Dubai-based CEO Elvira Jain, originally from Moldova, has lived in the UAE for 12 years and, like many expatriates, finds that time flies in the Gulf. After a successful career as a fashion model, she now leads a communications agency, Ellyse Management. Throughout her modeling career, she collaborated with renowned brands like Gucci, Dior, and Armani. Today, she is embracing entrepreneurship in the Gulf’s fashion hub.
If you had to describe money with one word, what would it be?
Opportunity.
If you were to write a letter to money, what would you say?
Money allows us the chance to travel and access better education and healthcare. It’s not the same everywhere, but in Dubai, resources are essential for survival.
How would you define your relationship with money?
I respect money. It’s important to use it wisely. I avoid waste and plan carefully. With an economics background, I try not to overspend. Although I enjoy spending, I believe money favors those who respect it and use it wisely. Owning a business also means calculating everything, making projections, and budgeting.
How was this relationship shaped?
As a child, my parents rewarded me for good grades, which I saved in a book, motivating me to excel academically and financially.
What lessons on money management did you learn from your mother?
My mother sometimes overspends or avoids unnecessary expenses. I’ve learned to assess whether spending is worthwhile, though it’s not always easy.
Is discussing money a taboo for you, and who do you talk to about it?
Money isn’t a taboo topic for me. I discuss it with my parents, husband, and children. It’s a part of daily life.
Who has been your greatest teacher in financial management?
I’ve learned the most from my parents and my husband.
What has been your most profound money-related experience, and what did you learn?
Traveling as a model with a weekly allowance taught me to spend only on necessities.
How has living in the UAE altered your view of money?
To live comfortably, money is necessary. Income and expenses differ from Europe. Salaries are higher, but so are living costs. Yet, the UAE offers a superior lifestyle and is the safest place to live.
What financial advice would you give your child or younger self?
Spend only on necessities; money comes to those who respect it.
What do you prioritize spending money on?
It depends on current needs. I enjoy pampering myself, with some unavoidable expenses as a woman.
Do you plan your finances long-term, and how?
I focus on investing in real estate.
What is your financial dream or goal?
I aim to own numerous properties worldwide.
How much do you save monthly?
As a business owner, my income varies, affecting savings. I maintain separate savings and current accounts.
What is your savings goal by age 65?
Predicting an amount is difficult due to currency depreciation; what seems substantial now may not be later.
What is your biggest financial regret or loss?
I’m cautious with investments, making it hard to pinpoint a regret.
