Today's Edition
SARA ALZAABI (ABU DHABI)
Turning personal debt struggles into a driving force for change, Emirati consultant and trainer in financial management, investment, as well as entrepreneurship, Saif Al Naqbi is on a mission to improve financial literacy throughout the UAE.
Drawing from his experiences in banking and diplomacy, he founded Sahab for Professional Development, Rain Consultancies, and the Gorich app, all geared towards making financial management accessible.
"My interest in entrepreneurship started early. While in school, I was curious about how the knowledge we learned applied to real life. I began by selling products to children, and this early experience, along with my background in diplomacy and finance, has driven me to help others and promote financial literacy," Al Naqbi told Aletihad in a recent interview.
"My journey from being an employee to a businessman has been a learning experience, often through trial and error."
He pointed out that even though his academic credentials, including a master's in business administration, equipped him with vital understanding of business and finance, it was his practical experience that most effectively developed his approach.
"I have witnessed how poor financial management can ruin lives, while good advice can turn things around," he noted.
Despite many in his community possessing money and properties, he observed that they still struggled with financial management.
He outlined that the primary challenge is helping individuals realise they can control their finances rather than letting money control them.
Many are hesitant to take the first step, often viewing financial management as daunting, similar to visiting the dentist-important yet easily avoided.
He seeks to alter this mindset by communicating financial management and investment ideas clearly, motivating people to manage their finances proactively.
"When I see someone go from being overwhelmed to confidently managing their finances, I know we have made a difference. It is not just about the numbers; it is about changing mindsets and fostering a positive relationship with money," he added.
Besides, he connected the importance of adopting an entrepreneurial mindset to the challenges faced when transitioning from job roles to business.
"To be a successful entrepreneur, adaptability is crucial," he explained.
"It is about spotting opportunities where others see problems and taking the initiative."
He stressed that comfort with uncertainty is essential, comparing investments to a roller coaster-exciting but intimidating.
"The key is to keep your eyes open and not let the ups and downs throw you off track," he added.
In teaching financial literacy, it is critical to foreground practical steps like expense tracking, budgeting, and saving, reminding people that even the best strategies require some tweaking.
As the world becomes more complex, particularly with advancing technology, Al Naqbi presumes financial literacy will become increasingly essential.
While new tools can aid in managing finances, he stressed the need to ensure these tools are accessible and easy to understand for everyone, not merely the tech-savvy.
"I see technology playing a pivotal role in the future of business and education," he said.
The challenge, as he endorsed, centres on tracking changes closely and ensuring everyone is equipped with the skills required to thrive in this changing landscape.
Al Naqbi considers that financial literacy strengthens communities by reducing stress and boosting productivity, ultimately driving greater economic contributions.
For those looking to improve their financial literacy, Al Naqbi recommends starting with foundational books and online courses.
"The principles that lead to financial freedom are simple yet powerful: spend less than you earn, save and invest wisely, and avoid unnecessary debt," he advised, noting that managing money entails making smart, consistent decisions over time.
