Happy traveller takes long view

Andrew Tarbuck, 41, has been a partner with Latham and Watkins in Dubai since 2008. The Briton, whose specialities include capital markets, public and private mergers and acquisitions, restructurings and flotations, says how he manages his money is more important than how much he makes.

Describe your financial journey so far?

Slow and steady, with mercifully few shocks along the way. When you pursue a career in law, it typically involves a long period of quite expensive studies early on, then another long period of training before you actually get to start earning significant money. So it’s only after you’ve got a few years under your belt that you’re able to start to earn bit more money, pay down your debts, and from there get into a more comfortable financial position.

Are you a spender or saver?

Without doubt I’m a saver, no question. A flashy ostentatious lifestyle is not one that appeals to me at all. I’m far more interested in making sure that my longer-term financial future is secure than splashing out on a new car every six months.

Is money important to you?

I’m not going to claim that money is not important to me. Instead I’d say it’s the possibilities and the freedom that money can give you that is more important than the money itself, if that makes sense. Having a lot of money is not that important to me. What’s more important is being able to have the ability to travel home to see my family, a degree of comfort about my longer term future in terms of pensions and investments, and to be able to take a nice holiday every now and then.

Have you made any financial mistakes along the way?

I think I’ve been very fortunate in that I haven’t suffered too much as a result of either the global financial crisis or the property crisis here in Dubai.

What has been your biggest financial lesson?

If I have any regrets about my financial journey thus far, it’s that I didn’t start to think about financial planning earlier. When you’re young, saddled with student loans and just beginning to make some money, you don’t tend to think about things like buying property and planning for your retirement. Questions about property and pensions are easy to put out of your mind for a later time. I was lucky in that I did get some good advice relatively early in my career, but I only wish that I’d started a little bit earlier. It’s never too early to start thinking about such things, and if you do start planning at an early stage you will reap the rewards later. Likewise, if you put off thinking about it too long, it could be costly in the long term.

What is your philosophy towards money?

It’s about stewarding the money that you do have in a way that gives you freedom to do things that are important.

What do you enjoy spending money on?

Probably my main indulgence is international travel. Quite recently I treated myself to a stay at the Calistoga Ranch in Napa Valley, a beautiful resort deep in the heart of Californian wine country. It cost a bit more than I usually budget for a holiday, but it was an absolutely wonderful time, and worth every single penny. Coupled with the travel I like being able to go to live sports events around the world. Growing up in the north-west of England, I’m a passionate Liverpool supporter, so I’ve been really fortunate to be able to travel home to watch them play at Anfield and at Wembley. I’m also a rugby fan so it was great to be able to go and see the British and Irish Lions play on their tour to Australia earlier this year. Plus of course, I consider my subscription to The National to be money very well spent.