“Money allows you to indulge in things that will make you happy”

British-born entrepreneur Selina Waterman-Smith started her first business at the university and later became a candidate on The Apprentice United Kingdom TV shows.

She has worked in media, invested in a moving and shipping start-up, ran a successful events company that operated in the UK, Ibiza and at major venues in the Middle East, and has created a thriving food delivery and catering portfolio in the United Arab Emirates.

Last year Ms Waterman-Smith qualified as an RCSI Life Coach, Neuro-Linguistic Programming Coach, Hypnotist and Hypnotherapist and set up Sanctuary Coaching and Wellness, offering individual counseling and executive coaching, with wellness retreats and personal development seminars. In progress.

Ms Waterman-Smith, 38, is single and lives in downtown Dubai.

How were you exposed to money as a child?

My father’s business was on the verge of a huge success and then, due to a family tragedy, we lost almost everything; my mother passed away when I was three years old.

One of my strongest memories is being in the car with my brother and my father almost in tears because he didn’t have the money to buy gasoline. Then he got this contract by paying him 50 percent (up front). The times when we had almost no food and heat, I think, were quite common.

We probably looked good from the outside and I ended up getting a scholarship to a private school, but we never really got enough.

Does it resonate now?

With mental coaching, we learn that your formative years are when you create your beliefs about the world. We had money and then we didn’t have it and then we had it. I have seen these patterns unfold in my own life.

While I have always been fine, like a dad, I chose a difficult career, that of being an entrepreneur, characterized by fluctuating finances. These beliefs established in childhood continue into adulthood.

Did you work while growing up?

For pocket money, I cleaned the inside and outside of my father’s car. I would receive £ 1 (4.9 Dh). I probably had 30 different jobs. I have worked solidly since I was 15.

My first job in the stables then in bars and restaurants, waitress, hotel business; I worked with Gary Rhodes’ Michelin starred restaurant. If I didn’t win, I wouldn’t have any money.

Children, especially girls, need stuff. I was encouraged to fend for myself. Being extremely independent, having to go my own way, is one of the reasons I started on the entrepreneurial path.

What was your first business?

I started my first business when I was 21. I had gone to college and had the absolute minimum (student) loan because I came from a single parent family which meant I had to take a full time job. All the others had two parents and did not have to work. Also, I didn’t have the option to go home during summer vacation, so I had to stay and pay rent.

As a teenager I went to raves all over the country, so I started a dancer and performer agency serving the nightlife industry… the humble beginnings of my events company. I got to work with the biggest DJs in the world – Armin van Buuren, Sander van Doorn and Ferry Corsten.

How did this lead to the United Arab Emirates?

My events and entertainment company had weddings, corporate events, all the big nightlife festivals, but I was around 24 or 25 and going out of my love to be up all night.

I was offered a position at the Ministry of Sound and at Hed Kandi in Egypt. I lasted six months and decided to move to Dubai. You have to follow what your instinct tells you, otherwise [you] end up miserable.

Most people live in the comfort zone, afraid to take a step and see what’s on the other side. I went to events because I loved raves, I grew up from them, then I went into the restaurant business because I was a big foodie, then into mindset coaching.

These decisions were risky, but if you follow your heart, it will never be good for your happiness, sanity, and finances. I made money doing these things.

What is your attitude towards spending and saving?

I am surprisingly frugal. I never spend all of my money and have always saved for rainy days.

I am a big bargain hunter. I love fine dining, business class travel, and designer items, but I’m also cautious about what I spend so I can go further.

I am not a donut. I am quite picky about what I spend and love a good deal, buying on sale or second-hand at The Luxury Closet.

Also, I like to discover new places. I prefer luxury travel but I also like to mix things up. I did my fair share of hiking and spent four months traveling South America this year.

How to save?

I have an emergency fund in UK. I am not savvy when it comes to stocks, bonds, or cryptocurrency, so I have a high interest savings account. I didn’t even have a credit card, but recently applied for an Emirates Skywards card because it saves you money based on what you spend; your money is working for you.

I have had businesses that I have funded and have constantly balanced cash flow and income so I keep it simpler in my personal life.

What was your best investment?

Personal development – mindset coaching and neurolinguistic programming – because when you change your inner world, everything around you begins to change, the more you enjoy life, independent of everything on the outside.

You could have little money and just be happy as a clown. I invest myself constantly by taking classes, taking care of my body and my mind.

What is your key financial milestone?

When one of my companies, Beast Mode Nutrition, made £ 1million ($ 1.32million) in revenue in its first year and it was really me running it. Even Deliveroo said it was a complete anomaly in the market because independent brands don’t make those kinds of numbers.

What is your most expensive purchase?

My Infiniti FX 35. It was around £ 20,000, my first very nice car. I’ve had it for 10 years and still love it. Being able to buy this for me… it’s not like someone was paying me a salary, my earnings made me happy.

What do you think of the money?

He has always represented freedom. You can go anywhere, do anything if you have the money in your pocket. It’s energy, especially as an entrepreneur. Like water or a tide, it flows and sinks, and there is nothing to cling to. It is still the motivation, but not the main one.

I probably could have earned more in law or as a surgeon, like someone else in my family, but I prefer variety and freedom. Then the money is a by-product of that.

Does it make you happy?

Happiness comes from within, but money allows you to indulge in things that might make you happy. There is a difference between short term pleasure and long term happiness. We need money to live, but it’s something people focus too much on and our capitalist society encourages us to believe that more money and consumer goods make us happy.

Quite a few of the men I coach are in high-pressure, high-level management positions and they suffer because the kind of patriarchal society we are in doesn’t allow them to say, “I’m stressed … I have to earn this. amount, I am the breadwinner of the family.

The pressure they are under to maintain this financial lifestyle is immense. When you have this kind of salary, it’s important to manage your goals based on your gratitude.

Are you wise with money?

I never spend everything I earn, but I don’t have stocks, bonds, and I haven’t bought any property, so I feel like there are things that I missed because I’m self-employed.

If I had found a corporate job, I would probably have these financial milestones. Our lives are the product of choice that we make and I have chosen a fairly unstable career path. I chose to upset the applecart, move away from something really successful and take risks.

What are your future financial goals?

Owning a property, even if it was a buy-lease. When I have more financial freedom and free time, I plan to do more philanthropic things. I like to do pro bono coaching when I can, but I would like to do more charity work, especially in UAE.

Maybe I want to work with wellness clinics in Dubai, do local and international retreats mainly focused on women in business and female communities and eventually I want to do seminars, public speaking and motivation.

And maybe write books. Retirement is at the back of my mind, but not something to worry about… I am enjoying the moment.

Updated: December 9, 2021, 12:13