27-03-2025
‘No such thing as free money': British expat on raising financially-savvy kids
British expatriate Sophie Johnson is the head of department and assistant professor in interior design at the Canadian University of Dubai. The 48-year-old has been in the UAE for 13 years and says she learnt the most about money from her mother. She adds that as a mother herself, spending money on herself feels like 'splashing out'.
If you had to use one word to describe money, what would it be?
Opportunities.
How would you describe your relationship to money?
I have never been driven by money, but have always understood its value and in that sense, it has driven me to work early and consistently to invest in tangible and intangible things that make life more enriching.
How do you think this relationship was formed?
I only discovered this some time ago, it was from my parents. My mother brought me up financially independently and I have taken that from her. My father taught me to do a job you love, rather than [take on a job] for money.
What good or bad lessons about money management did you learn from your mother?
My mother was from the generation that was frugal with money. She worked hard, saved and invested well, and did not waste money.
Who do you speak to about money matters and is it something you consider 'taboo'?
The topic of money is not taboo for me; we talk about it at home. Kids need to understand the value of money and need to know if something is too expensive or not affordable. I talk to my husband and we plan or have ideas of what to invest in, individually and as a partnership.
Who has taught you the most about financial
management?
My mother.
What has been your most profound
experience with money, and what did it teach you?
Property, invest well in this and be able to ride out the lows and you can reap some amazing rewards. But it is a long-term investment.
How do you think living in the UAE has changed your relationship with money?
Well, I have finally stopped doing the exchange rate in my head after every purchase, and now find London more expensive.
If you could give your child or your younger self one piece of advice about money now what would it be and why?
Work, there is no such thing as a free ride or easy money. If it's too good to be true, it probably is. I know today the youth see fast money being made through social media, but it can be lost just
as quickly.
What do you value spending money on?
Vacations, time away together as a family.
What do you consider splashing out?
Anything for myself seems like splashing out.
Do you long-term plan your finances, and if so, how?
Both my husband and I are similar in terms of last-minute planning. However, now the kids are nearing university, we are starting to think about long-term planning for the kids and investments.
What is your long-term goal or dream that is pegged to your
finances?
The dream would be a place with space that can be run as a B&B. I can't quite see if it is in Thailand or the UK, so I'm not quite ready for that dream yet. Maybe in another 15 years.
How much do you save each month?
Really nothing, with three children in school it is quite difficult. However, we save in lifestyle, opportunities and travel.
How much do you plan to have by the time you are 65?
I have no plan. The plan is that kids are ok and we can live without being frightened of not having enough.
What is your greatest financial decision?
Buying a one-bed flat in London that sold for a crazy amount at the time.
It helped set us up for where we are today.
What is your biggest financial regret?
I regret selling a lot of my mother's things after she died. I felt quite uncertain after her death with two young babies so I just sold what I could to be financially stable. That is a regret I think about these days.
