Money & Me: ‘I won’t take funds out of an investment to buy something frivolous’

Dr Katrin Jahn, founder and head vet at Abu Dhabi’s German Veterinary Clinic, wishes she had given herself small treats when she was younger for achieving life and career milestones. The Abu Dhabi resident recently gifted herself a Porsche Macan for completing 18 years of being an entrepreneur.

As well as being a veterinary surgeon, 51-year-old German national Dr Jahn is an animal psychiatrist. Having founded the German Veterinary Clinic in 2008, she recently became a double board-certified specialist in veterinary behaviour medicine. This involves the treatment of pets who have mental and emotional disorders.

She also owns Trinity Veterinary Behaviour, a global online platform designed to educate pet owners, vets and other pet care professionals on all elements of animal behaviour.

Born in Germany, she moved to London at the age of four. Dr Jahn later returned to Germany to study for her veterinary degree in Munich. After university, she worked in the UK for a few years and moved to the UAE in 2006.

Dr Jahn currently lives in Golf Gardens, Abu Dhabi, with her husband and two fur babies. The couple recently purchased a four-bedroom villa on Al Jubail Island, Abu Dhabi.

Did wealth feature in your childhood?

My parents came from ordinary backgrounds and my dad was a role model in that he worked his way up in his career without many qualifications. He was a self-made man. He worked for Mercedes Benz. In terms of wealth, my parents taught me the importance of being self-made. I've always felt strongly about creating my own wealth and legacy.

How did you first earn?

I asked my parents if I could do a paper round at the age of 10. There was a newspaper shop in our community and the owner allowed me to do a paper round, which was supervised by my parents. I was paid a couple of pounds for it.

Very early on, I was keen to earn money, and as I went through my teenage years, I worked a number of different jobs in shops. Even when I was at university, I always had part-time jobs that helped me to earn extra money. My parents supported me through university, but I always worked. I can't remember a time where I didn't work.

Any early financial jolts?

I was very lucky in that I didn't have any student loans. Obviously, my biggest investment was when I opened my clinic. That was a big financial risk. I carried that all on my own. But I had a couple of financial guardian angels who popped up at the time.

But I’ve never had any setbacks because I did not take on debt to create wealth. I didn't walk into a fully set up clinic. I opened the clinic with what I had and then waited to earn money before I could reinvest it. That's how I built my business over 18 years.

How do you grow your wealth?

I had a couple of property investments in Germany, which I sold to buy the Al Jubail Island property. I have two businesses, which are investments as long as they're managed well.

I have a couple of investment funds in Germany, and a few independent pension funds as well.

Are you a spender or a saver?

I'm more of a saver but I spend on things that have value to me. So, I spend on travel and experiences with my family. I recently bought a new car, a Porsche, that was a reward to myself for passing my exams last year.

Have you been wise with money?

Yes. I think I'm very considerate when it comes to money. That doesn't mean I won't splurge on things like a new car. But I will only spend on things that I know I can afford, that are within my pocket money fund. I would never take money out of an investment for something frivolous or a pleasure like that.

What has been your best investment?

I'm hoping it's going to be the property on Al Jubail Island that's already proving to have been a sound investment because it was bought off-plan for Dh5.8 million ($1.58 million) and has already appreciated by around 30 per cent.

Also, I also think investing in myself has been a big investment, in terms of my education, personal development, growth and mentors. I think investment in oneself is not something to be overlooked.

Any cherished purchases?

Currently, it’s my Porsche Macan. I have a few items of jewellery, but I they're hand-me-downs.

Any financial advice for your younger self?

I’ve never felt the lack of money or been afraid of it. I would tell my younger self to occasionally treat myself to things that bring joy, more because I felt the happiness that my new car bought me. It is materialistic, but it represents more. It represents 18 years of working hard and taking the risks as an entrepreneur and building and managing a business. It is not easy to do.

But on the whole, I appreciate the mindset I've been able to develop around money.

Any key financial milestones?

Purchasing the Al Jubail Island property was a big milestone. I've been in the UAE for almost 20 years and it was only in the last couple of years that we decided to invest in property here. Before that, we had rented for a long period of time because as an expat, you're never sure when you might be leaving. But there was a moment where we made a commitment to the UAE and decided that this was going to be our home for at least the next five or 10 years. So, that was a big milestone, both financially and emotionally.

There have been various milestones throughout running my business. The first time we turned over Dh1 million a month was a massive milestone.

What luxuries are important to you?

The luxury of travelling comfortably. Since my sister was a captain at Emirates airline, I got used to being able to travel business class. When she quit the job, I decided that if I'm able to afford it, I'm going to treat myself to the luxury of comfortable travel. As you get older, you start to value it more. You learn to value the convenience and quality of rest that you get on flights, especially on a long-haul route.

Also, I want the luxury of being able to afford holiday experiences such as diving and going on a safari … things that create memories, but that come at a cost. Those luxuries are important to me.

What are your financial goals?

To be financially free, although I have already attained it. I want to allow financial circumstances or my wealth to create more freedom in my life. When you own a business for a long time, you're a slave to achieving targets and making sure you can pay your team at the end of each month.

Having a feeling that there is abundance, which doesn't need to look like a big amount, and the freedom that comes with it; being able to release the pressure of responsibility − especially for my team − by being a bit more financially free. That would be my goal.