Hussein Sayed is the chief market strategist for the Arabian Gulf and Middle East region at forex broker FXTM. The 34-year-old, from Lebanon, who has lived in the UAE for a decade, has spent several years in the finance sector as a dealer, trader and analyst in equities, credit and foreign exchange markets.
How did your upbringing shape your attitude towards money?
I have always thought of money as a tool that gives me the freedom to act. Of course, money is essential in our life, but this doesn’t mean that lots of money can bring happiness. I wouldn’t say no to winning the Powerball, but I don’t let money take control over me. Since I was young I learnt how to save for a rainy day and how to manage my finances, but I save to invest and invest to become wealthy, rather than being focused on becoming rich.
How much did you get paid for your first job?
I was in my first year at university studying banking and finance at the Lebanese International University. The job was in a dealing room for a brokerage house in 2002, and I earned US$500 a month.
Are you a spender or saver?
I try to find the balance between the two. If you focus only on spending, you may end up with a lot of financial troubles later in life and probably uncontrollable debt; while being an extreme saver you may end up with regrets as life is meant to be enjoyed.
What is your most cherished purchase?
The house in Dubai Sports City I bought with my wife where we currently live. The security and peace of mind that comes with owning your primary residence is a great accomplishment. It was for Dh3.6 million.
Have you ever had a month where you feared you could not pay the bills?
Unfortunately, yes. This was during the global financial crisis in 2008. I spent a year without a job and my savings account was only enough to cover four months of expenses, then I had to accumulate some debt. However, it was a great lesson for the future as I have now expanded my emergency fund to cover one year.
Where do you save?
My emergency savings are kept in a savings bank account and certificates of deposit. Meanwhile my retirement savings are spread between mutual funds, exchange traded funds and my own portfolio of stocks.
Do you prefer paying by credit card or in cash?
Most of my purchases go through a credit card. I agree that people tend to spend more when using their plastic cards instead of cash, as paying in cash is more painful than just swipe and sign, but this isn’t always the case. As long as you have the discipline, proper budgeting and make sure you pay off your balance in full every month, then a credit card is better for you.
What has been your best investment?
The small piece of land that I bought in the mountains of my home country. This is where I would love to build a small wooden house for retirement.
What do you most regret spending money on?
If I have to pick one thing – and hoping my wife won’t read this – it’s spending on our wedding.
What financial advice would you offer your younger self?
Pay off your debt, have a proper financial plan and stick to it.
Do you have a plan for the future?
Every year I look at what I’ve achieved and what my next short-term goal is, whether it’s career-related, personal or financial.
If you won Dh1m, what would you do with it?
Build my retirement house.
What would you raid your savings account for?
That rainy day or unforeseen circumstances – that’s what it’s there for.
ssahoo@thenational.ae
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