My Dubai Salary Journey: How I Saved 70% of My Dh35,000 Monthly Income to Retire Early at 33, Insha'Allah
As-salamu alaykum wa rahmatullahi wa barakatuh. I’m Sebastien Aguilar, and many in the UAE personal finance community know me for leading SimplyFI, a non-profit group focused on financial independence, passive investing, and personal finance education.
I’m originally from Belgium and worked in the UAE from 2011 to 2018 as an energy management consultant. Alhamdulillah, I reached financial independence at 33 and now live off my investment income.
I saved a six-figure amount in dollars to retire early, and I want to share some insights that might help you too.
"Financial independence and a comfortable life require much less money than many people think. You don't need to be a millionaire," I always say.
"When you manage your money wisely and live within modest means, combining that with smart investing like low-cost global index funds, your financial goals become achievable without a huge portfolio."
Many pursuing financial independence aim to withdraw about 4% annually from their investments without running out of funds during retirement. Achieving this means disciplined saving and investing early on.
Since we stopped working and began withdrawing from our investments in 2018, our portfolio has continued to grow, Alhamdulillah. We prepared for the worst market scenarios, and thankfully, conditions have been better than expected.
Now, I live back in Belgium with my wife, homeschooling our children. I hold master’s degrees in construction engineering and sustainable energy technologies.
When I arrived in the UAE in 2011, my internship salary was Dh5,000 plus accommodation and car benefits, roughly Dh8,000 total. At the peak of my career between 2016 and 2018, I saved about 70% of my Dh35,000 monthly income, Alhamdulillah.
My investment portfolio is simple: two exchange-traded funds-one global stock index and one global bond index-plus some gold. I'm currently in the withdrawal phase for stability.
I rent my home, and my portfolio covers all my living expenses. Renting offers flexibility, and maybe one day, with Allah's blessing, we’ll buy a house.
Debt? None at all.
When I was younger, my godmother helped fund part of my studies abroad. Growing up, money was often seen as a taboo topic in my family, sometimes blamed for problems in the world. But later, I realized that money and investing can give you the gift of time.
Our main expenses include rent, food, and travel-we love traveling as a family.
Tracking expenses carefully from the start helped me take control of my finances. Being tight on money pushed me to learn about index investing, which has truly changed my life.
Reaching financial independence at 33 means most money worries are behind me. Still, sometimes I wonder how life might have been if I kept working.
I always keep accessible funds for emergencies, of course.
The biggest tip I can share is to live simply and happily. True happiness doesn’t come with expensive things. Avoid the trap of showing off with big houses, cars, or luxury trips. Instead, invest in your freedom, Insha'Allah.
Right now, I enjoy the freedom to spend time with my family as I please. Just recently, my boys tried horseback riding at a farm, and I’m sitting in a Moroccan restaurant while they play with friends-no worries about work or income. We are truly blessed.
All my wealth comes through a simple portfolio of index ETFs. I live off the profits, and the portfolio grows despite annual withdrawals.
If you want to start your journey, here are some practical steps:
1. Track your expenses for at least three months, including annual costs, to understand your financial picture.
2. Identify and cut unnecessary spending.
3. Learn to invest in index ETFs-simple, affordable, and effective.
4. Connect with like-minded people seeking financial independence.
5. Find ways to increase your income through work, side projects, or business.
6. Simplify and automate your finances as much as possible.
7. When your investments cover your living expenses, you’re financially free, Insha'Allah.
It's never too late to begin investing. My mother started at 70, and it made her retirement more comfortable. So, keep going if you’ve started, or start soon if you haven’t. Share this knowledge with your family and children.
Look into “index investing” and “financial independence.” Avoid active investing strategies-they take more time and cost more. Listen to educational podcasts and watch videos to learn more. There are many free guides online to help you get started.
May Allah bless your efforts and grant you success in managing your wealth wisely.
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