Gaurav Kumar moved to Dubai from India in 2021 to maximise his savings and benefit from tax-free income.
Although he earned well in India, he had less disposable income to save for his family and his future. After moving to Dubai and despite securing high-paying jobs, he has been living alone to maximise his savings.
Now that he has finished paying off his home loan, Mr Kumar, 42, plans to bring his his mother, wife and two children to live in the UAE.
He works as the head of issuing at a Dubai-based payments company and was formerly employed by another FinTech company in the UAE for more than three years, where the job involved the launch of global payment solutions. He found his current job through a referral.
Mr Kumar, who lives in Al Barsha, was born and raised in the eastern Indian state of Bihar, but had lived in Mumbai since 2006. He completed his master’s degree in management studies from Mumbai University.
What was your first job and salary?
It was with a leading Indian bank as a management trainee and I earned 15,000 Indian rupees ($173) a month.
Tell us about your current role. What is your salary now?
I am a digital payments specialist with expertise in launching payment solutions on a global scale. My focus is on driving cashless transactions through the issuance of various card types and value-added services such as Apple Pay, Google Pay and contactless technology.
On the acceptance side, I have experience with point-of-sale terminals and payment gateways, which are used by major e-commerce platforms like Amazon and Noon.
My current monthly salary is in the range of Dh35,000 to Dh40,000.
Do you have considerable savings?
Yes. I try to minimise costs wherever possible to increase my savings.
What asset classes do you invest in?
I had an Indian home loan that I paid off a couple of months ago. I will actively start investing and creating my portfolio now.
Earlier with my savings, I was focused on paying off my housing loan and investing the rest in stocks and mutual funds.
Have you purchased property in your home country? For how much?
Yes, I own a three-bedroom apartment in Thane, a suburb of Mumbai. It cost me 16.5 million rupees ($200,000).
Do you have any debt?
I have a few credit cards in the UAE and a few in India. I come from a middle-class family, which instilled in me the importance of having zero debt and never going over the budget.
Growing up, were you taught how to handle your finances?
Growing up, my parents always emphasised the importance of saving for rainy days. They used to tell me: “If someone is fishing but not saving any of their catch, it’s as if they aren't fishing at all.” They instilled in me the habit of dividing my income into four key areas:
1. Paying off any debts, if applicable
2. Covering monthly expenses
3. Setting aside an emergency fund for unexpected situations
4. Saving for future goals, such as buying a house, car, or even fulfilling dreams such as travelling to exotic destinations.
What are your major monthly expenses?
In the UAE, it is house rent and monthly utility bills. In India, it is household expenses (such as groceries, house maintenance and utility bills) and children’s education fees.
How do you budget your salary every month?
I create a budget by categorising my expenses into fixed and variable. Fixed expenses include things such as housing rent and utility bills.
Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India
Gaurav Kumar
For variable expenses, I set a specific budget to manage costs such as food and dining. I typically cook at home and only go out occasionally, so my expenses in this area are usually well within the budget I set.
Since I currently live alone, I adjust my monthly budget during family visits, especially during holidays, to ensure they have an enjoyable time in Dubai.
Have you started saving for retirement?
Yes, I have started investing in mutual funds, banking and consumer stocks, exchange-traded funds and a pension scheme. I will increase the monthly savings now that I am debt-free. I plan to retire at 55 and pursue a PhD to take up teaching.
Do you have an emergency fund?
Yes, I have already established a pool fund in India and plan to create one in the UAE as well. Now that I am debt-free, I intend to increase my contributions to both funds.
What do you spend your disposable income on?
Over the past two to three years, I had very little disposable income as most of it went towards servicing my home loan in India. However, any savings, along with my annual bonus and increments, were typically spent on travelling, which is a passion of mine.
I've been fortunate to visit nearly all of the UAE's neighbouring countries, and last year, I finally ticked off my dream destination – Europe.
Do you worry about money?
Not really, as I believe that with proper planning, it should not have a significant impact. I avoid overspending and am quick to adapt to my current circumstances.
What are your best money saving hacks to offset inflation?
Don't spend every penny you earn. Always set aside a portion as an emergency fund to cover unexpected expenses or lean periods. When costs rise or money runs low, adjust accordingly, or dip into the emergency fund as needed.
What are your financial goals?
My short-term goal is to begin building and growing my investment portfolio (while managing expenses for myself and family – including both fixed and for planning for travel), with the aim of achieving my long-term goal: generating passive income through investments in stocks, mutual funds and real estate.
What is your idea of financial freedom?
My goal is to be stress-free and financially self-sufficient, with emergency funds in place to cover day-to-day expenses and be prepared for unexpected situations, such as health issues or other emergencies.
Do you earn passive income?
No, I'm not allowed to have a second source of income due to my company's policy. However, on a voluntary basis, I conduct guest lectures and sessions at colleges and corporates on topics like digital payments (overview and career opportunities), personal branding and corporate expectations.
While I don’t accept payment for these sessions, I am usually offered books or mementos as a gesture of appreciation. I plan to pursue teaching full time once I retire from corporate life.
Do you want to be featured in My Salary, a weekly column that explores how people around the world manage their earnings? Write to pf@thenationalnews.com to share your story
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Kill%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nikhil%20Nagesh%20Bhat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3C%2Fstrong%3E%3A%20Lakshya%2C%20Tanya%20Maniktala%2C%20Ashish%20Vidyarthi%2C%20Harsh%20Chhaya%2C%20Raghav%20Juyal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3Cbr%3E%3C%2Fp%3E%0A
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The%20US%20Congress%20explained
%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Scorebox
Dubai Hurricanes 31 Dubai Sports City Eagles 22
Hurricanes
Tries: Finck, Powell, Jordan, Roderick, Heathcote
Cons: Tredray 2, Powell
Eagles
Tries: O’Driscoll 2, Ives
Cons: Carey 2
Pens: Carey
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
GRAN%20TURISMO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Neill%20Blomkamp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20David%20Harbour%2C%20Orlando%20Bloom%2C%20Archie%20Madekwe%2C%20Darren%20Barnet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A