Kurt Blum left a steady job as a music teacher in Switzerland for an uncertain future as an entrepreneur in Dubai. Six years later, the 52-year-old says he does not make as much money as before, but is happy at the helm of Swiss Art Gate UAE, an art curation and events company with one employee - himself. Included in the company's portfolio are a Swiss music and theatre festival in the Mall of the Emirates and exhibitions at Abu Dhabi's Emirates Palace and Yas Viceroy.
How would you describe your financial journey so far?
I came from a higher salary in Switzerland to a small one here where you have to fight and you're responsible for your own income. It's not easy. In Switzerland I was a music teacher in a primary school and high school, so I had a very stable income. You start in the morning at 9am and you do all the work … I was not very happy with this situation so I came here. I set up my own company and actually it's quite hard. You need to drive projects every day to have your own income. Now it's low season and mostly my income is artworks and it's commission-based. There's a very good infrastructure here, it's very open-minded and you meet so many people from different cultures. That's very important for me and that's more important than the financial income.
Are you a spender or a saver?
More a saver. This is something you learn as a child in Switzerland. Whatever money you get from your aunts, from your family, festivities like Easter, Christmas, New Year's - you learn as a child to put this money in a piggy bank. Each child in the family has this. People were always saying, once you're 20 years old, you can buy a car with the money. I don't go for discounts. I don't go for promotions. I just buy what I need. You will buy more if you go for promotions.
Is money important to you?
It's not the most important thing in life. But of course it's somewhat important, otherwise I could not live here in this country. Everybody needs money. I had a six-bedroom apartment in Switzerland, a nice car. In Dubai I live in a smaller building in a smaller apartment, and I'm very happy. For me it's not all about money.
Have you made any financial mistakes along the way?
I was tired with teaching in Switzerland, and I told myself OK I want to do something else on a sabbatical year. During this sabbatical year I sold Porsches, VWs and Audis. After seven months, I changed my job and bought some aloe vera products to sell as a business. But I lost Dh20,000 or Dh30,000. It was a bad idea to work in such products because I couldn't put my heart into this business.
Do you plan for the future?
Not that much. I have my savings and a pension, which is invested in Switzerland. I have a growing plan with my company, financially. I own some land, so in case I need money I could sell it, but as long as I don't, I will not.
What has been your biggest financial lesson?
Spend what you need and save what you can. I see people go too much for marketing promotions. For me, I just spend on what I really need in my life. I can go to a shopping mall and not buy anything. I'm a very bad consumer.
What do you spend on?
I like going to the cinema and concerts and enjoy fine dining. If I'm too lazy to cook, it's easy to buy relatively cheap food here. You have a large variety of possibilities everywhere in Dubai. That's where I spend my money. If I win something or win an exhibition contract, I always give 10 per cent to someone [needy] I know. I know a lot of [needy] people personally because I travel three times a year to West Africa.