Money & Me: ‘Always pay yourself first when you get the pay cheque’

Furniture company partner Jennie Stallings invests in her education, her business – and making her home beautiful

Jennie Stallings, partner at furniture company ChelseaGreen, believes she could have taken higher financial risks when she was younger. Pawan Singh / The National

Jennie Stallings, partner at the furniture company ChelseaGreen, believes in paying herself first. By that, she means setting money aside for her savings, investments and retirement before spending on her wants.

The American, 48, studied interior design in Dallas and worked in high-end residential interior design for a few years in the US.

She also started her own interior design business in the early 2000s.

Ms Stalling moved to Dubai in 2006 with a one-way ticket and her cat, Winston.

She worked in the commercial furniture sector and spent eight years with US company Herman Miller.

She has more than 25 years’ experience across the US, Middle East and Africa as an ergonomic specialist, wellness consultant, residential and commercial interior designer, and trainer.

“I started a business called Be Well. Unfortunately, the timing wasn't fabulous since it was right before Covid. It never had a chance to get off the ground,” Ms Stallings says.

“I then started working with ChelseaGreen as a partner and commercial manager two-and-a-half years ago.”

She lives with her Scottish husband, who owns an oil and gas business, and five cats in Umm Suqeim 3, in Dubai.

Did wealth feature in your childhood? What did you learn from it?

Money was present in a very understated way. I was taught the value of $1 from a very young age.

We were a middle-class family, and my father was in the military. Although money was discussed, it was never a dinner table conversation, but we had what we needed.

We earned an allowance from a young age doing chores around the house, but it was always understood that if there were things that you wanted outside of what you needed, then you paid for them yourself.

I wanted pink Reebok High Tops sneakers and my mother refused to buy it for me. I saved the money, but when I went to buy them, I saw an off-brand version of the same shoe, but for significantly less, like 50 per cent less, and I bought it.

I learnt that brands are not the be-all and end-all. When it's a trendy item that’s disposable, buy the off-brand. When it's something that will be well-used, then spend more money and buy something that will endure the test of time and have longevity.

How did you first earn? What did your first job pay?

My first job paid me $7 a week. My dad decided that he didn't want to mow our yard anymore, so he went to hire the neighbourhood boy to do it.

He charged $8 a week to mow the yard. I offered to do it for $1 less per week. I secured the job of mowing our family yard for the next seven years.

Any early financial jolts?

Financial setbacks didn't happen until I was in university, when I had to pay a student loan.

I lost a scholarship because I changed my major from art to interior design. I needed to supplement my income so I could pay for my schooling.

For most of my undergrad, I worked two jobs and an internship to pay for what the scholarships or grants didn't cover.

How do you grow your wealth?

I work very hard. I've always been very independent, hardworking and diligent.

For the last two-and-a-half years, I've also reinvested in our business because I believe in it.

I've always had a retirement plan. I started my retirement investments when I was 22. I've carried that on in various ways, some are sort of slow burns.

I don't do anything that’s overly aggressive, but I reinvest in myself, whether it's in my business, my home and family, or into steady retirement.

I always believe that when you get a pay cheque, you pay yourself first and pay for your retirement.

Are you a spender or a saver?

A little bit of both. I believe that we should enjoy our lives. We live in a wonderful part of the world, and it makes travel a lot easier and accessible.

But I pay myself first. I pay into my retirement and savings, so there’s always money for the rainy day.

We live free of debt. My credit card gets paid off every month. For the first time in my life, I have a car loan now. I've been driving for 33 years.

Have you been wise with money?

For the most part, yes. I'm not somebody who reacts when it comes to financial things. I don’t make rash decisions.

Because of thinking things out, I've been more fortunate, but I still take risks. I've taken calculated risks, and some that have not paid off.

As I get older, I've become wiser. I have neither been reckless nor too reserved.

What has been your best investment?

Besides myself and my business, I made a decision many years ago to invest in good and beautiful furniture, things that I live with and will have for the rest of my life.

I think it's important to surround yourself with things that are meaningful and sustainable.

I invest in my education as I want to learn more, so that I grow as an individual, business owner and manager and am able to learn, mentor and be better at whatever I do.

Any cherished purchases?

One thing that I had wanted from the first time I saw one in a museum in Dallas in the late 90s was an Eames LCW [Lounge Chair Wood] moulded plywood chair.

When I worked for Herman Miller, I was able to save to purchase a pair of them. I keep them close at hand. I see one when I wake up, and the other one in my home office.

They are long-cherished iconic pieces that when I was able to afford them, I was grateful. I took advantage of my employee discount to buy them.

How do you feel about money?

I like to earn it, work hard for it, but don't like talking about it.

I find it uncomfortable speaking about money because it was not a topic of conversation growing up. It wasn't taboo.

You just don’t talk about finances, maybe it's an American thing. You don't talk about the rent you pay or how much your car cost.

I find it to be a very private thing. I remember the first time somebody here asked me: ‘What do you pay for rent for your flat?’ I was horrified.

Any financial advice for your younger self?

Take higher financial risks in terms of investment. I was a little old for my age when I was younger.

I didn't take the same higher risks that I should have in my 20s and 30s, that aren’t the wisest to be making in my late 40s.

Any key financial milestones?

Saving money to start my business in Dubai in 2019.

I remember the day I put down money for my trade licence. I was able to do everything in cash.

What luxuries are important to you?

The luxuries within my home. I have a rug collection, a furniture collection and I love beautiful art.

I wouldn’t say anything is enormously valuable to anybody else, but the fact that I get to surround myself with beautiful things is incredibly luxurious to me.

What are your financial goals?

I would like to be able to financially retire by the typical retirement age. But I hope I have the energy and youth to keep carrying on for at least another 20 years after that.

I don't want to ever retire. My dad is 88 and still going strong. My mother is 78 and teaches yoga. Part of it is because they have always worked and keep their minds and bodies busy.