Ushma Dharod's financial journey is a testament to resilience and strategic planning. From humble beginnings to financial independence, this Indian expat's story is an inspiring one.
Ushma, a 34-year-old art director in Dubai, began her career in design with a modest salary of 10,000 Indian rupees ($110) per month. But her ambition and adaptability have led her to where she is today. After several career pivots, she now leads design activation for events, earning a significantly higher income.
But here's where it gets interesting: Ushma's financial prowess lies in her ability to save. Despite her income growth, she still manages to save or invest a substantial Dh5,000 ($1,360) every month. This is a skill she attributes to her upbringing in a Gujarati Jain family, where saving was a core value.
Her financial strategy is simple yet effective: save 50% of her income and live off the other 50%. This approach has allowed her to weather financial storms, like losing her job during the Covid lockdown. During this time, she started her own skincare brand, but personal life changes led to a temporary pause, impacting her business.
And this is the part most people miss—Ushma's financial journey is not without its challenges. She admits that the post-pandemic market shift affected her business, despite her efforts to adapt. This experience prompted her to seek the stability of a full-time role, joining a beauty retailer to combine her design skills with her passion for beauty.
Ushma's investment strategy is diverse. She invests in sovereign gold bonds and gold bars in India, a smart move to save on taxes. Her portfolio includes commodities and stocks, which she adjusts based on market trends, and she also contributes to index funds through a systematic investment plan.
While she hasn't invested in real estate yet, her dream of traveling the world takes precedence. She wisely budgets for international travel, ensuring her savings align with her priorities.
When it comes to spending, Ushma is mindful. She categorizes her expenses into primary, secondary, and 'moody' (for spontaneous purchases). Her largest monthly expense is rent, followed by taxis, groceries, dining out, and shopping. Any surplus is saved or invested.
Ushma's financial wisdom is clear: it's not about how much you earn, but how you manage it. She advocates for consistent, small investments for long-term security. Her advice to others is to learn about investing and saving early and to plan meticulously.
Her financial goals are ambitious. She aims to advance her career, increase her income, and create a secondary income stream. Ultimately, she dreams of relaunching her skincare brand or starting a new one in the beauty sector.
A controversial take? Ushma's focus on saving and investing might spark debate. Is it better to save and invest aggressively, or should one prioritize enjoying the fruits of their labor? What's your take on this? Share your thoughts in the comments below!
