Nargiz Noimann, a 53-year-old Russian living in the UAE, has been saving diligently since the age of 30 to support her big family.
Ms Noimann, who has eight children and three grandchildren, spends most of her monthly income on her children’s education and to fulfil family needs.
She is the founder and chief executive of health technology company X Technology, which offers virtual reality and artificial intelligence-driven solutions for cancer recovery, dementia care and emotional rehabilitation. The solutions are being trialled in hospitals and wellness centres across the UAE.
Ms Noimann, who travels between Dubai and Abu Dhabi because her children go to school in the capital, has been living in the Emirates for the past two years.
“I plan to move all my assets to Dubai soon because I believe this is where my business will succeed the most and it offers the most potential for growth,” she says.
Ms Noimann has a degree in clinical psychology, a master’s degree in business administration from Prague and certifications in AI and VR. She has built a self-funded business with no loans or external investors.
What was your first job and salary?
I started working as a psychologist 25 years ago and my monthly salary was about $3,000. I was self-employed. My business was operational in Russia, Latin America and Kazakhstan.
What is your income now?
I earn between Dh60,000 ($16,337) and Dh80,000 per month, depending on my start-up’s revenue. My start-up makes an income of approximately between Dh300,000 and Dh500,000 per month.
What are your major monthly expenses?
Besides spending on life’s necessities, my main expenses are on my children. I spend most of my money on their education, plus investments into my company.
What do you spend your disposable income on?
I prioritise spending on meaningful experiences and personal development. This includes travel with purpose, advanced professional education and maintaining a healthy lifestyle. I also support charitable initiatives focused on mental health and education.
Do you manage to save?
Savings is an essential part of my life because I have eight children. Since the age of 30, I've been saving 10 per cent of my monthly income and investing in my kids, technology and myself.
What asset classes do you invest in?
We have a financial consultant in our family who helps with investments. My main investments are in real estate in Russia and the US. I also plan to invest in property in Dubai very soon. Plus, I also invest a lot into my business. I only take a small portion of the company revenue for my personal use and for my family.
Do you have any debt?
I don’t have any loans or credit cards, but I think they are great if you treat them as an instrument to invest into your business. My business is fully self-funded.
Have you ever inherited a sum of money?
I come from a family background where we didn't have much money growing up, so I never inherited anything. But my parents, who worked as engineers in a factory in Russia, imparted good education and I have passed that on to my children as well.
Growing up, were you taught how to handle your finances?
No, my parents or school didn't teach me a lot when it comes to money management. But when I finished chores, my parents gave me pocket money.
Have you started saving for retirement?
I don’t really plan to retire. I treat my business as a job, it gives me energy to live and a reason to smile every day. So, I don't really think about retirement or saving for retirement because I plan to capitalise on my business even when I stop working.
Do you have an emergency fund?
Yes, I’ve had an emergency fund for more than 20 years and it can easily sustain my family and me for two years.
What are your financial goals?
In the short term, my financial goal is to increase my personal monthly cash flow by 30 per cent, purchase a property in the UAE and build a solid financial reserve to prepare for larger investment opportunities and financial security.
My long-term financial goals – in the next five to 10 years – are to own a portfolio of three to four rental properties generating consistent passive income and grow my total personal investment capital to Dh10 million, combining real estate assets, financial market investments and select venture opportunities.
I also want to establish reliable passive income streams sufficient to fully cover living expenses and achieve long-term financial independence and dedicate a portion of my investment returns to supporting social initiatives focused on mental health and education.
What are your money saving hacks to offset inflation?
Instead of focusing solely on saving, I prefer to invest in assets that preserve and grow value over time. This includes carefully selected real estate investments, long-term financial instruments and equity investments in healthcare technologies. Real estate offers both security and the potential for steady income.
What is your idea of financial freedom?
Financial freedom means having the ability to choose how I spend my time and energy without being limited by financial constraints. It’s about having the resources to support projects that make a meaningful impact and being able to prioritise personal well-being and family when needed.
