Monika Debowski is the founder and managing editor of Esswara.com, an online store for jewellery and fashion accessories she launched last year. The Canadian, 32, who moved to Dubai in 2010, previously worked as a consultant for a management consulting firm.
Describe your financial journey so far.
I have had my ups and downs with my feelings towards money and material possessions throughout my life – from growing up in a medium-income household, to a sudden increase of disposable income when I got my first job, to a more mature outlook on savings and proper investment. Every time I felt myself going through a high-spending or saving phase I would force myself to review my relationship and readjust to a healthy balance.
Are you a spender or saver?
At this point I would say that I am neither – I tend to adjust to each salary I make. My salary always gets split into my life expenses (rent, utilities, groceries), travel (to see family), and shopping/eating out. My savings tend to be the area that fluctuates if my salary increases or decreases. I definitely waited until I was financially healthy before starting my own business. That way I would not worry (as much) about debt while funding a start-up and I made sure to start it with investors that could support the business financially.
What is your philosophy towards money?
I love what Oprah says about the journey of finding your authentic self being a parallel to becoming successful – being authentic and being true to yourself in your personal life is a key lesson to use in your professional life. This is especially important when creating a start-up – making sure you create a company that reflects your values and your passion is a key part of selling yourself to investors, who can often sense a lack of sincerity a mile away.
Have you made any financial mistakes along the way?
Of course. My biggest lesson came at the age of 23, after graduating from Ivey Business School. I took on some debt during my degree and definitely lived carefully and frugally for that time. I was very lucky to get a good job out of graduation, and the sudden influx of money was a shock. It took me about a year to get the spending out of my system. I really didn’t limit myself. Although it went on a bit longer than it should have, I don’t regret getting that feeling out of my system, which has allowed me to experience both ends of the spending spectrum.
If you won Dh1 million, what would you do with it?
My immediate reaction is to reinvest a large portion into Esswara.com to achieve a lot of items on my wish list for the start-up. As an entrepreneur you tend to always think about your business first. If I let myself really dream, it’s to own a villa in a luxurious location like southern Europe, or to buy a small boutique hotel in a beautiful country like Sri Lanka. I’m sure that owning property is something in my future – maybe 10, 30 years from now.
Do you plan for the future?
I probably should answer yes, but the truth is I haven’t started a retirement plan or planned too far ahead in the future. I believe strongly that as my needs change, my life will also change to accommodate my growing needs – for example, once I start a family, I will readjust to provide for my children.
What do you enjoy spending money on?
Now that I’ve reached by thirties, my choice of what to spend on has definitely changed. Luxury items have lost their appeal. At this time, I really enjoy a simple life and spending money on travel to see family or new places.
jeverington@thenational.ae
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Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
RACE CARD
6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m
7.05pm Handicap (TB) $68,000 (Turf) 2,410m
7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m
8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m
8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m
9.25pm Handicap (TB) $65,000 (T) 1,000m
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
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HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.9-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E620hp%20from%205%2C750-7%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E760Nm%20from%203%2C000-5%2C750rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.05%20million%20(%24286%2C000)%3C%2Fp%3E%0A
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
COMPANY%20PROFILE
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NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
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