My Dubai Salary: 'I set aside 5% of my Dh13,500 earnings to invest in gold'

Muskkan Chelani, a real estate marketer, invests in Indian stocks, gold and a clothing business

Muskkan Chelani sets aside up to to 15 per cent of her monthly earnings as an emergency fund. Pawan Singh / The National

Muskkan Chelani, who works as a marketing manager at a Dubai-based real estate company, realised she needed to be financially independent at the age of 16 when her family were going through a hard time.

She used her enterprise to design and sell event invitations and gradually scaled up her skills to bag freelance content writing jobs.

The Indian, 24, is from the city of Jaipur in the western state of Rajasthan. She moved to India from Dubai when she was 10 due to a family emergency and returned to the emirate in 2021 to settle.

Ms Chelani studied for a bachelor’s in journalism and mass communication at Manipal University Jaipur and then completed a master's degree at Middlesex University Dubai, where she specialised in corporate and marketing communications.

She now lives in Mankhool.

What was your first job and salary?

I started by selling digital wedding, birthday and event invitations for 500 Indian rupees ($5.90) each. Then I moved on to a content writing internship where I was paid 3,500 rupees, followed by another internship.

My first full-time job was as a content writer at a technology company, a remote job during the Covid-19 pandemic, and I was paid 10,000 rupees. I resigned in August 2020 and started freelancing on portals such as Fiverr and Truelancer.

I built a recurring clientele. My initial income from freelancing was between 15,000 to 18,000 rupees per month and this later went up to 40,000. Then I moved to Dubai to pursue my master’s degree in 2021 – simultaneously I had a full-time job as a content writer at a real estate company, which paid me Dh5,000 ($1,361) per month.

After quitting, I freelanced for a few real estate companies in Dubai and property agents who paid me for personal branding. In 2022, I was recruited by real estate brokerage Hamptons International as a marketing copywriter. I worked with them for a year and a half and earned up to Dh9,000 [a month]. I was promoted to marketing and communications executive in less than a year.

Last December, I was hired as a marketing manager by my current employer, which again is a Dubai-based real estate company.

What is your salary now? Tell us about your current role

I earn between Dh11,000 and Dh13,500 per month, including bonuses and other benefits. I handle the A to Z of marketing in this role, from branding to social media and lead generation.

In which asset classes do you invest?

I invest in large-cap stocks for the long term and have mutual fund investments in India. I am new to investing and started stock trading about a year ago. I have a limited portfolio and take guidance from my friends who are knowledgeable about the stock market.

I also buy gold occasionally. When bullion prices go down, I invest in gold coins.

I also prefer to withdraw money from the bank and keep it aside, rather than saving it in the bank because I tend to spend a lot with Apple Pay.

I've also invested in a clothing business in India and am expanding it in Dubai now. My father, who’s 58 and retired last year, is also involved in the business.

Have you purchased property in your home country?

I am saving for it now and plan to buy a home in India in the next few years.

Do you have any debt?

I do not have any significant debts, only credit cards that I pay off in full every month.

Growing up, were you taught how to handle your finances?

No. Until my family was in Dubai, I had a very privileged childhood. Even after we moved to India, all my demands were fulfilled. But after I turned 16, things went haywire for my family. That taught me to be financially independent.

I've never been a reckless spendthrift, but I grew to become more responsible as the eldest child. I learnt how to manage my finances. Although my parents still paid for my college fees and daily expenses, I wanted to become self-reliant and started selling invitations to make some money for myself.

What are your major monthly expenses?

Rent, food and sending money back home. That's not mandatory but I choose to do it since I have invested in the business.

I do not lead a very fancy lifestyle. As I do not drive yet, some money goes towards my driving lessons every month.

How do you budget your salary every month?

I set aside 10 per cent of what I earn and forget about it. I know 10 per cent of what I earn may look very small but small things make a difference.

I also keep 5 per cent of my earnings aside to invest in gold. If I can’t buy gold, I keep this percentage aside in cash.

I divide the remainder of my income among my liabilities, bills, credit card payment and remittance. I also budget ahead in case my sister, who’s in college, needs money.

I allocate 15 per cent of my salary for travel and leisure every month. This helps cover expenses if my family is visiting me in Dubai.

Have you started saving for retirement?

No, I haven't. I haven't thought about retirement since I love working.

I want to build a comfortable life where I have the liberty and flexibility to choose if I want to have lunch at the office or come home.

I want to build such a work ethic that my employer offers me the flexibility to dedicate certain hours in a day for myself.

Do you have an emergency fund?

The 15 per cent of my salary that I keep aside every month is my emergency fund.

How do you spend your disposable income?

Once every three months, I go on a leisure outing with my friends. Recently, we've been planning to go on a staycation in another emirate.

Do you worry about money?

Yes, I do. Real estate looks like a very glitzy and glamorous business where everyone's making money. But in reality, it’s only the brokers who make money. But no one understands that the marketing department provides leads to close sales.

Most companies don't give a commission to us because we are hired to generate leads. We are on a fixed salary structure, while salespeople make probably five to six times the money than a marketing person.

The marketing side of the business is often overlooked. I worry that despite putting in so much effort, we do not receive the right financial outcome. But this is a global phenomenon. Although salaries have improved, I still see a lot of real estate companies paying people in my position a four-figure salary. It’s sad to see people being underpaid.

Being a member of The Leaders Group, a networking platform where I connect and interact with professionals in my industry, helps to build my contacts.

What are your financial goals?

My short-term financial goals are to save money to buy a new car in Dubai and to lead a hassle-free, comfortable lifestyle.

My long-term financial goal is to buy a house in India, as well as in Dubai, as I work in real estate.

What is your idea of financial freedom?

It would be a situation where I'm dependent only on my investments and savings. I want to be relaxed and not constantly think about how much I earn.

What are your best money-saving hacks to offset inflation?

Always try to save more than 10 per cent of your salary each month. Even if it’s a small amount, it will add up in the long run and help beat inflation.

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