Sagar Balani and Ritesh Keswani are not only brothers-in-law, but also the brains behind Shafqa.com, an online store they recently launched in the Emirates. In the first of a two-part series, Mr Balani, who grew up in Dubai, says their aim is not to compete with the country's mall culture, but to offer people a viable shopping alternative from the convenience of their homes.
How would you describe your financial journey so far?
For most people, managing money can seem like a full-time job in itself. And if there's one thing we can be sure of in life, it's change - and change that will undoubtedly affect your financial status. Financial journeys are a rocky path and you never know. Ritesh and I have made mistakes and learnt from them before it got too late. More importantly, I have been blessed to have the support of my parents all through my life. Whether is it financially or emotionally, they have always been a pillar of strength supporting every step that I have chosen in my career. From being a PR executive to a media planner and today launching Shafqa.com, they have always been by my side.
Are you a spender or a saver?
I would not call myself either. I would categorise myself as a person who handles his funds with a lot of thought. I believe that if you make Dh100, a certain percentage, like maybe 20 per cent, should be saved for a rainy day, 20 per cent should be invested, while the remaining 60 per cent is left up to your discretion.
What's your philosophy regarding money?
Your money philosophy is the biggest driver of your financial future. It's your set of financial values, beliefs and ideas that guide your daily decisions and actions. For me, I abide by living life like there's no tomorrow, but plan life like there are plenty of tomorrows.
There's a strong mall culture in the UAE. How can online stores compete with this mindset?
Online stores are not trying to complete with malls. Malls are a one-stop destination for the family, where you can shop, eat and enjoy yourself. However, the sole aim of online stores is to ensure that shoppers are given an ideal platform where they can shop for their favourite products or brands at the best price from the convenience of their homes. Online shopping allows you to skip the traffic, parking hassles and long lines at the stores. And, most importantly, at Shafqa.com our prices are our USP [unique selling position]. Most of our products are cheaper than what is available at the malls.
Did you make any financial mistakes along the way?
Like I said, change is the only thing constant in our lives. Wherever I was on my life's journey - preparing for college, starting a career, raising a family - I hope to secure options to help attain my financial dreams and goals. Furthermore, we were very clear how we wanted to manage our investment and so far we are going as planned.
Do you believe in planning for the future?
Every journey goes more comfortably when you have a map of the road ahead. The first thing that I learnt at university was that planning is the key to everything and I completely believe in it. A strong plan forms the base for a successful campaign. Hence, planning was - and is - an important element to foresee the future of Shafqa.com. I have a well-designed personal financial plan that I hope to achieve for the financial future of Shafqa.com. However, exceptions are always there, but planning gives you a clear vision that is very important.
Is money important?
I would be a hypocrite if I say that money is not important. It is an extremely important instrument in all our lives. However, we must not forget that if we strive for excellence in anything we do, money will follow.
What is your idea of financial freedom?
I guess financial freedom for me would be to have the freedom to use funds my way. I like to be my own decision-maker and would want to write my own destiny. Working for myself and not for someone else already gives me a feeling of freedom. A journey from being an employee to owner, retire earlier and richer. At the start, it surely needs much patience and effort, but it yields a higher quality of life in the future with guarantee.
What do you enjoy spending money on?
I am a complete foodie, so I love trying out different restaurants and cuisines. I also enjoy watching Hindi movies, so cinemas are another place where I spend most of my weekends. Other than that, I do like to shop for shoes. I like to experiment with different colours.
Next week, Ritesh Keswani talks about his financial journey and how it has led to where he is today.