Rumana Mowjee, the managing partner at Gymboree Play & Music in Dubai, has been in the city for nearly four years and is witnessing the success of her new venture. Her financial journey has been influenced by her upbringing and experiences, shaping her perspective on money management. She describes her relationship with money as complex and constantly evolving. While she is conscious of her spending habits and diligently saves for the future, she also believes in enjoying vacations with her family and investing in her children’s education.
Mowjee credits her mother for instilling in her the importance of saving money for a rainy day and avoiding unnecessary expenses. She learned valuable lessons about budgeting and prioritizing spending from her mother, which have shaped her approach to financial management. Additionally, her parents and grandparents have been key influencers in teaching her the fundamentals of financial planning and the significance of having an emergency fund.
One of the most profound experiences Mowjee had in relation to money was during her early career when she faced a significant pay cut due to a financial recession. This taught her the importance of financial planning and having a backup plan for unforeseen circumstances. Living in the UAE has also influenced her relationship with money, as she is exposed to a culture of luxury and opulence. This has made her more conscious of her financial decisions and the importance of saving and investing wisely.
If given the chance to advise her younger self or her children about money, Mowjee would emphasize the importance of starting to invest early. She believes in the power of compound interest and the long-term benefits of saving and investing from a young age. While her monthly savings may vary due to the nature of her business, she prioritizes setting aside a portion of her income for savings. Her goal is to accumulate enough wealth by the time she is 65 to support herself in retirement and provide financial assistance to her children to help them pursue their dreams without financial constraints.
