How living in UAE has changed this Indian expat’s relationship with money

Sulochana Betwala reveals how an understanding about money matters in her teens helped her build a healthy relationship with the concept of wealth

Sulochana Betwala is the co-founder and CEO of TOTL Real Estate and has been in the UAE for 12 years. She has a healthy relationship with money and has learnt much about finances from her family, she says.

If you had to use one word to describe money…

Convenience.

If you had to write a letter to money…

“I love you. Just be there when I need you.”

How would you describe your relationship with money?

My relationship with money is transactional. While it’s not my sole focus in life, I recognise its importance and keep it accessible for my needs, preferring not to hoard it unnecessarily.

How do you think this relationship was formed?

I understood as a teen from my parents that money is important and it helps you live a comfortable and independent life. After my father’s retirement, I was the primary breadwinner at home; so I had to build a very sensible relationship with money. I’d say that’s what has brought me to where I am today.

What good or bad lessons about money management did you learn from your mother?

Growing up, I never got material things just because I wanted them, and I was always given an explanation as to why. That was extremely crucial for me to learn the difference between a need and a want. Observing my mother, I learned how to manage a house with just one income source, and that’s something I carry with me even today.

How do you think living in the UAE has changed your relationship with and perception of money?

It has given me confidence and growth and helped me accomplish my aspirations. I haven’t changed my outlook on money. However, it has driven me to do more and make better decisions in life.

What do you value spending money on?

I value spending on essentials, investments, creating a work-life balance and investing myself. More importantly, I value spending on my family and our health.

Do you make long-term plan for your finances, and if so, how?

I prioritise financial planning, looking ahead for two to three months, with a focus on property, stocks, and savings. My long-term goal is financial security, minimising income concerns. In the short term, I aim to support my parents’ health and medical needs, ensuring their well-being.

What is your long-term goal or dream that is pegged to your finances?

My long-term financial goal is centred around fulfilling my dream of extensive travel. It’s a balance between needs and wants, and I aim to allocate resources to make this dream a reality.

How much do you save each month?

I save up to 25 per cent of my monthly earnings.

How much do you plan to have by the time you are 65?

My goal is to ensure that, over time, I won’t need to work as intensely to sustain a comfortable life. Ultimately, settling down in the UAE is part of my long-term plan for a comfortable and fulfilling lifestyle.

What is your greatest financial decision? The one you are most proud of or the most profitable one?

It is buying a house for my parents. Knowing that I’ve provided them with a secure and comfortable home brings deep personal satisfaction.