Money & Me: ‘Life is for living but not at the cost of your retirement’

Jacob Hall, global director of advisory at Hoxton Wealth, wants to be financially free by the time his children turn 18

Jacob Hall, global director of advisory at Hoxton Wealth, invests in exchange-traded funds, mutual funds, bonds, equities and properties. Antonie Robertson / The National

Jacob Hall started working at a young age, which taught him valuable lessons that he has carried into adulthood, including the value of hard work, the inevitability of mistakes and the grit needed to keep going. These experiences set the foundation for his journey in business.

The Briton, 38, left school after his A-level exams to work in his family business. He then moved to the Middle East in 2012 and studied with the Chartered Institute for Securities and Investment for international exams initially, and then pursued the level 4 investment advice diploma with the institute.

After starting off in a business development role in Abu Dhabi, he cleared the exams and stepped up to be a financial adviser.

Currently the global director of advisory at financial advisory firm Hoxton Wealth, Mr Hall lives in Arabian Ranches in Dubai with his wife and two sons, aged six and eight.

Did wealth feature in your childhood?

I came from a family of small business owners who went through the ups and downs of owning their own businesses. Both my parents made their businesses a success, but they had many tough times along the way.

What did you learn from it?

Growing up, I learnt the value of hard work and how, by applying yourself, you can really succeed over time, although it is not always easy.

My dad reinvested everything back into the business, he saw this as his long-term goal and ultimately his pension. When Covid happened, we discovered he was ill and we lost him a year later. This taught me my most valuable lesson – you have to strike the right balance between spending and saving.

You can put everything away for your later life and it may never come. Enjoy life along the way but know your numbers. If you have a structured financial plan, then you know how much you need to save and how much you can spend. Enjoy it, but not too much.

How did you first earn?

I started off working in the restaurant at a young age – I think I was initially on £1 ($1.27) an hour. My first actual payslip was for being a kitchen porter and that was £1.75 an hour.

Any early financial jolts?

At the age of 17, I bought my first car – it cost me £4,200. However, within four weeks, I unfortunately had an accident, which doubled my insurance premium. Needless to say, I slowed down.

How do you grow your wealth?

My focus is liquid investments in exchange-traded funds, mutual funds and bonds. I have a few direct equities, although this is my fun money. I have bought and sold properties over the years, however, this is a key focus for me. I get the most enjoyment out of alternative investments.

Are you a spender or a saver?

I have a good blend of both. I know what I need to do to reach my goals and I do this first. Following that, I like to do nice things with my family and we enjoy trips away. Life is for living and it’s important to remember that, as long as it’s not at the cost of your retirement.

Have you been wise with money?

I started to earn money from a young age. I was always up to something, whether it was buying and selling cars, trailers or even Christmas trees. This meant I got used to spending it and I wish I had known the value of starting to invest early, as I wasted a lot of money then. The difference that would have made now would have been incredible.

What has been your best investment?

My regular monthly purchase of Fundsmith equity funds, which I have made for the past seven years. Fundsmith is a UK-based investment management company.

Any cherished purchases?

I didn't buy it myself, but my dad and I refurbished a 1986 Triumph Stag. It's my most cherished item for sure.

How do you feel about money?

I believe money is the source of freedom. If you can ensure your money works for you, then you can really enjoy your later life without stress.

Any financial advice for your younger self?

Make sure you pay yourself first. If you can get into good habits at a young age, it will provide you with much more freedom in later life.

Any key financial milestones?

My main one is to be financially free by the time my children are 18 years old. I had my children young and I want to be able to travel once the boys leave home. It's not a case of stopping work, but having the option of whether I want to work or not.

What luxuries are important to you?

When I was younger, it was always cars or watches. Now the biggest luxury is time with my family. I have dedicated time in my thirties to make sure that is the case.

What are your financial goals?

To provide for and support my family, have an enjoyable life and to be able to send my children to university – if they want to go. I don't want to give them everything on a plate, but I want to give them the best start I can.