Sophia Bhatti is a huge believer in the power of compound interest. The founder and chief executive of wealth management company Wimbledon Wealth feels that savings, when left to mature over time, are worth the wait.
The Briton has been working in the financial sector since she graduated from university. In London, she worked in banking for a number of years before establishing her own practice in 2014.
Ms Bhatti, 41, moved to Dubai in 2016. “What inspired me to move to the UAE was the opportunities and safety for my family,” she says.
In addition to her role at Wimbledon Wealth, she is also an independent trainer at The London Institute of Banking & Finance Mena, where she offers aspiring and expert professionals an insight into her understanding of financial planning, as well as wealth management and investment strategies.
Ms Bhatti also serves as the chapter vice president of BNI, a global networking organisation, a board member of Rotary Club Universe Dubai, and an ambassador for the Young Professionals Club.
She has a BSc in economics, an MSc in finance and investment from Brunel University of London, a chartered wealth manager qualification, and a diploma in financial planning.
Ms Bhatti lives in Jumeirah Park, Dubai, with her husband, two children and two cats.
Did wealth feature in your childhood? What did you learn from it?
Not particularly, but my childhood did teach me what it takes to acquire and accumulate wealth. I watched my single mum graft at work for hours. I knew that in order to become wealthy, I’d need to work hard and maximise all opportunities that come my way.
As I’d always had a way with numbers, my childhood background further fuelled my entry into the financial sector.
How did you first earn?
My first job was a part-time role at a logistics company when I was 16. I think I was paid £5 ($6.3) an hour.
Any early financial jolts?
Nothing major so far, thankfully. I fortunately had built an emergency fund in my own financial planning and therefore during the pandemic, I was able to stay afloat.
How do you grow your wealth?
I diversify between property and a variety of investment vehicles. My first investment was a plan at the bank where I put an amount away from my salary, because my mom had always done that for us, so I thought I was going to do that, too.
Are you a spender or a saver?
I’m a spender, but I force myself to save. It’s important to treat yourself, but it’s also worth contemplating how much that same money has the potential to grow over time if it’s left to compound in a high-interest savings or investment account. I start with budget planning and from that put away a comfortable amount into investment.
Have you been wise with money?
Yes, but I haven’t let myself confuse wisdom with excessive caution. When it comes to finances, I take calculated risks.
But for anyone thinking of heeding this advice, it’s important to know as much about the risk you’re taking before diving in. Impulsive decisions can sometimes reap rewards, but they can also lead to financial setbacks.
What has been your best investment?
The first apartment I bought in London, at the age of 22. I saved up for the deposit myself, got a bit of help from my mother to make it work. What inspired me was at that time I was working in mortgages, watching other people buy I thought, “I wanna do that, too.”
Any cherished purchases?
My grandmother gave me diamond jewellery when I was young, and I thought I would like to do that too for my daughter. Something to hand over to her when she’s older.
How do you feel about money?
When it comes to money, too little or too much is a problem. Money is a vehicle to unlock what you desire. So before subscribing to lifestyles and workstyles that promise a big bank balance, it’s key to get clear on what you want in life.
If your goal is to be happy, then having enough to give yourself a sense of security, while allowing you to provide for yourself and your loved ones, should suffice.
Any financial advice for your younger self?
Your first savings account? Leave it alone. If you see something you want, try to get the next best thing (that’s within your budget, without needing to touch your savings account). If you come across something irresistible, ask yourself if it will serve you as much as your compounded interest several years from now. Chances are that it won’t. Savings, when left to mature over time, are worth the wait and self-discipline.
Any key financial milestones?
Buying my first car. And then years later, buying my dream car.
What luxuries are important to you?
The environments where I spend the most time every day. A nice place to work, and an equally nice place to come home to after a long day, are important to me.
What are your financial goals?
To generate enough passive income to allow me to live and work more flexibly.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Zayed Sustainability Prize
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
ACC%20T20%20Women%E2%80%99s%20Championship
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COMPANY%20PROFILE
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
COMPANY%20PROFILE%20
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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more from Janine di Giovanni
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
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ILT20%20UAE%20stars
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UAE currency: the story behind the money in your pockets
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
Killing of Qassem Suleimani
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
