'Financial expenditure often induces a feeling of apprehension': Moroccan resident abroad in Dubai
In the bustling city of Dubai, UAE, Imane Belhabes, a Moroccan expatriate, has been living for over a decade. Her journey with money, however, has been a complex one, marked by cultural taboos, anxiety, and a gradual transformation.
Belhabes, the founder of WellnessWonderz, a fitness subscription box business, attributes her difficult relationship with money to the societal stigmas surrounding financial discussions, particularly for women. However, starting her business changed her perspective significantly. She began to view money as a tool for investment in her business and a means to cut back on unnecessary expenses.
The turning point in Belhabes' financial journey was the inception of WellnessWonderz, which she self-funded. This experience shifted her perspective on money, causing her to focus on its power to fuel her business and personal growth. Over the years, she has gradually moved from viewing money as a means for security and survival to seeing it as a tool for freedom and personal growth.
Belhabes is conscious of her spending habits, saving 15-20% of her monthly income. She values experiences over material possessions, preferring to spend on trips and buying presents for her loved ones. While she occasionally indulges in luxuries like staying at a fancy home depot or dining at a high-end Michelin-star restaurant, she maintains a balanced approach to her expenditures.
Looking ahead, Belhabes' long-term financial goals include finishing the mortgage on her house back home and owning a home in Ras Al Khaimah, UAE. She also aspires to build a net worth of $20 million (Dh73 million) by the time she is 65.
If Belhabes could give her child or younger self one piece of advice about money, it would be to start investing in different things at a younger age and to start saving earlier than when she did. She learned from her parents the importance of saving "just in case" and considering real estate as the only viable investment.
In her quest for financial literacy, Belhabes is currently working on improving her ability to discuss money openly and starting long-term financial planning. Her journey serves as an inspiration to many, demonstrating that it's never too late to change one's relationship with money and achieve financial success.
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