Money & Me: ‘I quit a lucrative job in the merchant navy to chase my passion in sales’

Hailing from a seafaring family, Heston Saldanha joined the merchant navy in India, but found that life on the seas was not his true calling.

He quit his job in 1999 and decided to pursue his passion in sales instead.

“My entire family works in the merchant navy. Coming from that industry and deciding to take up a job on land was quite challenging in terms of going against the conventional way of thinking,” he says.

“Always follow your passion. I was fortunate to pursue what I liked doing, which is meeting people and talking. Whatever I've achieved today is purely because of my own conviction and following my passion.”

Mr Saldanha, who is from the Indian city of Mumbai, initially took up a corporate sales post with Hutchison Max. He moved to Dubai in 2000 working with business conglomerate Al Futtaim.

“I decided to work in Dubai for a year to make money, but there’s been no looking back since,” says the 51-year-old, who is now general manager of Sonova Consumer Hearing Middle East.

He worked for Al Futtaim for 10 years and then joined audio equipment manufacturer Sennheiser to set up their consumer division in 2011. After 12 years with Sennheiser, at the end of 2021, he set up the consumer business for Sonova.

Mr Saldanha's academic credentials include a postgraduate diploma in management with a focus on sales and marketing from the Narsee Monjee Institute of Management Studies and a bachelor of arts from Mumbai University.

He lives with his wife and daughter in Dubai, and their two sons are studying in the US and UK.

Did wealth feature in your childhood? What did you learn from it?

I come from a seafaring family, so money was available. But one of the things that struck me at a very young age was my father’s sacrifices, such as sailing for six to nine months at a stretch. This helped me learn the value of money.

What was your first job and how much did it pay?

When I was in college in Mumbai, my parents were quite conservative when it came to money. But I needed money to spend, so I took up a job with a company to sell marker pens at Nariman Point (the city’s business district) and they paid good commission. I earned around 25 Indian rupees ($0.29) for every packet I sold. When you enjoy what you're doing, it brings the best out of you.

Any early financial jolts?

Yes, when I left the merchant navy, everyone asked me why, because it was a lucrative job. As a cadet then, I used to earn around 30,000 rupees. It was a jolt knowing that my decision would have a financial implication, of not knowing what I'm going to do next. It was quite an awakening.

How do you grow your wealth?

I come from an old-school outlook on investing. I started investing in property, land and fixed deposits in India and then slowly moved to mutual funds.

Are you a spender or a saver?

I'm more of a wise spender and a good saver. If you spend wisely, you can save. I primarily spend on my kids. I have given them the best education and then let them take it forward.

Have you been wise with money?

Yes, seeing my dad work in the merchant navy taught me to value money. I was never a materialistic person. For me, it's not about driving the best car or doing things to impress others. I'd probably like to impress myself and be appreciated by my family.

What has been your best investment?

Properties and land in Mumbai and Goa, since they have nearly tripled in value since purchase.

Any cherished purchases?

The calling of the sea is always present in my life. While I was on a holiday in Cyprus with my family, one of the things that caught my attention was a sea-facing apartment. One of the properties I bought in Goa is beautiful and offers a full sea view. That’s a cherished purchase because it’s a holiday home I can always visit with a friend or family to relax.

How do you feel about money?

As long as you have control over money, there's nothing that can go wrong. You have to learn to control money and not vice versa. I tell my kids not to look at what they can earn but how they can value that money instead.

Any financial advice for your younger self?

I should have adopted a more millennial way of investing, such as in stocks, probably six or seven years ago. But I have no regrets.

Any key financial milestones?

Providing quality higher education to my kids is a bigger financial milestone to me than driving the best car. I can see the fruits of my labour put into their education. These hold a higher value in life to me.

What are your financial goals?

To retire early and live off some of my investments.