goals?
In the short term, I want to grow my property portfolio. In the long term, I want to build strong passive income through strategic property investments, gold purchases and stock trading.
What is your idea of financial freedom?
Financial freedom is where I can work by my choice, not out of compulsion. When I worked in a bank, I wanted to quit a couple of times, but it wasn't an option. However, when I got into business, I understood how to make money through sales. I have now delegated work to my team so they can handle all tasks or I can even get work done while sitting in another country.
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