Ebraheem Al Samadi is the chief executive of Forever Rose, a luxury rose retailer, and Al Samadi Group, which has introduced several global retail brands into the UAE. Raised in Florida, the Arab-American, 28, has been an entrepreneur since the age of 14, launched his first, self-funded company selling roller shoes at 17 and was a millionaire by 20. He moved to Dubai two years ago.
How did your upbringing shape your attitude towards money? When I was about five I wanted to earn some extra cash on top of my allowance and my parents told me I would have to work for it. So I cleaned around the house and did extra chores; I was always that child who cared most about trying to earn more. I saved all my extra dollars and spent it on the weekend on my brothers and sisters, buying them things they liked such as chips, chocolates and lollies. I religiously did the same thing until my teens and I’d saved enough money to start my own online business.
How much did you get paid for your first job?
My first job was when I was 15 at Medieval Times, a dinner and tournament show. I recall getting paid a whopping US$7.25 per hour.
Are you spender or saver?
I was a saver until I was about 20. From 12 to 20 I put away all my money, and then at 20 I suddenly became a crazy spender where I just didn’t care what I bought. I bought whatever I wanted, as I’d thankfully reached a point where I didn’t need to worry about where that money was coming from. I had saved enough to enjoy financial freedom at a young age.
What is your most cherished purchase?
My first Rolex, because a watch reflects the history and masculinity of a man. I bought it when I was about 17 for around Dh25,000. I love the watch to this day, certainly a standout purchase of mine.
Have you ever had a month where you feared you could you not pay the bills?
Never. I am a very good budgeter, I’ve never even got close to not being able to pay my bills because I always plan ahead. Living pay cheque to pay cheque is not something I have ever done or would feel comfortable doing.
Where do you save your money?
I opened my first bank account at McCoy Federal Credit Union in Orlando, Florida when I was 10, so I put all my savings in there for many years. Now I don’t believe in leaving all my money in the bank. I like to have just enough to invest in an opportunity which might come up, for instance a new company, real estate or back into my company. I also like to invest in gold as a back-up.
Do you prefer paying by credit card or in cash?
It used to be cash until I came to Dubai and the bank tricked me into getting Air Miles credit cards, upon which I could earn points. I’ve been spending like crazy ever since. So I suppose I now prefer credit cards.
What has been your best investment?
My company. Since launching Forever Rose in the UAE, I have consistently been able to triple my investment in the company within three months. If I invested $100,000 in Forever Rose on January 1, 2016, on April 1 that capital investment will have appreciated to $300,000.
What financial advice would you offer your younger self?
Don’t buy anything you can’t afford. In the world we live in, we’re constantly being marketed to with more and more superfluous things we don’t need. You don’t need to upgrade your iPhone each time a new model is released, and the same goes for your car. Buy what you need and want based on your financial position. Continuing to spend beyond your means will result in short-lived pleasure and long-term pain.
If you won Dh1m, what would you do with it?
I would give it all to my mother because I love her more than anything in the world.
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