Daphne Cota is the exhibition director at Informa Exhibitions, overseeing the The Bride Show in Dubai and Abu Dhabi - the leading wedding events in the Middle East. Ms Cota, who moved to the UAE from India 12 years ago, says moving into the bridal industry in 2003 was a natural extension of her previous career in fashion.
Describe your financial journey so far.
From the outset, I have always been very independent. My mother was a teacher before I was born and my father a cost accountant and though my mother came from a very influential and rich family and my father was middle class, we did not try to live the lifestyle she was from. Instead, we always lived within our means and that was an early start to me becoming independent. Soon after graduating from fashion school, I started my own business, which gave me a taste of financial independence. When I held my first exhibition for my clothing line, everything was sold out on the very first day. It taught me to value money as I had to work for it and hence use it appropriately. Today, when I have more savings and look back, I think that it is good to be financially independent at an early age.
Are you a spender or a saver?
I was a little of both, but now I am trying to save more. Earlier, I would buy something I liked on a whim, but now I have realised that it helps to ask myself if I really need it and what I would have to give up to buy this thing.
What is your philosophy towards money?
Money is important, but it cannot buy you health and happiness. I have family and friends who can afford to buy whatever they want, but certain incidents in their lives have meant they are not happy, so it's not everything.
What has been your most valuable financial lesson?
The best lesson was learnt from my father, who taught me to plan how to spend my earnings and stay within my means instead of overspending. When I was a child, he opened a recurring account for me, which meant he had to deposit a fixed amount every month. He would encourage me to deposit any extra pocket money so that it would accumulate. In those days it was just a few rupees, but I learnt that when you put a little aside it can become a lot.
Why did you decide to get involved in the wedding business?
Having been in the fashion business, I felt that moving to the wedding industry and specifically wedding exhibitions was a natural transition for me as it still gave me the opportunity to keep in touch with up-and-coming designers while running the exhibition business. As a small-business owner myself, I can relate better to our exhibitors, some of whom are from a similar background and I am proud of the fact that The Bride Show gives them the platform to grow their businesses.
Have you experienced any financial difficulties along the way?
When I gave up a very well-paying job as an assistant brand manager for Clarins in Oman, I came back to Dubai to pursue my first passion, which was fashion. I came back to head the fashion design department of an educational institute, earning only Dh6,000 and even though I had to spend some of my savings to manage at times, I didn't give up.
What has been your biggest financial challenge?
Buying my apartment in Dubai at the peak of the real estate market. In Goa, I have a beautiful home on the beach that has appreciated in value and will be forever mine. But the property I bought in Jumeirah Lake Towers in 2008 was not a good investment. I didn't look into it enough and it was more of an impulse buy. I just thought that because rents were so high at the time I could just buy and move in, but after the crash I mentally couldn't prepare myself to move because nothing around there was ready and it was still a construction site. I have rented it out and I guess if I hang onto it long enough it will go back up in value. That's the hope that everyone is hanging onto here.
What do you like to invest in?
I am very conservative when it comes to savings and believe only in cash and real estate.
Is money important to you?
Yes, but definitely not the most important thing in life. I have learnt along the way that one needs enough to keep you going and enjoy some of the good things in life.
What do you like to spend your money on?
I am not very extravagant, but I like saving up for something I really want. I had to save Dh500 each month for several months to buy myself a Cartier watch. I also love to travel and enjoy a couple of holidays a year with my 16-year-old daughter.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
THE SPECS
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